Mumbai: Bajaj Consumer Care Ltd is aiming to scale up its “growth portfolio” to ₹500 crore over the next three years, even as input cost pressures rise.
Underlining a sharper push beyond the flagship Almond Drops hair oil brand, the management, during its March quarter (Q4FY26) investor call on Friday, said growth is expected to be driven by the company’s existing brands rather than any future acquisitions.
The growth portfolio, comprising coconut oil, henna, gulab jal, amla oil and hair masques under Natyv Soul and Banjara’s, currently contributes about ₹225 crore in annual revenue.
The portfolio, excluding the core almond oil franchise, currently generates about ₹225 crore and includes products such as coconut oil, henna, gulab jal, amla oil, and hair masques sold under brands like Natyv Soul and Banjara’s.
“We will be further focusing on growing this portfolio to around ₹500 crores in size over the next three years,” said Naveen Pandey, managing director of Bajaj Consumer Care Ltd, in the investor call, underlining a sharper strategic push beyond the core hair oil franchise.
Within the growth portfolio, Bajaj Coconut and Bajaj Banjara’s have been identified as key brands. Banjara’s, in particular, has delivered double-digit growth and low-teen margins in its first year under Bajaj’s ownership, indicating early traction for the strategy. Competitors in the value added hair oil segment include Marico, Dabur, WishCare, Forest Essentials, etc.
A rise in input costs has complicated the operating environment. “Nearly 100% of our cost base is under inflation,” Pandey said, noting that the intensity varies anywhere from 20 to 50% across categories.
The company also flagged the rise in plastic packaging costs due to the Gulf war, and said prices of key inputs such as mustard and copra oil have not softened as anticipated.
This has prompted calibrated price hikes alongside cost optimisation measures. “We believe that this situation will need us to take pricing and optimise costs across the line. We are already in the process of executing these changes,” he said in the investor call.
Despite headwinds, Bajaj Consumer Care's net profit more than doubled to ₹63.6 crore in Q4FY26, according to a regulatory filing. Revenue from operations rose 30.4% year-on-year to ₹326.65 crore, while Ebitda surged 135% to ₹77 crore, translating into a consolidated Ebitda margin of 23.7% in the quarter. Ebitda is earnings before interest, taxes, depreciation, and amortization.
Investor sentiment has remained buoyant. The stock has rallied over 170% in the past year on the National Stock Exchange (NSE), significantly outperforming the broader market, which rose just over 2% during the same period. Pandey's appointment in July also triggered a sharp rally, with shares jumping 20% in a single day. The shares closed at ₹474 on Friday, up 10.5% on the NSE.
The company has seen a few top‑level leadership changes over the last 12–18 months, such as a new chief marketing officer and a new head of strategy. The board appointed Aditya Singh as the new chief marketing officer, effective 22 December 2025. The company also named Abhishek Bhattacharya as head – international business (ROW, MEA & Nepal) from 1 March 2026.
Earlier this week, the 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 Banjara's 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 the new management. “Operating performance has improved, driven by better execution, improved mix and benefits from GST rate rationalisation,” analysts at Nuvama Institutional Equities noted in a March report.
