EMAMILTD · Fast Moving Consumer Goods
Emami Ltd. reported revenue of ₹925 cr for January to March 2026, −3.9% on the year and −19.7% on the quarter. Over the last four quarters revenue comes to ₹3,780 cr, −0.8% on the four before.
Operating profit (EBITDA) was ₹186 cr, a margin of 20.1%, −263 bps on the year and −1,323 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 20.1% to 33.3%). Operating costs grew −0.7%, faster than revenue at −3.9%, so operating profit grew less than sales.
Net profit was ₹143 cr, −11.7% on the year and −55.2% on the quarter, with earnings per share of ₹3.28. Profit before other income, one-offs and tax fell 18.5%, so 7 points of the headline growth came from outside the core business. The tax rate of 13% is in line with its recent average. Profit over the last four quarters totals ₹774 cr, −3.6% on the four before.
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.
On earnings per share of ₹17.76 over the last four quarters, the stock at ₹375.50 trades at 21.1 times trailing earnings.
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.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
EBITDA margin 20.1%, −263 bps on the year (−1,323 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, 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).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
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.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹996 cr | ₹891 cr | ₹906 cr | ₹891 cr | ₹1,049 cr | ₹963 cr | ₹904 cr | ₹799 cr | ₹1,152 cr | ₹925 cr | ₹1,039 cr | ₹1,088 cr |
| YoY | — | — | +10% | +3% | +5% | +8% | −0% | −10% | +10% | −4% | +15% | +36% |
| EBITDA margin | 31.5% | 23.5% | 23.6% | 27.6% | 31.8% | 22.7% | 23.5% | 28.4% | 33.3% | 20.1% | 21.8% | 20.4% |
| Other income, % of PBT | 4% | 7% | 6% | 10% | 5% | 11% | 12% | 14% | 3% | 14% | 10% | 12% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 6% | 13% | 16% | 4% | 7% | 16% | 12% | 1% | 7% | 13% | 29% | 25% |
| Net profit | ₹261 cr | ₹147 cr | ₹151 cr | ₹211 cr | ₹279 cr | ₹162 cr | ₹164 cr | ₹148 cr | ₹319 cr | ₹143 cr | ₹139 cr | ₹146 cr |
| YoY | — | — | +10% | +17% | +7% | +10% | +9% | −30% | +14% | −12% | −15% | −2% |
| Core profit YoY | — | — | +18% | +7% | +8% | +9% | −2% | −35% | +17% | −18% | +7% | +32% |
| EPS | ₹5.92 | ₹3.41 | ₹3.50 | ₹4.87 | ₹6.39 | ₹3.72 | ₹3.76 | ₹3.40 | ₹7.32 | ₹3.28 | ₹3.15 | ₹3.30 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 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 ₹925 cr (−3.9% on the year) and net profit of ₹143 cr (−11.7% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved −18.5% on the year, against −11.7% for reported profit.
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