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Revenue
₹799 Cr
verified against source
Revenue YoY
-10%
reported change
EBITDA
₹179 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Emami's Q2 FY26 consolidated revenue fell 10% YoY to ₹799 crore, with domestic business declining 15% due to GST rate cut disruptions, heavy rains impacting summer portfolio, and deferred winter loading. EBITDA dropped 29% to ₹179 crore and PAT fell 30% to ₹148 crore, though gross margins held at 71%. Management attributed the weakness to temporary trade destocking and a high base for talc/prickly heat powders. Encouragingly, non-GST impacted categories like Jandu Cough Syrup (+43%) and Honey (+36%) grew strongly, and strategic investments rebounded 16% YoY. October saw a healthy recovery in trade, and management expects high single-digit to double-digit growth in H2, driven by winter seasonality and GST normalization. Key risks include delayed winter onset and slower-than-expected volume elasticity from price cuts.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects Q3 revenue growth of high single-digit to double-digit, driven by winter loading recovery and GST normalization.
- Management guided for margin expansion in Q3, with EBITDA and PAT margins improving from Q2 levels due to operating leverage.
- Strategic investments portfolio expected to grow at a higher rate in H2 than H1, with strong double-digit growth.
- Management expects FY27 to benefit from lower summer base and full-year GST tailwinds, leading to stronger growth.
Risks flagged
- Winter loading recovery is critical for H2 growth; any delay or weakness in winter could impact Q3 and Q4 sales.
- Management acknowledged uncertainty about consumer response to lower MRPs; if volumes don't pick up, growth may disappoint.
- Kesh King faces significant competition from science-backed D2C brands; the relaunch may not regain lost market share quickly.
- International business growth was flattish in GCC/MENA due to issues in Egypt and Bahrain; further disruptions could weigh on overall growth.
Key quotes
- This quarter we have seen a transformational policy development by the government of India to reduce GST rates across key FMCG categories.
- We are very confident that it will be recovered in Q3. We have seen a bit of recovery in October itself.
- Kesh King faced significantly challenge from the D2C brands particularly for hairfall categories. Most of the D2C brands are science-backed. So that is the need of the young consumers.
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