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Emami Limited — Q3 FY26
Emami delivered a strong Q3 FY26 with consolidated revenue of ₹1,152 crore (+11% YoY) and EBITDA of ₹384 crore (+13% YoY), with margins expanding 110 bps to 33.4%.
bullish
high
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Emami delivered a strong Q3 FY26 with consolidated revenue of ₹1,152 crore (+11% YoY) and EBITDA of ₹384 crore (+13% YoY), with margins expanding 110 bps to 33.4%. Domestic volume growth was robust at 9%, led by Boro Plus (+16%) and Kesh King (+10%). The GST transition to a 5% slab for 88% of the portfolio is driving rural recovery, with management targeting double-digit growth. Quick commerce doubled its e-com contribution to 20%, and organized channels now account for 32% of sales. The tax rate is set to decline to ~25% from FY27. However, a weak summer season last year and cautious trade inventory ahead of summer remain near-term risks.
एमामी ने वित्त वर्ष 2026 की तीसरी तिमाही में शानदार प्रदर्शन किया। कंपनी की कुल कमाई ₹1,152 करोड़ रही, जो पिछले साल से 11% ज्यादा है। मुनाफा (EBITDA) ₹384 करोड़ रहा, जो 13% बढ़ा। मुनाफे की दर 33.4% हो गई, जो पहले से बेहतर है। घरेलू बिक्री में 9% की मजबूत बढ़ोतरी हुई, खासकर बोरो प्लस (+16%) और केश किंग (+10%) की वजह से। सरकार ने 88% उत्पादों पर जीएसटी 5% कर दिया, जिससे गांवों में बिक्री बढ़ रही है। कंपनी दोहरे अंकों की वृद्धि चाहती है। क्विक कॉमर्स से ऑनलाइन बिक्री दोगुनी होकर 20% हो गई। संगठित दुकानों से अब 32% बिक्री होती है। अगले वित्त वर्ष से टैक्स दर घटकर 25% हो जाएगी। लेकिन पिछली गर्मी कमजोर थी और दुकानदार गर्मी से पहले सावधान हैं, ये जोखिम हैं।
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Erratic summer season could impact sales
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Read Transcript →Quarter Snapshot
Domestic Volume Growth
9%
+9% YoY
Domestic business grew 11% with volume growth of 9% in Q3 FY26.
Quick Commerce Contribution to E-com
20%
+100% YoY
Quick commerce doubled its sales and now contributes 20% to e-commerce business.
Organized Channel Contribution
32%
+280 bps YoY
Organized channels (MT, e-com) contributed 32% YTD, up 280 bps YoY.
Digital Brands Growth (The Man Company & Brillare)
31%
+31% YoY
Strategic subsidiaries (The Man Company & Brillare) delivered robust 31% growth.
What Changed vs Last Quarter
NEW
Tax rate reduction to ~25% from FY27
Due to union budget amendments, standalone tax rate will reduce to ~25% from 35% for FY27 onwards.
NEW
Focus on small SKUs for rural growth
Next year's focus is on shampoo sachets and other small SKUs to drive rural revival and target 8-9% growth.
UPDATED
Target double-digit revenue growth
Management expects to achieve double-digit revenue growth going forward, driven by rural recovery and GST benefits.
DROPPED
Q3 EBITDA and PAT margin expansion
Management guided for margin expansion in Q3, with EBITDA and PAT margins improving from Q2 levels due to operating leverage.
DROPPED
Strategic investments to grow strong double-digit in H2
Strategic investments portfolio expected to grow at a higher rate in H2 than H1, with strong double-digit growth.
DROPPED
FY27 revenue growth expected to be significantly better than FY26
Management expects FY27 to benefit from lower summer base and full-year GST tailwinds, leading to stronger growth.
NEW RISK
Erratic summer season could impact sales
Last year's poor summer and extended winter may lead to cautious trade stocking, affecting summer portfolio sales.
NEW RISK
Male grooming segment growth remains subdued
Smart & Handsome range grew only 4% despite revamps; management admitted lack of clear strategy to revive double-digit growth.
NEW RISK
Bangladesh political uncertainty
Elections and Ramadan holidays in Bangladesh could disrupt sales, though demand remains robust.
NEW RISK
Iraq and North Africa markets underperform
International growth of 9% was dragged down by declines in Iraq and lukewarm response in North Africa.
RISK GONE
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.
RISK GONE
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.
RISK GONE
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.
RISK GONE
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.
Fast read
Guidance and risk preview
Management expects to achieve double-digit revenue growth going forward, driven by rural recovery and GST benefits.
Last year's poor summer and extended winter may lead to cautious trade stocking, affecting summer portfolio sales.
View Risks →