Emami likely to sustain margin, revenue growth

EMAMI REPORTED CONSOLIDATED sales growth of 8% y-o-y in Q4FY25, slightly ahead of our estimate of 7%.

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Core domestic business (excluding the D2C portfolio) rose 11% y-o-y, driven by 7% volume growth. Overall domestic value and volume growth stood at 9% and 5%, respectively. Demand trends remained consistent with Q3FY25, with rural markets continuing to outperform urban demand. The organised trade channel posted a 13% y-o-y growth in FY25, with its revenue contribution increasing to 27.6%. Boroplus posted strong 27% y-o-y growth, buoyed by extended winter conditions driving demand for its core range. Navratna and Dermicool grew 16% y-o-y, supported by seasonal tailwinds. Healthcare segment sustained double-