Emami Q1 Results Review — Dolat Capital Maintains 'Reduce' Rating On The Stock, Cuts Target Price

Emami's net sales declined by a mere 0.2% YoY to Rs 9.0 billion in Q1 FY26. Domestic business de-grew by 1% with 3% volume de-growth, while international business grew by 2% YoY (flat growth in CC terms). Core Domestic business (Ex-Talc/ PHP) grew by 6% with 3% volume growth.