Motilal Oswal's research report on Emami
Emami’s consolidated revenue declined 10% in 2QFY26 (inline), impacted by GST 2.0-led temporary trade disruptions in Sep’25 and extended monsoon affecting the summer portfolio. Domestic revenue declined 15% YoY, along with a volume decline of 16% (est. -13%). Domestic business (ex Talc/Heat Powder) declined by 12% on a high base. The talc/heat powder revenue dipped 76% YoY. The non-impacted portfolio delivered 10% growth in 2QFY26. International business delivered 8% growth despite persistent macro and geopolitical headwinds.
Outlook
We reiterate our BUY rating on the stock with a TP of INR675 (premised on 30x Sep’27E EPS).
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
