Motilal Oswal has issued a buy rating on Emami with a target price of ₹650 in its research report dated February 04, 2026. According to the brokerage report, the recommendation is based on 30x December 2027 estimated earnings per share. The recommendation comes as part of Motilal Oswal's broader research coverage on the consumer goods company.
Emami's consolidated revenue grew 10% year-on-year in Q3FY26, which was in line with expectations, as reported by Motilal Oswal. The growth was supported by a favorable winter season and sequential improvement following GST 2.0-related trade disruptions in the early part of the quarter. The company's domestic business grew by 11% year-on-year with 9% volume growth, while international business revenue rose 9% year-on-year, led by steady performance in the SAARC and CIS regions.
According to Motilal Oswal's report, Emami's management expects its summer portfolio channel loading to start by February end. The company has set targets for high-single-digit to low-double-digit revenue growth in the near term. The sequential improvement was noted following the GST 2.0-related trade disruptions that had impacted the company's operations in the early part of the third quarter.
Motilal Oswal's bullish stance on Emami is supported by the company's strong Q3FY26 performance and positive outlook for the summer season. The brokerage's target price of ₹650 represents significant upside potential from current levels, based on their valuation methodology using December 2027 estimated earnings. The recommendation reflects confidence in Emami's ability to maintain growth momentum in both domestic and international markets.
