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Nirmal Bang Report
Emami Ltd.'s declared numbers in line with weak expectations. However, a delayed demand recovery has led to 3-6% cuts in our earning per share estimates for FY24, FY25 and FY26.
Despite its relatively smaller size vis-a-vis peers, sales, Ebitda and profit before tax compound annual growth rate have been modest at ~5-8% in the last five years and 10 years.
While valuation is inexpensive at ~23 times FY25E EPS, there doesn't seem to be any significant uptick to drive re-rating. Downgrade to 'Accumulate'.
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