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Swing Capital

Emami Ltd

NSE: EMAMILTD BSE: 531162FMCG

Emami is engaged in manufacturing & marketing of personal care & healthcare products with an enviable portfolio of household brand names such as BoroPlus, Navratna, Fair and Handsome, Zandu Balm, Kesh King, Zandu Pancharishta, Mentho Plus Balm and others.(Source : 201903 Annual Report Page No: 193)

₹420
52W: ₹385 — ₹655
PE 20.9 · Book ₹71.8 · +485% vs book
Market Cap₹18,313 Cr
Stock P/E20.9Price to Earnings
ROCE34%Return on Capital
ROE31.5%Return on Equity
Div. Yield2.39%Face Value ₹1

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 29.1%
  • +Company has been maintaining a healthy dividend payout of 54.2%

Weaknesses

  • −The company has delivered a poor sales growth of 5.50% over past five years.
  • −Tax rate seems low

Shareholding Pattern

Promoters54.84%
FIIs8.57%
DIIs26.91%
Public9.67%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters54.84%54.84%54.84%54.84%54.84%54.84%54.84%54.84%
FIIs14.02%14.38%▲0.414.11%▼0.312.11%▼2.011.89%▼0.210.93%▼1.09.03%▼1.98.57%▼0.5
DIIs21.61%21.51%▼0.121.7%▲0.223.68%▲2.024.06%▲0.425%▲0.926.72%▲1.726.91%▲0.2
Public9.53%9.27%▼0.39.36%▲0.19.38%▲0.09.21%▼0.29.22%▲0.09.4%▲0.29.67%▲0.3

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales701813709755709879781756604958
Expenses494530521564483550590556437572
Operating Profit207283188192226328191201168385
OPM %30%35%27%25%32%37%24%27%28%40%
Net Profit164249152176214279190163182330
EPS ₹3.755.713.484.034.96.44.353.744.187.56

AI Insights

Revenue Trend

TTM revenue at ₹3,099Cr, down 0.8% YoY. OPM at 30%.

Debt Position

Borrowings at ₹16Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Capex Cycle

CWIP at ₹16Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 26.91% (+0.69pp change). FIIs: 8.57% (-2.89pp change). Promoters hold 54.84%.

Margin & Efficiency

ROCE declining from 51% (Mar 2014) to 34% (Mar 2025). Working capital days: 37.

Valuation

PE 20.9x with 34% ROCE. Price is 485% above book value of ₹71.8. Dividend yield: 2.39%.

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