EMAMILTD
Large CapEmami Limited
Consumer
Emami Ltd, founded in 1974, is one of India’s leading FMCG companies manufacturing and marketing personal care and healthcare products. It has a portfolio of over 550 products, including Navratna, BoroPlus, Zandu Balm, and Kesh King. The company has expanded through strategic acquisitions and investments in new-age FMCG segments.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
medium confidence · 4/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -4% YoY · PAT -12% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹925 Cr | -4.0% | -19.7% |
| EBITDA | ₹186 Cr | -15.1% | -51.6% |
| Operating margin | 20.0% | -300 bps | -1300 bps |
| PAT | ₹143 Cr | -11.7% | -55.2% |
| PAT margin | 15.5% | -136 bps | -1223 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Emami reported a 4% consolidated revenue decline and 15% EBITDA drop in Q4FY26, impacted by a disrupted summer season and geopolitical issues in West Asia. However, the non-summer domestic portfolio showed healthy 11% growth, and gross margins expanded by 250 bps.
Consolidated revenue and EBITDA declined in Q4FY26 and FY26 due to temporary external headwinds like unfavorable summer and West Asia conflict. Management believes these are passing, with core domestic non-summer portfolio showing resilience. Gross margin expansion is positive, but overall performance is under pressure.
FY26 Revenue Contribution
Latest issuer-disclosed distribution across 2 reported categories.
Non-summer Domestic Portfolio
Non-summer domestic portfolio delivered healthy growth of 11% (volume growth +7%) in Q4FY26, demonstrating resilience.
Organised & New Age Channels
Organised channels increased salience to ~32% of domestic business in FY26 (vs 12% in FY20), with Quick Commerce and GT Marts growing rapidly.
Strategic Investments in New-Age FMCG
Increased stake in Axiom Ayurveda (AloFrut) and acquiring majority stake in IncNut (Vedix, SkinKraft) to strengthen future growth portfolio.
The Man Company & Brillare
These brands delivered +34% growth in Q4FY26 and +20% in FY26, contributing to D2C brands' 9% share of domestic business.
Resilience of Core Domestic Business
The non-summer domestic portfolio delivered healthy 11% growth in Q4FY26, demonstrating underlying business strength.
Gross Margin Expansion
Gross Margins improved to 68.4% in Q4FY26 (+250 bps) due to disciplined cost management, calibrated pricing, and operational efficiencies.
Early Q1FY27 Trends
Management is encouraged by early trends in Q1FY27, particularly across the summer portfolio, supported by expanded distribution.
Unfavorable Seasonal Conditions
Q4FY26 was impacted by unfavourable seasonal conditions affecting the summer portfolio, leading to a -22% decline.
Geopolitical Disruptions in West Asia
International business revenues declined by 5% in Q4FY26 due to West Asia conflict impacting shipping routes, supply chains, and freight costs.
Input Cost Pressures
Despite input cost pressures during the quarter, the Company improved its Gross Margins.
Geopolitical Instability
West Asia conflict impacted international business, supply chains, and increased freight costs, with normalization dependent on stabilization.
Seasonal Volatility
Unfavorable seasonal conditions significantly impacted the summer portfolio (-22% in Q4FY26), highlighting dependence on weather patterns.
Competition in New-Age Segments
Entry into fast-growing healthy beverage and personalized BPC segments through acquisitions implies exposure to competitive new-age markets.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document provides Q4FY26 and full FY26 results, comparing them directly to Q4FY25 and FY25 respectively. This is appropriate for a seasonal business like FMCG, where quarterly performance is best understood against the same period in the prior year.
Consolidated Revenue Growth (Q4FY26)
Consolidated revenues declined by 4% to ₹925 crore during Q4FY26.
Domestic Net Sales ex-Summer Growth (Q4FY26)
Domestic Net Sales ex-Summer grew +11% (Volume Growth: +7%) in Q4FY26.
International Business Growth (Q4FY26)
International business revenues declined by 5% in Q4FY26 due to geopolitical disruptions in the West Asia region.
Gross Margin (Q4FY26)
Gross Margins improved to 68.4% in Q4FY26, an expansion of 250 basis points.
Temporary Nature of Headwinds
Mr. Harsha V Agarwal stated, 'While these factors affected near-term performance, we believe they represent a passing phase rather than a structural concern'.
Expected Business Momentum Improvement
Mr. Harsha V Agarwal expects 'business momentum to improve from next quarter itself'.
Focus on Long-Term Growth
Mr. Harsha V Agarwal emphasized 'continued investments behind its core brands and strategic expansion into high-growth new-age FMCG segments'.
Confidence in Sustained Profitable Growth
Mr. Mohan Goenka stated, 'We remain confident in the strength of our brands and our ability to deliver sustained profitable growth'.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Summer Portfolio Performance | -22% growth in Q4FY26 | Improvement in Q1FY27, as management expects momentum to pick up. |
| International Business Growth | -5% decline in Q4FY26 | Stabilization of geopolitical situation in West Asia and subsequent recovery in international revenues. |
| Contribution of Organised & New Age Channels | 32% of domestic business in FY26 | Continued increase in salience, especially from Quick Commerce and GT Marts, and D2C brands. |
| Performance of New Acquisitions (Axiom, IncNut) | Strategic investments made in Q1FY27 | Integration progress and contribution to overall growth and portfolio transformation in FY27. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The 4% GST-driven destocking from Q2 is very confident to be fully recovered in Q3.
"we are very confident that it will be recovered in Q3."
Outcome check: Revenue YoY averaged 2.9% across 2 later quarter(s).
The company is very confident of seeing better results in Q3, expecting close to double-digit or definitely high single-digit growth.
"definitely high single digits is 100% on the cards."
Outcome check: Revenue YoY averaged 2.9% across 2 later quarter(s).
The strategic investments business is expected to grow at a strong double-digit rate in the second half, higher than the first half.
"we expect the business to grow at even a higher rate than the first half, strong double digit."
Outcome check: Revenue YoY averaged 2.9% across 2 later quarter(s).
The company remains optimistic about a robust and profitable second half, supported by favorable winter, normalized trade post-GST, and strategic interventions.
"We remain optimistic about a robust and profitable second half"
Outcome check: PAT YoY averaged 1.3% across 2 later quarter(s).
Trend score and candlestick chart
42NeutralSMA20 -14.1% / mo · near 52W low
Technical chart
EMAMILTDdaily · 6M-25.7%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 33. Wait for confirmation.
- SMA20 falling (~10.9% over last month) — short-term momentum negative.
- RSI(14) at 33 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.7%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 71.8%.
Main drags
- Growth is weaker at 13/25; verify the latest quarterly trend.
- Valuation is weaker at 16/30; verify the latest quarterly trend.
- Cash flow is weaker at 7/10; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 100% delivered/partly-delivered outcomes on 4 checked claims. It ranks around the 79th percentile of the scored universe and 80th percentile within Consumer. Main check: results consistency is weak at 36/100.
High Trust: 4/4 extracted management claims have outcome checks; 25% were fully delivered and 3 were partially delivered.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 80th pctile, median 67 · Large: 58th pctile, median 74
4/4 claims checked. Use as directional, not final.
4/4 claims checked · No contradicted claim yet
How to read this Trust Score
Healthy Trust · medium confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.7%.
- ▸11 years of positive FCF.
- ▸Debt/equity is 0.06.
Trust risks
- ▸1/4 latest quarters had positive YoY revenue growth.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Intrinsic value
Fundamentals
Valuation
- P/E
- 21.40
- P/B
- 5.75
- EV/EBITDA
- 14.92
- Market Cap
- 16805.00Cr
Profitability
- ROE
- 27.90%
- ROCE
- 29.60%
- ROA
- 20.20%
- Dividend Y
- 2.60%
Growth (CAGR)
- Revenue 5Y
- 6.00%
- EPS 5Y
- 13.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- 8.00%
Balance Sheet
- Debt/Equity
- 0.06
- Interest Coverage
- 87.27×
- Altman Z
- 9.14
- Book Value
- 67.00
Cash Flow
- FCF Yield
- 3.69%
- FCF Positive Y
- 11/5
- OCF
- 801.00 Cr
- EPS TTM
- 17.76
Shareholding
- Promoter Hold
- 54.84%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 3%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.