Emami
Emami
Consumer GoodsKey Fundamentals
SmallcapPersonal CareConsumer GoodsTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
4- Company is almost debt free.
- Company has a good return on equity (ROE) track record: 3 Years ROE 28.5%
- Company has been maintaining a healthy dividend payout of 52.9%
- Debtor days have improved from 42.3 to 33.2 days.
Weaknesses
2- The company has delivered a poor sales growth of 5.58% over past five years.
- Tax rate seems low
Growth Rate
AI Analysis — Bull vs Bear
Emami Ltd is a consumer goods company with a market cap of about ₹16,759 crore. It trades at a P/E of 22.7x and a P/B of 5.83x, with a dividend yield of 2.56%. Return ratios are high, with 3-year average ROE of about 28% and last-year ROE of 26%, and the company is almost debt free. Growth has been slow: 5-year sales CAGR is about 6%, TTM profit growth is -7%, and the stock has returned -30% over 1 year and -4% CAGR over 10 years.
- Return on equity has stayed high over long periods: 26% over 10 years, 31% over 5 years, 28% over 3 years and 26% in the last year. This points to a capital-light business with strong brands.
- The company is almost debt free, so a slowdown in sales growth carries little balance-sheet risk. Cash flows can go to dividends, buybacks or acquisitions instead of interest payments.
- The dividend payout ratio is about 52.9% and the dividend yield is 2.56%. That yield is high for an Indian FMCG company and gives some income support while the share price is weak.
- Profit has grown faster than sales: 5-year profit CAGR of 11% against sales CAGR of about 6%. This suggests margins improved through premiumisation, cost control or a better product mix.
- Debtor days improved from 42.3 to 33.2. Collecting cash faster strengthens working capital and the quality of cash flow.
- The stock has fallen 30% in 1 year, and the P/E of 22.7x is modest compared with many Indian FMCG companies. The market may already expect weak growth.
- 3-year profit CAGR of 5% is slightly ahead of 3-year sales CAGR of 4%. Profitability has held up even with slow top-line growth.
- Sales growth is slow and has not picked up: 5% over 10 years, 6% over 5 years, 4% over 3 years and only 3% TTM. This is a low rate for a consumer company in a growing Indian market.
- TTM profit growth is -7%, a clear break from the 11% 5-year profit CAGR. Margins or operating leverage may be under pressure.
- Shareholders have lost money over the long run: stock CAGR of -4% over 10 years, -8% over 5 years and -9% over 3 years. High ROE has not turned into share-price gains.
- The P/B of 5.83x prices in continued high returns on capital. If ROE slips further below its 5-year average of 31%, from the latest 26%, the valuation has less support.
- The tax rate looks low. Reported earnings may be flattered, and profits could come under pressure if tax benefits expire.
- ROE has fallen from a 31% 5-year average to 26% in the last year. Capital efficiency may be weakening as growth slows.
- A 52.9% payout ratio means reinvestment is limited. With sales growing only about 6% over 5 years, the company may lack growth opportunities that justify keeping more capital.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Board to weigh share buyback Sep 14
Emami's board meets on September 17, 2026 to consider buying back fully paid-up equity shares, and will disclose the outcome after the meeting. A buyback would return capital to shareholders and suggests management thinks the stock is undervalued, but size, price and method are not yet known.
- Promoter entities pledge, release shares Sep 5
Promoter group entities Diwakar Finvest and Suraj Finvest disclosed both creating and releasing pledges on Emami shares between August 28 and September 2, 2026. The article gives no quantities, so the net change in pledged holdings is unclear. It is worth tracking as a governance signal rather than an immediate risk.
TL;DR: The main near-term trigger for Emami is the board's buyback discussion on September 17, 2026, which could support the share price and points to a cash-rich balance sheet. Ongoing promoter pledge activity by Diwakar Finvest and Suraj Finvest is a minor overhang until net pledge levels are clearer. These two items don't cover operating performance, so they say little about whether the business trend is improving or worsening. Investors should watch the buyback size, offer price and whether it runs as a tender offer or open-market purchase, along with the next promoter pledge disclosures.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 826 | 865 | 996 | 891 | 906 | 891 | 1,049 | 963 | 904 | 799 | 1,152 | 925 | 1,039 |
| Expenses | 636 | 632 | 682 | 682 | 692 | 645 | 715 | 744 | 692 | 622 | 768 | 739 | 815 |
| Operating Profit | 190 | 233 | 314 | 209 | 214 | 246 | 334 | 219 | 212 | 177 | 384 | 186 | 225 |
| OPM % | 23% | 27% | 32% | 24% | 24% | 28% | 32% | 23% | 23% | 22% | 33% | 20% | 22% |
| Other Income | 8 | 11 | 11 | 11 | 10 | 22 | 15 | 21 | 22 | 21 | 9 | 23 | 18 |
| Interest | 2 | 2 | 3 | 3 | 2 | 2 | 2 | 3 | 2 | 3 | 3 | 3 | 6 |
| Depreciation | 46 | 46 | 46 | 48 | 44 | 45 | 46 | 44 | 44 | 45 | 45 | 42 | 43 |
| PBT | 150 | 196 | 276 | 169 | 178 | 220 | 301 | 194 | 187 | 150 | 345 | 164 | 195 |
| Tax % | 9% | 8% | 6% | 13% | 16% | 4% | 7% | 16% | 12% | 1% | 7% | 13% | 29% |
| Net Profit | 137 | 180 | 261 | 147 | 151 | 211 | 279 | 162 | 164 | 148 | 319 | 143 | 139 |
| EPS in Rs | 3.14 | 4.09 | 5.92 | 3.41 | 3.5 | 4.87 | 6.39 | 3.72 | 3.76 | 3.4 | 7.32 | 3.28 | 3.15 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,076 | 2,358 | 2,488 | 2,531 | 2,695 | 2,655 | 2,881 | 3,192 | 3,406 | 3,578 | 3,809 | 3,780 | 3,915 |
| Expenses | 1,536 | 1,670 | 1,729 | 1,812 | 1,970 | 1,970 | 2,000 | 2,254 | 2,550 | 2,632 | 2,796 | 2,820 | 2,943 |
| Operating Profit | 541 | 688 | 759 | 719 | 725 | 685 | 880 | 938 | 855 | 946 | 1,014 | 960 | 972 |
| OPM % | 26% | 29% | 31% | 28% | 27% | 26% | 31% | 29% | 25% | 26% | 27% | 25% | 25% |
| Other Income | 91 | 44 | 31 | 19 | 25 | 46 | 69 | 90 | 69 | 41 | 68 | 75 | 72 |
| Interest | 5 | 54 | 58 | 34 | 21 | 21 | 13 | 5 | 7 | 10 | 9 | 11 | 14 |
| Depreciation | 34 | 255 | 309 | 311 | 325 | 336 | 367 | 335 | 247 | 186 | 178 | 177 | 176 |
| PBT | 592 | 423 | 424 | 393 | 403 | 374 | 569 | 688 | 670 | 791 | 894 | 846 | 854 |
| Tax % | 18% | 14% | 20% | 22% | 25% | 19% | 20% | -22% | 6% | 8% | 10% | 8% | — |
| Net Profit | 485 | 363 | 340 | 306 | 303 | 302 | 455 | 837 | 627 | 724 | 803 | 775 | 750 |
| EPS in Rs | 10.7 | 8 | 7.5 | 6.77 | 6.68 | 6.67 | 10.23 | 19.02 | 14.5 | 16.58 | 18.48 | 17.76 | 17.15 |
| Div. Payout % | 33% | 44% | 47% | 52% | 60% | 60% | 78% | 42% | 55% | 48% | 54% | 56% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 23 | 23 | 23 | 23 | 45 | 45 | 44 | 44 | 44 | 44 | 44 | 44 |
| Reserves | 1,208 | 1,589 | 1,732 | 1,991 | 2,031 | 1,778 | 1,718 | 2,032 | 2,259 | 2,403 | 2,651 | 2,880 |
| Borrowings | 36 | 671 | 473 | 326 | 110 | 210 | 101 | 282 | 91 | 94 | 90 | 162 |
| Other Liabilities | 410 | 409 | 376 | 458 | 633 | 644 | 656 | 692 | 703 | 728 | 741 | 745 |
| Total Liabilities | 1,676 | 2,692 | 2,603 | 2,798 | 2,819 | 2,678 | 2,520 | 3,050 | 3,096 | 3,269 | 3,525 | 3,831 |
| Fixed Assets | 453 | 1,918 | 1,994 | 1,802 | 1,680 | 1,459 | 1,132 | 1,344 | 1,245 | 1,114 | 984 | 886 |
| CWIP | 29 | 67 | 22 | 30 | 36 | 8 | 6 | 3 | 6 | 8 | 15 | 1 |
| Investments | 501 | 104 | 128 | 314 | 187 | 156 | 255 | 303 | 293 | 442 | 676 | 834 |
| Other Assets | 693 | 604 | 460 | 652 | 915 | 1,055 | 1,126 | 1,400 | 1,551 | 1,706 | 1,850 | 2,108 |
| Total Assets | 1,676 | 2,692 | 2,603 | 2,798 | 2,819 | 2,678 | 2,520 | 3,050 | 3,096 | 3,269 | 3,525 | 3,831 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 534 | 562 | 730 | 588 | 554 | 531 | 922 | 644 | 749 | 779 | 896 | 801 |
| Investing | -237 | -1,313 | -306 | -276 | -26 | -231 | -224 | -234 | -122 | -210 | -345 | -174 |
| Financing | -215 | 502 | -496 | -324 | -428 | -405 | -688 | -402 | -608 | -563 | -500 | -554 |
| Net Cash Flow | 82 | -249 | -72 | -12 | 100 | -106 | 9 | 8 | 19 | 6 | 52 | 72 |
| Free Cash Flow | 426 | 430 | 448 | 465 | 421 | 383 | 890 | 164 | 719 | 750 | 852 | 770 |
| CFO/OP | 116 | 96 | 105 | 93 | 89 | 89 | 115 | 84 | 101 | 98 | 107 | 101 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 18 | 20 | 14 | 22 | 29 | 42 | 29 | 37 | 44 | 50 | 43 | 33 |
| Inventory Days | 59 | 68 | 83 | 87 | 88 | 102 | 118 | 121 | 100 | 102 | 94 | 128 |
| Days Payable | 90 | 112 | 85 | 109 | 115 | 135 | 138 | 138 | 124 | 143 | 133 | 153 |
| Cash Conversion Cycle | -13 | -24 | 12 | 1 | 2 | 9 | 10 | 19 | 20 | 9 | 4 | 8 |
| Working Capital Days | -16 | -54 | -62 | -32 | -6 | 7 | -3 | 0 | 28 | 30 | 25 | 21 |
| ROCE % | 61% | 30% | 23% | 22% | 19% | 18% | 29% | 31% | 28% | 32% | 32% | 28% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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73 extracted metrics + investor summaries across FY11–FY27.
Documents
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Company Information
Emami is engaged in manufacturing & marketing of personal care & healthcare products with an enviable portfolio of household brand names such as BoroPlus, Navratna, Fair and Handsome, Zandu Balm, Kesh King, Zandu Pancharishta, Mentho Plus Balm and others.(Source : 201903 Annual Report Page No: 193)
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