Emami Ltd logo

Emami Ltd

EMAMILTD NSE

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)

AI Verdict: HOLD Confidence: 6%

Emami Ltd offers strong ROE of 29% and a near debt-free balance sheet, but stock CAGR of -25% over 1 year and tepid sales growth of 4% over 3 years suggest limited near-term upside. At a PE of 22.5x with flat TTM revenue growth of -1%, the valuation lacks a margin of safety for new entry.

Key Fundamentals

SmallcapPersonal CareConsumer Goods
Market Cap
₹17,541 Cr
Volatility
Moderate
P/E Ratio
22.35
EBITDA
₹949 Cr
Return on Equity
29.46%
Debt to Equity
0.04
Book Value
₹66.99
EPS
₹17.04
52W High
₹634.2
52W Low
₹376.4

Technical Indicators

Key Insights

Strengths

4
  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 29.3%
  • Company has been maintaining a healthy dividend payout of 45.4%
  • Debtor days have improved from 42.3 to 33.2 days.

Weaknesses

3
  • The company has delivered a poor sales growth of 5.58% over past five years.
  • Tax rate seems low
  • Working capital days have increased from 40.4 days to 66.3 days

Growth Rate

Revenue Growth
-2.52% ↗
Net Income Growth
-5.66% ↗
Cash Flow Change
15.00% ↗
ROE
1.15% ↗
ROCE
3.21% ↗
EBITDA Margin (Avg.)
-12.87% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
HOLD
Risk medium

Emami Ltd offers strong ROE of 29% and a near debt-free balance sheet, but stock CAGR of -25% over 1 year and tepid sales growth of 4% over 3 years suggest limited near-term upside. At a PE of 22.5x with flat TTM revenue growth of -1%, the valuation lacks a margin of safety for new entry.

Bull Case 8
  • Company is virtually debt-free, providing financial flexibility and resilience during economic downturns
  • 3-year ROE of 29% demonstrates consistently high capital efficiency well above FMCG sector median of ~18-20%
  • Compounded profit growth of 13% over 5 years outpaces sales growth of 6%, indicating improving operating leverage and margin expansion
  • Healthy dividend payout of 45.4% with current yield of 2.5% offers income support in a weak stock price environment
  • 73.9% analyst buy ratings (17 out of 23 analysts) with zero sell ratings signals strong Street consensus on recovery potential
  • Debtor days improved from 42.3 to 33.2 days, reflecting better receivables management and cash conversion
  • 10-year compounded profit growth of 7% with last-year ROE at 28% shows the business model remains fundamentally profitable
  • Market cap of Rs 17,811 Cr positions Emami as a mid-cap FMCG player with potential re-rating opportunity if growth accelerates
Bear Case 8
  • Stock CAGR of -25% over 1 year and -5% over 5 years indicates persistent value destruction for shareholders
  • TTM sales growth of -1% signals revenue stagnation and possible market share loss in key categories
  • Working capital days deteriorated significantly from 40.4 to 66.3 days, a 64% increase indicating operational inefficiency
  • 5-year sales CAGR of only 5.58% is well below FMCG sector leaders growing at 10-15% annually
  • PE of 22.5x is expensive relative to near-zero TTM earnings growth of just 1%, implying a PEG ratio above 22x
  • 10-year stock CAGR of -3% means the stock has delivered negative real returns over a full market cycle
  • Price-to-book of 5.98x is elevated for a company with flat top-line growth, limiting downside protection
  • Low reported tax rate raises questions about sustainability of earnings quality and future effective tax normalization risk

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Positives 2
  • IncNut Digital majority stake acquired Jun 1

    Emami completed acquisition of 59.69% stake in IncNut Digital on June 1, 2026 via 2,05,767 equity shares, making it a subsidiary.

  • IncNut stake raised to 60% Jun 12

    Emami acquired 1,064 additional shares on June 11, 2026, increasing its IncNut Digital holding from 59.69% to 60.00%.

Neutral 4
  • Rs 33.57 Cr block trade on NSE Jun 23

    Block trade of ~8,40,360 shares executed at Rs 399.50/share on NSE, totalling Rs 33.57 crores, indicating institutional-level participation.

  • Rs 20.27 Cr block trade on NSE May 29

    Block trade of ~5,05,692 shares at Rs 400.75/share on NSE, totalling Rs 20.27 crores, suggesting institutional activity.

  • Promoters pledge and release shares Jun 9

    Promoters Diwakar Finvest and Suraj Finvest adjusted share pledges with changes reported to exchanges on June 8, 2026.

  • Promoters pledge shares with lenders May 30

    Diwakar Finvest and Suraj Finvest pledged shares worth 0.27% and 0.23% respectively with Bajaj Finance and HSBC InvestDirect.

TL;DR: Emami is actively pursuing inorganic growth with the IncNut Digital acquisition, signalling intent to expand its digital and D2C presence. No material headwinds emerged in the recent news cycle. Promoter pledge activity remains at low levels and block trades suggest steady institutional interest around the Rs 400 mark. The near-term outlook is stable with potential upside from the IncNut integration delivering on digital strategy.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
836
826
865
996
891
906
891
1,049
963
904
799
1,152
925
Expenses
636
636
632
682
682
692
645
715
744
692
622
768
739
Operating Profit
199
190
233
314
209
214
246
334
219
212
177
384
186
OPM %
24%
23%
27%
32%
24%
24%
28%
32%
23%
23%
22%
33%
20%
Other Income
14
8
11
11
11
10
22
15
21
22
21
9
23
Interest
1
2
2
3
3
2
2
2
3
2
3
3
3
Depreciation
64
46
46
46
48
44
45
46
44
44
45
45
42
PBT
148
150
196
276
169
178
220
301
194
187
150
345
164
Tax %
4%
9%
8%
6%
13%
16%
4%
7%
16%
12%
1%
7%
13%
Net Profit
142
137
180
261
147
151
211
279
162
164
148
319
143
EPS in Rs
3.27
3.14
4.09
5.92
3.41
3.5
4.87
6.39
3.72
3.76
3.4
7.32
3.28
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
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
Operating Profit
541
688
759
719
725
685
880
938
855
946
1,014
960
OPM %
26%
29%
31%
28%
27%
26%
31%
29%
25%
26%
27%
25%
Other Income
91
44
31
19
25
46
69
90
69
41
68
75
Interest
5
54
58
34
21
21
13
5
7
10
9
11
Depreciation
34
255
309
311
325
336
367
335
247
186
178
177
PBT
592
423
424
393
403
374
569
688
670
791
894
846
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
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
Div. Payout %
33%
44%
47%
52%
60%
60%
78%
42%
55%
48%
54%
34%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
751
Total Liabilities
1,676
2,692
2,603
2,798
2,819
2,678
2,520
3,050
3,096
3,269
3,525
3,836
Fixed Assets
453
1,918
1,994
1,802
1,680
1,459
1,132
1,344
1,245
1,114
984
887
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
2,114
Total Assets
1,676
2,692
2,603
2,798
2,819
2,678
2,520
3,050
3,096
3,269
3,525
3,836
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
-181
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
65
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
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
66
ROCE %
61%
30%
23%
22%
19%
18%
29%
31%
28%
32%
32%
30%

Shareholding Pattern

As of Mar 2026
Promoters 54.84%
DIIs 26.92%
FIIs 8.58%
Public 5.62%
Others 4.04%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
53.86%
53.86%
53.86%
53.86%
54.27%
54.27%
54.27%
54.27%
54.27%
54.52%
54.84%
54.84%
54.84%
54.84%
54.84%
54.84%
54.84%
54.84%
54.84%
54.84%
54.84%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
13.46%
14.02%
14.38%
14.11%
12.11%
11.89%
10.93%
9.03%
8.58%
DIIs
23.09%
22.23%
23.65%
25.42%
24.28%
26.45%
26.99%
27.02%
26.92%
26.20%
25.22%
23.77%
22.07%
21.61%
21.51%
21.70%
23.67%
24.06%
25.01%
26.73%
26.92%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
4.60%
4.34%
4.18%
4.03%
4.00%
3.93%
3.75%
3.86%
4.05%
3.60%
3.90%
4.01%
4.74%
4.84%
4.93%
5.40%
5.38%
5.30%
5.26%
5.37%
5.62%
Others
18.46%
19.57%
18.32%
16.70%
17.45%
15.35%
14.99%
14.85%
14.76%
15.68%
16.05%
17.38%
4.89%
4.69%
4.34%
3.95%
4.00%
3.89%
3.95%
4.03%
4.04%
No. of Shareholders
0
82,090
81,508
82,193
83,257
86,242
89,971
85,460
90,285
89,955
79,216
82,151
91,334
97,258
1,27,897
1,28,725
1,29,002
1,26,599
1,26,776
1,29,077
1,27,615

Documents

Frequently Asked Questions about Emami Ltd

What does Emami Ltd do?
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)
Where is Emami Ltd (EMAMILTD) listed?
Emami Ltd is listed on the Indian stock exchanges. It is listed on NSE: EMAMILTD and BSE: 531162. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Emami Ltd belong to?
Emami Ltd operates in the Fast Moving Consumer Goods sector within the Personal Products industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Emami Ltd?
Emami Ltd has a market capitalisation of approximately ₹17540.75 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Emami Ltd?
The Price-to-Earnings (PE) ratio of Emami Ltd is 22.35. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Emami Ltd?
Over the past 52 weeks, Emami Ltd has traded between a low of ₹376.4 and a high of ₹634.2. This range helps investors understand the stock's price volatility and recent trading levels.
Does Emami Ltd pay dividends?
Yes, Emami Ltd has a dividend yield of 2.48%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Emami Ltd?
Emami Ltd has a Return on Equity (ROE) of 29.46%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Emami Ltd on Tapetide?
On Tapetide, you can view Emami Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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)

Website emamiltd.in
CEO Mr. Radhe Shyam Goenka B.Com., L.L.B., M.Com. LLB
Employees 3,217
Listed 2006-08-03
Face Value ₹ 1
Issued Size 43,65,00,000

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