Announcement
Announcement under Regulation 30 (LODR)-Daily Buy Back of equity shares 29 Sep
Source: Bse
Emami Limited (EMAMILTD)
Large CapFMCG stocks · Large cap · NSE
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result04 Aug, 07:27 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · FMCG P/E 37.8 (n=42)
Technical timing lens
Trend score and candlestick chart
29Bearishfull bear SMA stack · MACD + · near 52W low · sector -4.5pp vs Nifty 500 (3M)
Stock trend: 37
Sector RS: 18
Sector 3M: -10.2% vs Nifty 500 -5.6%
FMCG FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
EMAMILTDD candles · FIT view-18.5%Latest close ₹375.05 on 2026-10-19
Bar
+0.4%
RSI
48
MACD hist
0.32
52W pos
7%
2026-10-19O ₹373.50H ₹376.15L ₹370.30C ₹375.05Vol 4.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
EMAMILTDNifty FMCGNifty 500
- EMAMILTD
- -7.4%
- Nifty 500
- -5.6%
- Nifty FMCG
- -10.5%
- Vs Nifty 500
- -1.9 pp
Chart stats
19 Oct 2026- From 52W high
- -32.6%
- 52W range position
- 7%
- ATR (14)
- 2.9%
- Volume vs 20D
- 0.25x
- Avg traded value
- ₹57.2 Cr
- 20D price channel
- ₹362 - ₹407.7
₹556.2
₹361.2 - ₹556.2
₹10.8
Latest completed session
20-session average
25.7% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · UNDERVALUED62
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +14.9% · PAT -15.2% YoY
Technical
Bearish29
Price trend and sector-relative-strength timing.
Valuation
Legacy model+50.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Healthy Trust74
medium confidence · 4/4 claims checked
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -15% YoY · margin compression · Rev +15% YoY · +12% QoQ
Filed 04 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,039 Cr | +14.9% | +12.3% |
| EBITDA | ₹225 Cr | +6.1% | +21.0% |
| Operating margin | 22.0% | -100 bps | +200 bps |
| PAT | ₹139 Cr | -15.2% | -2.8% |
| PAT margin | 13.4% | -476 bps | -208 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 21.80
- P/B
- 5.64
- EV/EBITDA
- 14.53
- Market Cap
- 16513.00Cr
Profitability
- ROE
- 26.20%
- ROCE
- 28.10%
- ROA
- 19.58%
- Dividend Y
- 2.64%
Growth (CAGR)
- Revenue 5Y
- 6.00%
- EPS 5Y
- 11.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- 5.00%
Balance Sheet
- Debt/Equity
- 0.06
- Interest Coverage
- 69.43×
- Altman Z
- 9.19
- Book Value
- 67.00
Cash Flow
- FCF Yield
- 3.80%
- FCF Positive Y
- 11/5
- OCF
- 801.00 Cr
- EPS TTM
- 17.15
Shareholding
- Promoter Hold
- 54.84%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 9%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 3,915+3.6% vs prev
Net Profit
₹ CrLatest: 775-3.5% vs prev
Return on Equity
%Latest: 1,761-3.5% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 48. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 48 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 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.
Nifty 500 leadership
Relative Strength & Trend Stage
15
RS percentile
Stage 4 Downtrend
1M return
+1.8%
3M return
-7.4%
6M return
-20.7%
1Y return
-31.9%
RS 1D
+1
RS 20D
+8
Sector rank
#15
Industry rank
#26
Stage evidence
- Price is 7.3% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.3%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 69.28+0.74%
RS vs Nifty 50069
Valuation & peers
U-Score 62 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 62 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · UNDERVALUEDValuation12/30
Growth10/25
Quality16/20
Balance Sheet11/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
62
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
62/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 3.8%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 50.3%.
Main drags
- Valuation is weaker at 12/30; verify the latest quarterly trend.
- Growth is weaker at 10/25; verify the latest quarterly trend.
- Cash flow is weaker at 7/10; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
21.8
PB
5.6
EV/EBITDA
14.5
ROE
26.2%
ROCE
28.1%
FCF Yield
3.8%
Debt/Equity
0.1
MoS
+50.3%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
62
Previous: 62
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+50.3%
Previous: +50.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
62
62
62
62
62
62
62
62
62
62
62
62
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹160.79
-133.3% MoS
Growth-justified P/E
44.0
Growth-justified Value
₹754.26
+50.3% MoS
PEG
2.53
Comparable companies
Peers
Business-comparable peers in FMCG — 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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
GILLETTE
Large
Gillette India Limited
Consumer Goods
match 155
69
35.2
66.5%
+21%
UNDERVALUED
HINDUNILVR
Large
Hindustan Unilever Limited
Consumer Goods
match 146
61
40.3
31.0%
+35%
UNDERVALUED
GODREJCP
Large
Godrej Consumer Products Limited
Consumer Goods
match 144
36
43.0
16.1%
-362%
WATCHLIST
BAJAJCON
Small
Bajaj Consumer Care Limited
Consumer Goods
match 136
46
24.6
24.7%
-325%
FAIR VALUE
DOMS
Large
DOMS Industries Limited
Consumer Goods
match 129
54
58.4
20.7%
-29%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-12T08:37:43.047Z
Management commentary snapshot
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.
Current business mix
FY26 Revenue Contribution
Latest issuer-disclosed distribution across 2 reported categories.
International Business18.0%
Domestic Business82.0%
Growth engines
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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.
Management accountability
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.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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.
Management forward view
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'.
Thesis monitor
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
revenue outlookpartially deliveredquantified
The 4% GST-driven destocking from Q2 is very confident to be fully recovered in Q3.
Timeframe: Q3 (FY26)Direction: recoveryConfidence: very confident
"we are very confident that it will be recovered in Q3."
Outcome check: Revenue YoY averaged 2.9% across 2 later quarter(s).
revenue outlookpartially deliveredquantified
The company is very confident of seeing better results in Q3, expecting close to double-digit or definitely high single-digit growth.
Timeframe: Q3 (FY26)Direction: growthConfidence: very confident
"definitely high single digits is 100% on the cards."
Outcome check: Revenue YoY averaged 2.9% across 2 later quarter(s).
revenue outlookpartially deliveredquantified
The strategic investments business is expected to grow at a strong double-digit rate in the second half, higher than the first half.
Timeframe: second half (FY26)Direction: growthConfidence: expect
"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).
revenue outlookdelivered
The company remains optimistic about a robust and profitable second half, supported by favorable winter, normalized trade post-GST, and strategic interventions.
Timeframe: second half (FY26)Direction: robust, profitableConfidence: optimistic
"We remain optimistic about a robust and profitable second half"
Outcome check: PAT YoY averaged 1.3% across 2 later quarter(s).
Trust Score
74Healthy Trust · medium confidenceClaim-tested Trust
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 75th percentile of the scored universe and 32nd percentile within FMCG. Main check: results consistency is weak at 34/100.
Healthy Trust: 4/4 extracted management claims have outcome checks; 25% were fully delivered and 3 were partially delivered.
Computed 20 Oct 2026
management-trust-v1
59 extracted concalls · 4/4 claims matched
Score band
Healthy Trust
Generally investable credibility. Look for weak sub-scores before increasing position size.
Relative rank
75th percentile
overall median 67 · FMCG: 32nd pctile, median 79 · Large: 55th pctile, median 73
Evidence depth
Early sample
4/4 claims checked. Use as directional, not final.
Claim delivery
100% delivered or partly delivered
4/4 claims checked · No contradicted claim yet
How to read this Trust Score
Healthy Trust · medium confidenceWhat it measures
Reliability of management and financial delivery, using management claims matched with later outcomes.
Confidence
Useful directional evidence exists, but still verify the latest filings.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
72
acceptable · capital discipline
Results
34
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.8%.
- ▸11 years of positive FCF.
- ▸Debt/equity is 0.06.
Trust risks
- ▸ROCE trend is -2.6%.
- ▸1/4 latest quarters had positive YoY PAT growth.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Continue researching Emami Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Daily Buy Back of equity shares 24 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Daily Buy Back of equity shares 22 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Public Announcement-Buyback of Shares 19 Sep - Emami announces ₹282 crore open-market buyback at up to ₹475 per share.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.