Emami Ltd Q2 & H1 FY26 Results: Revenue, EBITDA, PAT Decline Amid GST Reform Disruptions; Interim Dividend Declared
Emami Ltd's Q2 & H1 FY26 results show revenue, EBITDA, and PAT declines due to GST disruptions and weak summer. An interim dividend of ₹4/share was declared, with management anticipating H2 recovery.
The announcement contains crucial financial results showing a significant downturn, a major GST policy reform impacting operations, and an interim dividend declaration, all of which are high-impact factors for investors and the company's valuation.
The company reported significant declines in consolidated revenues (-10%), EBITDA (-29%), and PAT (-30%) for Q2 FY26, and also for H1 FY26. While the GST reform is structurally positive, its short-term implementation caused trade disruptions and sales moderation.
* Emami Limited announced its unaudited financial results (Standalone & Consolidated) for the quarter and half-year ended 30th September 2025, along with a Press Release and Investor Presentation on 10th November 2025. * The quarter witnessed a transformational policy development with the Government's decision to reduce GST rates across key FMCG categories. Approximately 88% of Emami's core domestic portfolio benefited from the reduction in GST from 12% or 18% to 5%, taking its total 5% GST rate portfolio coverage in the core domestic business to around 93%. The company swiftly passed on these benefits to consumers. * This GST reform, while structurally positive, caused temporary trade disruptions in September 2025 as channels and consumers deferred purchases, leading to a short-term moderation in sales. The summer portfolio also faced a challenging quarter due to excessive rains. * Q2FY26 Consolidated Financial Highlights: * Consolidated revenues stood at ₹799 crore, declining by 10% year-on-year. * Excluding GST-impacted categories, the non-impacted portfolio grew by 10% during the quarter. * Gross Margins remained stable at 71.0%. * EBITDA for the quarter was ₹179 crore, declining by 29%. * Profit After Tax (PAT) stood at ₹148 crore, declining by 30%. * H1FY26 Consolidated Financial Highlights: * Revenue from Operations was ₹1,702.6 crore, a decrease of 5.2% year-on-year. * Profit After Tax (PAT) was ₹312.6 crore, a decrease of 13.6% year-on-year. * The Board of Directors declared an interim dividend of 400%, amounting to ₹4 per share for FY26. * The company continued its innovation strategy: Smart & Handsome expanded into new male grooming categories with 12 new SKUs, and Kesh King was relaunched as Kesh King Gold with an upgraded formulation. Zanducare portfolio was also strengthened. * International Business delivered steady 8% growth, launching the Creme 21 Xtra Bright range and Xtra Cocoa Butter Body Lotion/Cream. * Management Commentary: * Mr. Harsha V Agarwal, Vice Chairman and Managing Director, stated confidence in strong growth in coming quarters, citing over 90% of the core domestic portfolio now under 5% GST and stable bottom line despite challenges. * Mr. Mohan Goenka, Vice Chairman and Whole-Time Director, noted October marked a clear turning point with trade sentiment rebounding and winter loading recovering, positioning the company for solid profitable growth in the second half of the year.
What to do with a filing like this
Emami Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
That call is the part a filing cannot make for you. On RealCase, SEBI-registered research analysts and investment advisers read announcements like this one and turn the ones that matter into actions inside their model portfolios: a change in weight, a hold, or nothing at all. You are not left working out which of the roughly 250 filings published each day needs a response. The portfolio you follow is updated when a filing actually warrants it, with the reason written down.
See the model portfoliosA plain-language summary of a public exchange filing by Emami Limited. Read the original for the full detail.