Bajaj Consumer doubles down on growth brands with ₹500 crore target
Mumbai: Bajaj Consumer Care Ltd aims to expand its ‘growth portfolio’ ₹500 crore over the next three years even as input cost pressures increase.
Underlining a sharper move beyond its flagship Almond Drops hair oil brand, management said during the March quarter (Q4FY26) investor call on Friday that growth is expected to be supported by the company’s existing brands rather than future acquisitions.
The growth portfolio of coconut oil, henna, gulab jal, amla oil and hair masks under Natyv Soul and Banjara’s currently contributes approx. ₹Annual revenue is 225 crore.
Excluding the kernel almond oil franchise, the portfolio currently consists of approximately ₹225 crore and includes products like coconut oil, henna, gulab jal, amla oil and hair masks sold under brands like Natyv Soul and Banjara’s.
“We will focus more on growing this portfolio by approx. ₹500-crore size in the next three years, Naveen Pandey, managing director of Bajaj Consumer Care Ltd, said in the investor call, highlighting a sharper strategic push beyond its core hair oil range.
Bajaj Coconut and Bajaj Banjara’s have been identified as key brands in the growth portfolio. The fact that Banjara, in particular, delivered double-digit growth and low-teens margins in its first year under Bajaj ownership indicates that the strategy is gaining early traction. Competitors in the value-added hair oil segment include Marico, Dabur, WishCare, Forest Essentials, etc. is located.
The increase in input costs has complicated the working environment. Pandey stated that the density varies between 20% and 50% depending on the categories and said, “Almost 100% of our cost base is below inflation.”
The company also highlighted the increase in plastic packaging costs due to the Gulf war and said prices of key inputs such as mustard and coconut oil had not softened as expected.
This has led to calibrated price increases as well as cost optimization measures. “We believe this will require us to adjust pricing and optimize costs. We are already in the process of implementing these changes,” he said on the investor call.
Despite headwinds, Bajaj Consumer Care’s net profit more than doubles ₹63.6 crore in Q26, according to a regulatory filing. Revenue from operations increased by 30.4% annually ₹326.65 crore, while EBITDA increased by 135% ₹77 crore, accounting for a consolidated EBITDA margin of 23.7% in the quarter. EBITDA is earnings before interest, taxes, depreciation and amortization.
Investor sentiment remained buoyant. The stock has risen over 170% on the National Stock Exchange (NSE) in the past year, significantly outperforming the broader market which is up just over 2% in the same period. Pandey’s appointment in July also triggered a sharp rise, with shares rising 20% in a day. Shares closed at: ₹It rose 10.5% to 474 on the NSE on Friday.
The company has experienced several senior leadership changes in the last 12-18 months, including a new chief marketing officer and a new head of strategy. The Board appointed Aditya Singh as the new marketing manager, effective December 22, 2025. The company has also appointed Abhishek Bhattacharya as head of international business (ROW, MEA and Nepal), effective March 1, 2026.
Earlier this week, NCLT’s Jaipur bench approved the merger of Vishal Personal Care with Bajaj Consumer Care. The acquisition is expected to deepen the company’s presence in southern markets. Vishal Personal Care owns the Banjara brand in the hair and skin care segment. Banjara’s is a popular Indian herbal beauty and personal care based in Hyderabad.
Analysts note the improvement in performance under new management. “Operating performance improved on the back of better execution, improved mix and benefits from rationalization of GST rates,” analysts at Nuvama Institutional Equities said in a March report.
