KIRA Research · Consumer / FMCG · Personal Care & Ayurvedic FMCG

Emami Limited

NSE: EMAMILTD · BSE: 531162 · ISIN INE548C01032 · Data as of 2026-09-26

Research: READYConfidence: HIGHKIRA Score: Not yet scoredMidFigures: INR crore; basis shown per row

KIRA view

Mature FMCG with flat FY26 topline; governance thread (pledge history) verified and documented. Major strength: brand portfolio + cash generation. Major risk: domestic growth stagnation. ANALYSIS

Pillar 1 — Business Quality & Moat

Business overview, segments, revenue drivers, competitive position and industry standing.

Revenue drivers

Domestic personal care volumes ANALYSIS
International ANALYSIS
Inorganic additions ANALYSIS

Competitive position — peers

Dabur ANALYSIS
Marico ANALYSIS
Bajaj Consumer Care ANALYSIS

Pillar 2 — Growth Quality

Revenue/AUM and profit growth, multi-year CAGR, growth consistency, growth drivers and relevant recent developments.

Metric	Period	Value	Basis	Provenance	Source
Revenue	FY26	₹3,779.51 cr	Consol.	SOURCED	S10
Revenue growth (YoY)	FY26	-0.78%	Consol.	SOURCED	S10
Net profit (PAT)	FY26	₹775.27 cr	Consol.	SOURCED	S10
Net profit (PAT)	FY25	₹806.46 cr	Consol.	SOURCED	S10
Revenue	FY25	₹3,809.19 cr	Consol.	SOURCED	S10
Profit for the year (incl. NCI)	FY26	₹775.26 cr	Consol.	SOURCED	S10
exceptional items	FY26	₹-10.15 cr	Consol.	SOURCED	S10

Notes

FY26 exceptional item: ₹10.15 crore employee-benefit charge from the New Labour Codes (S10). Auditors issued unmodified opinions on standalone and consolidated results. SOURCED S10

Growth drivers

Acquisition integration (Axiom, IncNut 60%) ANALYSIS
International growth ANALYSIS
Ayurvedic premiumisation ANALYSIS

Recent developments

17 Sep 2026 — board approved an open-market buyback of up to ₹282 crore at a maximum ₹475/share (up to 59,36,842 shares, 1.36% of capital). Promoter holding 54.84% pre-buyback; 55.60% post-buyback only assuming the maximum is bought (S12). In progress, not completed. SOURCED S12
Axiom Ayurveda (Alofrut): board approved acquiring the balance ~73.5% for up to ₹200 crore, making it a wholly-owned subsidiary (31-Mar-2026, S13). IncNut Digital (Vedix, SkinKraft): 60% fully-diluted stake for up to ₹321 crore (7-May-2026, S14); holding reached 60.00% on 11-Jun-2026 (S15). SOURCED S13, S14, S15

Pillar 3 — Profitability & Return Ratios

Margins, ROE, ROCE, and ROA/NIM for financial companies.

NOT VERIFIED — no verified data for this pillar yet.

Pillar 4 — Balance Sheet Strength

Debt, leverage, liquidity, capital adequacy and asset quality where applicable.

Notes

note: Detail pending ANALYSIS

Pillar 5 — Cash Flow & Earnings Quality

CFO, FCF, CFO/PAT, working capital and, for lenders, credit-cost quality.

Notes

note: Detail pending ANALYSIS

Pillar 6 — Governance & Shareholding

Promoter holding and pledge, FII/DII/public holding, auditor, board, regulatory actions and material litigation.

Shareholding

Metric	Period	Value	Basis	Provenance	Source
Promoter holding	2026-09-17	54.84%	—	SOURCED	S12

Governance, regulatory & litigation

FY26 audited results carry an unmodified audit opinion (S10). Promoter-pledge history was not re-verified against primary filings in this pass. SOURCED S10

Pillar 7 — Valuation Comfort

P/E, P/B, EV/EBITDA, dividend yield, historical and peer context — descriptive only; no price target.

NOT VERIFIED — no verified data for this pillar yet.

Pillar 8 — Technical Confirmation

Informational only: long-term trend context when properly sourced. No entry levels, targets, stop-losses or calls.

No sourced technical data. This pillar is informational only and never carries entry levels, targets, stop-losses or buy/sell/hold calls.

Material risks

Domestic volume softness (-0.8% FY26 revenue) ANALYSIS
Pledge history optics ANALYSIS
Integration risk ANALYSIS

Key questions to monitor

None recorded yet.

Sources

ID	Document	Publisher	Type	Date	Authority
S10	Outcome of Board Meeting 21-May-2026 — audited standalone and consolidated results for quarter/year ended 31-Mar-2026	Emami Limited	stock exchange filing — audited results	2026-05-21	PRIMARY
S11	EQUITY_L.csv — securities available for equity segment (row EMAMILTD, INE548C01032)	National Stock Exchange of India	exchange master list	2026-09-28	PRIMARY
S12	Outcome of Board Meeting 17-Sep-2026 — buyback approval	Emami Limited	stock exchange filing — board outcome (buyback)	2026-09-17	PRIMARY
S13	Intimation of further acquisition — Axiom Ayurveda Pvt. Ltd.	Emami Limited	stock exchange filing (Reg. 30)	2026-03-31	PRIMARY
S14	Intimation of acquisition — IncNut Digital Private Limited	Emami Limited	stock exchange filing (Reg. 30)	2026-05-07	PRIMARY
S15	Update on acquisition — IncNut Digital Private Limited (stake 59.69% → 60.00% on 11-Jun-2026)	Emami Limited	stock exchange filing (Reg. 30)	2026-06-12	PRIMARY

Research status

Status: READY
Confidence: HIGH
Data as of: 2026-09-26
KIRA Score: Not yet scored — no verified KIRA Score registry match
Method: Primary filings first; aggregators for cross-check only. SOURCED = from a cited document; ANALYSIS = KIRA interpretation; UNVERIFIED = not yet checked against a primary source.
Withheld: 7 item(s) not yet verified are not shown.