Household & Personal Products · Founded 1995 · www.emamiltd.in · BSE 531162 · NSE EMAMI LTD. · ISIN INE548C01032
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Business
Emami Ltd. is an Indian fast-moving consumer goods (FMCG) company engaged in the manufacturing and marketing of a diverse range of personal care and healthcare products. Its core business model involves developing, producing, and distributing branded products primarily across India, but also in some international markets. The company makes money by selling these products through a vast multi-channel distribution network, including traditional retail, modern trade, and increasingly, e-commerce platforms, leveraging strong brand recognition and extensive market reach.
Revenue Mix
Emami's product portfolio broadly falls into:
Personal Care: Includes categories like antiseptic creams (Boroplus), cooling oils (Navratna), men's fairness creams (Fair and Handsome), deodorants, talcum powders, and lotions.
Healthcare: Comprises pain balms (Zandu Balm), Ayurvedic remedies (Zandu Chyawanprash, Zandu Pancharishta), and antiseptic liquids.
While specific recent percentage breakdowns can vary, historically, cooling oils, antiseptic creams, and pain balms have been significant contributors, leveraging long-established brands. The company also has a presence in niche categories like male grooming.
Industry
Emami operates in the highly competitive Indian Household & Personal Products industry, which is characterized by a mix of large multinational corporations (e.g., HUL, P&G), well-established domestic players (e.g., Dabur, Marico, Godrej Consumer), and numerous regional and unorganized players. The industry is driven by population growth, rising disposable incomes, and evolving consumer preferences. Emami positions itself as a significant mid-tier player, particularly strong in specific niche categories (e.g., Ayurvedic pain balms, cooling oils, antiseptic creams) and mass-market segments. It often competes on a combination of brand legacy, value-for-money propositions, and extensive rural penetration.
MOAT
Brand Equity & Recognition: Emami possesses a portfolio of well-established and trusted brands such as Navratna, Boroplus, Zandu, and Fair and Handsome, which have strong recall and consumer loyalty built over decades.
Extensive Distribution Network: A deep and wide distribution network, crucial for FMCG success in India, reaching millions of retail outlets across urban and rural areas.
Ayurvedic Heritage: A strong foundation and expertise in Ayurvedic formulations, particularly through brands like Zandu, which resonates with consumers seeking natural and traditional remedies.
Cost Efficiency & Mass-Market Focus: Ability to offer products at competitive price points, making them accessible to a broad consumer base.
Growth Drivers
Rising Disposable Incomes: Growth in per capita income and consumer spending in India, particularly in semi-urban and rural areas.
Premiumization & Innovation: Launching new products and variants in existing categories to cater to evolving consumer preferences for natural, organic, and specialized products, and moving up the value chain.
Rural Market Penetration: Deepening reach in India's vast rural markets, which are experiencing faster growth in consumption.
E-commerce & Digital Channels: Expanding presence and sales through online platforms and direct-to-consumer (D2C) strategies.
Health & Wellness Trend: Capitalizing on the increased consumer focus on health, hygiene, and immunity-boosting products, aligning with its Ayurvedic strengths.
Risks
Intense Competition: High competitive intensity from both larger domestic and multinational FMCG players, and emerging D2C brands, leading to price wars or increased marketing spends.
Raw Material Price Volatility: Fluctuations in the cost of key raw materials (e.g., menthol, paraffin, essential oils, packaging materials) can impact gross margins.
Demand Slowdown: Economic downturns, high inflation, or adverse climatic conditions can impact discretionary spending on personal care products.
Regulatory Changes: Stricter regulations related to product ingredients, advertising claims, or environmental compliance.
Brand Relevance: Failure to innovate or adapt quickly to changing consumer trends can lead to brand fatigue and loss of market share.
Management & Ownership
Emami Ltd. is a promoter-driven company, founded by Mr. R.S. Agarwal and Mr. R.S. Goenka. The promoter group, which holds a significant majority stake, continues to be actively involved in the management, with the next generation gradually taking on leadership roles. Management quality is generally seen as experienced in the Indian FMCG landscape, known for a focus on traditional marketing and distribution strengths, alongside efforts to modernize and adapt to new market dynamics.
Outlook
Emami benefits from a strong portfolio of heritage brands and an established distribution network in the resilient Indian FMCG sector. Its deep penetration in rural markets and expertise in Ayurvedic products provide a defensive moat. The company's future growth trajectory will largely depend on its ability to successfully innovate and premiumize its offerings, effectively expand its presence in digital channels, and manage the intense competitive landscape without significant margin erosion. While its focus on health and wellness aligns with prevailing consumer trends, navigating raw material inflation and adapting to evolving consumer preferences will be critical to sustaining growth and profitability.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 996 | 891 | 906 | 891 | 1049 | 963 | 904 | 799 | 1152 | 925 |
| Other Income | 17 | 11 | 10 | 22 | 15 | 21 | 22 | 21 | 19 | 23 |
| Total Income | 1013 | 902 | 917 | 912 | 1064 | 984 | 926 | 820 | 1171 | 948 |
| Total Expenditure | 681 | 680 | 690 | 640 | 711 | 744 | 690 | 620 | 768 | 738 |
| Operating Profit | 332 | 222 | 227 | 272 | 354 | 241 | 236 | 200 | 403 | 210 |
| Interest | 3 | 3 | 2 | 2 | 2 | 3 | 2 | 3 | 3 | 3 |
| Depreciation | 46 | 48 | 44 | 45 | 46 | 44 | 45 | 45 | 45 | 42 |
| Exceptional Income / Expenses | -6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10 | 0 |
| Profit Before Tax | 277 | 171 | 180 | 225 | 306 | 194 | 189 | 152 | 345 | 164 |
| Provision for Tax | 15 | 22 | 28 | 9 | 22 | 32 | 23 | 2 | 26 | 21 |
| Profit After Tax | 262 | 148 | 153 | 216 | 283 | 163 | 166 | 150 | 319 | 144 |
| Adjustments | -3 | 1 | -0 | -3 | -4 | -1 | -2 | -2 | 0 | -0 |
| Profit After Adjustments | 258 | 149 | 153 | 213 | 279 | 162 | 164 | 148 | 319 | 143 |
| Adjusted Earnings Per Share | 5.9 | 3.4 | 3.5 | 4.9 | 6.4 | 3.7 | 3.8 | 3.4 | 7.3 | 3.3 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 2217 | 2358 | 2488 | 2531 | 2695 | 2655 | 2881 | 3187 | 3406 | 3578 | 3809 | 3780 |
| Other Income | 182 | 109 | 89 | 96 | 35 | 57 | 70 | 95 | 69 | 47 | 68 | 85 |
| Total Income | 2400 | 2468 | 2577 | 2627 | 2730 | 2712 | 2951 | 3282 | 3475 | 3625 | 3877 | 3865 |
| Total Expenditure | 1768 | 1736 | 1787 | 1888 | 1967 | 1964 | 1997 | 2235 | 2543 | 2629 | 2784 | 2816 |
| Operating Profit | 632 | 732 | 790 | 739 | 762 | 748 | 953 | 1048 | 932 | 996 | 1093 | 1049 |
| 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 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | -10 | -11 | 0 | -5 | 0 | -6 | 0 | -10 |
| Profit Before Tax | 592 | 423 | 424 | 393 | 403 | 374 | 569 | 688 | 670 | 791 | 894 | 850 |
| Provision for Tax | 107 | 60 | 84 | 86 | 101 | 71 | 114 | -149 | 42 | 67 | 91 | 72 |
| Profit After Tax | 485 | 363 | 340 | 306 | 303 | 302 | 455 | 837 | 627 | 724 | 803 | 779 |
| Adjustments | 0 | 0 | 0 | 1 | 1 | 1 | -0 | 2 | 12 | -1 | 4 | -4 |
| Profit After Adjustments | 486 | 364 | 340 | 307 | 303 | 303 | 455 | 839 | 640 | 724 | 806 | 774 |
| Adjusted Earnings Per Share | 10.7 | 8 | 7.5 | 6.8 | 6.7 | 6.7 | 10.2 | 19 | 14.5 | 16.6 | 18.5 | 17.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 6% | 6% | 7% | 6% |
| Operating Profit CAGR | 10% | 1% | 8% | 6% |
| PAT CAGR | 11% | -1% | 22% | 5% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -33% | -0% | -6% | -3% |
| ROE Average | 31% | 30% | 32% | 27% |
| ROCE Average | 34% | 32% | 32% | 29% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 1231 | 1612 | 1755 | 2014 | 2076 | 1824 | 1763 | 2077 | 2303 | 2447 | 2695 |
| Minority's Interest | 5 | 4 | 1 | 1 | -0 | -1 | -1 | -2 | 10 | 11 | -1 |
| Borrowings | 2 | 300 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 53 | 42 | 65 | 70 | 63 | 64 | 58 | -216 | -290 | -375 | -463 |
| Total Current Liabilities | 387 | 735 | 782 | 714 | 680 | 792 | 700 | 916 | 724 | 759 | 779 |
| Total Liabilities | 1676 | 2692 | 2603 | 2798 | 2819 | 2678 | 2520 | 2774 | 2746 | 2842 | 3010 |
| Fixed Assets | 453 | 1918 | 1940 | 1746 | 1625 | 1405 | 1079 | 1290 | 1192 | 1062 | 933 |
| Other Non-Current Assets | 80 | 269 | 222 | 351 | 344 | 240 | 314 | 411 | 267 | 362 | 343 |
| Total Current Assets | 1143 | 505 | 441 | 701 | 849 | 1033 | 1127 | 1073 | 1287 | 1418 | 1734 |
| Total Assets | 1676 | 2692 | 2603 | 2798 | 2819 | 2678 | 2520 | 2774 | 2746 | 2842 | 3010 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 268 | 350 | 101 | 28 | 16 | 116 | 11 | 20 | 28 | 47 | 53 |
| Cash Flow from Operating Activities | 534 | 562 | 730 | 588 | 554 | 531 | 922 | 644 | 749 | 779 | 896 |
| Cash Flow from Investing Activities | -234 | -1306 | -297 | -279 | -23 | -228 | -227 | -235 | -113 | -205 | -340 |
| Cash Flow from Financing Activities | -215 | 502 | -496 | -324 | -428 | -405 | -688 | -402 | -608 | -563 | -500 |
| Net Cash Inflow / Outflow | 85 | -243 | -64 | -15 | 103 | -102 | 6 | 7 | 28 | 11 | 56 |
| Closing Cash & Cash Equivalent | 350 | 101 | 28 | 16 | 116 | 11 | 20 | 28 | 47 | 53 | 105 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 10.7 | 8.01 | 7.5 | 6.77 | 6.68 | 6.68 | 10.23 | 19.02 | 14.5 | 16.58 | 18.48 |
| CEPS(Rs) | 11.45 | 13.61 | 14.29 | 13.6 | 13.83 | 14.09 | 18.48 | 26.55 | 19.83 | 20.85 | 22.47 |
| DPS(Rs) | 7 | 7 | 7 | 7 | 4 | 4 | 8 | 8 | 8 | 8 | 10 |
| Book NAV/Share(Rs) | 27.11 | 35.5 | 38.66 | 44.36 | 45.73 | 40.24 | 39.65 | 47.07 | 52.2 | 56.05 | 61.74 |
| Core EBITDA Margin(%) | 19.92 | 25.97 | 27.74 | 25.3 | 26.99 | 26.01 | 30.66 | 29.88 | 25.33 | 26.54 | 26.91 |
| EBIT Margin(%) | 26.48 | 19.89 | 19.05 | 16.8 | 15.77 | 14.86 | 20.21 | 21.75 | 19.88 | 22.38 | 23.71 |
| Pre Tax Margin(%) | 26.25 | 17.63 | 16.76 | 15.45 | 14.97 | 14.07 | 19.75 | 21.59 | 19.66 | 22.1 | 23.47 |
| PAT Margin (%) | 21.51 | 15.14 | 13.45 | 12.05 | 11.23 | 11.39 | 15.79 | 26.25 | 18.42 | 20.24 | 21.07 |
| Cash Profit Margin (%) | 23.03 | 25.78 | 25.66 | 24.29 | 23.3 | 24.05 | 28.52 | 36.75 | 25.68 | 25.43 | 25.75 |
| ROA(%) | 32.6 | 16.62 | 12.84 | 11.34 | 10.77 | 11 | 17.49 | 31.61 | 22.73 | 25.92 | 27.44 |
| ROE(%) | 44.89 | 25.55 | 20.2 | 16.26 | 14.79 | 15.5 | 25.36 | 43.58 | 28.65 | 30.49 | 31.23 |
| ROCE(%) | 53.44 | 26.87 | 21.36 | 18.69 | 18.77 | 18.7 | 29.94 | 33.04 | 28.7 | 32.76 | 34.28 |
| Receivable days | 14.64 | 17.71 | 16.45 | 18.17 | 25.21 | 36.05 | 34.2 | 31.65 | 39.41 | 46.35 | 45.3 |
| Inventory Days | 21.66 | 21.1 | 23.8 | 26.8 | 28.15 | 32.06 | 34.54 | 37.68 | 36.74 | 33.23 | 30.26 |
| Payable days | 78.67 | 99.31 | 100 | 96.16 | 105.46 | 128.28 | 132.6 | 129.16 | 123.94 | 135.51 | 136.04 |
| PER(x) | 46.99 | 58.11 | 70.33 | 78.92 | 59.88 | 25.43 | 47.67 | 23.55 | 24.72 | 25.88 | 31.37 |
| Price/Book(x) | 18.54 | 13.11 | 13.65 | 12.04 | 8.75 | 4.22 | 12.3 | 9.51 | 6.87 | 7.65 | 9.39 |
| Dividend Yield(%) | 0.7 | 0.75 | 0.66 | 0.66 | 1 | 2.35 | 1.64 | 1.79 | 2.23 | 1.87 | 1.73 |
| EV/Net Sales(x) | 10.15 | 9.2 | 9.79 | 9.68 | 6.7 | 2.94 | 7.43 | 6.24 | 4.61 | 5.19 | 6.59 |
| EV/Core EBITDA(x) | 35.61 | 29.64 | 30.83 | 33.14 | 23.7 | 10.43 | 22.46 | 19 | 16.85 | 18.65 | 22.95 |
| Net Sales Growth(%) | 21.78 | 6.36 | 5.5 | 1.7 | 6.48 | -1.48 | 8.5 | 10.65 | 6.86 | 5.06 | 6.46 |
| EBIT Growth(%) | 29.2 | -20.21 | 1.01 | -11.37 | -0.48 | -7.12 | 47.55 | 19.05 | -2.33 | 18.3 | 12.79 |
| PAT Growth(%) | 20.63 | -25.21 | -6.35 | -9.91 | -1.23 | -0.08 | 50.41 | 84 | -25.01 | 15.42 | 10.86 |
| EPS Growth(%) | 20.66 | -25.14 | -6.36 | -9.78 | -1.27 | 0.06 | 53.03 | 85.92 | -23.77 | 14.33 | 11.46 |
| Debt/Equity(x) | 0.03 | 0.42 | 0.27 | 0.16 | 0.05 | 0.12 | 0.05 | 0.13 | 0.03 | 0.03 | 0.02 |
| Current Ratio(x) | 2.96 | 0.69 | 0.56 | 0.98 | 1.25 | 1.3 | 1.61 | 1.17 | 1.78 | 1.87 | 2.22 |
| Quick Ratio(x) | 2.63 | 0.48 | 0.33 | 0.71 | 0.92 | 1 | 1.18 | 0.78 | 1.32 | 1.44 | 1.83 |
| Interest Cover(x) | 116.24 | 8.82 | 8.3 | 12.44 | 19.85 | 18.78 | 43.87 | 136.62 | 91.58 | 80.26 | 96.73 |
| Total Debt/Mcap(x) | 0 | 0.03 | 0.02 | 0.01 | 0.01 | 0.03 | 0 | 0.01 | 0 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 54.84 | 54.84 | 54.84 | 54.84 | 54.84 | 54.84 | 54.84 | 54.84 | 54.84 | 54.84 |
| FII | 12.86 | 13.46 | 14.02 | 14.38 | 14.11 | 12.11 | 11.89 | 10.93 | 9.03 | 8.58 |
| DII | 23.95 | 22.07 | 21.61 | 21.5 | 21.7 | 23.67 | 24.06 | 25.01 | 26.73 | 26.92 |
| Public | 8.34 | 9.63 | 9.52 | 9.27 | 9.35 | 9.38 | 9.2 | 9.21 | 9.39 | 9.66 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 23.94 | 23.94 | 23.94 | 23.94 | 23.94 | 23.94 | 23.94 | 23.94 | 23.94 | 23.94 |
| FII | 5.61 | 5.88 | 6.12 | 6.28 | 6.16 | 5.29 | 5.19 | 4.77 | 3.94 | 3.74 |
| DII | 10.46 | 9.63 | 9.43 | 9.39 | 9.47 | 10.33 | 10.5 | 10.92 | 11.67 | 11.75 |
| Public | 3.64 | 4.2 | 4.16 | 4.05 | 4.08 | 4.09 | 4.02 | 4.02 | 4.1 | 4.22 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 43.65 | 43.65 | 43.65 | 43.65 | 43.65 | 43.65 | 43.65 | 43.65 | 43.65 | 43.65 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +6% | +6% | +7% | +6% |
| Operating Profit CAGR | +10% | +1% | +8% | +6% |
| PAT CAGR | +11% | -1% | +22% | +5% |
| Share Price CAGR | -33% | 0% | -6% | -3% |
| ROE Average | +31% | +30% | +32% | +27% |
| ROCE Average | +34% | +32% | +32% | +29% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 54.84 | 54.84 | 54.84 | 54.84 | 54.84 | 54.84 | 54.84 | 54.84 | 54.84 | 54.84 |
| FII | 12.86 | 13.46 | 14.02 | 14.38 | 14.11 | 12.11 | 11.89 | 10.93 | 9.03 | 8.58 |
| DII | 23.95 | 22.07 | 21.61 | 21.5 | 21.7 | 23.67 | 24.06 | 25.01 | 26.73 | 26.92 |
| Public | 45.16 | 45.16 | 45.16 | 45.16 | 45.16 | 45.16 | 45.16 | 45.16 | 45.16 | 45.16 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 23.94 | 23.94 | 23.94 | 23.94 | 23.94 | 23.94 | 23.94 | 23.94 | 23.94 | 23.94 |
| FII | 5.61 | 5.88 | 6.12 | 6.28 | 6.16 | 5.29 | 5.19 | 4.77 | 3.94 | 3.74 |
| DII | 10.46 | 9.63 | 9.43 | 9.39 | 9.47 | 10.33 | 10.5 | 10.92 | 11.67 | 11.75 |
| Public | 19.71 | 19.71 | 19.71 | 19.71 | 19.71 | 19.71 | 19.71 | 19.71 | 19.71 | 19.71 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 43.65 | 43.65 | 43.65 | 43.65 | 43.65 | 43.65 | 43.65 | 43.65 | 43.65 | 43.65 |
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