India · Delayed Price · Currency is INR Emami Earnings Call Transcripts
Fiscal Year 2026
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Q4 FY2026 saw revenue decline 4% year-over-year due to weak summer sales, but core domestic business excluding summer grew 11%. Gross margins expanded, and strategic investments and new channels delivered strong growth. Entering FY2027, management expects sustained growth and improved profitability.
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Q3 FY26 saw 11% sales growth and 15% PAT growth, with strong performance across major brands and digital channels. Gross margin and EBITDA margin improved, and rural demand showed double-digit growth. GST cuts and supply chain initiatives are expected to drive further gains.
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Q2 FY26 saw a 10% revenue decline due to GST-driven trade disruptions and weak summer sales, but non-GST portfolios and international business grew. Management expects a strong H2 rebound, with winter loading recovered and GST benefits supporting future growth.
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Revenue was flat due to weak summer demand, but core domestic business grew 6% excluding talc. Gross margin rose to 69.4%, with PAT up 9% and pain management, BoroPlus, and digital channels driving growth. Margin outlook remains positive.
Fiscal Year 2025
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Q4 and FY25 saw robust domestic and international growth, with strong brand performance and margin expansion. Strategic investments and new launches are set to drive double-digit growth in FY26, despite some weather-related challenges in summer categories.
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Core domestic business grew 8.6% in Q3 FY25, led by strong BoroPlus and healthcare performance, while gross margins and profits improved. Urban demand remained weak, but rural and organized channels drove growth. Management expects continued momentum and robust FY25 results.
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Q2 FY25 saw 3% revenue growth and strong margin expansion despite inflation and geopolitical headwinds. Key brands like Navratna and Dermicool posted double-digit growth, while digital and male grooming segments faced challenges. Management remains optimistic for H2, targeting high single-digit revenue and double-digit EBITDA growth.
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Q1 FY25 saw 10% revenue growth, strong summer portfolio performance, and improved margins, with rural demand recovering and digital/premium brands gaining traction. Strategic initiatives are underway to revive underperforming segments, and management remains optimistic for continued growth.