Hindustan Unilever Ltd.
NSE: HINDUNILVR
Consumer Defensive · Household & Personal Products
₹1,856.70 last close on 9 Oct 2026 +0.66%
Research updated
Emami Ltd.
NSE: EMAMILTDConsumer DefensiveHousehold & Personal Products
- Last close
- ₹369.45
- Day change
- +₹2.20 (+0.60%)vs
- Market cap
- ₹15,649 crIndian rupees
- Research updated
- 1 report
About Emami
Emami Ltd. is an Indian company specializing in the manufacturing and marketing of personal care and healthcare products. Established in 1974, Emami has grown into a well-known brand in the fast-moving consumer goods (FMCG) sector, with a diverse portfolio that includes skin care, hair care, and Ayurvedic products. The company's popular brands, such as BoroPlus, Navratna, Fair and Handsome, and Zandu, are household names in India and are also marketed internationally in over 60 countries. Emami's products are tailored to meet the needs of a wide demographic, leveraging traditional Indian wellness remedies combined with modern scientific formulations. The company's strategic emphasis on natural and Ayurvedic elements has positioned it strongly in the wellness industry, appealing to consumers who prefer natural alternatives. In the financial market, Emami Ltd. holds significance as a staple in the FMCG sector, showcasing consistent performance and expansion efforts both domestically and globally. With its headquarters in Kolkata, the company continues to innovate and adapt to evolving consumer preferences, maintaining its robust presence in the competitive FMCG landscape.
- Sector
- Consumer Defensive
- Industry
- Household & Personal Products
- Listing
- NSE: EMAMILTD
- Chief executive
- Mr. Naresh Hiralal Bhansali F.C.A.
- Employees
- 3,097
- Headquarters
- Kolkata, India
- ISIN
- INE548C01032
- Website
- emamiltd.in
Public research · Report of
Business model & financial foundation
Emami (NSE: EMAMILTD), Personal care and OTC healthcare (Ayurvedic brands): revenue of ₹3,780 crore in FY26 (-0.8% on FY25), an EBITDA margin of 25.5%, net profit of ₹775.3 crore and net cash of ₹759.3 crore.
- Revenue, FY26 (₹ crore)
- 3,780
- consolidated
- Revenue growth, FY26
- -0.8%
- on FY25
- EBITDA margin, FY26
- 25.5%
- EBITDA (EBIDTA (as reported)) / revenue
- Net profit, FY26 (₹ crore)
- 775.3
- to owners
- Return on equity, FY26
- 27.6%
- on average equity
- Net debt, FY26 (₹ crore)
- -759.3
- Net debt (borrowings less cash, bank balances and current investments)
- Market capitalisation (₹ crore)
- 16,120
- at the close of 12 Oct 2026
Company profile
Emami is a Kolkata-based FMCG company selling Ayurvedic and personal-care brands that lead niche categories: Navratna cooling oil (67.5% volume share), BoroPlus antiseptic cream (60.1%), Zandu and Mentho Plus balms, Kesh King hair oil and Smart & Handsome men's cream. About 82-88% of revenue is domestic, sold through 5.4 million outlets and a growing organised-channel share (~32%); the rest is international, centred on GCC/MENA and SAARC. Since 2024 it has bought new-age brands (The Man Company, Brillare, Axiom/AloFrut, IncNut/Vedix-SkinKraft) that grow fast but earn near-breakeven EBITDA.
| Item | Value |
|---|---|
| Legal name | Emami Limited |
| Exchange and ticker | NSE: EMAMILTD; BSE: 531162 |
| ISIN | INE548C01032 |
| CIN | L63993WB1983PLC036030 |
| Sector | Fast Moving Consumer Goods |
| Industry | Personal care and OTC healthcare (Ayurvedic brands) |
| Headquarters | Kolkata, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Co. LLP (since 2017) |
| Market capitalisation | ₹16,120 crore (12 Oct 2026) |
| Shares outstanding | 43.65 crore shares (FY26) |
| Price | ₹369.5 (close, 12 Oct 2026) |
| 52-week range | ₹361.1 - ₹556.2 (to 12 Oct 2026) |
| Website | https://www.emamiltd.in |
Corporate structure and shareholding
Parent: Emami Group (promoters: Agarwal and Goenka families via Diwakar Finvest, Suraj Finvest and others).
| Entity | Holding | Business |
|---|---|---|
| Helios Lifestyle Pvt Ltd (The Man Company) | 100% | Men's grooming D2C brand |
| Brillare Science Pvt Ltd | 100% | Professional and D2C hair and skin care |
| Axiom Ayurveda Pvt Ltd (AloFrut) | 100% | Aloe-vera fruit beverages and herbal juices; subsidiary from 1 Apr 2026, remaining stake by Jun 2026, up to Rs 200 cr |
| IncNut Digital Pvt Ltd (Vedix, SkinKraft) | 60% | Personalised D2C beauty; 60% for Rs 321 cr (Jun 2026), balance in two tranches over 4.5 years |
| Emami International FZE / Emami Overseas FZE | 100% | International (GCC, MENA, SAARC, CIS) trading hub |
| Creme 21 GmbH | 100% | German skin-care brand owner |
| Emami Bangladesh Ltd | 100% | Manufacturing and sales in Bangladesh |
Associates: Cannis Lupus 47.4%, Tru Native 20.65% (S25). No material subsidiary as defined under SEBI LODR at 31 Mar 2025 (S4).
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 54.84% | 54.84% | 54.84% | 54.84% |
| Promoter holding pledged | 9.98% | 11.60% | 16.43% | 16.23% |
| Foreign institutions | 10.93% | 9.03% | 8.57% | 7.87% |
| Domestic institutions | 25.01% | 26.73% | 26.92% | 27.00% |
| of which mutual funds | 22.97% | 24.40% | 24.71% | 25.21% |
| Retail | 9.22% | 9.40% | 9.67% | 10.28% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Emami sells Ayurvedic and personal-care brands that dominate small, defensible niches: Navratna cooling oil (67.5% volume share), BoroPlus antiseptic cream (60.1%), Smart & Handsome men's cream (74.0%), Kesh King (29.2%) and the Zandu/Mentho Plus balms. Revenue from operations was Rs 3,779.5 cr in FY26, of which ~18% international (GCC/MENA, SAARC, CIS). Gross margin is high (69.9% FY26) and A&P heavy (19.6%) - a classic brand-rent model. Products reach 5.4 mn outlets via 3,400 distributors; organised channels (MT, e-commerce, quick commerce) are ~32% of domestic. The portfolio is seasonal: summer brands (Navratna, Dermicool, talc) peak in Q1, winter brands (BoroPlus) in Q3. Since 2024 Emami has bought new-age brands (The Man Company, Brillare, Axiom/AloFrut, IncNut/Vedix-SkinKraft) to add growth; these were 18% of domestic sales in Q1FY27 and run at EBITDA breakeven.
| Peer | Why the dossier compares them |
|---|---|
| Dabur India (DABUR) | Closest Ayurvedic personal-care and OTC healthcare peer with rural skew |
| Marico (MARICO) | Hair oils (Parachute, Nihar) compete with Navratna, 7 Oils in One and Kesh King; acquired D2C brands strategy |
| Bajaj Consumer Care (BAJAJCON) | Light hair oil (Almond Drops) competitor, similar mid-cap scale |
| Jyothy Labs (JYOTHYLAB) | |
| Colgate-Palmolive (India) (COLPAL) | |
| Godrej Consumer Products (GODREJCP) | Personal-care brand house with international mix and acquisition-led strategy |
| Hindustan Unilever (HINDUNILVR) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 3,153 | 3,362 | 3,578 | 3,809 | 3,780 |
| Cost of revenue (vendor classification) * | 1,073 | 1,224 | 1,182 | 1,217 | 1,161 |
| Other operating costs (vendor classification) * | 1,481 | 933.1 | 1,024 | 1,088 | 1,143 |
| EBITDA (vendor classification) * | 973.9 | 876.8 | 971.3 | 1,043 | 1,002 |
| EBIT * | 693.1 | 676.9 | 800.8 | 903.2 | 857.2 |
| Interest | 5.07 | 7.39 | 10.0 | 9.30 | 11.1 |
| Profit before tax | 688.0 | 669.6 | 790.8 | 893.9 | 846.1 |
| Tax expense | -148.7 | 42.1 | 66.7 | 91.1 | 70.8 |
| Profit after tax (incl. NCI) | 836.7 | 627.4 | 724.1 | 802.7 | 775.3 |
| Diluted EPS (₹) * | 18.88 | 14.50 | 16.55 | 18.48 | 17.76 |
| Materials cost | 1,161 | 1,194 | 1,138 | ||
| Staff cost | 395.6 | 447.0 | 479.1 | ||
| Advertisement & promotion (A&P) | 652.2 | 694.0 | 739.2 | ||
| Admin and other expenses | 420.2 | 448.8 | 459.5 | ||
| EBIDTA (as reported) | 949.5 | 1,025 | 963.6 | ||
| Other income | 46.8 | 68.1 | 85.1 | ||
| Amortisation of acquired trademarks/brands | 93.2 | 92.6 | 88.5 | ||
| Total D&A (brand amortisation + depreciation of other assets) | 185.9 | 178.3 | 177.4 | ||
| Share of profit/(loss) of associate | -3.70 | -11.8 | -4.10 | ||
| Exceptional items (charge negative) | -5.90 | 0.00 | -10.1 | ||
| Non-controlling interest | 0.60 | -3.70 | 0.00 | ||
| Profit attributable to owners (Profit for the period) | 723.5 | 806.5 | 775.3 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity (incl. NCI) | 2,074 | 2,313 | 2,458 | 2,693 | 2,922 |
| Borrowings * | 281.6 | 90.5 | 94.0 | 89.8 | 161.9 |
| Cash and cash equivalents * | 27.6 | 46.8 | 53.0 | 104.6 | 176.8 |
| Trade receivables | 320.9 | 414.6 | 494.2 | 451.3 | 343.3 |
| Inventories | 357.6 | 328.0 | 323.4 | 308.1 | 399.6 |
| Trade payables (MSE + others) | 408.7 | 407.1 | 454.6 | 435.6 | 477.1 |
| Net property, plant and equipment * | 705.5 | 648.5 | 610.2 | 572.9 | 571.4 |
| Capital work in progress * | 6.95 | 7.60 | 9.67 | 16.6 | 3.12 |
| Total assets * | 3,057 | 3,110 | 3,280 | 3,534 | 3,836 |
| Net debt (borrowings less cash, bank balances and current investments) | -296.7 | -634.9 | -759.3 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 459.2 | 699.0 | 722.1 | 958.5 | 800.5 |
| Free cash flow (vendor definition) * | 160.3 | 708.4 | 738.4 | 851.3 | 757.2 |
| Dividends paid (the provider's sign: an outflow is negative) * | -355.6 | -352.9 | -349.2 | -349.2 | -523.8 |
| Purchase of PPE and intangibles (incl. CWIP) | -480.2 | -30.1 | -28.8 | -44.6 | -43.3 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 44.44 | 44.12 | 43.73 | 43.65 | 43.65 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 890.6 | 1,050 | 963.0 | 904.1 | 798.5 | 1,152 | 925.1 | 1,039 |
| Cost of revenue (vendor classification) * | 261.0 | 311.8 | 351.0 | 276.5 | 231.4 | 338.3 | 291.9 | 355.2 |
| Other operating costs (vendor classification) * | 266.2 | 286.5 | 249.8 | 294.0 | 267.4 | 307.9 | 329.5 | 322.1 |
| EBITDA (vendor classification) * | 267.4 | 349.1 | 201.7 | 233.7 | 198.1 | 403.4 | 209.5 | 243.1 |
| EBIT * | 222.8 | 303.5 | 196.5 | 189.2 | 152.8 | 348.0 | 167.2 | 200.3 |
| Interest | 2.30 | 2.20 | 2.80 | 2.40 | 2.60 | 2.90 | 3.10 | 5.60 |
| Profit before tax | 220.4 | 301.3 | 193.7 | 186.8 | 150.2 | 345.1 | 164.1 | 194.7 |
| Tax expense | 9.50 | 22.4 | 31.5 | 22.5 | 1.80 | 25.6 | 20.9 | 55.8 |
| Profit after tax (incl. NCI) | 211.0 | 279.0 | 162.2 | 164.2 | 148.3 | 319.5 | 143.2 | 138.9 |
| Diluted EPS (₹) * | 4.87 | 6.39 | 3.76 | 3.40 | 7.32 | 3.28 | 3.15 | |
| Materials cost | 261.0 | 311.8 | 328.4 | 276.5 | 231.4 | 338.3 | 291.9 | 355.2 |
| Staff cost | 112.9 | 112.5 | 110.6 | 119.5 | 121.2 | 121.5 | 117.0 | 135.7 |
| Advertisement & promotion (A&P) | 145.7 | 175.7 | 188.9 | 179.8 | 156.4 | 191.1 | 212.0 | 203.4 |
| Admin and other expenses | 120.5 | 110.8 | 115.7 | 114.2 | 111.0 | 116.8 | 117.6 | 118.7 |
| EBIDTA (as reported) | 250.5 | 338.7 | 219.4 | 214.2 | 178.5 | 384.2 | 186.7 | 226.2 |
| Other income | 21.6 | 14.9 | 21.2 | 21.6 | 21.4 | 19.0 | 23.2 | 18.5 |
| Amortisation of acquired trademarks/brands | 23.3 | 23.3 | 22.8 | 22.8 | 23.0 | 23.0 | 19.6 | 18.8 |
| Total D&A (brand amortisation + depreciation of other assets) | 44.6 | 45.6 | 43.6 | 44.5 | 45.2 | 45.3 | 42.3 | 42.8 |
| Share of profit/(loss) of associate | -4.60 | -4.50 | -0.60 | -2.10 | -1.80 | 0.30 | -0.50 | -1.60 |
| Exceptional items (charge negative) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -10.1 | 0.00 | 0.00 |
| Non-controlling interest | -1.70 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.60 |
| Profit attributable to owners (Profit for the period) | 212.7 | 279.0 | 162.2 | 164.2 | 148.3 | 319.5 | 143.2 | 137.3 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 10.5% | 6.6% | 6.4% | 6.5% | -0.8% |
| EBITDA margin | 26.5% | 26.9% | 25.5% | ||
| Net margin | 20.2% | 21.2% | 20.5% | ||
| Return on equity | 30.3% | 31.3% | 27.6% | ||
| Return on capital employed | 32.9% | 28.4% | 32.3% | 33.9% | 29.2% |
| Return on assets | 22.6% | 23.7% | 21.0% | ||
| Net debt (₹ crore) | -296.7 | -634.9 | -759.3 | ||
| Net debt / EBITDA | -0.31x | -0.62x | -0.79x | ||
| Interest cover | 136.7x | 91.6x | 80.1x | 97.1x | 77.2x |
| Asset turnover | 1.13x | 1.09x | 1.12x | 1.12x | 1.03x |
| Receivable days | 37 | 45 | 50 | 43 | 33 |
| Inventory days (on revenue) | 41 | 36 | 33 | 30 | 39 |
| Payable days (on revenue) | 47 | 44 | 46 | 42 | 46 |
| Cash conversion | 1.00x | 1.19x | 1.03x | ||
| Capex intensity | 15.2% | 0.9% | 0.8% | 1.2% | 1.1% |
| Free cash flow (₹ crore) | -21.1 | 668.9 | 693.3 | 913.9 | 757.2 |
| Dividend payout | 48.3% | 43.3% | 67.6% | ||
| EPS, diluted (₹) | 18.88 | 14.50 | 16.55 | 18.48 | 17.76 |
| Book value per share (₹) | 46.68 | 52.43 | 56.21 | 61.70 | 66.95 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (EBIDTA (as reported)) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (borrowings less cash, bank balances and current investments); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (EBIDTA (as reported)).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
Reports on Emami
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