Emami Limited has released an investor presentation for February 2026, detailing its performance and strategic initiatives. The company reported a resilient performance despite macro challenges, with revenue growth broadly in line with industry trends and outperformance on key profitability metrics. For FY25, consolidated revenues grew by 6%, with domestic net sales (value) increasing by 7% and volume by 4%. International net sales saw a 4% increase on reported INR and 5% on a constant currency basis. Profitability metrics showed significant improvement. EBIDTA grew by 8% and Profit Before Tax (PBT) by 13%, leading to an 11% increase in Profit After Tax (PAT). Margins also expanded, with Gross Margins up by 100 bps, EBIDTA margins by 40 bps, PBT margins by 140 bps, and PAT margins by 100 bps. Key brands like Navratna & Dermicool grew by 18%, BoroPlus by 14%, and Zandu Healthcare by 12%. The company is focusing on diversifying its core brands and rejuvenating them. Kesh King was relaunched as Kesh King Gold with an improved formulation, and Fair & Handsome was rebranded to Smart & Handsome, expanding its focus beyond face care into the broader grooming universe. Emami has also strategically invested in startups and made key acquisitions, aiming for market-leading, high-margin brands in niche personal and healthcare categories. Its direct-to-consumer (D2C) brands have shown rapid growth, nearly doubling revenue between FY23 and FY25, with gross margins improving by approximately 1300 bps. The domestic portfolio is increasingly non-seasonal, with the non-seasonal portfolio constituting 52% in FY25. The company's omnichannel presence has also expanded, with the share of new age/organized channels more than doubling since FY20. International business is growing robustly, with a 5-year CAGR of 15% and increasing share in the overall business. Zanducare has established a digital healthcare ecosystem and an e-commerce portal, offering free doctor consultations and seeing significant growth in website visits and orders served. Emami has successfully expanded margins to pre-COVID levels while absorbing investments in its subsidiaries and increasing the contribution from modern trade and e-commerce channels. Digital spends now constitute approximately 50% of overall media spends in 9MFY26. The company maintains a disciplined capital deployment strategy, with cumulative dividends of ₹2,024 crore, buybacks of ₹663 crore, and acquisitions/investments of ₹985 crore from FY21 to 9MFY26, while holding net cash of over ₹1,000 crore as of December 31, 2025. While H1FY26 was impacted by muted summers and a short-term GST effect, the company expects a sharp recovery in H2FY26, with Q4FY26 on track. The core domestic business, excluding talc/PHP, showed a 6% growth in Q3FY26.
