Dabur India Ltd.

Actual Figures are in BLUE, Calculations are marked in BLACK and Asuumptions are marked in RED
All the Data in Rs. Crores
Date Mar-17 Mar-18
Year 2017-A 2018-A

CAGR of operating revenue of Dabur Ltd 4.00%

Effective Intrest rate on debt of Dabur 3.37%
Beta of Dabur 0.25
Risk Free Returns 6.24%
Economical/Industrial Growth Rate 5.00%
ptions are marked in RED

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

2019-A 2020-A 2021-E 2022-E 2023-E 2024-E 2024-E
Mar-26
2024-E
Dabur India Ltd.

Actual Figures are in BLUE, Calculations are marked in BLACK and Asuumptions are marked in RED
All the Data in Rs. Crores
Date Mar-17 Mar-18 Mar-19
Year 2017-A 2018-A 2019-A
Income

Revenue From Operations 7701.44 7748.34 8533.05

Other Income 298.35 305.18 296.17
Total Revenue 8000 8054 8829

Expenses
Excise Duty 26.49 18.06
Cost of materials consumed 3112.61 3220.05 3475.35
Purchases of stock-in-trade 753.63 665.80 802.98
Changes in inventories of finished goods
(including stock-in-trade) and work-in-
progress (23.02) (65.93) 12.64
Material Expenses/COGS 3843.22 3846.41 4309.03
Gross Profit 4156.57 4207.11 4520.19

Employee Benefit Expenses 789.61 792.71 937.91

Finance Cost 23.32 10.66 10.38
Depreciation & Ammortization 142.86 162.18 176.90
Other Expenses 1559.67 1491.70 1546.55

Advertisement Expenses 646.14 606.71 608.33

Other Operating Expenses 2515.46 2457.25 2671.74

Total Expenses 6358.68 6303.66 6980.77

EBIT 1641 1750 1848

Intrest 30.71 42.39 49.20

Profit and Loss Before exp items and Tax 1610.40 1707.47 1799.25

Exeptional Items 14.54 75.34

EBT 1610.40 1692.93 1723.91

Tax 330.34 335.35 278.68

20.51% 19.81% 16.17%
Net Profit(PAT) 1280.06 1357.58 1445.23

Earnings per equity share from continuing operations (Face value of Re. 1 each)
Basic (in Rs.) 7.3 7.7 8.2
Diluted (in Rs.)

Number of Equity Shares 176.15 176.15 176.63

Checksum 7.27 7.71 8.18

Dividend earned Per Share 2.25 7.50 2.70

Dividend Paid 396.34 396.34 1324.71
Dividend Distr. Tax 80.69 80.69 272.30
Retained Earnings 803.03 880.55 (151.78)

Dividend Per share 2.25 7.50 2.70

Share Price 277.15 327.00 409.05
are marked in RED

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

2020-A 2021-E 2022-E 2023-E 2024-E 2024-E

8703.59 9561.65 9944 10342 10756 11186

305.29 325.29 306.06 306.06 306.06 306.06
9009 9887 10250 10648 11062 11492

18.95 15.07
3731.71 3998.58
674.62 982.53

(65.07) (207.20)
4360.21 4788.98 4976.52 5175.58 5382.61 5597.91
4648.67 5097.96 5273.65 5472.35 5679.01 5893.92

947.74 1033.46 1051.85 1092.67 1135.12 1179.27

8.42 6.76 8.52 8.52 8.52 8.52
220.45 240.13 232.25 240.63 248.02 254.53
1603.26 1736.55 1736.55 1736.55 1736.55 1736.55

649.98 784.36

2779.87 3016.90 3029.17 3078.37 3128.21 3178.87

7140.08 7805.88 8005.69 8253.95 8510.81 8776.78

1869 2081 2244 2394 2551 2715

41.12 24.05 4.52 6.86 12.59 11.81

1827.68 2057.01 2239.96 2387.13 2538.21 2703.25

100.00 0.00 0.00 0.00 0.00 0.00

1727.68 2057.01 2239.96 2387.13 2538.21 2703.25

279.72 361.07 403.19 429.68 456.88 486.58

16.19% 17.55% 18.0% 18.0% 18.0% 18.0%
1447.96 1695.94 1836.77 1957.44 2081.33 2216.66

8.2 9.6 10.4 11.1 11.8 12.5

176.71 176.74 177.00 177.00 177.00 177.00

8.19 9.60

3.00 4.75
512.45 592.09 942.21 1156.68 1389.55 1646.48
105.33 0.00 0.00 0.00 0.00 0.00
830.18 1103.85 894.56 800.76 691.79 570.18

3.00 4.75 5.32 6.53 7.85 9.30

450.25 540.70 591.47 726.10 872.28 1033.57
Mar-26
2024-E

11633
306.06
11939

5821.83
6117.44

1225.18
8.52
260.28
1736.55

3230.53

9052.36

2887

6.67
2880.23

0.00

2880.23

518.44
18.0%
2361.79

13.3

177.00

1927.73
0.00
434.06

10.89
1210.13
471.21 364.34 26.05 169.89 134.13 6.33
30.71 42.39 49.20 41.12 24.05
6.5% 11.6% ### 24.2% 17.9% 22.24
 3.93%
17.20 1.23 8.02 6.33
3.93%
Dabur India Ltd.

Actual Figures are in BLUE, Calculations are marked in BLACK and Asuumptions are marked in RED
All the Data in Rs. Crores
Date Mar-17 Mar-18 Mar-19
Year 2017-A 2018-A 2019-A

Assets
Non-Current Assets
Property Plant and Equipment 1479.02 1552.1 1547.97
Capital Work-in-Progress 42.10 41.51 63.76
Investment Property 54.99 54.16 52.1
Goodwill 410.53 411.54 336.07
Other Intangible Assets 13.86 10.31 32.92
Investments In Joint Venture
Financial Assets
Investments 2499.41 3091.78 2633.35
Loans 0 13.14 17.56
Others 12.36 4.11 77.66
Deffered Tax Assets
Non-Current Tax Assets 0 3.33 0.89
Other Non-Current Assets 102.3 79.9 88.13
Total Non-Current Assets 4614.57 5261.88 4850.41

Current Assets
Inventories ### 1106.71 1256.18 1300.53
Financial Assets
Investments 740.75 713.39 725.41
Trade Recievables ### 650.42 706.08 833.56
Cash & Cash Equivalents 163.22 153.8 107.69
Bank Balances 141.59 152.26 220.47
Other Current Assets 34.11 28.27 26.47
Loans 0 34.88 11.04
Current Tax Asset (Net) 1.96 1.32
Other Current Assets 279.67 391.01 359.5
Assets held for sale 1.92 0.24
Total Current Assets 3116.47 3439.75 3586.23
Total Assets 7731.04 8701.63 8436.64

Equity & Liabilities

Equity Share Capital 176.15 176.15 176.63
Other Equity 4671.24 5530.37 5455.05
Equity Attributable to Shareholders' Parent
Non-Controllable Intrest 24.77 26.53 31.38
Total Equity 4872.16 5733.05 5663.06

Non-Current Liabilities
Financial Liabilities
Non-Current Borrowings 471.21 364.34 26.05
Other Financial Liabilities 3.71 4.25 4.56
Long Term Provision 53.4 56.5 59.52
Deffered Tax Liabilities 108.04 109.05 23.14
Total Non-Current Liabilities 636.36 534.14 113.27

Current Liabilities
Financial Liabilities
Short-Term Borrowings 440.33 464.49 498.23
Trade Payables ### 1302.67 1410.32 1455.43
Others 173.72 238.2 327.62
Other Current Liabilities 175.44 173.03 198.14
Provisions 91.89 107.47 130.24
Current Tax Liabilities 38.47 40.93 50.65
Total Current Liabilities 2222.52 2434.44 2660.31

Total Liabilities 2858.88 2968.58 2773.58

Total Equity & Liabilities 7731.04 8701.63 8436.64

Checksum 0 0 0
are marked in RED

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26

2020-A 2021-E 2022-E 2023-E 2024-E 2024-E 2024-E

1820.98 1811.7 1882.5 1945.0 2000.1 2048.6 2091.5

146.57 147.30 198.00 237.12 276.24 315.36 354.49
51.55 50.5 49.52 47.76 47.15 45.39 44.78
335.97 336.01 336.02 336.02 336.02 336.02 336.02
44.18 44.71 51.99 58.31 64.63 70.95 77.27
11.27 11.27 11.27 11.27 11.27 11.27

1409.23 3402.35 3351.29 3306.67 3258.82 3214.19 3166.34

24.64 22.48 21.56 21.56 21.56 21.56 21.56
528.48 88.65 88.65 88.65 88.65 88.65 88.65
22 17.95 17.95 17.95 17.95 17.95 17.95
1.09 4.29 5.60 7.18 8.76 10.35 11.93
89.06 133.98 143.15 160.29 177.42 194.56 211.69
4473.75 6071.19 6157.54 6237.79 6308.55 6374.89 6433.39

1379.57 1734.28 1343.84 1857.40 1471.89 1990.58 1610.39

1391.03 746.01 863.32 863.32 863.32 863.32 863.32

813.89 561.58 1116.58 628.71 1186.39 701.31 1261.90
163.94 241.23 9.68 879.99 500.84 1152.20 525.22
647.43 1087.8 1460.57 1897.70 2334.83 2771.96 3209.09
2.62 2.95 2.95 2.95 2.95 2.95 2.95
13.07 14.46 16.25 17.99 19.72 21.46 23.19
0.88 0.24 0.24 0.24 0.24 0.24 0.24
467.56 387.12 404.73 404.73 404.73 404.73 404.73
0.27 0.27 0.27 0.27 0.27 0.27 0.27
4880.26 4775.94 5218.42 6553.29 6785.17 7909.01 7901.29
9354.01 10847.13 11375.96 12791.08 13093.72 14283.89 14334.68

176.71 176.74 176.74 176.74 176.74 176.74 176.74

6429.04 7486.79 8381.35 9182.12 9873.90 10444.08 10878.14

36.46 36.69 42.58 47.49 50.32 55.24 58.07

6642.21 7700.22 8600.67 9406.35 10100.96 10676.06 11112.95

162.89 134.13 134.13 134.13 134.13 134.13 134.13

4.66 1.37 3.53 3.53 3.53 3.53 3.53
62.94 63.31 66.71 69.29 71.86 74.44 77.01
17.43 13.91 18.16 18.16 18.16 18.16 18.16
247.92 212.72 222.530749 225.106276 227.681803 230.25733 232.832857

304.24 349.14 349.14 349.14 349.14 349.14 349.14

1482.15 1915.26 1479.74 2051.06 1620.97 2197.94 1773.73
225.52 238.93 264.02 264.02 264.02 264.02 264.02
239.78 158.44 161.21 161.21 161.21 161.21 161.21
165.54 187.84 213.77 239.02 264.27 289.52 314.77
46.65 84.58 84.89 95.17 105.46 115.75 126.03
2463.88 2934.19 2552.77 3159.62 2765.07 3377.58 2988.90

2711.80 3146.91 2775.30 3384.73 2992.75 3607.84 3221.74

9354.01 10847.13 11375.96 12791.08 13093.72 14283.90 14334.69

0 0 0.00 0.00 0.00 0.00 0.00

Dabur India Ltd.

Actual Figures are in BLUE, Calculations are marked in BLACK and Asuumptions are marked in RED
All the Data in Rs. Crores
Date
Year
A. CASH FROM OPERATING ACTIVITIES
Profit before Tax

Adjustments For:
Depreciation and Ammortization Expenses
(Gain)/Loss on disposal of PPEs (net)
Fixed assets discarded
Deferred employees compensation amortised
Share Based Payement Expense
Provision for disputed liability
Expected credit loss/ impairment of financial and non-financial assets
Provisions for employee benefits
Finance cost
Unrealised foreign exchange loss/(gain) (net)
Interest income
Profit on Sale of Investment
Profi t on sale of assets
Share of loss of joint venture
Loss / (gain) on fair valuation of financial instruments (net)
Net gain on sale of financial assets measured at FVTPL
Net gain on sale of financial assets measured at FVTOCI
Net gain on sale of financial assets measured at amortised cost
Effect of exchange rates on translation of operating cashflows
Exceptional items (refer note 42)

Operating profit before working capital changes and other adjustments

Working capital changes and other adjustments:

Inventories
Trade receivables
Current and non-current financial assets
Other current and non-current assets
Trade payables
Other current and non-current financial liabilities
Other current and non-current liabilities and provisions

Cash flow from operating activities post working capital changes

Income Taxes paid (net of refund)

Net cash flow from operating activities (A)

B. CASH FLOWS FROM INVESTING ACTIVITIES

Acquisition of property, plant and equipment, capital work-in-progress,

investment properties and intangible assets
Proceeds from disposal of property, plant and equipment
Purchases of investments and bank deposits
Proceeds from sale of investments and bank deposits
Interest received
Others
Net cash used in investing activities (B)

C. CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from issue of equity share capital
(Repayments)/Proceeds of non-current borrowing (including current maturities)
Proceeds from / (repayment of) current borrowings (net)
Principal payment of lease liabilities
Interest payment of lease liabilities
Dividend paid
Dividend distribution tax paid
Finance costs paid
Payement of Lease Liabilities
Net cash used in financing activities (C)

Increase in cash and cash equivalents (A+B+C)

Cash and cash equivalents at the beginning of the year
Net unrealised foreign exchange gain
Cash and cash equivalents at the end of the year
mptions are marked in RED

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

2017-A 2018-A 2019-A 2020-A 2021-E 2022-E

1610.4 1,693.09 1,724.87 1,727.64 2,056.02 2239.96

142.86 162.18 176.9 220.45 240.13 232.25

2.00 3.44 (0.71) 3.99 0.37 0.37
0.67
14.30
3.51 77.33 45.26 43.3 43.3
6 6.02 8.94 4.5 13.5 13.5
4.32 8.6 5.94 5.94
12.66 8.73 5.39 15.77 15.77
30.71 42.38 49.2 41.12 30.81 30.81
(62.23) 0.74 (3.45) (3.70) 1.11 1.11
(216.42) (241.52) (249.39) (241.20) (260.78) (241.86)
(56.78)
1.75
(0.96) 0.01 1.01 1.01
(1.62) 3.69 (0.79) (1.13) 0.76 0.76
(19.12) (6.15) (16.90) (15.82) (14.50)
(19.87) (1.45) (6.90) (12.26) (10.12)
(1.87) (0.42) (0.42)
9.7 5.21 95.29 (71.81) 9.60
14.54 75.34 100

1471.64 1671.44 1867.94 1980.55 2047.63 2327.48

(10.21) (149.47) (44.35) (79.02) (354.71) 390.44

(34.11) (55.66) (130.25) 14.28 247.79 (555.00)
(20.59) 24.13 14.69 0.44 (1.79)
 (153.04) 23.38 (107.21) 79.83 -17.6066667
131.51 85.75 45.11 25.99 433.78 (435.52)
31.50 28.78 31.71 62.5 25.0933333
3.99 35.12 41.57 (81.27) 28.6936472

1558.83 1413.92 1849.86 1922.56 2435.99 1761.79

(322.06) (324.92) (350.73) (308.94) (321.32) (403.19)

1236.77 1089.00 1499.13 1613.62 2114.67 1358.60

(490.02) (206.96) (234.35) (417.46) (311.21) (333.80)

4.22 6.67 9.34 16.97 4.88 8.42

(9111.14) (9001.30) (5392.77) (8478.78) (7634.78) (7923.75)
8,600.04 8,417.64 5,710.25 8,114.22 6,273.72 7,423.17
190.02 243.72 244.44 248.21 261.61 251.42
(10.03)
(816.91) (540.23) 336.91 (516.84) (1405.78) (574.54)

14.87 0.48 0.08 0.03 0.03

128.79 (61.57) (271.96) (175.10) (27.77) (27.77)
39.41 7.04 31.81 (182.88) 64.65 64.65
(27.61) (27.61)
(11.27) (11.27)
(396.34) (396.34) (1324.71) (512.45) (592.09) (942.21)
(80.69) (80.69) (272.30) (105.33)
(45.01) (42.81) (51.52) (28.51) (19.35) (19.35)
(38.78)
(338.97) (574.37) (1888.20) (1042.97) (613.41) (963.53)

80.89 (25.60) (52.16) 53.81 95.48 (179.47)

 34.86 115.75 89.21 37.72 91.74 188.78
(0.94) 0.67 0.21 1.56 0.38
115.75 89.21 37.72 91.74 188.78 9.68
Mar-23 Mar-24 Mar-25 Mar-26
2023-E 2024-E 2024-E 2024-E

2387.13 2538.21 2703.25 2880.23

240.63 248.02 254.53 260.28

0.37 0.37 0.37 0.37

43.3 43.3 43.3 43.3

13.5 13.5 13.5 13.5
5.94 5.94 5.94 5.94
15.77 15.77 15.77 15.77
30.81 30.81 30.81 30.81
1.11 1.11 1.11 1.11
(241.86) (241.86) (241.86) (241.86)

1.01 1.01 1.01 1.01

0.76 0.76 0.76 0.76
(14.50) (14.50) (14.50) (14.50)
(10.12) (10.12) (10.12) (10.12)
(0.42) (0.42) (0.42) (0.42)
9.60 9.60 9.60 9.60

2483.02 2641.50 2813.04 2995.78

(513.57) 385.52 (518.69) 380.19

487.87 (557.68) 485.08 (560.59)
(1.74) (1.74) (1.74) (1.74)
 0 0 0 0
571.32 (430.09) 576.97 (424.21)
0 0 0 0
25.2510317 25.2510317 25.2510317 25.2510317

3052.16 2062.76 3379.92 2414.69

(429.68) (456.88) (486.58) (518.44)

2622.48 1605.88 2893.33 1896.24

(333.80) (333.80) (333.80) (333.80)

8.42 8.42 8.42 8.42

(7923.75) (7923.75) (7923.75) (7923.75)
7,423.17 7,423.17 7,423.17 7,423.17
251.42 251.42 251.42 251.42

(574.54) (574.54) (574.54) (574.54)

0.03 0.03 0.03 0.03

(27.77) (27.77) (27.77) (27.77)
64.65 64.65 64.65 64.65
(27.61) (27.61) (27.61) (27.61)
(11.27) (11.27) (11.27) (11.27)
(1156.68) (1389.55) (1646.48) (1927.73)

(19.35) (19.35) (19.35) (19.35)

(1178.00) (1410.87) (1667.80) (1949.05)

869.93 (379.53) 650.99 (627.35)

 9.68 879.99 500.84 1152.20
0.38 0.38 0.38 0.38
879.99 500.84 1152.20 525.22
Dabur India Ltd.

Actual Figures are in BLUE, Calculations are marked in BLACK and Asuumptions are marked in RED
All the Data in Rs. Crores
Date Mar-17 Mar-18 Mar-19
Year 2017-A 2018-A 2019-A
Income

Revenue From Operations ### 7701.44 7748.34 8533.05

%Growth in Revenue 1% 10.13%
Other Income 298.35 305.18 296.17
Total Revenue 8000 8054 8829

Expenses
Excise Duty 26.49 18.06
Cost of materials consumed 3112.61 3220.05 3475.35
Purchases of stock-in-trade 753.63 665.80 802.98
Changes in inventories of finished goods
(including stock-in-trade) and work-in-
progress (23.02) (65.93) 12.64
Material Expenses/COGS 3843.22 3846.41 4309.03
% of Operating revenue 50% 50% 50%
%Inflation Rate 0% 12%

Gross Profit 4156.57 4207.11 4520.19

Employee Benefit Expenses 789.61 792.71 937.91

No. of Employees 7343 7144 7458
Per Employee Cost 0.11 0.11 0.13
10% 10% 11%

Finance Cost 23.32 10.66 10.38

Depreciation & Ammortization 142.86 162.18 176.90
Other Expenses 1559.67 1491.70 1546.55

Advertisement Expenses 646.14 606.71 608.33

Other Operating Expenses 2515.46 2457.25 2671.74

Total Expenses 6358.68 6303.66 6980.77

EBIT 1641 1750 1848

Intrest 30.71 42.39 49.20

6.52% 11.63% 188.87%
Profit and Loss Before exp items and Tax 1610.40 1707.47 1799.25

Exeptional Items 14.54 75.34

EBT 1610.40 1692.93 1723.91

Tax 330.34 335.35 278.68

20.51% 19.81% 16.17%
Net Profit(PAT) 1280.06 1357.58 1445.23

Earnings per equity share from continuing operations (Face value of Re. 1 each)
Basic (in Rs.) 7.3 7.7 8.2
Diluted (in Rs.)

Number of Equity Shares 176.15 176.15 176.63

Checksum 7.27 7.71 8.18

Dividend earned Per Share 2.25 7.50 2.70

Dividend Paid 396.34 396.34 1324.71
Dividend Distr. Tax 80.69 80.69 272.30
Retained Earnings 803.03 880.55 (151.78)

Dividend Per share 2.25 7.50 2.70

Share Price 277.15 327.00 409.05
Div Payout Ratio 31.03% 97.53% 33.05%
Div Yield Ratio 0.81% 2.29% 0.66%
are marked in RED

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

2020-A 2021-E 2022-E 2023-E 2024-E 2024-E

8703.59 9561.65 9944.12 10341.88 10755.56 11185.78

2.00% 9.86% 4.00% 4.00% 4.00% 4.00%
305.29 325.29 306.06 306.06 306.06 306.06
9009 9887 10250 10648 11062 11492

18.95 15.07
3731.71 3998.58 4.21%
674.62 982.53 Err:502

(65.07) (207.20)
4360.21 4788.98 4976.52 5175.58 5382.61 5597.91
50% 50% 50% 50% 50% 50%
1% 10% 6% 6% 6% 6%
5076.32 5275.11 5486.12 5705.56
4648.67 5097.96 5273.65 5472.35 5679.01 5893.92

947.74 1033.46 1051.85 1092.67 1135.12 1179.27

7740 7617
0.12 0.14
11% 10% 10% 10% 10% 10%

8.42 6.76 8.52 8.52 8.52 8.52

220.45 240.13 232.25 240.63 248.02 254.53
1603.26 1736.55 1736.55 1736.55 1736.55 1736.55

649.98 784.36
2779.87 3016.90 3029.17 3078.37 3128.21 3178.87

7140.08 7805.88 8005.69 8253.95 8510.81 8776.78

1869 2081 2244 2394 2551 2715

41.12 24.05 4.52 6.86 12.59 11.81

24.20% 17.93% 3.37% 5.11% 9.38% 8.80%
1827.68 2057.01 2239.96 2387.13 2538.21 2703.25

100.00 0.00 0.00 0.00 0.00 0.00

1727.68 2057.01 2239.96 2387.13 2538.21 2703.25

279.72 361.07 403.19 429.68 456.88 486.58

16.19% 17.55% 18.0% 18.0% 18.0% 18.0%
1447.96 1695.94 1836.77 1957.44 2081.33 2216.66

8.2 9.6 10.4 11.1 11.8 12.5

176.71 176.74 177.00 177.00 177.00 177.00

8.19 9.60

3.00 4.75
512.45 592.09 942.21 1156.68 1389.55 1646.48
105.33 0.00 0.00 0.00 0.00 0.00
830.18 1103.85 894.56 800.76 691.79 570.18

3.00 4.75 5.32 6.53 7.85 9.30

450.25 540.70 591.47 726.10 872.28 1033.57
36.67% 49.58% 51.30% 59.09% 66.76% 74.28%
0.67% 0.88% 0.90% 0.90% 0.90% 0.90%
Mar-26
2024-E

11633.21
4.00%
306.06
11939

5821.83
50%
6%
5933.78
6117.44

1225.18

10%

8.52
260.28
1736.55
3230.53

9052.36

2887

6.67
4.98%
2880.23

0.00

2880.23

518.44
18.0%
2361.79

13.3

177.00

1927.73
0.00
434.06

10.89
1210.13
81.62%
0.90%
471.21 364.34 26.05 169.89 134.13 6.33
30.71 42.39 49.20 41.12 24.05
6.5% 11.6% ### 24.2% 17.9% 22.24
 3.93%
17.20 1.23 8.02 6.33
3.93%
Dabur India Ltd.

Actual Figures are in BLUE, Calculations are marked in BLACK and Asuumptions are marked in RED
All the Data in Rs. Crores
Date Mar-17 Mar-18 Mar-19
Year 2017-A 2018-A 2019-A

Assets
Non-Current Assets
Property Plant and Equipment 1479.02 1552.1 1547.97

Assets Value(Opening Balance) 1238.77 1479.02 1552.1

+Purchases 490.02 206.96 243.35
+Capital Wrok in progress -102.69 34.97 -61.24
-Sales (4.22) (6.67) (9.34)
-Depreciation (142.86) (162.18) (176.90)
Closing Balance ### 1479.0 1552.1 1548.0
1479.02
Depreciation 142.86 162.18 176.9
Rate of Depreciation 10.51% 10.70% 11.41%

Capital Work-in-Progress 42.10 41.51 63.76

Investment Property 54.99 54.16 52.1
Goodwill 410.53 411.54 336.07
Other Intangible Assets 13.86 10.31 32.92
Investments In Joint Venture
Financial Assets
Investments 2499.41 3091.78 2633.35
Loans 0 13.14 17.56
Others 12.36 4.11 77.66
Deffered Tax Assets
Non-Current Tax Assets 0 3.33 0.89
Other Non-Current Assets 102.3 79.9 88.13
Total Non-Current Assets 4614.57 5261.88 4850.41

Current Assets
Inventories ### 1106.71 1256.18 1300.53
ITR 3.49 3.26 3.37
DOH 104.62 112.11 108.28
Financial Assets
Investments 740.75 713.39 725.41
Trade Recievables ### 650.42 706.08 833.56
DTR 10.55 11.42 11.08
DSO 34.59 31.95 32.93
Cash & Cash Equivalents 163.22 153.8 107.69
Bank Balances 141.59 152.26 220.47
Other Current Assets 34.11 28.27 26.47
Loans 0 34.88 11.04
Current Tax Asset (Net) 1.96 1.32
Other Current Assets 279.67 391.01 359.5
Assets held for sale 1.92 0.24
Total Current Assets 3116.47 3439.75 3586.23

Total Assets 7731.04 8701.63 8436.64

Equity & Liabilities

Equity Share Capital 176.15 176.15 176.63
Other Equity 4671.24 5530.37 5455.05
Equity Attributable to Shareholders' Parent
Non-Controllable Intrest 24.77 26.53 31.38
Total Equity 4872.16 5733.05 5663.06

Non-Current Liabilities
Financial Liabilities
Non-Current Borrowings 471.21 364.34 26.05
Other Financial Liabilities 3.71 4.25 4.56
Long Term Provision 53.4 56.5 59.52
Deffered Tax Liabilities 108.04 109.05 23.14
Total Non-Current Liabilities 636.36 534.14 113.27

Current Liabilities
Financial Liabilities
Short-Term Borrowings 440.33 464.49 498.23
Trade Payables ### 1302.67 1410.32 1455.43
CTR 2.92 2.84 3.01
Creditors Payement Period 125.02 128.72 121.37
Others 173.72 238.2 327.62
Other Current Liabilities 175.44 173.03 198.14
Provisions 91.89 107.47 130.24
Current Tax Liabilities 38.47 40.93 50.65
Total Current Liabilities 2222.52 2434.44 2660.31

Total Liabilities 2858.88 2968.58 2773.58

Total Equity & Liabilities 7731.04 8701.63 8436.64

Checksum 0 0 0
are marked in RED

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26

2020-A 2021-E 2022-E 2023-E 2024-E 2024-E 2024-E

1820.98 1811.7 1882.5 1945.0 2000.1 2048.6 2091

1547.97 1820.98 1812 1883 1945 2000 2049

417.46 311.21 333.80 333.80 333.80 333.80 333.80
92.97 -75.48 -22.29 -22.29 -22.29 -22.29 -22.29
(16.97) (4.88) -8.42 -8.42 -8.42 -8.42 -8.42
(220.45) (240.13) (232.25) (240.63) (248.02) (254.53) (260.28)
1821.0 1811.7 1882.5 1945 2000 2049 2091
1811.7
220.45 240.13 232.25 240.63 248.02 254.53 260.28
13.09% 13.22% 12.57% 12.57% 12.57% 12.57% 12.57%

146.57 147.30 198.00 237.12 276.24 315.36 354.49

51.55 50.5 49.52 47.76 47.15 45.39 44.78
335.97 336.01 336.02 336.02 336.02 336.02 336.02
44.18 44.71 51.99 58.31 64.63 70.95 77.27
11.27 11.27 11.27 11.27 11.27 11.27

1409.23 3402.35 3351.29 3306.67 3258.82 3214.19 3166.34

24.64 22.48 21.56 21.56 21.56 21.56 21.56
528.48 88.65 88.65 88.65 88.65 88.65 88.65
22 17.95 17.95 17.95 17.95 17.95 17.95
1.09 4.29 5.60 7.18 8.76 10.35 11.93
89.06 133.98 143.15 160.29 177.42 194.56 211.69
4473.75 6071.19 6157.54 6237.79 6308.55 6374.89 6433.39

1379.57 1734.28 1343.84 1857.40 1471.89 1990.58 1610.39

3.25 3.08 3.23 3.23 3.23 3.23 3.23
 112.18 118.66

1391.03 746.01 863.318 863.318 863.318 863.318 863.318

813.89 561.58 1116.58 628.71 1186.39 701.31 1261.90
10.57 13.90 11.85 11.85 11.85 11.85 11.85
34.54 26.25 31.24 31.24 31.24 31.24 31.24
163.94 241.23 9.68 879.99 500.84 1152.20 525.22
647.43 1087.8 1460.57 1897.7 2334.83 2771.96 3209.09
2.62 2.95 2.95 2.95 2.95 2.95 2.95
13.07 14.46 16.25 17.99 19.72 21.46 23.19
0.88 0.24 0.24 0.24 0.24 0.24 0.24
467.56 387.12 404.73 404.73 404.73 404.73 404.73
0.27 0.27 0.27 0.27 0.27 0.27 0.27
4880.26 4775.94 5218.42 6553.29 6785.17 7909.01 7901.29

9354.01 10847.13 11375.96 12791.08 13093.72 14283.89 14334.68

176.71 176.74 176.74 176.74 176.74 176.74 176.74

6429.04 7486.79 8381.35 9182.12 9873.90 10444.08 10878.14

36.46 36.69 42.58 47.49 50.32 55.24 58.07

6642.21 7700.22 8600.67 9406.35 10100.96 10676.06 11112.95

162.89 134.13 134.13 134.13 134.13 134.13 134.13

4.66 1.37 3.53 3.53 3.53 3.53 3.53
62.94 63.31 66.71 69.29 71.86 74.44 77.01
17.43 13.91 18.16 18.16 18.16 18.16 18.16
247.92 212.72 222.53 225.11 227.68 230.26 232.83

304.24 349.14 349.14 349.14 349.14 349.14 349.14

1482.15 1915.26 1479.74 2051.06 1620.97 2197.94 1773.73
 2.97 2.82 2.93 2.93 2.93 2.93 2.93
122.95 129.47 124.50 124.50 124.50 124.50 124.50
225.52 238.93 264.02 264.02 264.02 264.02 264.02
239.78 158.44 161.21 161.21 161.21 161.21 161.21
165.54 187.84 213.77 239.02 264.27 289.52 314.77
46.65 84.58 84.89 95.17 105.46 115.75 126.03
2463.88 2934.19 2552.77 3159.62 2765.07 3377.58 2988.90

2711.80 3146.91 2775.30 3384.73 2992.75 3607.84 3221.74

9354.01 10847.13 11375.96 12791.08 13093.72 14283.90 14334.69

0 0 0.00 0.00 0.00 0.00 0.00

Capital Work-in-Progress
Timeline Values Forecast Lower ConfUpper ConfColumn1
Mar-18 41.51
Mar-19 63.76
Mar-20 146.57
Mar-21 147.30 147.30 147.30 147.30
Mar-22 198.00 164.90 231.09
Mar-23 237.12 204.02 270.22
Mar-24 276.24 243.14 309.34
Mar-25 315.36 282.26 348.46
Mar-26 354.49 321.39 387.59

Timeline Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Values 41.51 63.76 146.57 147.30
Forecast 147.30 198.00 237.12 276.24
Lower Confidence Bound 147.30 164.90 204.02 243.14
Upper Confidence Bound 147.30 231.09 270.22 309.34
Investment Property
Timeline Values Forecast Lower ConfUpper Confidence Bound
Mar-17 54.99
Mar-18 54.16
Mar-19 52.1
Mar-20 51.55
Mar-21 50.5 50.5 50.50 50.50
Mar-22 49.5163 48.84 50.19
Mar-23 47.76278 47.07 48.46
Mar-24 47.14696 46.43 47.86
Mar-25 45.39344 44.66 46.13
Mar-26 44.77762 44.02 45.53

Timeline Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Values 54.99 54.16 52.1 51.55 50.5
Forecast 50.5 49.5163 47.76278
Lower Confidence Bound 50.50 48.84 47.07
Upper Confidence Bound 50.50 50.19 48.46

Other Intangible Assets

Timeline Values Forecast Lower ConfUpper Confidence Bound
Mar-19 32.92
Mar-20 44.18
Mar-21 44.71 44.71 44.71 44.71
Mar-22 51.99131 45.80 58.18
Mar-23 58.31175 52.00 64.62
Mar-24 64.63219 58.06 71.21
Mar-25 70.95263 63.93 77.97
Mar-26 77.27307 69.61 84.93
Timeline Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Values 32.92 44.18 44.71
Forecast 44.71 51.99131 58.31175 64.63219 70.95263
Lower Confidence Bound 44.71 45.80 52.00 58.06 63.93
Upper Confidence Bound 44.71 58.18 64.62 71.21 77.97

Non-Current Tax Assets

Timeline Values Forecast Lower ConfUpper Confidence Bound
Mar-19 0.89
Mar-20 1.09
Mar-21 4.29 4.29 4.29 4.29
Mar-22 5.602402 3.87 7.33
Mar-23 7.183453 5.42 8.95
Mar-24 8.764505 6.93 10.60
Mar-25 10.34556 8.38 12.31
Mar-26 11.92661 9.78 14.07

Timeline Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

Values 0.89 1.09 4.29
Forecast 4.29 5.602402 7.183453 8.764505 10.34556
Lower Confidence Bound 4.29 3.87 5.42 6.93 8.38
Upper Confidence Bound 4.29 7.33 8.95 10.60 12.31
Other Non-Current Assets
Timeline Values Forecast Lower ConfUpper Confidence Bound
Mar-18 79.9
Mar-19 88.13
Mar-20 89.06
Mar-21 133.98 133.98 133.98 133.98
Mar-22 143.1539 116.91 169.40
Mar-23 160.288 133.23 187.35
Mar-24 177.4222 149.57 205.28
Mar-25 194.5563 165.92 223.19
Mar-26 211.6904 182.29 241.09

Timeline Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Values 79.9 88.13 89.06 133.98
Forecast 133.98 143.1539 160.288 177.4222
Lower Confidence Bound 133.98 116.91 133.23 149.57
Upper Confidence Bound 133.98 169.40 187.35 205.28

Loans(Current Assets)
Timeline Values Forecast Lower ConfUpper Confidence Bound
Mar-19 11.04
Mar-20 13.07
Mar-21 14.46 14.46 14.46 14.46
 Mar-22 16.25269 15.88 16.62
Mar-23 17.98806 17.61 18.36
Mar-24 19.72344 19.33 20.12
Mar-25 21.45881 21.04 21.88
Mar-26 23.19419 22.74 23.65

Timeline Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

Values 11.04 13.07 14.46
Forecast 14.46 16.25269 17.98806 19.72344 21.45881
Lower Confidence Bound 14.46 15.88 17.61 19.33 21.04
Upper Confidence Bound 14.46 16.62 18.36 20.12 21.88

Non-Controllable Intrest
Timeline Values Forecast Lower ConfUpper Confidence Bound
Mar-17 24.77
Mar-18 26.53
Mar-19 31.38
Mar-20 36.46
Mar-21 36.69 36.69 36.69 36.69
Mar-22 42.57501 39.04 46.11
Mar-23 47.49313 43.93 51.06
Mar-24 50.32338 46.73 53.92
Mar-25 55.2415 51.62 58.87
Mar-26 58.07174 54.42 61.72

Timeline Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Values 24.77 26.53 31.38 36.46 36.69
Forecast 36.69 42.57501 47.49313
Lower Confidence Bound 36.69 39.04 43.93
Upper Confidence Bound 36.69 46.11 51.06

Long Term Provision( Non-Current Liabilities)

Timeline Values Forecast Lower ConfUpper Confidence Bound
Mar-17 53.4
Mar-18 56.5
Mar-19 59.52
Mar-20 62.94
Mar-21 63.31 63.31 63.31 63.31
Mar-22 66.71075 64.88 68.54
Mar-23 69.28628 67.40 71.18
Mar-24 71.8618 69.92 73.81
Mar-25 74.43733 72.44 76.44
Mar-26 77.01286 74.96 79.07

Timeline Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Values 53.4 56.5 59.52 62.94 63.31
Forecast 63.31 66.71075 69.28628
Lower Confidence Bound 63.31 64.88 67.40
Upper Confidence Bound 63.31 68.54 71.18

Provisions(Current Liabilities)
Timeline Values Forecast Lower ConfUpper Confidence Bound
Mar-17 91.89
Mar-18 107.47
Mar-19 130.24
Mar-20 165.54
Mar-21 187.84 187.84 187.84 187.84
Mar-22 213.767 201.45 226.08
Mar-23 239.018 226.32 251.71
Mar-24 264.269 251.20 277.34
Mar-25 289.5201 276.09 302.95
Mar-26 314.7711 300.98 328.56

Timeline Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Values 91.89 107.47 130.24 165.54 187.84
Forecast 187.84 213.767 239.018
Lower Confidence Bound 187.84 201.45 226.32
Upper Confidence Bound 187.84 226.08 251.71

Current Tax Liabilities

Timeline Values Forecast Lower ConfUpper Confidence Bound
Mar-17 38.47
Mar-18 40.93
Mar-19 50.65
Mar-20 46.65
Mar-21 84.58 84.58 84.58 84.58
Mar-22 84.88893 62.60 107.18
Mar-23 95.175 72.19 118.16
Mar-24 105.4611 81.80 129.12
Mar-25 115.7471 91.43 140.07
Mar-26 126.0332 101.06 151.00

Timeline Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Values 38.47 40.93 50.65 46.65 84.58
Forecast 84.58 84.88893 95.175
Lower Confidence Bound 84.58 62.60 72.19
Upper Confidence Bound 84.58 107.18 118.16
 Mar-25 Mar-26

315.36 354.49
282.26 321.39
348.46 387.59

Mar-24 Mar-25 Mar-26

47.14696 45.39344 44.77762

46.43 44.66 44.02
47.86 46.13 45.53
 Mar-26

77.27307
69.61
84.93

Mar-26

11.92661
9.78
14.07

Mar-25 Mar-26

194.5563 211.6904
165.92 182.29
223.19 241.09
 Mar-26

23.19419
22.74
23.65

Mar-24 Mar-25 Mar-26

50.32338 55.2415 58.07174

46.73 51.62 54.42
53.92 58.87 61.72

Mar-24 Mar-25 Mar-26

71.8618 74.43733 77.01286

 69.92 72.44 74.96
73.81 76.44 79.07

Mar-24 Mar-25 Mar-26

264.269 289.5201 314.7711

251.20 276.09 300.98
277.34 302.95 328.56

Mar-24 Mar-25 Mar-26

105.4611 115.7471 126.0332

81.80 91.43 101.06
129.12 140.07 151.00
Dabur India Ltd.

Current Price 616

Beta of the security 0.25
rf - Risk free returns 6.24%
rm - Market Returns 13.39%
Beginning period value 4943.25
End of period Value 17369.25
Time 10.00
Economic/Industry Growth 5.00%
WACC 8.03%

Ke - Cost of Equity (CAPM Model) 8.03%

kd - Cost of Debt 4.08%

we - Weight of Equity in total capital 100.00%

wd - Weight of Debt in total equity 0.00%
ke - Cost of Equity 8.03%
kd - Cost of Debt 4.08%
WACC - Weighted average Cost of Capital 8.03%

EBIT * ( 1 - tax rate )

Add :Depreciation
Less: Purchase of Asset (Capex)
+- Change in Working Capital
FCFF - Free cash flow to Firm

Terminal Value
Total Cash Flow

Enterprise Value (Value of Firm) 29,934

Less:Debt (2020) (1)
Add Cash (2020) 525
Equity Value 30,458

Target Price (Equity Value/Shares) 172

WACC
 Current Price 616.2
Number of Shares (2021) 176.74
Total Debt (Borrowings) (2021) 1.31
Interest Rate (Avg) 4.98%
Tax Rate (Avg) 18%
Market Capitalization 108,907.19

Equity 108907.188
Debt 1.31
Total Capital 108908.498

2022 2023 2024

1,345.71 1,434.89 1,515.73
232.25 240.63 248.02
(333.80) (333.80) (333.80)
(565.69) 569.14 (578.74)
678 1,911 851
 678 1,911 851

Long Term Growth Rate

172 3% 4%
6%
7%
8.0%
9%
10%
2025 2026
1,532.42 1,706.47
254.53 260.28
(333.80) (333.80)
566.87 (581.09)
2,020 1,052

36,479
 2,020 37,531

erm Growth Rate

5.0% 6.00%
Dabur India Ltd.
Top Companies under FMCG Sector of India
Name of the Company Mar Cap Rs.Cr. EV Rs.Cr.
Hindustan Unilever Ltd. 660,400.00 654,000.00
ITC Ltd. 262,000.00 504,000.00
Nestle India Ltd. 195,000.00 195,000.00
Colgate Palmolive 47,134.00 93,537.00

Dabur India Ltd. 113,000.00 29,934.45

Min
25 Per
Median
75 Per
Max

Min
25 Per
Median
75 Per
Max

Min 25 Per

Dabur Ltd.

EPS 108.45 277.65

P/E Ratio 637.25 833.91

Min 25 Per
 EPS 108.45 169.20
P/E Ratio 637.25 196.66
Revenue EBITDA B.V. Rs. EPS CMP Rs.
48,491.00 11,846.00 202.9 34.87 2805
52,746.00 18,463.00 49.03 11.32 212.95
14,039.00 3,225.00 232.07 229.33 20230.45
4,967.00 1,545.00 42.87 39.36 1732.95

9886.94 1840.93 43.57 9.58 616.2

EPS P/E Ratio

11.32 9.56
28.98 12.50
37.12 13.69
86.85 15.13
229.33 18.83

EPS P/E Ratio

108.45 614.61
277.65 804.28
Dabur Ltd. 355.56 880.46 172.33
832.05 972.88
2196.98 1211.28

Median 75 Per Max Dabur India L

Dabur Ltd.

355.56 832.05 2196.98

912.90 1008.72 1255.90 P/E Ratio

EPS
Median 75 Per Max

0.00 250.00 500.00 750.00 1000.00

Min 25 Per M
 EPS

77.91 476.49 1364.93

78.99 95.82 247.18 0.00 250.00 500.00 750.00 1000.00

Min 25 Per M
 P/E EV/Revenue
80.45 13.49
18.81 9.56
88.22 13.89
44.03 18.83

64.32 3.03

Dabur India Ltd. Valuation

600

TO

950

0.00 500.00 750.00 1000.00 1250.00 1500.00 1750.00 2000.00 2250.00

Min 25 Per Median 75 Per Max

 950

0.00 500.00 750.00 1000.00 1250.00 1500.00 1750.00 2000.00 2250.00

Min 25 Per Median 75 Per Max