NSE: EMAMILTD · BSE: 531162
EMAMI LIMITED
Manufactures and sells branded personal care products in India, with selective international markets. Its domestic business covers a summer portfolio (talcum powders including Navratna and Dermicool), hair oils (Kesh King, 7 Oils in One), and a set of 'strategic investments' brands (Axiom/AloFrut juices, IncNut's Vedix and SkinKraft personalised beauty, The Man Company, Brillare) that together account for about 21% of total business. International business sells through distributors in the Middle East, CIS and other geographies; FY26 international sales were disrupted by the Strait of Hormuz closure and ended the year down 5%. Distribution is shifting from traditional wholesale (now ~27% of domestic) toward organised channels (~32%), with quick commerce growing 70% and GT Marts 25% in Q4 FY26. Costs are dominated by other operating expenses at 31.7% of revenue (including advertising, up 12% in Q4), followed by materials at 20.0% and employees at 12.7%; gross margin stood at 69.9% for FY26. FY26 consolidated revenue was INR 3,779.51 crore with an EBITDA margin of 27.48%, and the balance sheet was debt-free with INR 883 crore of net cash. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Summer portfolio (talcum powders — Navratna, Dermicool), Hair oils (Kesh King, 7 Oils in One), Strategic investments portfolio (~21% of business), Other domestic personal care, International business. Brand-led personal care FMCG with seasonal summer exposure and a growing portfolio of acquired digital-first brands.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,192 | 3,406 | 3,578 | 3,809 | 3,780 |
| EBITDA (ex other income) | 933 | 863 | 944 | 1,025 | 953 |
| margin % | 29.2 | 25.3 | 26.4 | 26.9 | 25.2 |
| Owners' profit | 839 | 640 | 724 | 806 | 775 |
| EPS, as reported (₹) | 18.88 | 14.50 | 16.55 | 18.48 | 17.76 |
| ROE % · ROCE % | 40.3 · 32.4 | 27.1 · 28.7 | 29.5 · 31.9 | 29.8 · 33.2 | 26.5 · 28.7 |
| Debt / equity (x) | 0.13 | 0.03 | 0.03 | 0.02 | 0.04 |
| Cash from operations | 644 | 749 | 779 | 896 | 801 |
| Capex | (484) | (40) | (41) | (45) | (38) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 891 | 1,049 | 963 | 904 | 799 | 1,152 | 925 | 1,039 |
| Profit before tax | 225 | 306 | 194 | 189 | 152 | 345 | 164 | 196 |
| Net profit | 211 | 279 | 162 | 164 | 148 | 319 | 143 | 139 |
| EPS (₹) | 4.87 | 6.39 | 3.72 | 3.76 | 3.40 | 7.32 | 3.28 | 3.15 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| GODREJ CONSUMER PRODUCTS | 84,107 | 43.9 | 6.65 | 27.4 | 14.7 | 19.0 | 6.6 | 19.8 |
| DABUR INDIA LTD | 63,864 | 32.4 | 5.41 | 21.3 | 15.8 | 19.8 | 6.6 | 24.3 |
| COLGATE PALMOLIVE LTD. | 43,846 | 32.5 | 27.68 | — | 83.7 | 107.1 | — | 31.3 |
| CUPID LIMITED | 42,357 | 115.8 | 93.96 | 280.9 | 24.0 | 30.3 | — | 40.3 |
| GILLETTE INDIA LTD | 23,582 | 35.3 | 24.92 | — | 69.1 | 83.4 | — | 29.8 |
| P&G HYGIENE & HEALTH CARE | 22,332 | 28.2 | 29.64 | — | 113.7 | 134.4 | — | 20.1 |
| EMAMI LIMITED ◆ | 16,295 | 21.8 | 5.58 | 15.6 | 26.5 | 28.4 | 5.6 | 23.5 |
| HONASA CONSUMER LIMITED | 14,649 | 50.5 | 10.38 | 46.1 | 14.2 | 16.9 | — | 17.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.8 | 35.3 | 2 of 15 | 93% |
| P/B | 5.6 | 6.7 | 5 of 13 | 67% |
| ROCE | 28.4 | 19.4 | 7 of 16 | 60% |
| ROE | 26.5 | 15.8 | 4 of 13 | 75% |
| Debt / Equity | 0.0 | 0.0 | 8 of 13 | 42% |
| EBITDA margin | 23.5 | 23.5 | 7 of 13 | 50% |
| Revenue growth | 14.9 | 13.4 | 7 of 14 | 54% |
| Profit growth | (15.4) | 9.4 | 10 of 13 | 25% |
| Market cap | 16295 | 9817 | 7 of 16 | 60% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Emami revises Q2 FY27 investor conference call to 2:30 PM IST | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Emami to hold investor call after Q2 FY27 results | board shareholder meetings | low | — | — |
| 24 Oct 2026 · Emami board to review Q2 results and consider interim dividend | results | low | — | — |
| 24 Oct 2026 · Emami board to review September results and interim dividend | results | low | — | — |
| 13 Oct 2026 · Emami extinguishes 73 lakh shares under open market buyback | corporate actions | high | — | — |
| 12 Oct 2026 · Emami publishes post-buyback announcement after buyback closure | corporate actions | high | — | — |
| 9 Oct 2026 · Emami closes buyback at Rs 385.26 avg, deploys Rs 281.24 cr (99.7% of size) | corporate actions | high | — | — |
| 9 Oct 2026 · Emami buyback update: No shares bought on Oct 9; 73 lakh cumulative | corporate actions | high | — | — |
| 9 Oct 2026 · Routine compliance certificate on share dematerialization for Q2 FY27 | compliance | minimal | — | — |
| 8 Oct 2026 · Emami daily buyback report - no shares bought on Oct 8, 2026 | corporate actions | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.