EMAMILTD · Fast Moving Consumer Goods
Emami Ltd. reported revenue of ₹604 cr for July to September 2025, — on the year and — on the quarter.
Operating profit (EBITDA) was ₹168 cr, a margin of 27.7%, — on the year and — on the quarter.
Net profit was ₹182 cr, — on the year and — on the quarter, with earnings per share of ₹4.17.
FMCG growth splits into volume and price. When margins rise while revenue grows slowly, the cause is usually easier input costs rather than stronger demand. The quarterly statements do not carry underlying volume growth, gross margin and rural against urban demand; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
Profit before tax ₹181 cr; tax −₹1.5 cr, a credit.
Source: Results filing
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Metric | Q2 FY26 |
|---|---|
| Gross margin | 71% |
| A&P, % of sales | 156.39% |
Read using the FMCG framework (named in the filing read). Primary valuation lens: P/E against volume growth.
Read more closely in this sector: Volume against price in reported growth · Ad spend cut to protect margin.
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹604 cr | ₹780 cr | ₹698 cr |
| YoY | — | — | +16% |
| EBITDA margin | 27.7% | 27.6% | 28.0% |
| Other income, % of PBT | 30% | 23% | 13% |
| Exceptional items | — | — | — |
| Tax rate | −1% | 22% | 25% |
| Net profit | ₹182 cr | ₹182 cr | ₹136 cr |
| YoY | — | — | −25% |
| Core profit YoY | — | — | +25% |
| EPS | ₹4.17 | ₹4.17 | ₹3.13 |
| Flags | 1 | · | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Emami Ltd. reported revenue of ₹604 cr (— on the year) and net profit of ₹182 cr (— on the year) for July to September 2025.
1 check raised a question: A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
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