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BAJAJCON - Bajaj Consumer

📊 NSE: BAJAJCON 🏢 Personal Care - Indian 📅 Last Updated: 12/13/2025 18:53

📢 Recent Corporate Announcements

Bajaj Consumer Care Appoints New International & Banjaras Heads; Deepak Himan Resigns

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 28 Feb 2026, 07:42 PM

Bajaj Consumer Care (BAJAJCON) has announced a transition in its senior management team following the resignation of Mr. Deepak Himan, Head of Strategy & International Business, effective February 28, 2026. To lead its global expansion, the company appointed Mr. Abhishek Bhattacharya, who brings over 20 years of FMCG experience from firms like CavinKare and Adani Wilmar. Additionally, Mr. K.G. Mallikeswaran, a specialist in P&L turnarounds with 20+ years of experience, has been appointed as AVP for the Banjaras brand. These strategic appointments, effective early March 2026, signal a focus on strengthening international presence and brand-specific profitability.

Mr. Deepak Himan resigned as Head-Strategy & International Business effective February 28, 2026.
Mr. Abhishek Bhattacharya appointed as Head - International Business (ROW, MEA & Nepal) effective March 1, 2026.
Mr. K.G. Mallikeswaran appointed as Associate Vice President (Banjaras) effective March 3, 2026.
Both new appointees bring over 20 years of extensive FMCG industry experience to the company.
Mr. Mallikeswaran has a proven track record of turning loss-making units into PBT-positive operations.

💡 Investors should monitor the performance of the international business and the Banjaras brand in upcoming quarters to evaluate the effectiveness of the new leadership. No immediate portfolio changes are recommended based solely on these management transitions.

Bajaj Consumer Care to Participate in Nuvama India Conference on February 11, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Feb 2026, 03:06 PM

Bajaj Consumer Care Limited has announced its participation in the Nuvama India Conference - 2026 scheduled for February 11, 2026. The event will be held at the Grand Hyatt in Mumbai and will include both group and one-on-one meetings with institutional investors. The company has clarified that no unpublished price sensitive information will be shared during these interactions. This is a routine investor relations activity aimed at engaging with the financial community.

Participation in Nuvama India Conference - 2026 on Wednesday, February 11, 2026
Meeting format includes both Group and One-on-One sessions with investors
The conference will take place at Grand Hyatt, Mumbai
Company explicitly stated no Unpublished Price Sensitive Information (UPSI) will be disclosed

💡 No immediate action is required as this is a routine disclosure. Investors may look for any investor presentations released post-conference for updated business outlooks.

Bajaj Consumer Q3 FY26: Consolidated Revenue Jumps 32.7%, EBITDA Surges 109% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 23 Jan 2026, 07:05 PM

Bajaj Consumer Care reported a robust Q3 FY26 with consolidated revenue growing 32.7% YoY to ₹306 crores, driven by strong performance in the Almond Drop Hair Oil (ADHO) segment. Standalone gross margins expanded significantly by 800 bps to 59.8%, while consolidated EBITDA more than doubled with a 109% YoY increase. The company saw a recovery in general trade and rural markets, alongside 15% growth in the acquired Banjara brand. Management highlighted aggressive digital spending and a strategic focus on sustainable margins in the coconut oil category.

Consolidated revenue reached ₹306 crores, marking a 32.7% YoY growth.
Standalone EBITDA grew by 99% to ₹58.4 crores, with margins improving by 740 bps to 20.4%.
Almond Drop Hair Oil (ADHO) delivered double-digit volume growth supported by a 37% increase in ASP spends.
Gross margins improved by 800 bps YoY to 59.8% due to strategic pricing and better product mix.
The acquired Banjara brand registered 15% YoY growth with stable mid-teen operating margins.

💡 Investors should view the significant margin expansion and volume-led growth in the core ADHO brand as a strong sign of operational turnaround. Monitor the sustainability of rural recovery and the integration of the Banjara brand in Southern markets.

Bajaj Consumer Care Releases Q3 FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 21 Jan 2026, 09:39 PM

Bajaj Consumer Care Limited has released the audio recording of its earnings conference call for the third quarter ended December 31, 2025. The call was conducted on January 21, 2026, following the announcement of the company's unaudited financial results. This disclosure is a routine regulatory requirement under SEBI (LODR) Regulations, 2015. A written transcript of the session is expected to be filed with the exchanges in the near future.

Audio recording of the Q3 FY26 earnings call held on January 21, 2026, is now available on the company website.
The call discussed the unaudited financial performance for the quarter ended December 31, 2025.
Management confirmed that a written transcript will be published and submitted to exchanges in due course.
Compliance maintained under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 Investors should review the recording or the upcoming transcript to understand management's outlook on rural demand and hair oil market share. No immediate action is required based on this procedural filing.

Bajaj Consumer Q3 FY26 PAT Jumps 83% YoY to ₹46.4 Cr; Gross Margins Expand to 60%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 21 Jan 2026, 04:17 PM

Bajaj Consumer Care delivered a robust Q3 FY26 performance with consolidated revenue rising 32.7% YoY to ₹306.1 crore. Profit After Tax (PAT) surged 83.2% YoY to ₹46.4 crore, supported by a massive 802 bps expansion in gross margins to 60%. The flagship Almond Drops Hair Oil (ADHO) recorded double-digit volume growth, while rural markets showed a sequential recovery. Despite a 3% YoY dip in international business, the company's domestic momentum and lower commodity prices for Copra and Mustard Oil drove significant bottom-line growth.

Consolidated Revenue grew 32.7% YoY to ₹306.1 crore, while EBITDA surged 109.5% to ₹56.9 crore.
Gross margins improved significantly to 60.0% from 52.0% YoY, aided by lower input costs for Copra (-14% QoQ).
Flagship ADHO brand achieved double-digit volume growth and its highest market share in 8 quarters.
Rural demand recovered in Q3 YoY, supported by the 'Aarohan' GTM transformation and easing inflation.
International business revenue declined 3% YoY to ₹16.3 crore, though Nepal showed a strong 32% YoY recovery.

💡 The stock is likely to react positively to the strong margin expansion and volume growth in the core portfolio. Investors should monitor the sustainability of rural demand recovery and the stabilization of the international business segment.

Bajaj Consumer Care Q3 FY26 Standalone Net Profit Jumps 73% YoY to ₹47.6 Crore

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 21 Jan 2026, 04:15 PM

Bajaj Consumer Care reported a robust performance for the quarter ended December 31, 2025, with standalone revenue from operations growing 25.1% YoY to ₹286.87 crore. Net profit for the quarter surged significantly by 72.9% to ₹47.60 crore compared to ₹27.52 crore in the corresponding quarter of the previous year. The company maintained aggressive brand-building efforts, with advertising and sales promotion expenses rising to ₹45.36 crore. Additionally, the integration of Vishal Personal Care as a 100% subsidiary is complete, with a demerger scheme currently pending NCLT approval.

Standalone revenue from operations increased 25.1% YoY to ₹286.87 crore in Q3 FY26.
Standalone Net Profit surged 72.9% YoY to ₹47.60 crore from ₹27.52 crore.
Earnings Per Share (EPS) improved significantly to ₹3.53 from ₹1.98 YoY.
Advertising and Sales Promotion expenses grew to ₹45.36 crore, reflecting a 37% increase YoY to drive growth.
Completed 100% acquisition of Vishal Personal Care Limited for ₹62.10 crore during the current fiscal year.

💡 Investors should take note of the strong double-digit revenue growth and significant margin expansion. The stock is likely to react positively to the sharp increase in profitability and successful integration of recent acquisitions.

Bajaj Consumer Care to Host Q3 FY26 Earnings Call on January 21, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 16 Jan 2026, 09:58 PM

Bajaj Consumer Care Limited has scheduled its earnings conference call for the third quarter of FY26 on January 21, 2026, at 5:00 PM IST. The call will discuss the un-audited financial results for the period ended December 31, 2025. Senior management, including the Managing Director and CFO, will be present to address queries from analysts and institutional investors. This is a routine but essential event for understanding the company's recent operational performance and future outlook.

Earnings conference call scheduled for January 21, 2026, at 17:00 hrs India Time
Discussion will focus on un-audited financial results for Q3 ended December 31, 2025
Management representation includes MD Naveen Pandey and CFO Dilip Kumar Maloo
Call organized by ICICI Securities with universal access numbers +91 22 6280 1144 and +91 22 7115 8045
Transcript and audio cast will be made available on the company's official website

💡 Investors should track the call for management commentary on demand trends in the hair oil segment and margin sustainability. Pay close attention to updates regarding rural recovery and new product launches.

Bajaj Consumer Care Submits SEBI Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jan 2026, 12:22 PM

Bajaj Consumer Care Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms that all securities dematerialized or rematerialized during the quarter ended December 31, 2025, have been reported to the stock exchanges. This filing is a standard procedural requirement to ensure the integrity of the company's shareholding records. It indicates that the company is maintaining its regulatory obligations regarding depository services.

Compliance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
Reporting period covers the quarter ended December 31, 2025
Certificate issued by Registrar and Share Transfer Agent, KFin Technologies Limited
Confirms timely reporting of dematerialization and rematerialization of securities to BSE and NSE

💡 No action is required as this is a routine administrative filing. Investors should continue to monitor the company's upcoming quarterly financial performance for material impact.

Bajaj Consumer Care Closes Trading Window from Jan 1, 2026 for Q3 FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Dec 2025, 12:00 PM

Bajaj Consumer Care Limited has notified the exchanges regarding the closure of its trading window for all designated persons starting January 1, 2026. This move follows SEBI's Prohibition of Insider Trading Regulations ahead of the Q3 FY26 financial results. The window will reopen 48 hours after the results for the quarter ending December 31, 2025, are officially declared. The date for the board meeting to approve these results is yet to be announced by the company.

Trading window closure effective from January 1, 2026.
Closure pertains to the unaudited financial results for the quarter ending December 31, 2025.
Restriction applies to all designated persons and insiders as per SEBI regulations.
Window to reopen 48 hours after the public announcement of Q3 results.

💡 No action is required as this is a standard regulatory procedure. Investors should monitor for the future announcement of the Q3 result date to assess financial performance.

Bajaj Consumer Care Receives GST Tax Demand and Penalty of Rs 27.21 Lakhs

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 30 Dec 2025, 05:33 PM

Bajaj Consumer Care Limited has received a tax demand order from the Superintendent, Ambala, Haryana, totaling approximately Rs 27.21 Lakhs. The order includes a tax demand of Rs 24.74 Lakhs and a penalty of Rs 2.47 Lakhs due to the disallowance of GST credit under Section 73 of the CGST Act 2017. The company has clarified that this demand has no material impact on its financial or operational activities. Management is currently in the process of contesting the order at a higher appellate level.

Tax demand of Rs 24,74,017 issued due to disallowance of GST credit
Penalty of Rs 2,47,401 imposed by the Tax Officer in Ambala, Haryana
Order passed under Section 73 of the CGST Act 2017
Company confirms no material impact on financial or operational activities
Management intends to appeal the order at the higher appellate level

💡 This is a minor regulatory matter with negligible financial impact relative to the company's scale. No immediate action is required as the company is contesting the demand.

Bajaj Consumer Care Receives GST Tax Demand and Penalty of ₹15.67 Lakhs

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 24 Dec 2025, 05:11 PM

Bajaj Consumer Care Limited has received an order from the Assistant Commissioner of Central Tax, Bengaluru, regarding a tax demand under Section 73 of the CGST Act, 2017. The demand includes a tax value of ₹13,94,289 due to the disallowance of GST credit and non-payment of GST under the Reverse Charge Mechanism (RCM). A penalty of ₹1,72,756 has also been imposed, bringing the total liability to approximately ₹15.67 lakhs. The company has clarified that this order has no material impact on its financial or operational activities and intends to contest the order at a higher appellate level.

Tax demand of ₹13,94,289 issued by the Bengaluru South Commissionerate
Penalty of ₹1,72,756 imposed under Section 73 of the CGST Act, 2017
Issues cited include disallowance of GST credit and non-payment of GST under RCM
Company confirms no material impact on financial or operational activities
Management is in the process of filing an appeal against the order

💡 This is a routine tax-related disclosure involving a negligible amount relative to the company's scale; no immediate action is required. Investors should treat this as a minor regulatory update.

Bajaj Consumer Care Receives GST Tax Demand and Penalty of ₹15.67 Lakhs

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 24 Dec 2025, 05:10 PM

Bajaj Consumer Care Limited has received an order from the Central Tax authority in Bengaluru for a tax demand of ₹13,94,289. The order, issued under Section 73 of the CGST Act, 2017, pertains to the disallowance of GST credit and non-payment of GST under the Reverse Charge Mechanism (RCM). Additionally, a penalty of ₹1,72,756 has been imposed on the company. The company has stated that this demand has no material impact on its financial or operational activities and intends to contest the order at a higher appellate level.

Tax demand of ₹13,94,289 issued by the Assistant Commissioner of Central Tax, Bengaluru
Penalty of ₹1,72,756 imposed under Section 73 of the CGST Act, 2017
Issues relate to GST credit disallowance and non-payment under the Reverse Charge Mechanism
Company plans to appeal the order and claims no impact on financial or operational activities

💡 The financial impact is negligible relative to the company's scale, so no immediate action is required. Investors should treat this as a routine regulatory matter.

Bajaj Consumer Appoints Marico Veteran Aditya Singh as CMO; Sanath Pulikkal Resigns

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 22 Dec 2025, 11:02 PM

Bajaj Consumer Care has appointed Mr. Aditya Singh as its new Chief Marketing Officer (CMO) effective December 22, 2025. Mr. Singh joins from Marico Limited, where he served as Executive Vice President and Head of Marketing, bringing over 20 years of FMCG experience. He succeeds Mr. Sanath Pulikkal, who resigned for personal reasons and will stay until March 31, 2026, to ensure a smooth transition. This leadership change is a strategic move to leverage deep industry expertise for brand building and portfolio transformation.

Mr. Aditya Singh appointed as Chief Marketing Officer effective December 22, 2025
Incoming CMO brings over 20 years of experience from top FMCG firms including Marico, Kellogg's, and L'Oréal
Outgoing CMO Sanath Pulikkal will remain with the company until March 31, 2026, for a structured handover
Mr. Singh previously served as EVP & Head of Marketing at Marico, managing large food and personal care portfolios

💡 Investors should monitor how the new CMO's experience at Marico translates into improved market share and brand positioning for Bajaj Consumer. This high-profile hire is a positive signal regarding the company's growth and innovation ambitions.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for Q2 FY26 grew 13.3% YoY to INR 261.4 Cr. Standalone revenue grew 7.2% YoY to INR 241.6 Cr. Domestic business registered double-digit value growth, while the International Business (IB) saw high single-digit growth in Bangladesh but faced headwinds in GCC markets.

Geographic Revenue Split

Domestic operations contribute approximately 94% of consolidated revenue, while the International Business constitutes 6% of consolidated revenue as of fiscal 2025.

Profitability Margins

Consolidated Gross Margin for Q2 FY26 stood at 59.6%, an improvement of 690 bps YoY. Standalone Gross Margin was 59.3%, up 680 bps YoY. Consolidated PAT margin for Q2 FY26 was 16.2% (INR 42.3 Cr), up 32.8% YoY.

EBITDA Margin

Consolidated EBITDA margin for Q2 FY26 was 18.6% (INR 48.7 Cr), representing a 44.9% YoY increase. Standalone EBITDA margin was 20.5% (INR 49.6 Cr), up 42.3% YoY.

Capital Expenditure

The company maintains a low capital expenditure model with no large capex planned. It owns three manufacturing facilities and utilizes third-party units to maintain flexibility.

Credit Rating & Borrowing

The company maintains a healthy financial risk profile with nil debt as of March 2025. Liquid surplus was approximately INR 630 Cr, including marketable securities.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Light Liquid Paraffin (LLP), High-Density Polyethylene (HDPE), and Copra. LLP and HDPE costs are highly sensitive to crude oil price fluctuations.

Capacity Expansion

The company operates three owned manufacturing facilities in Himachal Pradesh, Uttarakhand, and Assam, supplemented by third-party manufacturing units. Specific MTPA capacity is not disclosed.

Raw Material Costs

Raw material costs are projected to remain range-bound, though rising copra prices constrained profitability in fiscal 2025. Gross margins improved by 690 bps in Q2 FY26 due to structured cost interventions.

Manufacturing Efficiency

Return on Capital Employed (ROCE) was healthy at 20% for fiscal 2025. The company uses a mix of owned and third-party units to optimize production costs.

Logistics & Distribution

Distribution is managed through a wide network of wholesalers and distributors. The company is focusing on increasing direct reach to consumers through modern trade and e-commerce.

📈 Strategic Growth

Expected Growth Rate

5-9%

Growth Strategy

Strategy involves diversifying the product portfolio to reduce dependence on ADHO (target 40% non-ADHO revenue by FY29), scaling the Banjara's acquisition (Vishal Personal Care), and expanding the 'digital forward' portfolio which grew high teens in Q2 FY26.

Products & Services

Light Hair Oil (LHO), Coconut Oil, Hair Serums, Shampoos, Conditioners, Soaps, Body Lotions, and Skincare products.

Brand Portfolio

Bajaj Almond Drops Hair Oil (ADHO), Bajaj Brahmi Amla, Bajaj Coco Jasmine, Bajaj Kailash Parbat, Nomarks, Banjara’s, and Bajaj 100% Pure Coconut Oil.

New Products/Services

Recent launches include Almond Drop extensions (serums, shampoos, soaps) and the Bajaj Ethnic range. NPDs (New Product Developments) are expected to drive the 40% non-ADHO revenue target by FY29.

Market Expansion

Focusing on Modern Trade, E-commerce, and International markets like Bangladesh (high single-digit growth) and GCC (undergoing distributor transition).

Market Share & Ranking

The company is a leading manufacturer in the Light Hair Oil (LHO) segment with strong brand recall for Bajaj Almond Drops.

Strategic Alliances

Acquired 100% stake in Vishal Personal Care Ltd (Banjara’s) in May 2025 for approximately INR 120 Cr to strengthen the skincare and ethnic hair care portfolio.

🌍 External Factors

Industry Trends

The FMCG industry is seeing a shift toward premiumization and digital-first brands. Rural markets remain susceptible to downtrading during inflationary periods.

Competitive Landscape

Faces intense competition from both large FMCG players and unbranded local substitutes, particularly in the rural hair oil segment.

Competitive Moat

Moat is built on the strong brand recall of Bajaj Almond Drops and an extensive distribution network. Sustainability depends on successful diversification into non-ADHO categories.

Macro Economic Sensitivity

Highly sensitive to rural demand recovery and urban consumption trends. Inflationary pressures on crude oil directly impact the cost of LLP and HDPE.

Consumer Behavior

Shift toward larger packs (double-digit growth in Q2 FY26) and a revival in the digital-forward portfolio among urban consumers.

Geopolitical Risks

External headwinds in 'Rest of World' markets and distributor transitions in the GCC region have impacted international business performance.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to applicable labor laws and environmental obligations. The company is working toward measurable plans for a sustainable business to mitigate climate change risks.

Environmental Compliance

Formed a Board-level ESG committee to oversee priorities. Reported zero fatalities and zero lost time injuries (LTIFR) over the last four fiscal years.

Taxation Policy Impact

The company notes that government initiatives like tax relief could boost future consumer consumption. Specific corporate tax rates were not disclosed.