Multinational Firms’ Revenues Show Mixed Trend; Dabur Nepal and Bottlers Nepal Decline, Unilever and Asian Paints Post Growth

The operating revenues of major multinational companies operating in Nepal showed a mixed trend in Fiscal Year 2024/25. Among four key firms in the fast-moving consumer goods (FMCG), beverage and paint sectors, Dabur Nepal and Bottlers Nepal (Balaju) reported a decline in revenue compared to the previous fiscal year, while Unilever Nepal and Asian Paints Nepal recorded modest growth.

In FY 2024/25, Dabur Nepal posted operating revenue of Rs 15.06 billion, Bottlers Nepal (Balaju) Rs 10.92 billion, Unilever Nepal Rs 8.24 billion, and Asian Paints Nepal Rs 5.89 billion.

According to financial statements disclosed by ICRA Nepal, CARE Ratings, and the Nepal Stock Exchange (NEPSE), the revenues of these four companies have fluctuated over the past four years. Analysts attribute the trend to sluggish consumer spending, intensifying competition in the domestic market, and the overall slowdown in economic activity.

Dabur Nepal

Dabur Nepal is a subsidiary of India’s multinational company Dabur Limited. The company manufactures and sells health, personal care and food products in Nepal, with some locally produced items also exported abroad.

In FY 2024/25, Dabur Nepal recorded operating revenue of Rs 15.06 billion, down from Rs 16.16 billion in FY 2023/24.

The company has been producing FMCG products in Nepal for more than three decades. It has a distribution network of over 300 distributors and more than 100,000 retail outlets across the country, maintaining a strong presence in the health, personal care and food segments.

However, the company reported a slight decline in sales in both the domestic and export markets in the past year. Rising competition in the juice and beverage segment, weaker consumer spending, the outflow of the working-age population due to foreign employment, and sluggish economic activity have affected sales, according to the company.

Dabur Nepal has built a strong brand presence among Nepali consumers through products such as Dabur Chyawanprash and Real Juice, and it also contributes significantly to Nepal’s exports of processed consumer goods.

Asian Paints Nepal

Asian Paints Nepal, active in the paint manufacturing sector, has been operating in the country since 1983. The company’s production facility is located in the Hetauda Industrial Area of Makwanpur.

Financial statements from the past four fiscal years show fluctuations in the company’s revenue as well. In FY 2024/25, Asian Paints Nepal reported operating revenue of Rs 5.89 billion, up from Rs 4.67 billion in FY 2023/24.

The Indian multinational Asian Paints Limited holds a 53 percent stake in the company.

According to ICRA Nepal, the company has reinvested a significant portion of its earnings in recent years. Its strong brand image, technical expertise and management capability are considered key strengths. However, analysts note that a slowdown in the construction sector, fluctuations in raw material prices and foreign exchange risks could put pressure on profitability.

Unilever Nepal

Unilever Nepal, another FMCG company, produces daily household goods as well as personal care and beauty products. Listed on the Nepal Stock Exchange (NEPSE), the company is regarded as one of Nepal’s most reputable consumer goods manufacturers.

In FY 2024/25, the company reported operating revenue of Rs 8.24 billion, slightly up from Rs 8.23 billion in FY 2023/24.

According to the company’s financial statements, revenue growth has remained limited in recent years. The company noted that the continuous outflow of workers for foreign employment has reduced the domestic consumer base, affecting overall consumption.

Additionally, Nepal’s customs structure has created pressure on production costs. The company said this could weaken the competitiveness of domestically produced goods and limit opportunities for expansion and innovation.

Bottlers Nepal (Balaju)

Bottlers Nepal (Balaju), which produces and distributes beverages under brands including Coca-Cola, also reported a decline in revenue last year.

In FY 2024/25, the company recorded operating revenue of Rs 10.92 billion, down from Rs 11.22 billion in FY 2023/24.

According to its financial statements, the decline was driven by weak consumer spending, rising raw material prices, higher production costs and supply chain challenges.

The company also cited market slowdown, continuously rising operating expenses and the depreciation of the Nepali currency—which has made imported raw materials more expensive—as additional challenges for the business.