Emami Limited is an FMCG company behind brands like Navratna, BoroPlus, Kesh King and Zandu, reaching 5.4 million+ retail outlets in India and present in 70+ countries. The Q2 print will speak to whether the company delivers its guided 'good double-digit growth' against a depressed base, and whether gross margins recover from 65.8% as crude-linked input costs kept rising through the quarter.
| Results date | November 05, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,039.2 Cr (+14.9% YoY) |
| Previous quarter PAT | Rs. 138.9 Cr (-15.4% YoY) |
| Previous quarter EBITDA margin | 21.8% |
| Market cap | Rs. 16,246.53 Cr |
| CMP | Rs. 372.2 |
The Board of Directors will meet on 5 Nov 2026 to approve unaudited standalone & consolidated results for the quarter/half-year ended 30 Sep 2026 and consider an interim dividend for FY 2026-27. The trading window remained closed from 1 Oct to 7 Nov 2026.
A post-results conference call organized by IIFL Capital is scheduled for 5 Nov 2026, rescheduled to 2:30 PM IST from 4:00 PM IST. Speakers include Mohan Goenka (Wholetime Director & Vice Chairman) and Vivek Dhir (CEO – International Business).
The quarter's central test is whether Emami delivers its guided 'good double-digit growth' for Q2 FY27 against a deeply depressed base of Rs. 798.5 Cr revenue (-10%) in Q2 FY26, with the first full-quarter consolidation of Axiom Ayurveda and IncNut Digital widening the reported versus like-to-like gap.
Management guided international business to double-digit growth by Q2 FY27, but the West Asia conflict constrained order execution through the quarter — Brent crude averaged $84 in July, spiked to $110 mid-September and exited at $105–108, against the ~200 bps of Q1's 360 bps input inflation attributed to the conflict.
Management has said price increases will offset input costs and that 'the next few quarters should be relatively better than this', with a weighted average price increase of ~3% already implemented over the prior 1.5–2 months as of the May call.
On the tax front, the guided ~25–26% rate 'going forward' is tested against the ~28.66% implied in Q1 FY27, where tax expense jumped 147.7% to Rs. 55.8 Cr and drove PAT down 15.4% despite PBT up 4.3%; the Rs. 60,492 lacs MAT credit balance at 30 Jun 2026 supports the normalisation path.
Strategic Investments, which grew 61% like-to-like in Q1 and contribute ~18% of domestic business, carry a target of Rs. 750–800 crores revenue by FY27 year-end, and the call will also cover the interim dividend consideration and whether the H1 limited review resolves the qualified conclusion on unreviewed subsidiaries.
Performance vs Guidance Tracking: Key guidance checkpoints management set ahead of this quarter:
Consolidated PAT and audit housekeeping
International recovery evidence
Risks and headwinds to monitor
Consolidated PAT fell 15.4% to Rs. 138.9 Cr despite PBT rising 4.3%, because tax expense jumped 147.7% to Rs. 55.8 Cr. The decline coincided with the first-time consolidation of Axiom Ayurveda and IncNut Digital, while standalone PAT actually rose 11.73% to Rs. 182.22 Cr.
Management has said the Strategic Investments portfolio is EBITDA neutral at an aggregate level now, with a 'long-term target for healthy profitability'. On margin timeline, Dhruv Aggarwal said 'you would expect high single digit probably at the 3-year point', without committing to low-teens.
In Q1 FY27, core domestic growth was quantified at ~6%, with hair care up 11% and skin care up 3%. International declined on Middle East challenges.
Kesh King is currently growing at mid-to-high single digit, and management expects double-digit growth for the portfolio by the end of FY27. The Kesh King sachet strategy is driving rural growth.
Disclaimer: This earnings preview is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.