Emami slumps 35% to ₹399 near 52-week low as summer portfolio drags FY26 revenue
Weak summer categories pulled FY26 revenue down 0.8% and EBITDA 10%, with Navratna/Dermicool off 15% and talcum down 40% in Q4. Recovery levers: Kesh King +14%, 7 Oils +34%, and D2C brands The Man Company/Brillare +20% FY26. Net cash ₹720 cr, P/E 22.6x TTM.
What happened
Emami stock down 35% to ₹399 near 52-week low after FY26 revenue dipped 0.8% and EBITDA fell 10%, hit by weak summer categories; ex-summer portfolio, Kesh King
Key facts
- stock down 35% to ₹399
- FY26 revenue -0.8%
- adjusted EBITDA -10%
- Q4 domestic volumes -7%
- Navratna/Dermicool -15% FY26, -21% Q4
- talcum -40% Q4
- Kesh King +14% Q4
- 7 Oils +34% Q4
- Man Company/Brillare +20% FY26
- net cash ₹720 cr
- FCF ₹700-800 cr
- A&P 19.6% of revenue
- P/E 22.6x TTM
Why this matters
The Man Company and Brillare's +20% growth validates the D2C playbook—double down on bolt-on acquisitions in premium personal care to reduce reliance on legacy summer SKUs like Navratna and Dermicool.