FMCG · HMN
FMCG - Personal Care
from 392 today
Emami reported 1QFY27 revenue in line with expectations, driven by strong domestic growth offsetting international weakness, while margin pressures were partly mitigated by disciplined cost management.
We are cutting FY27/28 EPS estimates by 9.4/7.5% as we assume a normalized tax rate of 25-26%. HMN 1Q results showed higher topline growth, but margins were under pressure due to sharp input cost increase and rising share of lower margins D2C business. We value the stock at 20x June’28 EPS with a target price of Rs443 and Retain Hold.
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