Target: ₹445
CMP: ₹402.75
Bajaj Consumer Care Ltd (BCCL), part of the Shishir Bajaj group, has a dominant market position with its brand Bajaj Almond Drops Hair Oil (ADHO) commanding over 63 per cent market share in the light hair oil (LHO) category.
Its products are now available in over 4.3 million outlets across India. Project Arohan is BCCL’s strategic Route-to-Market transformation initiative, designed to modernise its distribution network and expand direct retail reach. BCCL targets to increase direct outlet reach by 10 per cent annually for the next four-five years.
It has now diversified its portfolio to a broader hair and coconut oil space with the launch of Bajaj 100% Pure Coconut Oil in FY22, which has now captured about 2 per cent market share in India. Further, in February 2025, BCCL acquired Vishal Personal Care (owner of Banjara’s brand) strengthening its position in the South Indian skincare & hair oil market.
BCCL reported robust Q3FY26 numbers with Revenue/EBITDA/PAT growing 30.6 per cent/113.9 per cent/83.2 per cent respectively. EBITDA margin expanded about 710 basis points, on the back of strategic pricing and mix improvements.
At current value, the stock trades at FY26E/27E Bloomberg consensus PE of 29.4x/25.5x respectively, which looks reasonable given its dominant market position in LHO category, strategic product portfolio diversification and aggressive direct reach expansion through its Project Arohan.
Published on February 26, 2026
