Chairman's Speech and presentation made at the 42nd AGM of Emami Limited.
EMAMILTD · price
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At its 42nd AGM, Emami reported a strong FY25 with revenue at Rs 3,809 crores (6% YoY growth) and PAT at Rs 806 crores (11% growth). Margins expanded across the board — gross margins up 100 bps to 68.6%, EBITDA margins up 40 bps to 26.9%, and PAT margins up 100 bps to 21.2%. Key brands delivered double-digit growth: Navratna and Dermicool at 18%, BoroPlus at 14%, and Zandu Healthcare at 12%. The board declared Rs 10 per share in dividends (Rs 436.5 crores payout) and the company ended FY25 with a net cash balance of Rs 744.4 crores. Q1FY26 revenue was flat YoY at Rs 904 crores amid urban pressure and a weak summer, but PAT grew 9% with 160 bps margin expansion. Management highlighted brand transformations (Smart And Handsome, Kesh King revamp with BCG), 45% revenue from high-growth channels, and expects demand revival with easing inflation and strong monsoons.
Margin expansion, a debt-free net cash position, and a 54% dividend payout reflect financial strength that should support the stock. Q1FY26's flat top-line is a near-term watchpoint, but the optimistic demand outlook, ongoing brand revamps, and growing contribution from high-margin channels (organized trade, D2C, international) provide a constructive medium-term growth narrative.