Delayed or weak winter season
Winter loading recovery is critical for H2 growth; any delay or weakness in winter could impact Q3 and Q4 sales.
EMAMILTD / Q2-FY26 / risks
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Emami · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Material risks this quarter
high
Volume elasticity from GST price cuts may not materialize
Management acknowledged uncertainty about consumer response to lower MRPs; if volumes don't pick up, growth may disappoint.
Competitive pressure from D2C brands in hair care
Kesh King faces significant competition from science-backed D2C brands; the relaunch may not regain lost market share quickly.
Geopolitical risks in international markets
International business growth was flattish in GCC/MENA due to issues in Egypt and Bahrain; further disruptions could weigh on overall growth.