Emami Ltd - Stock Valuation and Financial Performance

BSE: 531162 | NSE: EMAMILTD | Household & Personal Products | Small Cap

Emami Share Price

524.50 -15.00 -2.78%
as on 14-Feb'25 16:59

DeciZen - make an informed investing decision on Emami

Overall Rating
Bole Toh

1. Quality

2. Valuation

Somewhat Undervalued

3. Price Trend

Emami stock performance -

mw4me loader
P/E Ratio (CD):
28.86
Market Cap:
22,894.4 Cr.
52-wk low:
417.6
52-wk high:
859.2

Is Emami Ltd an attractive stock to invest in?

1. Is Emami Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Emami Ltd is a good quality company.

2. Is Emami Ltd undervalued or overvalued?

The key valuation ratios of Emami Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.

3. Is Emami Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Emami Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Emami:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Emami Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % 53.4%26.9%21.4%18.7%18.8%18.7%29.9%33%28.7%32.8%-
Value Creation
Index
3.01.40.90.70.40.41.71.91.11.4-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 2,2172,3582,4882,5312,6952,6552,8813,1873,4063,5783,737
Sales YoY Gr.-6.4%5.5%1.7%6.5%-1.5%8.5%10.7%6.9%5.1%-
Adj EPS 128.78.37.96.86.810.31914.416.618.2
YoY Gr.--27.1%-5.2%-4.5%-13.5%-0.3%50.4%85.6%-24.5%15.7%-
BVPS (₹) 27.135.538.744.445.740.239.747.152.256.166.7
Adj Net
Profit
544396376359310309456840634726793
Cash Flow from Ops. 534562730588554531922644749779-
Debt/CF from Ops. 0.11.20.70.60.20.40.10.40.10.1-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 5.5%5.8%7.5%5.1%
Adj EPS 3.7%19.4%17.5%15.7%
BVPS8.4%4.2%12.2%7.4%
Share Price 0.2% 13.8% 1.7% 14%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity %
50.327.922.319.115.215.925.443.82930.629.6
Op. Profit
Mgn %
24.429.230.528.527.126.230.729.925.326.627.2
Net Profit
Mgn %
24.516.815.114.211.511.615.826.318.320.321.2
Debt to
Equity
00.40.30.20.10.10.10.100-
Working Cap
Days
546465718711310810210810781
Cash Conv.
Cycle
-2-5-168151413182039

Recent Performance Summary

Net Profit is growing at healthy rate in last 3 years 17.47%

Return on Equity has declined versus last 3 years average to 29.60%

Sales growth has been subdued in last 3 years 7.50%

Sales growth is not so good in last 4 quarters at 6.17%

Latest Financials - Emami Ltd.

Standalone Consolidated
TTM EPS (₹) 18.8 18.2
TTM Sales (₹ Cr.) 3,052 3,737
BVPS (₹.) 69.9 66.7
Reserves (₹ Cr.) 3,009 2,869
P/BV 7.50 7.86
PE 27.88 28.86
From the Market
52 Week Low / High (₹) 417.55 / 859.20
All Time Low / High (₹) 2.34 / 859.20
Market Cap (₹ Cr.) 22,894
Equity (₹ Cr.) 43.7
Face Value (₹) 1
Industry PE 56.6

Management X-Ray of Emami:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *33.3736.5240.1233.2917.7013.3313.0911.238.159.16
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Emami Ltd: Q2FY24 result update - 17 Nov 2023

Particulars

Q2FY24

(Rs. Cr)

YoY Trend

Comments

Revenue

865

+6%

Led by 2% volume growth
EBITDA

233

+21%

 
EBITDA Margin

27%

+300 bps

Margins improved due to reductions in other expenses, employee costs, and advertisement spending.
PAT

180

0%

 

At par result.

Emami Ltd: Q1FY24 Result Update - 12 Aug 2023

Particulars

Q1FY24

YoY Trend

Comments

Revenue

826

+7%

Driven by non-summer portfolio, summer portfolio declined due to unseasonal rainfall

EBITDA

190

+12%

 

EBITDA Margin

23%

+100 bps

 

PAT

137

+88%

 

Good result on all parameters, double-digit growth in pain management and healthcare range which is encouraging.

 

Emami: Q2FY23 Result Update - 15 Nov 2022

Market Cap: Rs. 19,569 cr

CMP Rs. 444 | PE 24x TTM  

Results

INR Cr.

Y-o-Y Growth

Comments

Revenue

814

3.4%

Domestic revenue grew 1.2% (with a volume de-growth of 1.2%) and international business grew 17%

Gross Profit

542

0%

Gross margin came in at 66.7% (-230bps YoY) due to inflationary pressure as well as favourable portfolio mix last year (higher sales of pain management range)

EBITDA

195

-29.5%

EBITDA margin came in at 24% (-1121bps YoY) due to new subsidiary costs, marketing investments and distribution expansion

 

Click here for 10 year X-ray

 

Key Highlights:

  • BoroPlus range grew by 10% YoY; male grooming range grew by 2%; Navratna and Kesh King range declined by 5% and 10%, respectively. Pain management and healthcare range witnessed correction of 13% and 16%, respectively.
  • Newer channels like modern trade grew by 28% (8.7% of total revenue) and e-commerce grew by 56% (7.8% of total revenue). Both these channels account for 16.5% of revenue (up from 11.3% in Q2FY22).
  • Company continued to invest aggressively in advertising, with spends increasing by 400bps in this quarter.

Management Outlook:

  • BoroPlus range is expected to grow in double digits this year.
  • Management sees input cost pressure easing substantially, resulting in no margin pressure in Q3FY23.
  • EBITDA margin guidance for the core business (i.e. ex-Helios) given as ~27% for FY23.
  • The company is committed to invest in its brands and distribution channels.  Thus ad spends  are expected to be ~16.5% of revenue.
  • Management aims to reach 50,000 villages by end of FY23, up from 32,000 2 years back.
  • Effective Tax Rate to be ~10% in FY23 and FY24 due to utilisation of MAT credit.

 

Emami Ltd: Valuation revised - 11 Mar 2020

Revised estimate of Emami are lowered based on its growth rate and potential fall in P/E ratio based on discounted cash flows from lower growth rate. We are seeing tepid growth across all FMCG companies barring Nestle and ITC which have better FMCG volume growth due to new launches.

Our new valuation factors 12% CAGR sales and profit growth over next 5 years and P/E of 18-20x as it's high ROE business with limited capex needs. New MRP at Rs. 283/share and DP at Rs. 205/share.

Emami: Avoid; Promoter group makes us cautious - 24 Jun 2019

Why we like Emami Ltd?

Emami Ltd, the group’s flagship company, is a rural FMCG player with many niche products under its umbrella. Navratna, Kesh King, Zandu, Boroplus, Fair and Handsome are few of its large brands.

Emami has grown through acquisitions of niche products like Zandu, Kesh King, etc. Emami has put lot of faith in advertising & marketing which helped it create/expand many categories and brands in its target market. It has signed up many celebrities that attract rural population. The company spends in excess of 15% of sales in advertising. Most of the ads are via TV primarily on regional channels and during daily sops.

Emami has had volatile growth rate due to it’s over dependence on wholesale market as it caters largely to rural markets. It is now working on distribution channel and wholesale sales have become only 38% of overall sales from ~55% few years back. Besides, demonetization and GST roll-out affected company’s growth rate in recent years. Poor monsoon and overall economy slowdown may affect its sales growth in next 2-4 quarters.

We like Emami as its target market, rural economy, has various tailwinds due to various govt reforms, control on inflation and rise in disposable income. We believed that even an average management can scale up if there is enough tailwind and business size has achieved a critical mass. We had said in our previous note that Emami may get mispriced as it opted for amortizing goodwill from Kesh King’s acquisition thereby depressing its near term profit. Currently, Emami trades at 19-22x P/E ratio on normalized profit.

Promoter background & activities

Currently, the promoters are focused on expanding other businesses for example, Emami Agrotech, now Rs. ~10,000 Cr in sales. Promoter groups –two friends, R S Goenka and R S Agarwal – are based in Kolkata. The company is run by promoter and their families. They have other interests too like i) Edible oil, ii) Cement, iii) Hospitals, iv) Infra, v) Paper, vi) Arts, vii) Real Estate & viiI) Pharmacy. Many of these entities are leveraged (Real Estate, Paper, Cement, Edible Oil) as most of these businesses require high amount of capital expenditure.

Most of these businesses are quite commoditized and it’s difficult to understand why a promoter of highly profitable FMCG business (25x P/E business) would invest into commodity businesses (10x P/E business) in personal capacity. Same applies to Cement and Paper business. The issue is not their choice of diversification, but why pledge crown jewel FMCG business to scale up the same (~50% pledged from 30% in Jun’17). We believe that the promoter group has shown lack of focus, eroded personal wealth and shown poor capital allocation. We can’t trust whether our investment in the company will be allocated sensibly.

Why are we avoiding Emami now?

The promoters are involved in running day to day operations at Emami Ltd. But with multiple interests outside the company (privately held), we have concerns whether they will be able to give enough attention that Emami deserves. This also makes us question whether recent poor performance of the company is due to lack of focus or economic events that management highlighted in their communication. Had it been a professional management, we would have given benefit of doubt and considered investing in Emami. For now, we recommend AVOID.

We recommend adding ITC Ltd which provides much better risk-reward ratio in FMCG space.

P.S. We may look at Emami if at all it becomes very cheap on valuation and at the same time we see improved focus of management (either new management outside company or hiring consultants for scaling up FMCG business)

Emami More chances for mispricing; Keeping an eye - 04 Aug 2018

Emami reported below average volume growth vs the industry due to difficulty in scaling up in certain products. Last year base was low due to GST destocking and 16% volume pick up on that low base was not good enough as stock price already factors in more than 20% CAGR over next 5 years.

In case of Emami, though the headline P/E ratio looks quite at 83.86x TTM earnings, we believe it is not as expensive as it appears.

Often when company acquires another company, it pays a premium to book value of that company. Now since accounting requires some entry to balance the balance sheet, it is reported as Goodwill. However, this goodwill is nothing but a cost already paid by the company. This Goodwill goes on getting amortized through P&L statement just like depreciation. While Depreciation is a real cost which is required for maintenance as assets wear and tear, amortization is not a cost per se. As an investor, we shouldn’t consider Goodwill amortization as a cost but value a company based on actual cash flows to us shareholders. This can be done by adding by Amortization to profit after tax.

Warren Buffett has written more about this here.

In case of Emami, Amortization is around Rs 250 Cr per year. This Goodwill came into balance sheet on account of acquiring Kesh King in 2015. This Amortization cost makes Profit After Tax depressed. Since most stocks in FMCG are valued on P/E basis, P/E appears quite high vs actual number.

Based on our calculation, Emami’s current earnings power is around Rs 600-650 Cr per year. At Market cap of Rs 25,750 Cr, it is trading at just 39.6x-43x TTM earnings. This is definitely not cheap but yet less expensive than it appears based on headline numbers.

Since the results were bad, we may see some mispricing as most people will sell the stock thinking of it as overvalued.

We always see some irrationality when reported numbers are depressed for short term, stock gets valued at depressed profits rather than normalized profits. We have taken advantage of such opportunities in past.

You will see that Sun Pharma, Wipro and Lupin have such amortization costs which are not real cash outflow but just an accounting entry. All the above stocks look high P/E but actually they are cheap on more normalized P/E.

Also companies like Bharti Airtel, Dish TV may appear loss making but they have very high depreciation which is not a cost but a chance to save taxes in accelerated manner. If tax authority permits, charging high depreciation saves tax as reported profit is low but doesn’t necessarily mean that such high maintenance cost is required for keeping assets operational.

You may read about this trick by reading story of John Malone in his biography Cable Cowboy.

We await such mispricing which will be recognised by the market eventually when such accounting adjustments go away.

Key Ratios of Emami

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales2,2172,3582,4882,5312,6952,6552,8813,1873,4063,578
Operating Expenses 1,7681,7361,7871,8881,9671,9641,9972,2352,5432,629
Manufacturing Costs33374751606158657476
Material Costs7808127918109238769291,0731,2011,161
Employee Cost 167208234255280300309318368396
Other Costs 788679715772704728701779900997
Operating Profit 449623701643727691883952863950
Operating Profit Margin (%) 20.3%26.4%28.2%25.4%27.0%26.0%30.7%29.9%25.3%26.5%
Other Income 1821098996355770956947
Interest 55458342121135710
Depreciation 34255309311325336367335247186
Exceptional Items 0000-10-110-50-6
Profit Before Tax 592423424393403374569688670791
Tax 10760848610171114-1494267
Profit After Tax 485363340306303302455837627724
PAT Margin (%) 21.9%15.4%13.7%12.1%11.2%11.4%15.8%26.3%18.4%20.2%
Adjusted EPS (₹)10.78.07.56.86.76.710.219.014.516.6
Dividend Payout Ratio (%)33%44%47%52%60%60%78%42%55%48%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 1,2311,6121,7552,0142,0761,8241,7632,0772,3032,447
Share Capital 23232323454544444444
Reserves 1,2081,5891,7321,9912,0311,7781,7182,0322,2592,403
Minority Interest5411-0-1-1-21011
Debt19671173326110210922647466
Long Term Debt230000000000
Short Term Debt18371173326110210922647466
Trade Payables193249185242291324351409407455
Others Liabilities 22815648921634132131527-47-136
Total Liabilities 1,6762,6922,6032,7982,8192,6782,5202,7742,7462,842

Fixed Assets

Gross Block6412,3552,4992,6192,8152,9302,9643,4953,6273,665
Accumulated Depreciation1884375608731,1901,5251,8852,2052,4352,604
Net Fixed Assets4531,9181,9401,7461,6251,4051,0791,2901,1921,062
CWIP 296722303686368
Investments 50147128314187156255303293442
Inventories127151179194222245300358328323
Trade Receivables10213197156216308232321415494
Cash Equivalents 3541085080203119360116185201
Others Assets111270188278328438287384327312
Total Assets 1,6762,6922,6032,7982,8192,6782,5202,7742,7462,842

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity 534562730588554531922644749779
PBT 592423424393403374569688670791
Adjustment -36291354337317313330268208168
Changes in Working Capital 74-5623-61-74-80109-169-11-34
Tax Paid -96-96-71-81-93-76-86-143-117-146
Cash Flow From Investing Activity -234-1,306-297-279-23-228-227-235-113-205
Capex -108-1,814-281-123-133-148-32-480-30-29
Net Investments -284426-90-24092-30-287223-92-175
Others 15882748417-5092239-2
Cash Flow From Financing Activity -215502-496-324-428-405-688-402-608-563
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 0000000000
Interest Paid -5-52-58-34-21-21-13-4-6-10
Dividend Paid -181-68-199-119-159-363-356-356-353-349
Others -29622-239-170-247-21-319-42-249-204
Net Cash Flow 85-243-64-15103-102672811
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)44.8925.5520.216.2614.7915.525.3643.5828.6530.49
ROCE (%)53.4426.8721.3618.6918.7718.729.9433.0428.732.76
Asset Turnover Ratio1.521.10.950.940.960.971.111.21.231.28
PAT to CFO Conversion(x)1.11.552.151.921.831.762.030.771.191.08
Working Capital Days
Receivable Days15181618253634323946
Inventory Days22212427283235383733
Payable Days799910096105128133129124136

Emami Ltd Stock News

Emami Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Emami on 14-Feb-2025 16:59 is ₹524.5.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 14-Feb-2025 16:59 the market cap of Emami stood at ₹22,894.4.
The latest P/E ratio of Emami as of 14-Feb-2025 16:59 is 27.88.
The latest P/B ratio of Emami as of 14-Feb-2025 16:59 is 7.50.
The 52-week high of Emami is ₹859.2 and the 52-week low is ₹417.6.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Emami is ₹3,052 ( Cr.) .

About Emami Ltd

Emami Limited is one of the leading and fastest growing personal and healthcare businesses in India, with an enviable portfolio of household brand names such as BoroPlus, Navratna, Fair and Handsome, Zandu Balm, Mentho Plus Balm, Fast Relief and Kesh King. The Company is a public limited company domiciled in India and is primarily listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

Business area of the company

The Company is one of India’s leading FMCG Companies engaged in manufacturing & marketing of personal care & healthcare products with an enviable portfolio of household brand names such as Boro Plus, Navratna, Fair and Handsome, Zandu Balm, Kesh King, Zandu Pancharishta, Mentho Plus Balm and others.

Products

BoroPlus

  • Ayurvedic Antiseptic Cream
  • Prickly Heat Powder
  • Doodh Kesar Body Lotion
  • Aloe Vera Gel
  • Hygiene Range

Navratna:

  • Cool Oil
  • Extra Thanda
  • Extra Thanda Hairfall Rodhak
  • Garam Ayurvedic Oil
  • Maxx Cool Talc
  • Cool

Zandu

  • Balm
  • Balm Ultra Power

Fair and Handsome

  • Fairness Cream For Men
  • Instant Fairness Face Wash
  • Complete Winter Solution
  • Laser 12

Mentho plus

  • Balm

Fast Relief

  • Pain Relief Ointment

Vasocare

  • Herbal Petroleum Jelly

Zandu

  • Healthcare OTC, Classical, Ethical
  • Nityam
  • Kesari Jivan
  • Ayurvedic Hand Sanitizer

Emami 7 Oils in One

  • Non Sticky Hair Oil

Kesh King

  • Haircare

Diamond Shine

  • Creme Hair Colour: 1.0 Natural Black; 3.0 Dark Brown; 3.66 Cherry Red; 4.0 Natural Brown and 4.16 Burgundy

HE: Deodorants

  • Passion
  • Power
  • Force
  • Intense
  • Arctic
  • Lagoon
  • Ruler
  • Innovator
  • Respect
  • Achiever
  • Magic Duo Angel & Demon
  • Magic Duo Yin & Yang

Emami Golden Beauty

  • Talc

Emami Naturally Fair

  • Herbal Fairness Cream

Awards

2018-19

  • The Institute of Internal Auditors India - Calcutta Chapter awarded the Company for its ‘Excellence in Internal Audit Function’ (in the large manufacturing sector category).
  • Emami Foundation’s Ayurveda based ‘Sanjeevani’ CSR project was awarded the ‘Kolkata CSR Leadership Awards 2018’ under the category ‘Concern for Health’.
  • Emami ranks at 18 in the list of top 50 advertisers in 2018 of Pitch magazine. (March, 2019)
  • Emami Limited has been declared as the Winner of 'Golden Peacock Innovative Product/Service Award' for the year 2019 (for ‘Kesh King Oil Applicator’)
  • Emami Limited ranked at 425th position in the Fortune India 500 2018 list from its earlier position of 402nd in 2017. In FMCG sectoral list, Emami has been ranked at 20th position out of 23 companies. (December, 2018)

2019-20

  • Awarded ‘Company of the year- FMCG’ by CNBC-Awaaz for the Company’s outstanding performance on parameters such as growth, capital efficiency and profitability over a period of time
  • Emami Group was conferred with ‘Star of the Year’ at the 10th edition of Think CSR 2019 Award organised by Tefla’s.

Milestones

  • 1974: Two childhood friends Mr RS Agarwal and Mr RS Goenka quit their jobs to start their own business, Emami
  • 1978: Acquired Himani Limited and set up factory in Kolkata
  • 1984: Boroplus Antiseptic Cream launched, under Himani umbrella
  • 1989: Navratna Cool Oil launched, under the Himani name
  • 1989: Set up second factory in Pondicherry
  • 1998: Expanded the distribution network of the company to South India
  • 1998: Emami merged with Himani Limited
  • 1999: Launch of Sona Chandi Chyawanprash
  • 2005: Launch of Fair and Handsome, the first fairness cream for men
  • 2005: Public issue of 50 lac shares, listed with NSE
  • 2006: Introduced Health Care Division
  • 2006: Merged JB Marketing
  • 2008: Successful Zandu Pharmaceuticals acquisition at Rs 730 crore
  • 2009: Demerged Zandu fmcg into Emami
  • 2009: Raised Rs 310 crore through QIP
  • 2010: Crossed net sales of Rs 1000 crore
  • 2010: Exceeded market cap of Rs 5000 crore
  • 2010: Split of shares from Rs 2 to Re 1 per share
  • 2011: Conceived setting up of its first overseas manufacturing unit in Bangladesh.
  • 2012: Signed 4 Olympians & 1 cricketer as brand endorsers for a single brand, Fast Relief
  • 2012: Started production at Bangladesh manufacturing unit
  • 2013: Bonus Issue; exceeded market capitalisation of Rs. 10,000 crore
  • 2013: Launched BoroPlus Face wash. Signed in Sonakshi Sinha for the endorsement
  • 2014: Declared Interim Dividend of Rs 3 /share
  • 2014: Entered the male deodorants space with HE , with brand ambassador, Hrithik Roshan
  • 2014: Launched Fair & Handsome- Instant Fairness Face wash
  • 2014: Launched Zandu Balm Ultra Power
  • 2014: Acquired ‘She Comfort’ brand
  • 2015: Acquired ‘Kesh King’ Business at Rs 1684 crore ( Including duties & taxes)
  • 2015: Acquired controlling stake in Fravin Pty Ltd.
  • 2015: Launched Zandu Gel Balm Junior
  • 2015: Exceeded Market Cap. Of Rs 23,000 crore
  • 2015: Launched 100% pure honey with Zero-added sugar.
  • 2016: Emami introduces Boroplus Perfect Touch to appeal to the Generation Next
  • 2016: Kesh King Introduces Sachet Pack For Its Shampoo
  • 2017: Emami Limited inaugurates its 3rd Manufacturing Unit in Assam
  • 2018: Navratna Oil launches its new winter variant: Navratna Garam Ayurvedic Tel
  • 2019: Bollywood Action Star Tiger Shroff adds 3-Ka-PunchTo Emami's HE Magic Duo
  • 2019: Emami ropes in Superstar Katrina Kaif as the new face for Emami 7 Oils in One
  • 2020: Emami Limited launches Boroplus Advanced Anti-Germ Hand Sanitizer
  • 2020: BoroPlus ropes in Juhi Chawla for its Hygiene Range
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