Emami Limited (EMAMILTD.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+208.8%

₹1,169.69

vs ₹378.80 price

Levered DCF

₹845.21

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	22.15×	30.94×	26.58×	24.73×	23.68×	47.51×	25.48×	60.51×
P/B	5.87×	9.26×	7.86×	6.87×	9.57×	12.26×	4.22×	8.84×
P/S	4.54×	6.55×	5.38×	4.64×	6.23×	7.5×	2.9×	6.81×
EV / EBITDA	16.59×	22.9×	19.53×	17.49×	19.57×	24.29×	11.26×	24.78×
Gross margin	69.9%	49.6%	48.4%	44.0%	42.6%	41.0%	38.6%	39.5%
Operating margin	20.8%	22.6%	21.8%	18.9%	19.7%	18.3%	13.8%	15.4%
Net margin	20.5%	21.2%	20.2%	18.8%	26.3%	15.8%	11.4%	11.3%
Current ratio	2.31×	2.22×	1.87×	1.78×	1.17×	1.61×	1.3×	1.25×
Debt / equity	0.06×	0.03×	0.04×	0.04×	0.14×	0.06×	0.12×	0.05×
Interest coverage	70.65×	92.16×	78.13×	87.02×	123.76×	39.62×	17.44×	19.38×
Dividend yield	3.1%	1.4%	1.8%	2.2%	1.8%	1.7%	5.4%	0.9%
Payout ratio	67.6%	43.3%	48.3%	55.2%	42.4%	82.4%	138.4%	52.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	26.5%	29.9%	29.6%	27.8%	40.4%	25.8%	16.6%	14.6%
Return on invested capital	23.0%	27.3%	27.5%	24.4%	26.0%	21.9%	14.1%	13.9%
Return on assets	20.2%	22.8%	22.1%	20.6%	27.4%	18.0%	11.3%	10.7%
Free cash flow yield	4.4%	3.4%	3.8%	4.5%	0.8%	4.1%	4.8%	2.3%
Earnings yield	4.5%	3.2%	3.8%	4.0%	4.2%	2.1%	3.9%	1.7%
Enterprise value	₹171.6B	₹247.7B	₹192.7B	₹158.6B	₹201.2B	₹216.8B	₹79.2B	₹183.4B
Net debt / EBITDA	-0.01×	-0.17×	0.04×	0.05×	0.25×	0.09×	0.3×	-0.01×
Cash conversion cycle (days)	11	19	29	37	35	23	45	21