Emami ↗

EL was established in 1974 as Kemco Chemicals, manufacturing cosmetic products and ayurvedic medicines under the brand ‘Emami’. In 1978, promoters acquired Himani Limited, expanding into cosmetics. Over time, EL diversified through new launches and acquisitions, including Zandu, Keshking, Crème 21, and Dermicool. In FY21, EL entered the hygiene segment with Boroplus hand sanitizers and antiseptic soap to capture growing demand.

EL markets over 500 ayurvedic, herbal, cosmetic, and health care products through 5.4 million retail outlets in India and in over 70 countries globally. Brands including Boroplus, Navratna, Dermicool, Zandu, Mentho Plus Balm, Fair and Handsome, and Kesh King hold significant market share and are expected to contribute strongly to revenue. Revenue from Navratna, Dermicool, Boroplus, Zandu range grew in FY25, while that from Kesh King, Fair and Handsome, The Man Co. & Brillare declined. EL underto

Advertisement and sales promotion expenses were 18.28% of sales in FY25, broadly in line with 18.4% in FY24. CareEdge Ratings notes that EL is gradually expanding its presence in e-commerce channels to capture growing online demand. Over the years, EL increased its strategic stakes in Helios Lifestyle (male grooming brand “The Man Company”) and Brillare Science (skin/hair care), where it currently holds 100% equity stake. In July 2022, EL acquired 30% stake in Cannis Lupus Services (pet

EL has three distinct marketing channels, including retail, rural trade and export. Retail sales take place through 3, 400 distributors and 26 distribution centres . The company has direct and indirect coverage through ~54 lakh retailers in FY25. EL also has presence in the overseas market (17.10% of consolidated sales in FY25), apart from established domestic presence. EL has 26 depots across India. Products are also sold through organised retail chains and e-commerce platforms. Institutional s

The company’s overall performance improved in FY25 compared to FY24 with revenue growing by 6% y-o-y. Growth in revenue was driven by growth in domestic business by 7%, international business by ~4%. The PBILDT margin remained healthy and above industry average at 26.69% in FY25, considering better cost management across all functions. ROCE and return on net worth (RONW) also remained comfortable in FY25. The company has been distributing high

The company’s capital structure and debt coverage indicators remained robust with minimal total debt. Overall gearing stood at 0.03x as on March 31, 2025 (0.04x as on March 31, 2024) and TD/gross cash accruals (GCA) stood at 0.10x as on March 31, 2025 (PY: 0.11x). Working capital limit utilisation stood at negligible levels for 12 months ended November 2025. With no major debt funded capex/acquisition plans in the medium term and healthy liquidity, CareEdge Ratings expects capital structure to

Key raw materials for EL include menthol, packaging materials, and vegetable oils. Polymer prices, used in packaging, are linked to crude oil prices, which are volatile. Menthol oil, light liquid paraffin (LLP), rice bran oil (RBO), seshale wax, and sesame (til) oil are key raw materials for healthcare and personal care products. Most raw materials are sourced domestically, with limited imports. Due to intense competition and price-sensitive consumers, EL may face challenges in passing on raw ma

The Indian FMCG market is highly competitive, with numerous organised and unorganised players offering similar products. High competition necessitates increased advertising and promotional spending. Large domestic players and multinational corporations (MNCs) enjoy price and quality advantages over smaller competitors. The market remains fragmented, with rural consumers using unbranded products, creating competition from small and medium manufacturers. Despite fragmentation, low penetration leve