Emami Ltd
Emami Ltd
Consumer GoodsKey Fundamentals
SmallcapPersonal CareConsumer GoodsInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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66 extracted metrics + investor summaries across FY11–FY26.
Tapetide Score
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Technical Indicators
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 nearly debt-free FMCG company with a market cap of ₹17,449 Cr trading at a PE of 22.8x. The company delivers strong return on equity (3-year ROE of 28%) and maintains a healthy dividend payout of 52.9%, but has struggled with tepid sales growth of just 5% CAGR over 10 years and a declining stock price that has fallen 34% over the past year.
- Company is almost debt-free, providing significant financial flexibility and low interest burden
- Strong 3-year ROE of 28.5% and 5-year ROE of 31%, indicating efficient capital allocation
- Healthy dividend payout ratio of 52.9% with a current dividend yield of 2.55%, rewarding shareholders consistently
- Debtor days improved from 42.3 to 33.2 days, reflecting better working capital management
- Compounded profit growth of 11% over 5 years outpaces sales growth, suggesting margin expansion and operating leverage
- PE ratio of 22.8x is reasonable for an FMCG company with near-zero debt and high ROE, compared to sector averages
- 10-year compounded profit growth of 6% against 5% sales growth shows consistent ability to grow bottom line faster than top line
- Stock price has declined 34% over the past 1 year, significantly underperforming broader markets
- Poor compounded sales growth of just 4% over 3 years and 6% over 5 years, indicating limited top-line momentum
- TTM profit growth is negative at -7%, showing recent earnings deterioration
- Stock CAGR is negative across all timeframes: -4% over 3 years, -7% over 5 years, and -3% over 10 years, reflecting sustained value destruction for shareholders
- TTM sales growth of only 3% barely keeps pace with inflation, suggesting volume stagnation
- Price-to-book ratio of 5.86x is elevated for a company delivering only 3% TTM revenue growth
- Tax rate appears low, which if normalized could compress reported earnings further
- 10-year sales CAGR of only 5% suggests structural challenges in scaling the brand portfolio
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Q1 PAT down 16% YoY Aug 4
Net profit fell 16% YoY to ₹137 crore in Q1FY27 due to higher input costs and increased tax expenses, with effective tax rate at 25-26% after fiscal benefits ended.
- Auditor qualified conclusion Aug 4
Statutory auditors issued a qualified conclusion on Q1FY26 results due to unreviewed subsidiary financials following acquisitions of Axiom Ayurveda and IncNut Digital.
- Revenue up 15% on domestic strength Aug 4
Consolidated revenue rose 15% to ₹1,039 crore in Q1FY27 driven by strong domestic growth, with strategic portfolio posting 61% growth deemed sustainable for the rest of the year.
- Kesh King targets double-digit growth Aug 5
Management expects Kesh King to reach double-digit growth by year-end despite mid-single-digit Q1 performance, with pricing adjustments expected to offset rising input costs and support steady margins.
- 10.5% emission reduction in FY26 Jul 30
Emami achieved a 10.5% reduction in Scope 1 and Scope 2 emissions for FY26, reaching plastic neutrality and 90% sustainable packaging — strengthening ESG credentials.
- Promoters release pledged shares Jul 11
Promoters Diwakar Finvest and Suraj Finvest released shares pledged with Bajaj Finance and Indusind Bank on July 10, 2026, reducing promoter pledge overhang.
- 43rd AGM scheduled Aug 25 Jul 27
Emami's 43rd AGM is scheduled for August 25, 2026 via video conferencing, with e-voting available August 20-24 and integrated annual report dispatched.
- ₹21.15 Cr block trade on NSE Jul 21
Approximately 5.24 lakh shares traded in a single block deal at ₹403.55 per share on NSE, totaling ₹21.15 crore, suggesting institutional-level participation.
- Q1FY27 earnings call held Aug 4 Jul 15
Emami hosted an investor conference call on August 4, 2026 featuring Vice Chairman and CEO to discuss Q1FY27 unaudited financial results.
TL;DR: Emami delivered solid 15% revenue growth in Q1FY27 led by domestic business and a 61% jump in its strategic portfolio, but profitability took a hit with PAT declining 16% on higher input costs and tax burden. Management is guiding for margin recovery through pricing actions and expects Kesh King and international business to accelerate in H2. Key risks are sustained cost inflation and integration of recent acquisitions. The trend is cautiously improving if pricing-led margin recovery materializes as guided.
Quarterly Results
| 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
| 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
| 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
| 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
| 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% |
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)