Bajaj Consumer Care Ltd(BAJAJCON)

NSE: BAJAJCONBSE: 533229

₹ 396.75-4.72%refreshed 23 Oct, 03:53 pm ISTMarket cap: ₹ 5,182 crWebsite: www.bajajcorp.comUpdated: 24 Oct 2026

About

Bajaj Consumer Care is among India's leading players in the hair oil category, with a portfolio spanning hair oils, skincare products, lotions, soaps and haircare solutions; Almond Drops Hair Oil is its flagship brand. Reported revenue was 1164.71 crore in FY26. Its products are sold through 45.91 lakh retail outlets in total and reach more than 35 countries.^[1][2][3]

Business segments

ADHO (Almond Drops Hair Oil) contributed ~80% of consolidated revenues in Q1 FY27, making it the dominant segment by a wide margin.^[3]
The domestic ADHO business grew 30%+ in Q2 FY27 and H1 FY27 on double-digit unit volume growth, with price point packs growing faster than the portfolio.^[4]
The non-ADHO growth portfolio, which includes coconut hair oil and Banjara's, had FY26 sales of INR 225 Cr. Coconut is its largest brand, followed by Banjara's at ~5% of revenues.^[5]
In Q2 FY27 coconut was the main growth engine of the growth portfolio, with volume growth well ahead of revenue growth because coconut prices fell.^[4]
Exports make up about 3% of total turnover (FY26). International grew well ahead of the company average in Q2 FY27.^[1][4]

Brands and products

Almond Drops Hair Oil is the flagship brand and is sold in pack sizes from sachets (LUPs) up to large-format packs.^[3]
Bajaj Gold Enriched Coconut Hair Oil was launched in September 2025 across multiple SKUs and rolled out in 12 days. Bajaj coconut oil reached over one crore households (FY26).^[6][1]
Banjara's came with Vishal Personal Care Ltd (VPCL), which added natural and herbal hair and skin care products. Its financial and team integration was completed by Q1 FY27.^[3][1]
As of Q2 FY27, selected brands are being revamped and new products are being piloted: colour shampoo, lip balm and a body lotion, plus seeding in organised trade.^[4]

Operations

As of FY26 the company has 2 manufacturing units and makes its products through a mix of owned and third-party facilities.^[1]
In FY26 it developed alternate vendors for critical raw materials such as almond oil, Vitamin E, aloe vera extract and colours. Incoming materials are tested at NABL-accredited laboratories.^[1]
In FY26 it deployed an AI-driven sales-force-automation platform and moved its distributor management system to the cloud.^[1]

Key operating numbers

Gross margin was 59.9% in Q2 FY27, against 59.7% in Q2 FY26.^[4]
Advertising and promotion spend was 12.5% of sales in Q2 FY27, against 14.9% in Q2 FY26.^[4]
Gross margin for full-year FY26 was 60.1%, up 664 bps YoY.^[5]

Customers and distribution

As of FY26, products are sold through 45.91 lakh retail outlets in total.^[1]
Direct reach was ~6 lakh outlets in Q3 FY26, up more than 10% YoY.^[7]
In Q2 FY27 general trade grew in the mid-twenties, with rural slightly ahead of urban. Organised trade grew in the high twenties, and quick commerce was the fastest-growing channel.^[4]
Organised trade reached ~30% of sales in Q4 FY26, against 29% of the India business in FY25.^[5][8]
Products reach more than 35 countries, mainly SAARC, the Middle East and Africa (FY26). Nepal and Bangladesh grew at double digits in Q1 FY27.^[1][3]

Distribution expansion

Over three phases and 8 quarters, Project Aarohan has added 1 lakh+ outlets and appointed 1,100+ distribution partners; 670 vans were closed (as of Q2 FY27).^[4]
Project Aarohan covers 24 states. Phase 3 expanded into five more states: Bihar, Gujarat, Jharkhand, Odisha and Punjab. It is set to be completed in H2 FY27.^[1][5][4]
From Q1 FY28 the company plans to expand its go-to-market each year across all states, adding ~60K outlets and ~1,000 distribution partners a year.^[4]
Project Vridhi was launched in FY26 to build a single South India go-to-market strategy across the Bajaj and Banjara's businesses.^[1]

Growth targets

The non-ADHO growth portfolio is targeted to reach INR 500 Cr in annual sales organically by FY29, up from INR 225 Cr in FY26.^[5]
Banjara's is being positioned as a key pillar of the growth portfolio, possibly its largest part.^[3]

Recent developments

On 14 Oct 2026 K. S. Narayanan resigned as Independent Director, citing medical reasons and professional commitments. Jitendra Ananda Mahajan was appointed Additional Director (Independent) the same day.^[9][10]

Market Cap

₹5,182 Cr

High / Low

₹691 / 243

Stock P/E

20.6

Price / Book

5.8

Book Value

₹58

EPS

₹14.6

No. of Shares

13.06 Cr

ROCE

30.6%

ROE

25.3%

OPM

19.5%

Debt / Equity

0.00

Sales

₹1,165 Cr

Net Profit

₹190 Cr

Promoter holding

43.0%

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