Morgan Stanley has maintained its Underweight call on Dabur India with a target price of ₹400, following the company’s announcement of key leadership changes.
Dabur said that Mohit Malhotra, currently Whole Time Director & CEO, has been redesignated as Whole Time Director & Global CEO with effect from 17 February 2026. Meanwhile, Herjit S. Bhalla has been appointed as CEO – India Business, effective 15 April 2026 or such other date as may be mutually agreed.
The company highlighted that Mr Bhalla brings more than 25 years of experience across sales, marketing and general management roles. While the brokerage did not elaborate on operational changes in this note, the downgrade reflects caution amid transition-related uncertainties and broader sector dynamics.
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