India · Delayed Price · Currency is INR Bajaj Consumer Care Earnings Call Transcripts
Fiscal Year 2026
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Achieved record annual revenue of INR 1,153 crore (up 21% YoY) and strong margin expansion, driven by robust growth in both core and new portfolios, with continued focus on brand investment and channel diversification. Input cost volatility remains a key risk.
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Revenue grew 32.7% year-over-year with significant margin expansion, driven by strong performance in core brands, distribution expansion, and increased advertising. International business remained weak, but domestic channels, especially urban and organized trade, showed robust growth.
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Q2 FY26 delivered strong revenue and margin growth, driven by pricing, mix, and productivity actions. GST transition caused a temporary 3% revenue dip, but long-term outlook remains positive with double-digit growth targeted and ongoing distribution expansion under Project Aarohan.
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Standalone and consolidated sales grew 3.2% and 7.4% YoY, respectively, with gross margin and EBITDA margin improving due to better mix and pricing. ADHO and organized trade led growth, while international business declined. Focus remains on margin recovery, distribution expansion, and portfolio diversification.
Fiscal Year 2025
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Q4 and FY 2025 saw sequential and YoY growth in sales, with margin recovery driven by price increases and cost optimization. Expansion in modern trade, e-commerce, and international markets, plus the Banjaras acquisition, are set to boost future growth.
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Q3 sales declined 2.4% year-on-year, with margin pressure from input costs, but secondary sales and organized trade showed growth. The Banjaras acquisition expands reach in South India and adds a high-margin natural personal care portfolio. Margin normalization and growth are expected as business corrections and investments take effect.
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Q2 FY25 saw flat sales with 1.1% volume growth, strong rural and international performance, and margin pressure from higher input costs. Strategic investments in distribution, digital, and new products continue, with management maintaining a 10% mid-term growth outlook.
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Q1 FY25 saw sales of INR 236.9 crores, with sequential growth but a year-on-year decline due to a one-time wholesale correction. Gross margin improved to 55.2%, and the non-ADHO portfolio grew 17% year-on-year, now contributing 18% of revenue. Project Aarohan and strong digital initiatives are expected to drive future growth.