Emami Ltd-$ — Q4 FY26 earnings call
Summary generated by AI from the official transcript Emami Ltd-$ filed with BSE on 25 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Emami reported consolidated Q4 FY26 revenue of Rs 925 crores, a 4% decline year-on-year, driven primarily by weakness in the summer portfolio including a 40% decline in talcum powders. Gross margins expanded to 68.4% while EBITDA fell 15% to Rs 187 crores due to operating deleverage, and the international business declined 5% on Middle East geopolitical disruptions. Management highlighted double-digit growth of 11% in the domestic business excluding the summer portfolio, growth in Kesh King, Pain Management and strategic investments, and discussed recent acquisitions including Axiom and IncNut.
Numbers mentioned
Consolidated revenue: INR925 crores (Q4 FY26)
p. 4
“On a consolidated basis, revenues for Q4 stood at INR925 crores, reflecting a decline of 4% over the previous year.”
Mohan Goenka, page 4 of the filed PDF · View the filing
Domestic business growth ex-summer portfolio: 11% (Q4 FY26)
p. 3
“Our domestic business ex of summer portfolio demonstrated healthy resilience, growing strongly in double digits at 11% in Q4 '26, reflecting the underlying strength of our core brand equity and our strategic efforts.”
Mohan Goenka, page 3 of the filed PDF · View the filing
Summer portfolio decline: 22% (Q4 FY26)
p. 3
“The summer portfolio was the principal drag declining by 22% with talcum powders alone declining by 40%.”
Mohan Goenka, page 3 of the filed PDF · View the filing
Gross margin: 68.4% (Q4 FY26)
p. 4
“I am pleased to report that our gross margins expanded to 68.4%, an improvement of 250 basis points over the previous year, reflecting our rigorous cost discipline and judicious pricing actions.”
Mohan Goenka, page 4 of the filed PDF · View the filing
EBITDA: INR187 crores (Q4 FY26)
p. 4
“EBITDA for the quarter at INR187 crores declined by 15% due to operating deleverage and despite which we invested behind advertising and promotional spends, which grew by 12% in this quarter.”
Mohan Goenka, page 4 of the filed PDF · View the filing
Profit after tax: INR143 crores (Q4 FY26)
p. 4
“Profit after tax stood at INR143 crores, a decline of 12%.”
Mohan Goenka, page 4 of the filed PDF · View the filing
Full year revenue: INR3,780 crores (FY26)
p. 4
“For the full year FY '26, revenues stood at INR3,780 crores, a decline of 1%.”
Mohan Goenka, page 4 of the filed PDF · View the filing
Full year gross margin: 69.9% (FY26)
p. 4
“Gross margins at 69.9% expanded by 130 basis points.”
Mohan Goenka, page 4 of the filed PDF · View the filing
Full year EBITDA: INR964 crores (FY26)
p. 4
“EBITDA came in at INR964 crores, declined by 6% and PAT stood at INR775 crores, a decline of 4%.”
Mohan Goenka, page 4 of the filed PDF · View the filing
International business decline: 5% (Q4 FY26)
p. 4
“Our international business declined by 5% during the quarter, primarily due to geopolitical disruptions in the Middle East, which impacted shipping routes through the Strait of Hormuz, disrupted supply chains, increased freight costs and affected operations across the GCC, Middle East, CIS and South Asian markets.”
Mohan Goenka, page 4 of the filed PDF · View the filing
Organized channel share of domestic business: 32% (Q4 FY26)
p. 4
“Organized channels remained strong momentum and further increased their salience to approximately 32% of our domestic business in this quarter.”
Mohan Goenka, page 4 of the filed PDF · View the filing
Wholesale channel dependency: 27% (Q4 FY26)
p. 4
“Wholesale channel dependency has reduced to 27% of total domestic sales, reflecting the structural improvement in our channel mix.”
Mohan Goenka, page 4 of the filed PDF · View the filing
Quick Comm growth: 70% (Q4 FY26)
p. 4
“Quick Comm continued to be a standout performer, posting an outstanding 70% growth, while GT Marts also delivered a robust 25% growth.”
Mohan Goenka, page 4 of the filed PDF · View the filing
Talc revenue: INR300 crores (FY26)
p. 11
“Talc for the total business should be roughly at about 10%. Total revenue for talc would be -- what about INR400 crores? INR300 crores.”
Mohan Goenka, page 11 of the filed PDF · View the filing
Receivables reduction: over INR100 crores (FY26)
p. 3
“I would, however, like to highlight that we consciously reduced our receivables by over INR100 crores during the year, a 10 days improvement in the working capital cycle as part of our ongoing focus on distributor, hygiene and channel health.”
Mohan Goenka, page 3 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
International business growth — good double-digit growth · from Q2 FY27
stated conditionally by Vivek Dhir
p. 6
“So we are also expecting things to get stable in May and June as well. And from second quarter, we should be able to deliver good double-digit growth.”
Vivek Dhir, page 6 of the filed PDF · View the filing
Summer brands growth (Navratna and Dermicool) — double digits · H1 FY27
stated firmly by Mohan Goenka
p. 6
“Overall, we are very confident in the first half, the summer brands definitely growing at double digits, both Navratna and Dermicool.”
Mohan Goenka, page 6 of the filed PDF · View the filing
Strategic investments portfolio growth — 30% plus year-on-year
stated as an aspiration by Dhruv Aggarwal
p. 7
“I think the portfolio, I'm pretty confident of growing this 30% plus year-on-year.”
Dhruv Aggarwal, page 7 of the filed PDF · View the filing
Brillare EBITDA improvement — increase the absolute EBITDA by about INR15 crores · this year
stated firmly by Dhruv Aggarwal
p. 5
“This year, the intent is to increase the absolute EBITDA by about INR15 crores.”
Dhruv Aggarwal, page 5 of the filed PDF · View the filing
Consolidated EBITDA margin — 26% to 27% range
stated conditionally by Mohan Goenka
p. 11
“Let's wait and see, Harit, still there is some pressure as far as the input costs are concerned because you know how the crude is behaving, okay? So we will have to just wait and watch. But definitely, you would see some improvement as far as our margins are concerned.”
Mohan Goenka, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management expects strong double-digit growth in summer brands in H1 but declined to predict BoroPlus performance given uncertain winter conditions.
Answered by Mohan Goenka
Asked by Avnish Rao: How does management see growth for summer categories like Navratna Dermicool and for BoroPlus in FY27 given El Nino and weather variability?
p. 6
“Overall, we are very confident in the first half, the summer brands definitely growing at double digits, both Navratna and Dermicool. We are very, very confident.”
Mohan Goenka, page 6 of the filed PDF · View the filing
Management attributed the improvement to a BCG-led strategy relook and unorganized players becoming unviable due to rising costs, causing a shift to organized players.
Answered by Mohan Goenka
Asked by Shreyans Jain: What explains the recent strong growth in the hair oil portfolio (Kesh King, 7 Oils in One) after a weak H1?
p. 8
“One of the reasons what we get to understand from the market that the unorganized trade, which because of the disruptions and costs going up, they have become unviable.”
Mohan Goenka, page 8 of the filed PDF · View the filing
Management said margins in new channels have improved and are now close to GT margins, with these channels now contributing about 32% of the business.
Answered by Mohan Goenka
Asked by Shreyans Jain: Is profitability in new channels (organized/e-commerce) lower than in traditional GT business?
p. 9
“We had focused on our margin front. Now we are quite close to our GT margins. Our total contribution from these channels are now almost 32%, so which is quite healthy.”
Mohan Goenka, page 9 of the filed PDF · View the filing
Management said the increase was due to investment behind Brillare's Rosemary oil launch, with roughly 14% of the yearly ad budget spent on the existing portfolio and about 6% on investee companies.
Answered by Mohan Goenka
Asked by Percy Panthaki: Why were ad spends disproportionately higher this quarter and how are they split between core brands and new initiatives?
p. 9
“So Percy, this particular quarter, the significant increase has happened in Brillare. They launched Rosemary oil shorts and a significant amount of budgets went there.”
Mohan Goenka, page 9 of the filed PDF · View the filing
Management said talc is now about 10% of the business, roughly INR300 crores, down from INR400 crores previously, a loss of about INR100 crores year-on-year.
Answered by Mohan Goenka
Asked by Harit Kapoor: How large is the talc business now as a share of total revenue and how has it changed from FY25?
p. 11
“We lost almost INR100 crores of business in talc last year.”
Mohan Goenka, page 11 of the filed PDF · View the filing
Management confirmed a price increase of around 3% over the last 1.5 to 2 months.
Answered by Mohan Goenka
Asked by Harit Kapoor: What was the recent weighted-average price increase taken by the company?
p. 11
“Yes. It's around 3%.”
Mohan Goenka, page 11 of the filed PDF · View the filing
Risks flagged
Delayed onset of summer and unseasonal rainfall impacted category demand
p. 3
“The onset of summer was significantly delayed with inconsistent temperatures across some key markets and unseasonal rainfall further impacted category demand.”
Mohan Goenka, page 3 of the filed PDF · View the filing
High base from previous year and Middle East geopolitical headwinds affecting international business
p. 3
“Added to this was a high base from the previous year and ongoing geopolitical headwinds in the Middle East affecting our international business.”
Mohan Goenka, page 3 of the filed PDF · View the filing
Disruption to Middle East supply chains via the Strait of Hormuz affecting production and costs
p. 6
“So prior to that particular date, we are growing at a very decent pace, almost like double-digit growth.”
Vivek Dhir, page 6 of the filed PDF · View the filing
Input cost pressure from crude oil prices
p. 11
“Let's wait and see, Harit, still there is some pressure as far as the input costs are concerned because you know how the crude is behaving, okay?”
Mohan Goenka, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.