ADVERTISEMENT
Emami Q2 Review: Nirmal Bang Retains 'Hold' Rating On Weaker Than Expected Results— Check Trimmed Target Price
Nirmal Bang retains 'Hold' rating on Emami, sees winter season to provide some boost.
11 Nov 2025, 11:04 AM IST 
Save
Emami's Q2 FY26 consolidated revenues declined 10.3% YoY at Rs 7.9 billion (vs estimate Rs 8 billion). (Photo source: Company website)
Emami's domestic volumes declined 16% YoY. Core domestic business (ex-talc/PHP) declined 12%. International business grew 8% in Q2 FY26. Consolidated gross margin was up by ~30 bps YoY to 71% (up by 160 bps QoQ vs our estimate of 69.5%).
