Emami Ltd, founded in 1974 by Radhe Shyam Agarwal and Radhe Shyam Goenka in Kolkata, West Bengal, is a leading Indian multinational conglomerate with a strong presence in personal care, healthcare, and Fast-Moving Consumer Goods (FMCG). Operating in over 70 countries, Emami boasts a diverse portfolio of more than 450 products across 20+ brands, including iconic names like BoroPlus, Navratna, Fair and Handsome, and Zandu. The company’s growth is driven by its commitment to innovation and quality, consistently developing new solutions to meet evolving consumer needs. Emami’s strategic expansion and robust brand portfolio have solidified its position as a key player in both the Indian and global markets.
Latest news on Emami Ltd
Emami Limited has recently made significant strides both in the health and wellness sector and in its international operations. The company, through its renowned brand Zandu Care, is pioneering a modern revolution in Ayurveda by seamlessly integrating ancient Ayurvedic practices with cutting-edge scientific research. Under the leadership of Harsha Vardhan Agarwal, Zandu Care has expanded its portfolio to include a wide range of natural and holistic health products, aimed at addressing the diverse health and wellness needs of consumers. This approach highlights Emami’s commitment to innovation while staying rooted in traditional knowledge, making Zandu Care a key player in the growing health and wellness market.
On the international front, Emami has successfully resumed its operations in Bangladesh, following recent disruptions due to violence in the country. Along with other Indian FMCG leaders like Marico and Dabur, Emami is witnessing a gradual return to normalcy in its business activities in the region. The resumption of operations in Bangladesh underscores Emami’s resilience and its strategic importance in maintaining a strong presence in international markets. This development reflects the company’s dedication to ensuring business continuity and growth, even in challenging circumstances.
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | |
| Promoters + | 54.52% | 54.84% | 54.84% | 54.84% | 54.84% |
| FIIs + | 11.46% | 11.90% | 12.86% | 13.46% | 14.02% |
| DIIs + | 26.22% | 25.21% | 23.94% | 22.06% | 21.61% |
| Public + | 7.81% | 8.05% | 8.35% | 9.63% | 9.53% |
| No. of Shareholders | 89,955 | 79,216 | 82,151 | 91,334 | 97,258 |
The shareholding pattern of the company from June 2023 to June 2024 reflects notable shifts in ownership across various categories. The promoters consistently maintained a majority stake, increasing slightly from 54.52% in June 2023 to 54.84% by September 2023, and holding steady at 54.84% through to June 2024. Foreign Institutional Investors (FIIs) showed a positive trend, steadily increasing their share from 11.46% in June 2023 to 14.02% by June 2024, indicating growing confidence in the company’s prospects.
Conversely, Domestic Institutional Investors (DIIs) reduced their holdings over the same period, declining from 26.22% in June 2023 to 21.61% by June 2024. The public shareholding saw a gradual increase, rising from 7.81% in June 2023 to 9.53% in June 2024, peaking at 9.63% in March 2024. Additionally, the number of shareholders experienced growth, expanding from 89,955 in June 2023 to 97,258 by June 2024, reflecting increased retail participation in the company’s equity.
This shareholding evolution highlights the dynamic nature of investor interest, with institutional investors adjusting their positions while public participation continues to grow.
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➤ Zerodha
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➤ AngelOne
➤ ICICIDirect
| When | Maximum Price | Minimum Price |
| September 2024 | 835.05 | 726.13 |
| October 2024 | 818.68 | 711.90 |
| November 2024 | 851.43 | 740.37 |
| December 2024 | 859.94 | 747.78 |
In 2024, as we approach September, the maximum price is projected to be ₹835.05, with a minimum of ₹726.13. Moving into October, the expected maximum price is ₹818.68, while the minimum is anticipated to be ₹711.90. By November, Emami Ltd’s maximum price is forecasted to reach ₹851.43, with a minimum price of ₹740.37. Finally, as we approach December, the maximum price for Emami Ltd is expected to be ₹859.94, and the minimum price is projected to be ₹747.78.
| When | Maximum Price | Minimum Price |
| January 2025 | 868.54 | 668.11 |
| February 2025 | 877.31 | 674.86 |
| March 2025 | 895.74 | 689.03 |
| April 2025 | 886.87 | 682.21 |
| May 2025 | 861.04 | 662.34 |
| June 2025 | 899.78 | 692.14 |
| July 2025 | 882.14 | 678.57 |
| August 2025 | 909.42 | 699.56 |
| September 2025 | 920.34 | 707.95 |
| October 2025 | 944.27 | 726.36 |
| November 2025 | 967.87 | 744.52 |
| December 2025 | 1,011.43 | 778.02 |
As we step into January, the maximum price is projected to be ₹868.54 and the minimum ₹668.11. By February, the maximum will be ₹877.31, and the minimum ₹674.86. In March, expect a maximum of ₹895.74 and a minimum of ₹689.03. April’s maximum is forecasted at ₹886.87, with a minimum of ₹682.21. For May, the maximum is ₹861.04, and the minimum ₹662.34. As we enter June, the maximum price will be ₹899.78, with a minimum of ₹692.14. July’s maximum is anticipated at ₹882.14, and the minimum at ₹678.57. In August, expect a maximum of ₹909.42 and a minimum of ₹699.56. By September, the maximum is projected to be ₹920.34, with a minimum of ₹707.95. In October, the maximum is forecasted at ₹944.27, and the minimum at ₹726.36. November’s maximum is expected to be ₹967.87, with a minimum of ₹744.52. Finally, as we step into December, the maximum price is projected to be ₹1,011.43, and the minimum ₹778.02.
| When | Maximum Price | Minimum Price |
| January 2026 | 1,041.77 | 801.36 |
| February 2026 | 1,015.73 | 781.33 |
| March 2026 | 1,036.04 | 796.95 |
| April 2026 | 1,057.18 | 813.22 |
| May 2026 | 1,046.72 | 805.17 |
| June 2026 | 1,072.89 | 825.30 |
| July 2026 | 1,051.85 | 809.11 |
| August 2026 | 1,084.38 | 834.14 |
| September 2026 | 1,106.07 | 850.82 |
| October 2026 | 1,134.82 | 872.94 |
| November 2026 | 1,163.20 | 894.77 |
| December 2026 | 1,192.28 | 917.14 |
| When | Maximum Price | Minimum Price |
| January 2027 | 1,204.20 | 926.31 |
| February 2027 | 1,235.08 | 950.06 |
| March 2027 | 1,283.24 | 987.11 |
| April 2027 | 1,258.08 | 967.75 |
| May 2027 | 1,221.44 | 939.57 |
| June 2027 | 1,276.40 | 981.85 |
| July 2027 | 1,251.38 | 962.60 |
| August 2027 | 1,290.08 | 992.37 |
| September 2027 | 1,335.23 | 1,027.10 |
| October 2027 | 1,369.95 | 1,053.81 |
| November 2027 | 1,404.20 | 1,080.15 |
| December 2027 | 1,439.30 | 1,107.15 |
| When | Maximum Price | Minimum Price |
| January 2028 | 1,468.09 | 1,129.30 |
| February 2028 | 1,505.73 | 1,158.25 |
| March 2028 | 1,564.45 | 1,203.43 |
| April 2028 | 1,533.78 | 1,179.83 |
| May 2028 | 1,489.10 | 1,145.46 |
| June 2028 | 1,556.11 | 1,197.01 |
| July 2028 | 1,525.60 | 1,173.54 |
| August 2028 | 1,572.79 | 1,209.83 |
| September 2028 | 1,627.83 | 1,252.18 |
| October 2028 | 1,670.16 | 1,284.74 |
| November 2028 | 1,711.91 | 1,316.85 |
| December 2028 | 1,754.71 | 1,349.78 |
| When | Maximum Price | Minimum Price |
| January 2029 | 1,789.80 | 1,376.77 |
| February 2029 | 1,835.69 | 1,412.07 |
| March 2029 | 1,907.29 | 1,467.14 |
| April 2029 | 1,869.89 | 1,438.38 |
| May 2029 | 1,815.43 | 1,396.48 |
| June 2029 | 1,897.12 | 1,459.32 |
| July 2029 | 1,859.92 | 1,430.71 |
| August 2029 | 1,917.45 | 1,474.96 |
| September 2029 | 1,984.56 | 1,526.58 |
| October 2029 | 2,036.15 | 1,566.27 |
| November 2029 | 2,087.06 | 1,605.43 |
| December 2029 | 2,139.23 | 1,645.57 |
| When | Maximum Price | Minimum Price |
| January 2030 | 2,182.02 | 1,678.48 |
| February 2030 | 2,237.97 | 1,721.51 |
| March 2030 | 2,325.25 | 1,788.65 |
| April 2030 | 2,279.66 | 1,753.58 |
| May 2030 | 2,213.26 | 1,702.51 |
| June 2030 | 2,312.86 | 1,779.12 |
| July 2030 | 2,267.50 | 1,744.23 |
| August 2030 | 2,337.63 | 1,798.18 |
| September 2030 | 2,419.45 | 1,861.12 |
| October 2030 | 2,482.36 | 1,909.51 |
| November 2030 | 2,544.42 | 1,957.24 |
| December 2030 | 2,608.03 | 2,006.17 |
In 2030, as we step into January, the maximum price will be ₹2,182.02 and the minimum ₹1,678.48. By December, the maximum price is expected to reach ₹2,608.03, with a minimum of ₹2,006.17.
Financial Condition of Emami Ltd: Last 5 Years
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
| Sales + | 2,655 | 2,881 | 3,192 | 3,406 | 3,578 | 3,658 |
| Expenses + | 1,970 | 2,000 | 2,254 | 2,550 | 2,632 | 2,688 |
| Operating Profit | 685 | 880 | 938 | 855 | 946 | 971 |
| OPM % | 26% | 31% | 29% | 25% | 26% | 27% |
| Other Income + | 46 | 69 | 90 | 69 | 41 | 43 |
| Interest | 21 | 13 | 5 | 7 | 10 | 10 |
| Depreciation | 336 | 367 | 335 | 247 | 186 | 184 |
| Profit before tax | 374 | 569 | 688 | 670 | 791 | 820 |
| Tax % | 19% | 20% | -22% | 6% | 8% | |
| Net Profit + | 302 | 455 | 837 | 627 | 724 | 738 |
| EPS in Rs | 6.67 | 10.23 | 19.02 | 14.5 | 16.58 | 16.92 |
| Dividend Payout % | 60% | 78% | 42% | 55% | 48% |
Over the past five years, the company has demonstrated robust financial growth, with sales increasing from ₹2,655 crore in March 2020 to ₹3,578 crore in March 2024, and further rising to ₹3,658 crore in the trailing twelve months (TTM). Despite a rise in expenses from ₹1,970 crore in March 2020 to ₹2,688 crore in the TTM, operating profit remained resilient, peaking at ₹946 crore in March 2024, with the Operating Profit Margin (OPM) fluctuating between 26% and 31%. Profit before tax grew significantly from ₹374 crore in March 2020 to ₹820 crore in the TTM, reflecting effective financial management. Notably, net profit nearly doubled from ₹302 crore in March 2020 to ₹724 crore in March 2024, with earnings per share (EPS) rising from ₹6.67 to ₹16.58. Dividend payout ratios varied, reaching 78% in March 2021, highlighting a balanced approach to rewarding shareholders while retaining earnings for growth. Overall, the company’s consistent profitability and strong financial metrics underscore its solid financial health and commitment to shareholder value.
Motilal Oswal is bullish on Emami Ltd and has given a buy rating with a target price of ₹950 in its research report dated August 01, 2024.
FAQs
Emami Ltd’s share price displayed growth over the years. Based on the analysis, Emami Ltd’s share price reached a maximum ₹2,608.03 and a minimum of ₹1,678.48 in 2030.
The share price target for Emami Ltd by December 2025 ranges between ₹662.34 (minimum) and ₹1,011.43 (maximum).
Is it worthwhile to invest in Emami Ltd for the long term?
Investing in Emami Ltd for the long term could be worthwhile for investors seeking potential growth, given its projected share price targets and improving financial performance, but it’s essential to consider market conditions and risk factors.
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Conclusion
In conclusion, Emami Ltd’s recent strides in integrating modern Ayurveda with Zandu Care and its resilient recovery in international markets, particularly in Bangladesh, highlight its adaptability and innovative spirit. Coupled with robust financial performance—evidenced by rising sales, net profit, and a strong operating margin—the company is well-positioned for continued growth. The positive forecast and target price of ₹950 from Motilal Oswal further reinforce Emami Ltd’s promising future, making it a strong candidate for long-term investment.
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