IMB 643
COMBATING THE YOGA GURU: DABUR’S DILEMMA
MANASWINI BHALLA, KOUSTAV DEY, AND PULKIT AGGARWAL
Manaswini Bhalla, Assistant Professor of Economics & Social Sciences, Koustav Dey and Pulkit Aggarwal, PGP Students prepared this case for
class discussion. This case is not intended to serve as an endorsement, source of primary data, or to show effective or inefficient handling of
decision or business processes.
Copyright © 2017 by the Indian Institute of Management Bangalore. No part of the publication may be reproduced or transmitted in any form or
by any means – electronic, mechanical, photocopying, recording, or otherwise (including internet) – without the permission of Indian Institute of
Management Bangalore.
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Combating the Yoga Guru: Dabur’s Dilemma
INTRODUCTION
Sunil Salve, Dabur’s Chief Strategist came home after another hectic day that marked the end of the
week-long Global Dabur Summit at Mumbai in July 2016. All the top business leaders of India’s largest
Ayurvedic and natural healthcare company, Dabur were in town from across the globe in the conclave
titled ‘‘Vision 2050’’. Salve sat in his drawing room while his wife was sitting in the balcony with a
neighbor. He tried to relax but could not – his thoughts just turned to the report submitted by his team of
strategic analysts which predicted that Dabur would continue to be a segment leader in the existing No. 1
brands. It forecasted that Dabur would occupy the top position in a few other brands as well. However,
something inside told him that it would not be that easy. While re-reading the report, he was only
wondering if the analysis was foolproof.
While taking a small coffee break, Salve’s mind was diverted to the conversation in the balcony when he
heard the name Baba Ramdev.1 He figured out that the neighbour was narrating her experience of
adopting Yoga and how it had helped cure her high blood pressure problem. Salve listened more intently
to the conversation and it seemed that the lady and the rest of her family were impressed by the Yoga
Guru and his ability. She was describing how all of them sat in front of the television at 6 A.M. everyday
and watched his live yoga sessions, how she and her family had also adopted the new natural products
that Baba Ramdev’s company Patanjali had introduced.
He immediately turned to the report in his hand to a section that mentioned Patanjali. The report only
talked about its various product offerings in the market and its very small present market shares in the
competing products and dismissed it as no competition for the giant, Dabur. However, Salve recollected
that he had seen other consumers of this new brand ‘Patanjali’ in the grocery store in the compound, who
were also completely impressed by the Yoga Guru and his company’s products. He remembered the
Honey ad war that Dabur had got into, after Patanjali had directly attacked the Dabur product only a year
back. He wondered if his team’s dismissal of Patanjali as ‘‘No Threat’’ was all that obvious when fans
and fanatics of the Yoga Guru existed in great numbers around him.
Could it be that the Yoga guru was just making people more aware of the effectiveness of Ayurveda and
natural products, and hence would increase the overall market segment? Consequently, it would only help
Dabur’s cause as people would rather go and buy products from India’s leading and most trusted
Ayurvedic brand than a new entrant such as Patanjali.
He was confused about the kind of impact this Yoga Guru and his new products would have on Dabur
and the market. However, one thing was clear to him that dismissing ‘‘Patanjali’’ as inconsequential was
definitely a mistake. He now needed his team to dive deep and analyse this new brand and its products.
Picking up his phone, he dialled the number of his assistant asking him to schedule a meeting the
following week with his team of strategists. When asked about the agenda of the meeting, Salve replied
‘‘Is Patanjali a threat to Dabur or is it helping the cause?’’
1
Baba Ramdev is an Indian Yoga teacher best known for popularizing Yoga among Indians through his mass Yoga camps.
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Combating the Yoga Guru: Dabur’s Dilemma
DABUR
Start of an incredible journey
Dabur India Ltd. was born in the 1880s as a natural healthcare company from the efforts of Dr.
[Link], a physician based out of Bengal. He was an Ayurvedic practitioner and a visionary in the
true sense of the word. He started providing effective natural cure at extremely affordable rates at a time
when there was no cure for diseases such as cholera, malaria, dengue, etc. He would travel long distances
to poor households to dispense natural medicines. Owing to his efforts and dedication, he soon began to
be addressed as ‘‘Daktar Burman’’.i
The journey of the company Dabur began from a small shop in Calcutta. In 1884, Dr. Burman started
commercializing his natural medicines on a small scale, with a motto, that everyone should have a right to
affordable health care. This venture came to be known as ‘‘Dabur’’ – Da from ‘‘Daktar”2 and ‘‘Bur’’
from Burman. The natural medicines were delivered through a direct mailing system at really affordable
rates. Consequently, they became very popular, and people from across the province started using them
extensively. The subsequent rise in demand for his natural medicines prompted Dr. Burman to set up a
manufacturing plant for mass production at Garhai (a place near Calcutta, West Bengal), in [Link]
Daktar Burman passed away in 1907, but Dabur continued to thrive and lived up to the vision on which
the company was built – ‘‘Good health for all.’’ Future generations of Burmans continued the legacy of
Dr. S.K. Burman and his Ayurvedic medicines and further decided to venture into the specialized area of
nature-based Ayurvedic medicines for which no standardized drug was available in the market. This
would bring scalability to the firm’s operations since it presented a huge untapped market. It then led to
the establishment of the first Research and Development laboratory of Dabur for Ayurvedic Products in
[Link] This was along the lines of their core values of manufacturing and selling medicines in a cost-
efficient manner, additionally ensuring the ‘‘natural’’ effectiveness of Ayurveda in its products. This
move came at a time when India was plagued with non-availability of capital and lack of managerial
skills. In such an environment, Dabur was one of the few indigenous companies to have built its own
roots and was on an upward trend. Dabur slowly scaled up its operations in the 1920s and set up new
manufacturing facilities for Ayurvedic medicines at Narendrapur and Daburgram to expand its
distribution network to Bihar3 and North East [Link]
Variety of new products
In the 1940s, the third generation of the Burmans: Puran and Ratan Chand Burman took charge. Soon,
Dabur started foraying into the market with different new products not limited only to medicines. During
this time, seven families spanning three generations of Burmans lived in the ancestral home, called Dabur
House, in Kolkata, with the head office right next door. The family had an informal mentoring process to
induct each male member into the business under the guidance of an [Link]
2
Same as Doctor. Daktar is the way Doctor is pronounced in Bengali, the main language of the state of Bengal.
3
Bihar is an Indian state in eastern India. It was part of the province of Bengal before Independence.
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Combating the Yoga Guru: Dabur’s Dilemma
They entered the personal care segment with the introduction of Dabur Hair Oil in 1940. Its fragrance and
affordability made it a hit across all segments of society right from film stars to the middle class. The
popularity made Dabur Hair Oil India’s largest selling hair oil brand.v Two more products were launched
in that period, Chyawanprash4 (1949) and Hajmola5 (1978), both of which were already prevalent
Ayurvedic products. Dabur successfully made these indigenous products commercial and available to
everyone at an affordable price. Both products went on to become market leaders in their respective
segments. Though many players entered the segments such as Himalaya, Patanjali, Sona Chandi, and
Baidyanath, Dabur continued to hold around 65% market share in Chyawanprash as of January 2016,vi
and Hajmola had a 55% market share in the broad segment of digestives as of January [Link] An
incredible 25 million Hajmola tablets were being consumed in India everyday as of January 2016.
In 1970, Dabur also ventured into the Indian oral care segment with the launch of its toothpaste, Lal Dant
Manjan. It was a herbal Ayurvedic toothpowder that was made available at affordable prices. Its initial
success was because of its huge popularity in rural India. Roughly, 70% of India’s population used it
during the 1970s. One important development was the shifting of the headquarters from Kolkata to New
Delhi in 1972 because West Bengal6 was plagued by labor strikes and unrest in the [Link] In 1987,
Dabur entered the honey segment and enjoyed unprecedented success with Dabur Honey’s market share
which was 75% as of January [Link]
The 1990s was the golden period for Dabur in which the company went public. Owing to market
confidence in the company and its products, shares were issued at a premium and oversubscribed 21
[Link] In 1996, Dabur launched its flagship juice brand – Real, which soon went on to become India’s
most popular juice brand with a market share of 52% in January [Link] Also in 1996, Dabur grew and
created three divisions according to their product mix – Health Care Products Division, Family Product
Division, and Dabur Ayurvedic Specialities Ltd. The following year, Dabur also introduced Foods
[Link] The company attributed this change to achieving higher operational efficiency and
accountability in the portfolio.
Restructured company
Dabur felt that irrespective of such a diversified portfolio, it was not performing up to its potential. Thus,
in 1998, it hired the consulting firm McKinsey & Co. for advice. McKinsey recommended revamping of
Dabur into a non-family run business as it was hampering its efficiency. Dabur followed these
recommendations and created history by giving up its century old tradition of being a family-owned
business.
Ashok C. Burman, then Chairman of Dabur, in an interview in June 2011 was quoted
saying:ix
4
Chyawanprash is a delicious nutritive jam that offers a wide range of health benefits.
5
Hajmola has various traditional Ayurvedic herbs and is supposed to enhance digestion.
6
A state in eastern part of India, whose capital is Kolkata, where Dabur was started.
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Combating the Yoga Guru: Dabur’s Dilemma
It was tough. For a barely Rs 40-crore company to cough up Rs 10 crore to pay a
consultant to tell me that I must quit…
As a result of the restructuring, the Burmans stopped overseeing the daily operations of the firm. The
family members gave up the executive roles in management but continued to retain the posts of Chairman
and Vice-Chairman of the firm. They still had a majority stake in Dabur and had a say in the overall
vision of the company.x
2000s: Period of change and innovations
The 2000s will go down in Dabur’s history as the period in which the company witnessed maximum
changes in its business and operations, and surely these reaped huge dividends later. From scaling up its
international business to the structural transformation of Dabur to a change in its logo, this period saw a
major revamp in the company. Dabur replaced its age-old logo of Banyan tree into a new fresh Banyan
tree logoxi and it was coupled with a new tagline for the company ‘‘Celebrate Life’’.viii The logo change
can be seen in Exhibit 1. Dabur also changed the packaging of its products to something more youthful
and vibrant to go with its new logo. Sunil Duggal, the CEO of Dabur, in an interview with Business
Standard in 2004 was quoted saying this about the makeover:xii
Dabur brand equity has to become more cohesive. At the moment it means different
things to different people. All these need to be woven together. The earlier logo was
evolutionary. The current change is more revolutionary.
The period saw the existing brands of Dabur consolidate their market position and becoming ‘‘billion
rupee brands’’ in themselves. Some major milestones included Dabur’s launch of Odomos Naturals in
2009,iii a range of personal application mosquito repellents, entry into the professional skin care market
with the launch of OxyLife Professional Facial Kit,xiii and the launch of Dabur Almond Hair Oiliii in 2011
and Dabur India's ayurvedic specialities division that launched plain isabgol7 (Psyllium seed) husk under
the brand name Nature Care. In 2008, Dabur acquired a 72.15% stake in the Fem Care Pharma, a leading
player in the women's skin care [Link] The company marketed bleach, liquid soaps, and hair removing
creams. The acquisition marked a major step in Dabur’s entry into the extremely high-growth skin care
segment.
Transformation of the supply chain was one of the big success stories of this period as well. In 2003,
Dabur became the first Indian FMCG to incorporate e-procurement into its operations. Almost 50% of its
raw materials by value were sourced online, and it helped in substantial cost [Link] In 2006, Dabur
launched its retail strategy program called ‘‘DARE’’8 to achieve a greater channel efficiency by
segmenting its 0.6 million retailers by type, and achieve tie-ups with big retail outlets such as Spencers,
Big Bazaar, etc. to gain consumer insights at the point of sales and having specific branded zones in the
outlet dedicated to specific Dabur [Link] One of the biggest innovations Dabur did was to employ a
Direct Shipment Strategy in its distribution network. This structure meant that Dabur delivered directly to
7
It is known for its gentle laxative, cooling, diuretic properties, and is a popular Ayurvedic cure for constipation.
8
Driving Achievement of Retail Excellence
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Combating the Yoga Guru: Dabur’s Dilemma
its retailers avoiding distribution centers and warehouses, thereby reducing the delivery time and
substantially reducing the inventory and transportation costs. Exhibit 2 displays the distribution network
of Dabur.
Focus outside India
Dabur had started to export products by 1980s. A huge demand for its products overseas, incentivized
Dabur to set up manufacturing units abroad in Dubai and Egypt in the early 1990s.
In 2010, Dabur announced Rs. 324 crore9 acquisition of all three companies of the Turkish personal care
giant Hobi group – Hobi Kozmetic (cosmetic products such as shampoos, soaps, lotions, creams etc.),
Zeki Plastik (shower caps, air freshener caps, spray caps, etc.), and Ra Pazarlama (distribution network of
prescription drugs and toiletries).xvii The complementary portfolio and the very lucrative Turkish market
were the reasons for this acquisition.
The second overseas acquisition by Dabur was an all-cash deal worth Rs. 451 crores in 2010 of the US-
based Namaste Laboratories, which also had its presence in Africa, the Middle East, Caribbean, and parts
of [Link] It had a portfolio of hair products under the brand ‘‘Organic Root Stimulator’’. It was seen
as a good gateway for Dabur’s consumer care products in the US markets and other world markets. Dabur
went into many joint venture deals to enter foreign markets or have access to new products. A detailed list
of the joint ventures and some acquisitions are provided in Exhibit 3.
Transformed Business Line
One of the major transformations that the company underwent took place in 2011. Earlier, there were two
Strategic Business Units (SBUs) of Dabur: Consumer Care Division (CCD), which focused on Health
care, Home & Personal Care; and the Foods and Consumer Health Division (CHD), which focused on
over-the-counter (OTC) healthcare brands and Ayurvedic medicines. These two SBUs were merged into a
single SBU called the Consumer Care [Link] This was done to bring its distribution channel to scale
and this merger took place across the value chain for both the divisions. The transformed business
structure of Dabur constituted the following SBUs: Consumer Care Business, Foods, and International
Business Division (IBD). Exhibit 4 shows its detailed structure.
DABUR – THE BRAND
Dabur surpassed the US $ 1 billion10 turnover mark in 2011-2012, making it one of the few companies in
India during that time with that distinction. In the period until the 1990s, Dabur was in the process of
launching new products and creating a new market for itself, which led to huge increase in its sales. By
the 2000s, Dabur had many competitors in each of its segments. However, the company still witnessed
9
1 Crore = 10 million
10
1 USD= Rs. 54.496 as of end of 2012
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Combating the Yoga Guru: Dabur’s Dilemma
the highest growth during the 2000s11 and it only goes on to speak of the dominance of Dabur’s brands in
the global [Link] Sales related information is presented in Exhibit 5.
Dabur’s portfolio in 2012 included five flagship brandsxxi with distinct brand identities: Hajmola in
digestives, Fem in skin bleaches and skin care, Vatika in premium personal care, Real in fruit juices and
beverages, and Dabur as a master brand for natural healthcare products. Incidentally, Dabur has relied
much on advertising in its brand building campaign, with almost every brand being endorsed by a popular
Bollywood12 celebrity. Some ad campaigns over the years can be seen in Exhibit 6.
Dabur had this unique ability to transform each of its individual brands into a ‘‘billion rupee brand’’. By
August 2012, Dabur had 12 billion rupee brands under its belt. These are shown in Exhibit 7. A detailed
performance of Dabur in various segments across the Consumer Care business and the Foods division,
with the top performing products are shown in Exhibit 8. Details of the international sales achieved by
the International Business Division (IBD) are shown in Exhibit 9.
Salve was proud of Dabur’s impressive history of 130 years since its existence. He knew one thing that
had been constant in these tumultuous years was the company’s supremacy and the popularity of its
brands. It boasted of over 400 products being sold over six million outlets across India,iv and the new on-
going programs such as ‘‘Project Core’’ and ‘‘Project 50/50’’ aimed at revamping the rural and urban
distribution networks,vi were in the process of increasing the distribution coverage manifold. The last
century had seen many challenges and competitors, but Dabur had faced all of them with great strength
and resilience. Now, it faced a different sort of competition in the form of Patanjali – a company that had
taken the Indian FMCG sector by storm. It seemed to be disrupting every rule in the game and was
challenging the incumbents with a massive foray of products in a very short span of time. He knew that
Dabur would soon face the heat of this seemingly innocuous competitor, which had a low market share as
of June 2016 in most of the segments it was present. Salve knew that the future might have a tough
competition in store and to combat that, Dabur required a strategy that was based on a thorough
understanding of the competitor – Patanjali.
PATANJALI
Patanjali Ayurveda Limited (PAL), an Indian FMCG company was established as a private limited
company in 2006 and later converted into a public limited company in [Link] To begin with, it was
specifically involved in the manufacturing and selling of herbal and ayurvedic products. Within 5 years of
its existence, the total turnover of the company exceeded Rs. 2,000 [Link] It was pitted as one of the
fastest growing FMCG companies in India, projected to have sales of Rs. 5000 crore in 2016-2017
(Exhibit 10). The man behind company’s meteoric rise was Baba Ramdev, who left his home at the age
of 9 years to study Yoga and Sanskrit. He partnered with Acharya Balkrishna in the 1990s to manufacture
medicines. While Baba Ramdev was focused on spreading Yoga among the masses, Balkrishna took the
charge of spreading Ayurveda medicine and brought to life [Link]
11
(Comparison is done between 2000 and 2010)
12
Indian Film Industry; Star actors and actresses are hugely popular among Indian masses and endorse many brands.
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Combating the Yoga Guru: Dabur’s Dilemma
Baba Ramdev, a Yoga teacher was popular for his work in Ayurveda, agriculture, and politics. He is best
known for popularizing Yoga among the Indian masses. He founded Patanjali Yogpeeth, an institute for
promotion and practice of Yoga and Ayurveda in [Link] In 2003, Aastha TV, a spiritual channel in India
began featuring him in its morning Yoga slot. He was successful in establishing connect with the viewers
and gained a massive following. His massive popularity gained primarily through the outreach of his
telecasts made him a household name. His sessions and speeches had hints of expression of nationalism
and angst against the spread and outreach of MNCs. His ‘‘shivars’’ or Yoga retreats were highly
subscribed. He was seen addressing huge rallies and addressing people’s health ailments with natural and
indigenous treatments. Many popular actors and actresses attended his Yoga camps. His outreach spread
out of India where Yoga guru’s popularity and anti-MNC philosophy found its expression in the coming
to life of PAL.
The main objective of the company was to manufacture, refine, process, import, export, and deal in all
kinds of indigenously produced herbal, Ayurvedic and life saving drugs. The concept was to “link the
rising destiny of millions of rural masses on the one hand and many more suffering and leading unhealthy
urban life style on the other”.xxvi Hence, the company’s main focus was on creating an alternative to
MNCs’ products and producing completely Ayurvedic products at low prices.
In March 2012, Patanjali started selling products in north India and by April 2012, Patanjali entered the
south India market as [Link] Soon afterwards, it began open market operations in east and north-east
[Link] In 2015, Patanjali Ayurved expanded rapidly and was present in almost all categories of food
and personal care [Link] Coincidentally, Baba Ramdev was also made Haryana’s brand ambassador
and awarded a Cabinet Minister status in [Link], xxxi In 2016, sales of Patanjali products hovered around
Rs. 30 crore every month. Baba Ramdev had no stake in PAL, majority (98%) of which was held by
Balkrishna and the rest by a Scotland-based NRI couple, Sarwan and Sunita Poddar. Patanjali was ranked
among the top 10 brands in India during the second week of 2016 by BARC India, a television audience
research [Link]
PRODUCT PORTFOLIO
As of 2016, Patanjali Ayurved Limited produced herbomineral heal-care products, toiletries, hair care,
cosmetics, food, and dental care products. It offered food and beverages, such as honey, spices, juices,
flour, oil, ghee,13 and sharbats;14 personal care products, which include soaps, mehandi15, body creams,
toothpaste, hand washes, body oils, rose water, etc.; ayurvedic products, churans16, Chyawanprash, other
capsules, etc. The company offered Ayurvedic products for the treatment of cancer, AIDS, diabetes,
arthritis, thyroid, and more (Exhibit 11)..xxxiii
In 2011, it signed a MoU with an international food packaging company, Tetra Pak, to sell packaged
amla17 juice and over 25 new products including apple juice and grape [Link] Four products were
13
Class of clarified butter and is being used in cuisines and as traditional medicine
14
Asian drink prepared from fruits or flower petals and served cold
15
Paste from leaves of Henna plant to create decorative designs on body
16
Mixture of herbs that serves as a digestive and a natural cure for constipation and other digestive issues
17
Also known as Myrobalan or Malacca, the tree bears edible fruits that are a rich source of Vitamins and Anti-oxidants
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Combating the Yoga Guru: Dabur’s Dilemma
launched in the open market in 2012 – Chyawanprash, dental care, hair care, and body cleansers. It
entered the packaged fruit and vegetable juice market in early 2014xxxv and launched instant noodles the
next year in [Link]
With an aim to reach Rs. 10,000 crore turnover by 2016-2017,xxxvii Patanjali focused on six broad areas:
natural medicine, cosmetic, dairy products and food, bio-fertilizers and bio-pesticides, natural cattle feed
and feed supplements, and natural indigenous [Link] Patanjali was considering introduction of khadi
clothes for [Link] In 2015-2016, Patanjali’s toothpaste Dant Kanti crossed a revenue of Rs. 450 crores;
and Kesh Kanti shampoo and hair oil formed a 350 crore business,xl a testament to the company’s fast
growth. Patanjali had the highest sales, Rs. 1308 crores, out of its product portfolio in the ghee segment in
2016,xli which was expected to increase to Rs. 3060 crores by [Link] In 2016, the non-cow ghee segment
grew at 8% annually, while the cow ghee segment, which constituted 10% of the overall market, grew at
double the [Link] Exhibit 12 shows Patanjali’s revenue breakup in different product segments.
MANUFACTURING AND DISTRIBUTION
In June 2016, Patanjali had three factories and some contract [Link] The plant in Haridwar
manufactured multigrain wheat flour, multi grain daliya,18 pulses, besan,19 and spices with a total capacity
of 300 tonnes per [Link] It also had manufacturing units in Nepal under the trademark Nepal
[Link] A Patanjali Food and Herbal Park was also established in 2009 under a scheme of GoI
(Government of India). It was one of the largest food parks in the world at a total investment of Rs. 5
billion. The food park covered an area of 100 acres and provided employment to more than 6,500 people,
using 650 tonnes of material daily for food [Link] Majority of the production was done through
the honey and Chyawanprash [Link]
Patanjali also launched a mega food park at the Nagpur industrial hub in 2016 to manufacture juice from
the famous Nagpur [Link] The same year, Patanjali proposed a Rs. 1,000 crore herbal and food park
in Assam to manufacture cosmetics, nutrition, and kitchen essentials with an annual capacity of 6.5 lakh
tonnes.l Over the next 5 years, Patanjali planned to set up six more [Link] It planned to set up a dairy
facility for cow’s milk in Ahmednagar in Maharashtra to enter the packaged milk [Link]
As of 2015, Patanjali products were sold through three types of medical centres (Exhibit 13). These
included Patanjali Chikitsalaya (clinics along with doctors), Swadeshi Kendra (non-medicine outlets), and
Patanjali Arogya Kendra (health and wellness centers). A typical Patanjali center was 500 to 1,500 square
feet in size. As of 2015, the group had 15,000 outlets across India. They planned to grow to 1,00,000
outlets in the following years. They also distributed through general retail [Link] The business also
operated through dedicated franchise stores, which grew to about 4,000 in 2015 from just 150 in [Link]
In October 2015, Ramdev entered into a partnership with the Future Group for promotion and distribution
of its products. At that time, the Future Group had presence in more than 95 cities and was one of India’s
largest retail [Link] In April 2016, the Mumbai-based Pittie Group that distributed Patanjali products
nationwide, entered a distribution arrangement with Apollo [Link] Apollo Pharmacy was India’s
18
Popular breakfast cereal in North India made from wheat grits
19
Gram flour
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Combating the Yoga Guru: Dabur’s Dilemma
first and largest branded pharmacy network with over 2,200 plus stores. It was a part of Apollo Hospitals
– India’s largest healthcare [Link] Patanjali Ayurved also teamed up with billionaire Mukesh Ambani’s
Reliance Retail chain to sell its [Link] Patanjali also started using e-commerce channels such as
Amazon to distribute its products across [Link] Patanjali also exported products to Canada, the UK, US,
and Mauritius, which are home to large Indian [Link] They had further plans to expand to 10-12
more [Link], lxii
MARKETING
Patanjali followed a unique word-of-mouth publicity model, and until 2015, the entire revenue was
generated without any advertising. In 2015, it hired two top advertising agencies, McCann and [Link],
lxiv
During a part of 2016, it had the highest ad insertions among all the FMCG [Link]
Baba Ramdev used his popularity to gain reverence for the company. He was the brand ambassador for
the products. According to Harish Bijoor, CEO of Harish Bijoor Consults:
Instead of advertising, he has de-branded the products so they seem superior and which
need no further marketing. Literally all his followers use them, and he has shown great
skill in monetizing each of them.
According to Anuja Chauhan, creative consultant at advertising agency JWT India and a writer:
Patanjali is riding on Ramdev’s huge fan following. The company got two things right—
one, the whole India-ayurveda connection and, second, the MNC style of [Link]
Most Patanjali ads ended with the tagline “Prakriti ka Aashirvad”. This resonated with Ramdev’s
philosophy of embracing natural products and providing products made with natural ingredients. This
instils a sense of purity in Patanjali products compared to synthetic chemical-based products
from other MNCs.
During January-June 2016, Patanjali’s television advertisements totalled 4,524 hours, against a massive
29,998 hours for HUL and 8,956 hours for Reckitt Benckiser. Where traditional brands spent 5% of their
revenue on ads, marketers claimed that Patanjali spent over 10% of its revenue. However, Acharya
Balkrishna contradicted them by claiming to spend only 2-3% of total turnover by buying ad slots at a
much cheaper [Link]
Patanjali had surely created ripples in an otherwise sound and calm FMCG sector. It seemed to have
reignited consumer interest in the herbal and Ayurveda segment and was taking it forward from where
Dabur had left off. As a result, it was now forcing other players to also take notice and react.
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2025-27) at Indian Institute of Management - Bodhgaya from Jul 2025 to Jan 2026.
Combating the Yoga Guru: Dabur’s Dilemma
PATANJALI: WAR WITH COMPETITION
Baba Ramdev was very vocal about his dislike for other FMCG companies. He openly attacked
multinationals and called their products ‘‘dangerous’’. He even started a campaign against foreign MNCs
with the slogan ‘‘with us or against us’’.lxviii He mocked them by saying, “Patanjali will shut the 'gate' in
Colgate. The birds in Nestle's nest (logo) will also fly away”. While announcing Patanjali Ayurved's Rs.
1,000-crore investment plan in 2016 for setting up five or six new processing units in Assam,
Maharashtra, Madhya Pradesh, Rajasthan, Haryana, and Uttar Pradesh, Ramdev told reporters "Colgate
will be below Patanjali by this year, and in three years, we will overtake Unilever".lxix Baba Ramdev
believed that Patanjali Ayurved could reach net sales of $14.9 billion by 2026 that was a 20-fold jump
from their sales figures of $745 million in [Link]
As of 2016, Patanjali followed a product pricing strategy based on cost plus profits. Almost all of their
products were priced lower than that of competitors (Exhibit 14). However, in the ghee segment,
Patanjali products were priced 10-15% higher than the competition. The market leader in this segment
was Amul with 20% market share and its brand Sagar had a 10% market [Link] Sagar ghee contributed
to 35-40% of Amul sales and was popular in Maharashtra and [Link] Exhibit 15 shows price
comparison of ghee among different competitors.
In 2015, Patanjali entered an ad war with Dabur (Exhibit 16). Patanjali packaged its honey almost similar
to Dabur and then showed the two products in the ad with theirs priced at Rs. 70 and Dabur’s at Rs. 122,
highlighting Patanjali’s lower price. Dabur reacted to this by releasing an ad for educating consumers
about FSSAI certification, a certification for quality and safety of food products, which Patanjali’s honey
did not have. In response, Patanjali spokesperson told Hindustan Times, a leading Indian newspaper, that
they do not need FSSAI certification, as their product was completely [Link]
According to market estimates, branded honey belonged to the Rs. 600-crore category as of 2016, and
was growing 15% to 20% year-on-year. The segment saw the entry of players such as Emami, which
positioned its Zandu Honey on the quality plank, and Patanjali that was pitching its honey on competitive
pricing. Dabur, on the other hand, was talking about [Link] In June 2016, Dabur launched a range of
honey products, including flavored honey and honey spreads. It also launched new packaging for honey
— squeezy bottles that offered higher convenience for consumers. Dabur also announced that it would
invest Rs. 500 crore that year on its honey manufacturing facilities to increase its [Link]
In the oral care segment, Colgate was historically the dominant player with over 50% market share
followed by HUL with over 20% and Dabur with over 10% market share. However, Colgate’s volume
growth of 11% as of 2014 had fallen to only 1% in just 2 years, its slowest growth rate in a decade.
Colgate consistently lost volume in toothpaste sales over the 2 years from 11% in December 2013 to 7%
in March 2014 to 1% in December 2015. Colgate's stock fell 10% from 2015 to 2016 in the Bombay
Stock Exchange, while the FMCG Index fell 9.31%.lxxvi Clearly, there was a growing preference for
natural products that now accounted for 13-14% of the overall [Link] On the other hand, Dabur with
several products in the oral segment such as Babool, Dabur Red Toothpaste, Meswak Toothpaste, and
Dabur Dant Manjan registered 10-12% volume growth and had not modified its oral care [Link]
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2025-27) at Indian Institute of Management - Bodhgaya from Jul 2025 to Jan 2026.
Combating the Yoga Guru: Dabur’s Dilemma
Exhibit 17 shows the change in market share in oral care segment from 2015 to 2016. Patanjali's Dant
Kanti toothpaste was estimated to be a brand worth Rs. 300-crores (Rs 3 billion) as of 2016, according to
industry sources. The company said it was eyeing a turnover of around Rs. 500 crores (Rs. 5 billion) for
Dant Kanti in the future; the key selling points were quality and affordability said experts tracking the
[Link]
Domestic firms such as Dabur, Marico, and Patanjali seemed to be growing faster than bigger
multinationals including HUL and PnG in key categories such as shampoo, hair oils, and toothpaste
helped by rising demand for herbal, natural, and Ayurveda [Link] According to TechSci Research
report, Indian Ayurvedic market was projected to grow at 16% CAGR during 2016-2021. The
government also promoted the usage of Ayurvedic products through awareness programs. There seems to
be a changing consumer preference across the globe for natural products owing to health benefits without
any side [Link] Exhibit 18 shows the global sales of herbal and natural products over the years.
Colgate tried to tap this new opportunity. It launched an ‘‘Active Salt Neem”20 toothpaste and brought
actor Priyanka Chopra21 on board to endorse their [Link] In five months of its launch, Colgate’s
Active Salt Neem toothpaste had gained close to 1% market [Link] Colgate planned to come up with
more such offerings, as the threat from Patanjali, Dabur, etc. became more real. lxxxiv Meanwhile, HUL,
India’s largest FMCG company re-launched its Ayurveda brand ‘‘Ayush’’ in September 2015 to counter
the Ayurveda [Link] L’Oreal, the French cosmetics giant, launched a natural ingredients hair care
range in 2016-2017 to cash in on the growing popularity of Ayurvedic products among the Indian
[Link]
CONCLUSION
Salve stepped out of his cabin after an intense two-hour meeting with his strategic team that included a
discussion on the competitor Patanjali. He was impressed with all the research laid out in front of him by
his analysts in such a short span of time. It seemed quite strange to him that a new entrant such as
Patanjali was launching new products so aggressively and competitively against all big players in the
market, something he had never seen in his 24-year-long stint with the Indian FMCG industry. What
made the analysis difficult for Salve and his team was that here was a firm that was promoting Ayurveda
and natural products, but at the same time threatened almost all brands in Dabur’s space.
Several possibilities crossed Salve’s head, but he could not ascertain the right way forward. To begin
with, was Patanjali indeed a threat to Dabur? Should it combat the Yoga guru in all segments or just a few
such as Honey, where Dabur felt the heat? Salve thought of the several strategies suggested by his
analysts, that Dabur could adopt – waging a price war against Patanjali in all segments including Honey
and Toothpaste, or it could introduce aggressive ad campaigns for its competing brands. A brand
makeover similar to the one done in 2004, reinforcing the history of Dabur by going back to its Ayurvedic
roots was another possibility. It could also introduce new products and variants of its existing product
lines. He had scheduled another meeting with his team later that week, and he hoped that people would
20
Lilac tree whose leaves are Ayurvedic herbs
21
An extremely popular Indian actress
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Combating the Yoga Guru: Dabur’s Dilemma
come up with more strategies backed by reasoning. Another thought that bothered him was that all other
firms would also make some strategic changes in response to Patanjali, implying further competition. The
only thing Salve was sure about was that he had to come up with some sound strategic recommendations
before the board meeting next month.
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2025-27) at Indian Institute of Management - Bodhgaya from Jul 2025 to Jan 2026.
Combating the Yoga Guru: Dabur’s Dilemma
Exhibit 1
Change in logo of Dabur
Old Logo New Logo (since September 2004)
Source: Company website
Exhibit 2
Typical distribution network of Dabur
Source: [Link]
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2025-27) at Indian Institute of Management - Bodhgaya from Jul 2025 to Jan 2026.
Combating the Yoga Guru: Dabur’s Dilemma
Exhibit 3
Joint venture deals of Dabur
Year Joint Venture Details
1992 Dabur enters into a joint venture with Agrolimen of Spain. This new venture is to
manufacture and market confectionery items in India.
1995 Dabur enters into a joint venture (JV) with Osem of Israel for food and Bongrain of France
for cheese and other dairy products.
1995 Dabur India negotiated with Antonio Puig of Spain, the maker of the Paco Rabanne perfume
range, and Kesling of France to set up joint ventures in the country to establish a strong
presence in the personal care sector.
1995 Dabur India announces its foray into the organized retail business through a wholly owned
subsidiary, H&B Stores Limited.
1996 The company undertook to set up a joint venture in Bangrain of France in the names of
Dabon International Pvt. Ltd. Another joint venture viz. General de Confiteria Pvt. Ltd.
commenced commerical production in April 1995.
2001 Dabur India acquires Balsara's Hygiene and Home products businesses.
2002 Dabur India Ltd. formed a joint venture with Osem of Israel for the production of food
product in India. The joint venture named as Excelcia Food Pvt. Ltd. will have the Rs.15
paid-up capital in which Dabur will have 60% stake while Osem will have the rest 40%
holding in the company.
2003 Dabur India acquires Balsara's Hygiene and Home products businesses
Source: Company website
Exhibit 4
Structure and divisions of Dabur
Source: [Link]
[Link]
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2025-27) at Indian Institute of Management - Bodhgaya from Jul 2025 to Jan 2026.
Combating the Yoga Guru: Dabur’s Dilemma
Exhibit 5
Dabur India limited revenue (in Rs. crores)
Source: Company website
Exhibit 6
Bollywood celebrities as brand ambassadors of Dabur brands
Source: Various
Seen Above (from top left): Amitabh Bachchan, a hugely popular Bollywood Star endorsing Dabur Glucose (also endorsed Hajmola and
Chyawanprash in the past); Priyanka Chopra, a Bollywood Actress endorsing Dabur Amla (also brand ambassador of Vatika); Ajay Devgn, a
Bollwood Actor endorsing Hajmola; Karishma Kapoor, a Bollywood Actress endorsing Odonil; M.S. Dhoni, Indian Cricketer and Captain
endorsing Dabur Chyawanprash; Sonali Bendre, a Bollywood Actress endorsing Real Activ.
Source: Dabur
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2025-27) at Indian Institute of Management - Bodhgaya from Jul 2025 to Jan 2026.
Combating the Yoga Guru: Dabur’s Dilemma
Exhibit 7
12 Billion rupee brands of Dabur (August 2012)
Dabur Amla Dabur Vatika Hair Dabur Lal
Dabur Red Hajmola Dabur Fem
Dabur Odonil Real Dabur Honey
Source: Dabur Annual Report 2012-13
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2025-27) at Indian Institute of Management - Bodhgaya from Jul 2025 to Jan 2026.
Combating the Yoga Guru: Dabur’s Dilemma
Exhibit 8
Details about the segment sales in Consumer Care Business (2016)
Segment Top Products Details
Health Dabur Chyawanprash, Dabur Honey Chyawanprash (65% market share), Honey (60%
Supplements and Dabur Glucose market share), Glucose (26% market share)
Digestives Hajmola, Pudin Hara, Hingoli, Nature Hajmola (55% market share)
Care, Sat Isabgol, Lavan Bhaskar
Churan, Triphala Churan
OTC Products Women’s Health care, Baby Care,
Honitus, Dabur Lal Tail
Ethicals Ayurvedic Medicines (over 200)
Hair Care Dabur Amla Hair Oil, Vatika, Enriched 14% market captured by Dabur. Oldest segment of
Coconut Hair Oil, Anmol Coconut Oil, Dabur after the ayurvedic medicines.
Almond Hair Oil
Ethicals & Skin Uveda, Dabur Gulabari, Fem, skin
Care lightening and depilatory products
Oral Care Dabur Red Toothpaste, Babool 13% market captured by Dabur.
toothpaste, Meswak toothpaste and
Dabur Lal Dant Manjan
Home Care Air freshener brand Odonil, Toilet 42% of the air freshener market was captured by
cleaner brand Sanifresh, Mosquito Odonil
repellent brand Odomos, Room freshner 85% of the market share in mosquito repellent creams
was captured by Odomos
Source: [Link]
Details about the segment sales in Foods Business: Included fruit juices and nectars under the brands Real and Real Activ and
culinary pastes under the brand Hommade. Real had around 52% of the market share.
Category-wise share of Dabur sales (FY16) in Consumer Care Business and Foods (2016)
Source: Dabur Investor Presentation 2016
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Combating the Yoga Guru: Dabur’s Dilemma
Exhibit 9
Dabur International Sales Split (FY2016)
Source: [Link]
Exhibit 10
Patanjali revenue growth
Source: IIFL Research
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Combating the Yoga Guru: Dabur’s Dilemma
Exhibit 11
Patanjali product offerings
Food Baked & Healthcare Beauty Products and
Products Beverages Products Cosmetics Home Care Hair Care
Rice & Wheat Energy Drinks Health Drinks Face Wash Dish wash Bars Hair oils
Chocolate Dish wash
Ghee Drinks Medicated Syrups Soaps liquids Shampoo
Toilet hand
Honey Fruit Juices Chyawanprash Deodorants wash Conditioner
Medicated
Noodles Biscuits Toothpaste Face pack & Facial Creams Toothpastes Hair colors
Pulses &
Spices Corn Flakes Herbal Extracts Shaving creams & Gels Incense sticks
Source: [Link]
Exhibit 12
Patanjali’s revenue breakup in FY 2015
2015 2020e
Health Care 19% 11%
Dental 10% 5%
Hair 10% 9%
Ghee 22% 15%
Edible Oil 4% 1%
Wheat Flour 3% 7%
Cosmetic
Toiletries 20% 17%
Other Foods 12% 26%
Other Foods 0% 8%
Source: IIFL Institutional Equities Report
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Combating the Yoga Guru: Dabur’s Dilemma
Exhibit 13
3-tier distribution channel of Patanjali
Source: [Link]
market/story/[Link]
Exhibit 14
Patanjali product prices against competitors
All figures in Rs.
Patanjali Competitors
Chyawanprash 115 160
Pineapple Juice 85 99
Ghee 450 710
Face Wash 60 80
Shampoo 110 159
Toothpaste 68 84
Dish Wash 10 15
Cornflakes 145 182
Detergent 13 19
Source: Edelweiss Research
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Combating the Yoga Guru: Dabur’s Dilemma
Exhibit 15
Ghee prices of various players
Ghee Price/ltr
Gowardhan 425
Anik 390
Milkfood 380
Healthaid 370
Madhusudan 327
Verka 380
Gopaljee
Ananda 330
Nestle 330
Britannia 415
Amul 340
PATANJALI 450
Source: Various
Exhibit 16
Ad war with Dabur (December 2015)
Source: [Link]
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Combating the Yoga Guru: Dabur’s Dilemma
Exhibit 17
Market share in oral care segment of various players
2015 2016
Colgate 53% 54%
HUL 22.4% 20.6%
Dabur 11% 11.7%
Anchor 1.6% 1.6%
Patanjali 0.7% 1.5%
Source: Investor Presentations and company websites
Exhibit 18
Sales of consumer health herbal/traditional products (in Rs. million)
80000
70000
60000
50000
40000
30000
2010 2011 2012 2013 2014 2015 2016f 2017f 2018f 2019f 2020f
Source: [Link]
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Combating the Yoga Guru: Dabur’s Dilemma
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2025-27) at Indian Institute of Management - Bodhgaya from Jul 2025 to Jan 2026.
Combating the Yoga Guru: Dabur’s Dilemma
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