Sharekhan's research report on Emami
Emami’s Q2FY2025 operating performance missed the mark with domestic volume growth coming at 1.7% versus expectations of 3-4%. Consolidated OPM came in-line at 28.1%. With expected strong winter season, the company expects strong H2FY2025. It expects to end FY2025 with high single-digit revenue growth and double-digit EBIDTA growth. Fair & Handsome (F&H) relaunched with change in packaging and communication; focus is on bringing back Kesh King in growth trajectory.
Outlook
Stock has corrected by 22% from recent highs and is trading at 32x/28x/25x its FY2025E/26E/27E EPS, respectively. We maintain a Buy with a revised PT of Rs. 875.
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