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HDFC Securities Institutional Equities
Emami Ltd.'s Q2 FY25 results were marginally ahead of our estimates due to an increased focus on high-margin product portfolios (Healthcare and Pain Management) and a reduction in ad spends (down 6% YoY). Management remains confident in achieving mid to high single-digit volume growth in H2 FY25, driven by the intense winter season, revival in Kesh King, re-launch of the male grooming range, and growth in the international business.
Additionally, expanded distribution in rural areas is expected to benefit the company in H2, as rural recovery gains momentum. We continue to maintain an Add rating with a target price of Rs 750 (30 times Dec-26 earnings per share).
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