MoneyWorks4Me

Emami Ltd (EMAMILTD)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 531162 NSE: EMAMILTD Household & Personal Products | Small Cap | Emami Share Price

₹403.15 -5.00 (-1.23%)

As on 21-Aug'26 16:59

Emami Ltd (EMAMILTD)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 531162 NSE: EMAMILTD Household & Personal Products | Small Cap | Emami Share Price

₹403.15 -5.00 (-1.23%)

As on 21-Aug'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹17,598 Cr.
Current Price
₹403.2
52-Week Low / High
₹376 / 635
TTM EPS
₹17.1
TTM Sales
₹3,915 Cr.
Book Value per Share
₹70.2
P/E Ratio
23.51
Lower than its 5-year historical median
Industry PE
44.4
Price to Book (P/B)
5.74
Lower than its 5-year historical median
Price to Sales (P/S)
4.50
Lower than its 5-year historical median
EV/EBITDA
16.37
Lower than its 5-year historical median
Dividend Yield
2.48%
Profitability Efficiency
Return on Equity (ROE)
27.60%
Outperforms industry median
Return on Capital Employed (ROCE)
29.54%
Outperforms industry median
Return on Assets (ROA)
24.93%
Operating Profit Margin
25.5%
Net Profit Margin
20.51%
Gross Profit Margin
27.5%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-0.78%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-6%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-3.42%
Asset Quality
Promoter Holding
54.84%
Pledged shares (%) of Promoter's holding (%)
16.23%
Reserves
₹3,021 Cr.
Equity
₹43.7 Cr.
Face Value
₹1
All Time Low / High
₹2.34 / 859.20

Emami stock performance

Key Ratios
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Check Before You Invest

Valuation

Undervalued

Price Trend

Semi Strong
Q.1 Is Emami Ltd a good quality company?
Emami Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Emami Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Emami Ltd vs industry peers?
Emami Ltd revenue CAGR is 5.58%, compared to the industry median CAGR of 2.62%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Emami Ltd?
Promoters hold 54.84% of the Emami Ltd, with 16.23% of their stake pledged, indicating high pledge risk.
Q.1 Stock return of Emami Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of -3.7% based on the current price.

DeciZen - make an informed investing decision on Emami

Decision Maker
Consolidated basis

1. Right Stock

10 Year X-ray Pro
Long Term Prospect

2. Right Price

3. Right Time

#Likely Future 5 Year CAGR.

10 Year X-Ray :

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

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 21.4%18.7%18.8%18.7%29.9%33%28.7%32.8%34.3%29.5%-
Value Creation
Index
0.90.70.40.41.71.91.11.42.11.6-

Growth Parameters

Sales 2,4882,5312,6952,6552,8813,1873,4063,5783,8093,7803,915
Sales YoY Gr.-1.7%6.5%-1.5%8.5%10.7%6.9%5.1%6.5%-0.8%-
Adj EPS 8.37.96.86.810.31914.416.618.517.917.1
YoY Gr.--4.5%-13.5%-0.3%50.4%85.6%-24.5%15.7%11.1%-3%-
BVPS (₹) 38.744.445.740.239.747.152.256.161.76770.2
Adj Net
Profit
376359310309456840634726807782748
Cash Flow from Ops. 730588554531922644749779896801-
Debt/CF from Ops. 0.70.60.20.40.10.40.10.10.10.2-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 4.8%5.6%3.5%-0.8%
Adj EPS 9%11.8%7.6%-3%
BVPS6.3%11.1%8.7%8.5%
Share Price -3.6% -7.2% -9.2% -34.1%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
22.319.115.215.925.443.82930.631.427.825
Op. Profit
Mgn %
30.528.527.126.230.729.925.326.626.925.524.9
Net Profit
Mgn %
15.114.211.511.615.826.318.320.321.120.719.1
Debt to
Equity
0.30.20.10.10.10.10000-
Working Cap
Days
65718711310810210810710310399
Cash Conv.
Cycle
-1681514131820151360

Valuation of Emami - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *13.0911.238.159.1613.3910.509.9811.6016.4316.23
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales2,4882,5312,6952,6552,8813,1873,4063,5783,8093,780
Operating Expenses + 1,7871,8881,9671,9641,9972,2352,5432,6292,7842,816
Manufacturing Costs47516061586574764946
Material Costs7918109238769291,0731,2011,1611,1941,138
Employee Cost 234255280300309318368396447479
Other Costs 7157727047287017799009971,0941,153
Operating Profit 7016437276918839528639501,025964
Operating Profit Margin (%) 28.2%25.4%27.0%26.0%30.7%29.9%25.3%26.5%26.9%25.5%
Other Income + 89963557709569476885
Exceptional Items 00-10-110-50-60-10
Interest 58342121135710911
Depreciation 309311325336367335247186178177
Profit Before Tax 424393403374569688670791894846
Tax 848610171114-14942679171
Profit After Tax 340306303302455837627724803775
PAT Margin (%) 13.7%12.1%11.2%11.4%15.8%26.3%18.4%20.2%21.1%20.5%
Adjusted EPS (₹)7.56.86.76.710.219.014.516.618.517.8
Dividend Payout Ratio (%)46.70%51.70%59.90%59.80%78.20%42.10%55.20%48.30%54.10%56.30%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 1,7552,0142,0761,8241,7632,0772,3032,4472,6952,924
Share Capital 23234545444444444444
Reserves 1,7321,9912,0311,7781,7182,0322,2592,4032,6512,880
Debt +17332611021092264746662122
Long Term Debt0000000000
Short Term Debt17332611021092264746662122
Minority Interest11-0-1-1-21011-1-2
Trade Payables185242291324351409407455436477
Others Liabilities 48921634132131527-47-136-181-312
Total Liabilities 2,6032,7982,8192,6782,5202,7742,7462,8423,0103,210

Fixed Assets

Net Fixed Assets +1,9401,7461,6251,4051,0791,2901,1921,062933846
Gross Block2,4992,6192,8152,9302,9643,4953,6273,6653,6963,768
Accumulated Depreciation5608731,1901,5251,8852,2052,4352,6042,7632,921
CWIP 22303686368151
Investments 128314187156255303293442676834
Inventories179194222245300358328323308400
Trade Receivables97156216308232321415494451343
Cash Equivalents 5080203119360116185201273410
Others Assets 188278328438287384327312353375
Total Assets 2,6032,7982,8192,6782,5202,7742,7462,8423,0103,210
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 730588554531922644749779896801
PBT 424393403374569688670791894846
Adjustment 354337317313330268208168141118
Changes in Working Capital 23-61-74-80109-169-11-34469
Tax Paid -71-81-93-76-86-143-117-146-185-172
Cash Flow From Investing Activity + -297-279-23-228-227-235-113-205-340-181
Capex -281-123-133-148-32-480-30-29-43-30
Net Investments -90-24092-30-287223-92-175-308-141
Others 748417-5092239-211-9
Cash Flow From Financing Activity + -496-324-428-405-688-402-608-563-500-554
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 0000000000
Interest Paid -58-34-21-21-13-4-6-10-9-11
Dividend Paid -199-119-159-363-356-356-353-349-349-524
Others -239-170-247-21-319-42-249-204-141-19
Net Cash Flow -64-15103-1026728115665
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)20.216.2614.7915.525.3643.5828.6530.4931.2327.6
ROCE (%)21.3618.6918.7718.729.9433.0428.732.7634.2829.54
Asset Turnover Ratio0.950.940.960.971.111.21.231.281.31.22
PAT to CFO Conversion(x)2.151.921.831.762.030.771.191.081.121.03
Working Capital Days
Receivable Days16.5018.2025.2036.1034.2031.7039.4046.4045.3038.40
Inventory Days23.8026.8028.2032.1034.5037.7036.7033.2030.3034.20
Payable Days10096.20105.50128.30132.60129.20123.90135.50136146.40

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Emami Ltd FAQs

The current trading price of Emami on 21-Aug-2026 16:59 is ₹403.1.

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 20-Aug-2026 the market cap of Emami stood at ₹17,597.5 Cr

The latest P/E ratio of Emami as of 20-Aug-2026 is 20.44.

The latest P/B ratio of Emami as of 20-Aug-2026 is 5.27.

The 52-week high of Emami is ₹634.6 and the 52-week low is ₹376.1.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Emami is ₹3,072 ( Cr.) .

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

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

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

About Emami Ltd

Established in the 70s, Emami is engaged in the manufacturing and marketing of personal care and healthcare products, with an enviable portfolio of household brand names such as Navratna, BoroPlus, Zandu, Kesh King, Smart And Handsome (formerly Fair And Handsome), Mentho Plus Balm, 7 Oils in One, and Dermicool, among others. At Emami, brands are not just perceived as “properties”. They are not only enduring assets that generate revenue and profits over the long term, but are also perceived as “offerings” – innovated with passion, with a focus on natural and Ayurvedic formulations, and designed to bring satisfaction to consumers globally.

Emami has to its credit a series of big-ticket acquisitions that have helped fuel its growth inorganically. From the century-old heritage brand Zandu in 2008, to the acquisition of Kesh King in 2015, followed by the German skincare brand Creme 21 in 2019, the company went on to acquire Dermicool, one of India’s leading prickly heat talc brands. Moreover, all of the company’s manufacturing units are ISO 9001:2000 certified and GMP compliant.

With a rich legacy originating in India, Emami’s International Business Division has expanded its footprint across multiple continents, bringing its diverse portfolio of high-quality, innovative products to millions of consumers worldwide. Emami’s competitive edge lies in its heritage, quality, and ability to adapt its products to local preferences.

Business area of the company 

The company is engaged in the manufacture and selling of consumer goods like hair care products, healthcare products, and skin care products.

Brands of the company

  • BoroPlus
  • Navratna
  • Zandu
  • Kesh King
  • Smart And Handsome
  • Mentho Plus
  • 7 Oils in One
  • Dermicool
  • Creme 21
  • HE
  • The Man Company
  • Brillare
  • Emami Pure Glow
  • Malai Kesar Cold Cream
  • Emami Golden Beauty
  • Emami Naturally Fair
  • Diamond Shine

Awards/ Accolades/ Recognitions 

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.

2020-21

  • Won the India Star award for BoroPlus Dibbi– Shelf Ready pack, (International Business) by Indian Packaging Institute (IPI).
  • Navratna Maxx Cool Talc won 2 Silver awards at the ET Brand Equity Brand Disruption Awards 22 under FMCG - Personal Care category and Small Budget Campaign Category.
  • Navratna Therapy range was awarded with the ‘Product Launch Of The Year’ under Ayurveda category at the Channelier FMCG Awards 2021.

2021-22

  • Emami 7 Oils in One pack received the President’s Special Award
  • Chosen as one of India’s Top 15 FMCG Supply Chains 2021 at Inflection FMCG Supply Chain Web Conference & Awards.
  • Navratna won two Bronze Awards under the ‘Best Use of Mobile – Customer Engagement’ and ‘Amplification’ categories at the sixth edition of Maddies 2020, organised by Exchange4Media mobile marketing awards.

2022-23

  • Received the prestigious ‘Golden Peacock Business Excellence Award’, for the year 2022.
  • Received the ET Bengal Corporate Award (ETBCA) 2022 for ‘Best Financial Performance’ among companies with a turnover of over Rs 1500 crore.
  • BoroPlus felicitated as one of the ‘Iconic Brands of India’ at the 5th edition of ‘The Economic Times Iconic Brands of India’.

2023-24

  • Ranked 6th in the Fortune Next 500 ranking in 2024. 
  • The Company secured number one position for FMCG sectoral leadership ranking against the parameters of Total Income and Net Profit as achieved in FY2022-23.
  • Emami’s Corporate Analytical Design Excellence team was recognised by the United States Pharmacopoeia for its valuable contribution to the development of herbal raw material monographs.
  • The Company’s Pacharia unit received the Gold Award for Occupational Health & Safety by Apex India Foundation.
  • Zandu Pancharishta, recognized as the ‘Ayurvedic Digestive Tonic of the Year’ at the 12th edition of the prestigious Indian Pharma Expo and Business Excellence Awards 2023.
  • BoroPlus felicitated as one of the ‘Iconic Brands of India’ – for the 2nd year in a row, at the 6th edition of The ET Iconic Brands of India for 2023.

2024-25

  • Emami’s Corporate Analytical Design Excellence (CADE) Team won 1st Prize for the second consecutive year for the best research papers on the application of TLC/HPTLC in the private industry category across India.
  • Emami featured in the list of top 400 manufacturing companies in India, highlighting its operational excellence and impact in the sector.
  • Emami was recognised among India’s 500 most valuable private companies, reflecting its strong business performance and market leadership.
  • SIES SOP Star Award 2023 – Health and Personal Care Category
  • ET Now Iconic Brands of India – BoroPlus

2025-26

  • Emami’s CADE Team secured a Silver Award at the 22nd CII National Circle Competition in the ‘Quality Improvement’ category.
  • Secured three FIPSA 2025 Responsible Packaging Awards for the HE Absolute/Pleasure EDT Pack, HE Shower Gel/ Body Wash/Shampoo Pack, and BoroPlus Soft Pack, recognizing excellence in responsible packaging design.
  • Secured the Gold Award (Control Category) at the 19th CII National Poka-Yoke Competition, organized by the CII Institute of Quality.
  • Received appreciation from United States Pharmacopeia for developing the monograph on Shatavari roots, powder, and extract, reinforcing Emami’s contribution to global quality standards in herbal healthcare.
  • Pacharia Unit won ‘Par Excellence’ Award at NCQC (QCFI, Noida) for Empty Dibbi Detection & Rejection System (0.9 ml Mentho Plus Balm), and ‘Excellence’ Award for Elimination of Short Unit Complaint in BoroPlus Antiseptic Tube Line.
  • Amingaon Unit won Excellence Award at NCQC 2025 for BoroPlus Soft filling automation (cost optimisation) and ‘No Fill, No Seal’ defect elimination in tube filling.

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
  • 2021: Increased strategic investment in 'The Man Company'
  • 2021: 'Brillare' becomes a subsidiary
  • 2022: Company restructured its Board
  • 2022: Strategic investments in 'TruNativ' and 'FurBall Story'
  • 2022: Acquired Dermicool Brand
  • 2022: 'The Man Company' becomes a subsidiary
  • 2023: Enters Juice Segment with strategic investment in 'Alofrut'
  • 2024: Emami completes 50 years
  • 2024: Acquires 100% stake in the 'The Man Company'
  • 2025: Emami Unveils its New & Refreshed Corporate Identity
  • 2025: Rebrands Fair And Handsome to Smart And Handsome
  • 2025:  Rebrands Kesh King into Kesh King Gold with new proposition: Ayurveda + Science
  • 2026: Acquires IncNut Digital as a subsidiary; enters personalised BPC segment through Vedix and SkinKraft brands
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