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).
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