Chairman's Message

Resilience Rooted in Trust

At Dabur, we have always believed that true resilience stems from trust – trust earned over generations and reinforced every day through our actions. In a year shaped by inflationary pressures, heightened competitive intensity, and evolving consumer expectations, this foundation of trust enabled us to navigate challenges with confidence and agility.

Our performance during the year reflects this resilience. We delivered a 5% growth in Consolidated Revenue to 13,193 crore. Gross margins expanded by 30 basis points to 48.3%, driven by judicious price increases, a sharper focus on premiumisation, and disciplined cost management. Our efforts translated into sustained profitability, with Operating Margin improving by 15 basis points to 18.6%, and Net Profit growing by 7.2% to 1,895 crore, reflecting the strength of our execution and the structural momentum within our business.

Beyond the numbers, our resilience is anchored in the enduring strength of our heritage brands, the increasing relevance of our natural product portfolio, and our deep connect with consumers across urban and rural India. Today, Dabur is present in nearly 8 out of 10 Indian households, a powerful reflection of the trust millions of families place in us. That trust continues to guide every decision we take, every innovation we pursue, and every relationship we nurture.

Adapting to a Changing Consumer

Consumer preferences are evolving rapidly. Today, they are seeking not just products, but meaningful solutions that align with their lifestyles, aspirations, and well-being. During the year, we strengthened our core categories while embracing new opportunities. From expanding into new-age formats and premium offerings to deepening our presence across digital-first and quick commerce channels, we continued to stay in step with the modern consumer.

Our investments in innovation and future-facing platforms, including the launch of Dabur Ventures and acquisition of minority stake in new-age luxury skincare D2C company RAS Beauty Private Limited, reflect our commitment to staying relevant in a changing world, bringing together our legacy of Ayurveda with the aspirations of a new generation.

Building the Future, Responsibly

At Dabur, growth has never been an end in itself, it has always been a means to create broader value. This belief was reflected in our continued focus on building future-ready capabilities. The groundbreaking of our new manufacturing facility in Tamil Nadu marks not just an expansion of capacity, but a deeper commitment to India’s growth story – creating jobs, strengthening local ecosystems, and building supply-side resilience.

Driven by our vision to build a future-ready, digitally enabled enterprise, we continue to strengthen our global capability ecosystem through the establishment and scaling of Global Capability Centers (GCCs). Our IT GCC is already operational as a strategic hub, enabling secure, scalable and intelligence-led technology capabilities – spanning enterprise systems, data and analytics, AI, and business transformation – to accelerate digital innovation and enhance agility across markets. Complementing this, we are in the process of setting up a Digital Marketing GCC to further elevate our consumer engagement through advanced MarTech, AI-led insights, and data-driven execution. Together, these capabilities are enabling greater agility, innovation and globally benchmarked excellence across our operations.

Equally, sustainability remains central to how we operate. I am particularly pleased to share that Dabur achieved the milestone of becoming a Water Positive enterprise, four years ahead of our 2030 target. This achievement is not just about operational excellence, but about our commitment to preserving natural resources for future generations.

From supporting farmer livelihoods to advancing responsible sourcing and community development, we remain committed to growing responsibly, ensuring that our progress is shared and sustainable.

Winning Through Connection

In today’s world, brands are built not just on awareness, but on connection. During the year, we intensified our consumer engagement through impactful campaigns, digital innovation, and onground initiatives that brought our purpose of Health and Well-Being closer to people’s everyday lives. Whether through cultural moments, community outreach or digital storytelling, we continued to build deeper, more meaningful relationships with our consumers. This ability to connect – with authenticity and relevance – continues to be one of Dabur’s strongest competitive advantages.

A Global Footprint, A Local Heart

Our international business continued to be a key pillar of growth, spanning over 120 countries. Despite geopolitical complexities in certain regions, our diversified footprint, strong local execution capabilities, and resilient supply chain enabled us to navigate challenges effectively while continuing to grow. Across markets, we remain focused on strengthening our brands, expanding distribution, and building platforms for long-term sustainable growth. As a result, our International Business delivered a growth of 8.5% in INR terms for the full year.

Looking Ahead

As we look to the future, the world will likely remain uncertain. However, what gives me confidence is the strength of our fundamentals. India’s growth story remains intact. Consumer aspirations continue to rise. And Dabur – rooted in heritage, driven by innovation, and guided by purpose – is well positioned to leverage these opportunities.

Our priorities are clear:

• Continue strengthening our core
• Invest in innovation and accelerate premiumisation
• Unlock new growth vectors in e-commerce and quick commerce channels
• Reinventing Go-to-Market with GTM 2.0 through Project Saksham
• Drive disciplined cost optimisation through Project Samriddhi
• Leverage digital capabilities to transform the entire value chain
• Explore strategic M&A opportunities for Portfolio Diversification and Acceleration

Thank You

I would like to express my sincere gratitude to our employees, business partners, and communities who have been integral to our journey. I would also like to express my deep appreciation to our Management Committee and Board of Directors for their continued guidance, insight, and unwavering support. Above all, my heartfelt thanks also to our shareholders for your continued trust.

Together, we will continue to build a Dabur that not only grows, but inspires – creating value not just for today, but for generations to come.

Sincerely,

Mohit Burman
Chairman
Dabur India Limited