What was Emami's revenue in Q2 FY26?

Emami reported revenue of ₹799 Cr in Q2 FY26, a -10% change year-over-year.

Did Emami management deliver on previous promises?

Scorecard data is being built as historical quarters are processed.

Emami Q2 FY26 Research Workspace: Revenue ₹799 Cr (-10%)

Q: What guidance did Emami management give?

H2 FY26 high single-digit to double-digit revenue growth: Management expects Q3 revenue growth of high single-digit to double-digit, driven by winter loading recovery and GST normalization.

2-Minute Summary

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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.

एमामी की दूसरी तिमाही में कुल आय 10% घटकर 799 करोड़ रुपये रह गई। घरेलू कारोबार में 15% गिरावट आई, जिसकी वजहें हैं - जीएसटी दरों में कटौती से बाजार में उथल-पुथल, भारी बारिश से गर्मियों के उत्पादों की बिक्री कम होना, और सर्दियों के सामान की खरीदारी में देरी। कंपनी की कमाई (EBITDA) 29% घटकर 179 करोड़ और शुद्ध मुनाफा (PAT) 30% गिरकर 148 करोड़ रुपये रहा। हालांकि, कच्चे माल की लागत पर नियंत्रण रहा। कंपनी का कहना है कि यह गिरावट अस्थायी है, क्योंकि दुकानदारों ने पुराना स्टॉक खत्म करने के लिए नया माल नहीं मंगवाया। अच्छी बात यह है कि जिन उत्पादों पर जीएसटी का असर नहीं पड़ा, जैसे जंदू कफ सिरप (43% बढ़ा) और शहद (36% बढ़ा), उनकी बिक्री जोरदार रही। अक्टूबर में कारोबार में सुधार दिखा। कंपनी को उम्मीद है कि सर्दियों के मौसम और जीएसटी सामान्य होने से दूसरी छमाही में 8-10% या उससे ज्यादा की बढ़त मिलेगी। जोखिम: सर्दियों की देर से शुरुआत और कीमतों में कटौती के बाद भी ग्राहकों की खरीद

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Risk Intelligence

Delayed or weak winter season

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Quarter Snapshot

Domestic business volume decline -16%

-16pp YoY

Domestic volume declined ~16% in Q2 due to GST disruption and summer portfolio weakness.

International business growth 8%

+8% YoY

International business grew 8% YoY, with SAARC markets up 22% despite macro headwinds.

Strategic investments growth 16%

+16% YoY

Strategic investments (Bellair, DMC) rebounded 16% YoY and 36% sequentially, driven by new communication and channel gains.

GST portfolio coverage at 5% 93%

+88pp YoY

Post GST rate cut, 93% of domestic portfolio now at 5% GST, up from ~5% earlier, enhancing affordability.

Fast read

Guidance and risk preview

Top guidance H2 FY26 high single-digit to double-digit revenue growth

Management expects Q3 revenue growth of high single-digit to double-digit, driven by winter loading recovery and GST normalization.

Top risk 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.