Bajaj Consumer Q4 Concall: Growth Momentum with Cost Pressures

Channel & Market Trends • General Trade: High-teen growth; urban outperforming rural • Organized Trade (MT + Ecom): 20%+ growth; now ~30% of sales • International: Weak (Nepal & Bangladesh); turnaround efforts ongoing Challenges • Input cost inflation (LLP, packaging, seed oils) • Continued pressure in international business Brand & Portfolio Strategy • Almond Drops Hair Oil (ADHO): Core brand; ~20% growth • Growth Portfolio (Non-ADHO): ₹225 Cr revenue; target ₹500 Cr in 3 years • Banjara’s: Strong double-digit growth; scaling as separate vertical Operational Levers • Project Arohan: Driving 2–4% growth uplift; expansion planned in FY27 • Advertising Spend: ↑34% in Q4; focus on brand building & digital Key Takeaway Strong domestic growth led by core brands and modern trade, but margin pressures from input costs and weak international business remain key monitorables.