NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
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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