Bajaj Consumer Care Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Bajaj Consumer Care Ltd filed with BSE on 19 Apr 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Bajaj Consumer Care reported FY26 net revenue of INR1,153 crores, up 21%, crossing INR1,000 crores for the first time, with full year EBITDA of INR224 crores at a 19.5% margin and PAT of INR190 crores at 16.5% margin. Q4 standalone revenue grew 28% year-on-year to INR308 crores with EBITDA up 131% to INR78 crores and a 25% EBITDA margin, driven by mix improvement, MLH adjustments and pricing actions. Management described continued recovery in general trade, strong organized trade growth, a challenging international business barring Nepal and Bangladesh, and rising input cost inflation on LLP, mustard and copra linked to the war in the Gulf.
Numbers mentioned
Net revenue: INR1,153 crores (FY26)
p. 3
“I would like to highlight that we have ended this year delivering a net revenue of INR1,153 crores at a growth of 21%.”
Naveen Pandey, page 3 of the filed PDF · View the filing
Gross margin: 60% (FY26)
p. 3
“we have delivered a gross margin of 60% and a full year EBITDA of INR224 crores at a margin of 19.5% and a full year PAT of INR190 crores at a PAT margin of 16.5%.”
Naveen Pandey, page 3 of the filed PDF · View the filing
Standalone revenue: INR308 crores (Q4 FY26)
p. 3
“In quarter 4 on a standalone basis, the revenue of the company stood at INR308 crores, a growth of 28% year-on-year.”
Naveen Pandey, page 3 of the filed PDF · View the filing
Consolidated revenue: INR327 crores (Q4 FY26)
p. 3
“On a consolidated basis, the revenue stood at INR327 crores with a growth of 32%.”
Naveen Pandey, page 3 of the filed PDF · View the filing
Gross margin: 63% (Q4 FY26)
p. 3
“our gross margin stood at 63% for the quarter and 60% for the full year, registering a significant improvement of around 650 basis points against the last year on a full year basis.”
Naveen Pandey, page 3 of the filed PDF · View the filing
Standalone EBITDA: INR78 crores, 25% margin (Q4 FY26)
p. 3
“EBITDA on a standalone basis for quarter 4 grew by 131% to deliver an absolute EBITDA of INR78 crores for the quarter, which translated into an EBITDA margin of 25%.”
Naveen Pandey, page 3 of the filed PDF · View the filing
Consolidated EBITDA: INR77 crores, 23.7% margin (Q4 FY26)
p. 3
“On a consolidated basis, our EBITDA was INR77 crores, which was a growth of 135%, translating into an EBITDA margin of 23.7%.”
Naveen Pandey, page 3 of the filed PDF · View the filing
Standalone PAT: INR64.1 crores, 20.8% margin (Q4 FY26)
p. 4
“The stand-alone PAT for quarter 4 stood at INR64.1 crores with a margin of 20.8% and the consolidated PAT was INR63.6 crores with a margin of 19.5%.”
Naveen Pandey, page 4 of the filed PDF · View the filing
Organized trade contribution: 30% of overall sales (FY26)
p. 4
“At a channel level, now we have covered a significant milestone with OT as an overall business contributing 30% to our overall sales.”
Naveen Pandey, page 4 of the filed PDF · View the filing
Advertising spend growth: 34% (Q4 FY26)
p. 4
“Our consolidated advertising spends for the quarter were up 34% against the same period last year.”
Naveen Pandey, page 4 of the filed PDF · View the filing
Non-ADHO portfolio revenue: INR225 crores (FY26)
p. 4
“we have delivered a revenue of INR225 crores from the non-ADHO portfolio, which we internally refer to as growth portfolio.”
Naveen Pandey, page 4 of the filed PDF · View the filing
Aarohan growth delta: around 4%
p. 12
“So Shirish, I think what I'll tell you is that between Aarohan and non-Aarohan, we are roughly seeing around a 4% growth delta.”
Naveen Pandey, page 12 of the filed PDF · View the filing
GT channel mix: 70% of business, half urban half rural (FY26)
p. 13
“So the way I'll say is roughly 70% of our business is GT. Half of it is urban and half of it is rural.”
Naveen Pandey, page 13 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Growth (non-ADHO) portfolio revenue — around INR500 crores · next three years
stated as an aspiration by Naveen Pandey
p. 4
“we will be further focusing on growing this portfolio to around INR500 crores in size over the next three years.”
Naveen Pandey, page 4 of the filed PDF · View the filing
EBITDA margin range — low 20s to mid 20s · medium-term
stated as an aspiration by Naveen Pandey
p. 15
“we aspire to maintain margins between the low to the mid 20s. That is what we'll aspire to do.”
Naveen Pandey, page 15 of the filed PDF · View the filing
Pricing action — this quarter
stated firmly by Naveen Pandey
p. 6
“And in this quarter, I think we will have to take some amount of frontal pricing as well to manage the quarter.”
Naveen Pandey, page 6 of the filed PDF · View the filing
Aarohan Phase 3 expansion — five new states · FY27
stated firmly by Naveen Pandey
p. 11
“we are getting into the third phase of Aarohan which involves us going to five new states where we had not gone so far.”
Naveen Pandey, page 11 of the filed PDF · View the filing
Cost/pricing strategy under hyperinflation — quarter 2 onwards
stated conditionally by Naveen Pandey
p. 6
“If the hyperinflation continues as it is continuing right now, we will have to further fine-tune our actions going quarter 2 onwards to see how we will continue to protect our margins and be fair to the consumers at the same time.”
Naveen Pandey, page 6 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed the improvement to favorable mix change rather than volume growth, since volumes were largely flat between the quarters.
Answered by Naveen Pandey
Asked by Abneesh Roy: What drove the 6.7% quarter-on-quarter sales growth in Q4 versus Q3 and why did COGS not rise proportionally?
p. 6
“But at a volume level, overall, we are in the same zone by and large as we were in the quarter 3 versus quarter 4. So not much change.”
Naveen Pandey, page 6 of the filed PDF · View the filing
Management cited MLH (mileage) reductions supported by transaction growth and a favorable mix shift, plus higher absolute revenue delivery flowing through given the gross margin structure.
Answered by Naveen Pandey
Asked by Percy: What changed between last quarter's commentary of a margin pause and this quarter's 500 bps sequential EBITDA margin jump?
p. 9
“And hence, being able to take MLH reductions and hold on to revenues has helped us expand margin.”
Naveen Pandey, page 9 of the filed PDF · View the filing
Management declined to provide a specific margin guidance figure, reiterating only the previously stated range as an aspiration.
Answered by Naveen Pandey
Asked by Amit Purohit: What is the outlook for margins in FY27 - could it be in the 19-20% band or higher?
p. 12
“Amit, let me clarify. We don't give guidances.”
Naveen Pandey, page 12 of the filed PDF · View the filing
Management said there was no channel filling and inventory levels at distributors remained lean.
Answered by Naveen Pandey
Asked by Shirish Pardeshi: Is there any channel filling or trade inventory buildup following GST changes?
p. 13
“There is no channel filling for us, Shirish. There is just no channel filling for us.”
Naveen Pandey, page 13 of the filed PDF · View the filing
Management said they are using existing inventory, being cautious with new purchases, and managing pricing closely.
Answered by Naveen Pandey
Asked by Gunit Singh: How is the company managing raw material cost pressure from rising LLP and packaging prices?
p. 14
“Gunit, we have inventory. We are being cautious about purchases. We are managing pricing very, very closely and in a narrow band.”
Naveen Pandey, page 14 of the filed PDF · View the filing
Risks flagged
Volatility in LLP and packaging material prices due to the war in the Gulf
p. 5
“On input costs, the war in the Gulf has created extreme volatility in the prices of LLP and packaging material.”
Naveen Pandey, page 5 of the filed PDF · View the filing
Delayed cooling of mustard and copra prices from pre-war levels
p. 5
“It has also delayed the price cooling in case of mustard and copra, which have held onto the pre-war levels and have not fallen further as expected earlier.”
Naveen Pandey, page 5 of the filed PDF · View the filing
Nearly entire cost base under inflationary pressure
p. 6
“hence, nearly 100% of our cost base is under inflation.”
Naveen Pandey, page 6 of the filed PDF · View the filing
Challenging international business performance
p. 4
“In international business, we overall had a challenging year. This business declined in this quarter.”
Naveen Pandey, page 4 of the filed PDF · View the filing
Muted performance in CSD and CPC channels
p. 4
“However, the performance of CSD, CPC was muted.”
Naveen Pandey, page 4 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.