Transcript of Analyst/ Institutional Investor Meet held on November 05, 2026

Ref: SEC/SE/2026-27 Date: November 10, 2026 Corporate Relations Department Listing Department BSE Ltd. National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers Exchange Plaza, 5th Floor Dalal Street, Plot No. C/1, G Block, Bandra Kurla Complex Mumbai- 400001 Bandra (E), Mumbai – 400051 BSE Scrip Code: 500096 NSE Scrip Symbol: DABUR Sub: Transcript of Analyst/ Institutional Investor Meet Dear Sir/Madam, In furtherance of our letter dated October 26, 2026, and pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Transcript of Analyst/ Institutional Investor Meet held on November 05, 2026. The aforementioned transcript is also available on the website of the Company at www.dabur.com. This is for your information and records. Thanking You, Yours faithfully, For Dabur India Limited (Ashok Kumar Jain) Group Company Secretary and Chief Compliance Officer Encl.: as above DABUR INDIA LIMITED, Punjabi Bhawan, 10, Rouse Avenue, New Delhi – 110 002, Tel.: +91 11 71206000 Regd. Office: 8/3, Asaf Ali Road, New Delhi – 110 002 (India) CIN: L24230DL1975PLC007908, Email: corpcomm@dabur.com Website: www.dabur.com Dabur India Limited Analyst and Institutional Investor Meet November 5, 2026 MANAGEMENT: MR. HERJIT BHALLA – CHIEF EXECUTIVE OFFICER – INDIA BUSINESS – DABUR INDIA LIMITED MR. ANKUSH JAIN – CHIEF FINANCIAL OFFICER – DABUR INDIA LIMITED MR. RAHUL SARAWAGI – HEAD, INVESTOR RELATIONS AND M&A – DABUR INDIA LIMITED Rahul Sarawagi: Good afternoon, ladies and gentlemen. A very warm welcome to all of you and thank you very much for coming to this event and taking the time to join us in person. It's a pleasure to have with us our valued investors, analysts, as well as members from the financial fraternity. Your continued engagement with Dabur, your perspectives and your valuable feedback are always welcome and appreciated. Dabur is a company with a rich heritage and a distinctive place in India's consumer landscape. Over the years, we have built a business around a deep understanding of consumers, a strong connection with our brands, and a continued focus on health, wellness, and everyday household needs. I'm sure you must have already gone through our Q2 FY27 results. But today, this goes a step further. Here, we'll be talking more about what our perspective is on our business; what the key focus areas are; how we have progressed; and what opportunities lie ahead. Today, over the course of today's session, Mr Herjit Bhalla, who is our India Business CEO, will take us through the presentation, which will be followed by a Q&A session. With that, I would now like to invite Herjit to come on stage and take us through the presentation. Herjit Bhalla: Thank you, Rahul. A very good afternoon to all of you. Thank you for being here, and in advance, wishing all of you the best for Diwali. So, I'm Herjit Bhalla, and I am delighted to be here today to have this conversation with you, to share with you how I have seen the last 6 months go, and also to take some insights from you on what you guys are thinking as well. So the agenda for the next little bit is going to be as follows. We're just going to do a very quick look at Dabur as I saw it when I was coming into the organisation, and what I believe I have learned in my first 6 months. I'm also going to do a quick assessment of our performance and what we're going to be doing next. So, very clearly, you know, it's rare that you join a new organisation and you've already been familiar with and using the brands for many decades. That's how day one at Dabur felt, right? This is truly an amazing organisation with a very rich heritage. We're all aware: for 142 years, we've been here building on a lot of trust that the consumers have bestowed on us during this time. It feels great to have the privilege and the honour to be part of this business. And now, to be able to look to take it forward as we speak. You're familiar with the fact that Dabur is in 8 out of 10 Indian households. We always keep talking about the distribution reach that Dabur has. But, you know, when I look at the portfolio, what really stood out for me at that moment was the sheer size and play across categories that we have. Be it home and personal care, be it healthcare, or be it F&B, and of course, our Ayurveda business, we've got strong brands that have played across the board. So right at the top, you have the 1,000 crore-plus brands. In the middle, you have those brands that have a lot of opportunity, but more importantly, they are robust category leaders, defining category, defining brands, with a lot of headroom, given that we still have low levels of penetration here. I think the exciting part is what you see at the bottom. These are the brands, the brands of the future. The brands that have a lot of potential. And anyone who gets the opportunity to get a stable of brands that looks like this should consider themselves as a leader, lucky to be at the helm of driving change or driving what comes next. Now, our aim, or ambition, is to be, or to play a leading role in the categories that we are part of. What you see on the page are the brands that hold strong market leadership, category-defining brands, and these brands are the core that contribute to over 50% of our revenue. So, very clearly, when I was looking at this, I was seeing that this is an organisation with a huge heritage, a very rich legacy, and amazing brands. But most importantly, it had something for everyone across India. So that's how I saw Dabur from the outside as I came in: as an organisation that is playing across rural, across urban; it's playing across the mass segment; it's playing across premium. It has a portfolio that is built for every consumer, every market, every single channel, and can cater to every single occasion. That's the first part of how I saw things. Now, I got the privilege to spend the first 6 months doing a lot of listening, doing a lot of learning, and gaining a lot of understanding of what Dabur is. And some of the things that came up in my conversation with what I call the three C's, which are the most integral part of any organisation: our consumers, our customers, and our colleagues, were very rich in terms of insights. So when I met a consumer, the one key thing that kept coming across to me was the trust that we'd built with them, and our responsibility to ensure we hold on to that trust with everything and every step we take. With our customers, I met some of them who've been with us for over 50 years. You know, this is not a normal relationship. This is a relationship where you become an integral part of one's family, and you grow together. And we've been blessed to have customers who've been with us over generations. And finally, we did these Unplugged with Herjit sessions that allowed me to spend over 100 hours with small groups of people within the organisation, across regions, across channels, where I asked them a very simple question: What's the one thing that you love about Dabur that you would like to retain? And what's the one thing that frustrates you and that you'd like to change? So, a lot of rich insights. A lot of things that we can feel really proud of, and I honestly feel that we don't get the level of credit that we have for the strong fundamentals that this organisation has. At the same time, there were very clear opportunity areas that came through. Right? One of the clear messages I heard from across the board was that we have great brands. We need to be focused, and we need to enhance our spending behind our brands. Are we spending enough? The other area that came through to me clearly in the messaging was that we are the house of Ayurveda. We need to be the leaders in health and wellness. And we should do more in this space. Then, of course, the other thing which also came through was: How do we transform our portfolio to meet the changing need [Showing first 8,000 characters — download PDF for full document]