Prabhudas Lilladher's research report on Emami
HMN delivered 6.5% revenue growth in FY25 led by healthy volume & pricing growth. Navratna, Dermicool, Boro Plus, and Healthcare drove robust performance while Male Grooming, Kesh King, and Strategic Subsidiaries dragged overall growth. The Man Company & Brillare will see some pick-up in FY26 led by increasing share on quick commerce platforms and 360-degree brand revamp. Kesh King and Smart & Handsome (representing 9-10% of sales), are expected to recover in FY26, driven by the repositioning of Smart & Handsome as a comprehensive male grooming brand and the implementation of BCG's strategy for Kesh King starting in 2Q26. Summer portfolio may face some headwinds led by weak summer season.
Outlook
We estimate 8% Sales & 12% PAT CAGR over FY25-27 and value the stock at 30x Mar’27 EPS assigning a value of Rs697 (Rs.709 earlier). Maintain Accumulate.
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.
