Emami (HMN IN) – Q2FY27 Result Update – Core & D2C business to lead the way – HOLD
Published on 05 Nov 2026
Hair & Scalp Care and Skincare performed well, growing 30% and 31%, respectively, while OTC witnessed soft growth led by international supply chain issues. IBD sales declined 2% YoY, whereas D2C sales grew 73% YoY. HMN remains focused on strengthening its presence across MT/QC and D2C brands, alongside evaluating further acquisition opportunities. We value the stock at 22x Sep’28E EPS, arriving at a revised TP of Rs440 (Rs448 earlier). Valuations remain comforting at 17.4x FY29E EPS, however, sustained execution remains key to driving further upside. Retain HOLD.
