Bajaj Consumer Care Limited has released the transcript of their Q3 FY26 earnings conference call, which took place on January 21, 2026. The call featured insights from Managing Director Naveen Pandey, CFO Dilip Kumar Maloo, and Head of Finance Aakash Gupta, with Ashutosh Joytiraditya from ICICI Securities moderating. During the call, Mr. Pandey highlighted the company's strong performance in Q3 FY26, with standalone revenue growing by 27% year-on-year to INR287 crores and consolidated revenue by 32.7% to INR306 crores. Gross margin on a standalone basis improved significantly by 800 basis points to 59.8%, driven by strategic pricing and revenue management. Standalone EBITDA grew by 99% to INR58.4 crores, resulting in an EBITDA margin of 20.4%, a 740 basis point improvement year-on-year. Consolidated EBITDA surged by 109% to a 18.6% margin. Standalone PAT stood at INR47.6 crores (16.6% margin), and consolidated PAT was INR46.4 crores (15.1% margin). The company noted a strong recovery in the general trade channel and continued double-digit growth in organized trade, with modern trade and e-commerce performing well. The rural segment also saw a strong revival after a muted first half. Almond Drop Hair Oil (ADHO) delivered strong value and volume growth, supported by increased advertising spends. Bajaj Coconut Oil witnessed mid-single digit growth following pricing corrections to ensure sustainable margins, and the recently launched Bajaj Gold Enriched Coconut Hair Oil received a positive response. The acquired Banjara brand also showed a strong 15% year-on-year growth, with integration plans progressing in South India. Discussions also covered input prices, with LLP moving upwards by 2% and Refined Mustard easing by 5% sequentially. Copra prices softened significantly, with expectations of further easing. Management expressed confidence in sustaining higher growth rates and gradually improving margins, emphasizing strategic actions taken over the past months. They also addressed the demand in the hair oil category, the company's focus on its core brand ADHO, and plans for the coconut oil portfolio, aiming for brand-led growth rather than price-led competition. The company is also working on enhancing its direct distribution network (Aarohan sales) and expects clarity on the remaining portfolio over the next 2-3 quarters. The international business faced challenges due to partner and go-to-market issues, with gradual corrections underway. The company confirmed a broad 80-20 revenue split between ADHO and non-ADHO portfolios and plans for calibrated product innovations.
