EMAMILTD

HMN delivered 6.5% revenue growth in FY25 led by healthy volume & pricing growth. Navratna, Dermicool, Boro Plus, and Healthcare drove robust performance while Male Grooming, Kesh King, and Strategic Subsidiaries dragged overall growth. The Man Company & Brillare will see some pick-up in FY26 led by increasing share on quick commerce platforms and 360-degree brand revamp. Kesh King and Smart & Handsome (representing 9-10% of sales), are expected to recover in FY26, driven by the repositioning of Smart & Handsome as a comprehensive male grooming brand and the implementation of BCG's strategy for Kesh King starting in 2Q26. Summer portfolio may face some headwinds led by weak summer season. Outlook We estimate 8% Sales & 12% PAT CAGR over FY25-27 and value the stock at 30x Mar’27 EPS assigning a value of Rs697 (Rs.709 earlier). Maintain Accumulate.