Nuvama has maintained its buy rating on Emami Ltd, while revising its target price downward to ₹895 from ₹925. This implies a potential upside of approximately 41% from the current market price of ₹634.50.
The brokerage stated that the company’s Q4FY25 performance was broadly in line with expectations, with revenue up 8.1% YoY and EBITDA rising 4% YoY. While the core business remains strong, Nuvama noted that margins were muted.
Factoring in higher operating expenses linked to the relaunch of its Smart and Handsome brand and the strategic revamp of Kesh King, the firm has cut its FY26E and FY27E EPS estimates by 4% and 2%, respectively.
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