Emami pleased to present the Integrated Annual Report for FY26, which includes voluntary information to the extent possible in accordance with the reporting framework .

The Integrated Report offers a comprehensive overview of our financial and non-financial performance highlighting our value creation efforts, material risks and opportunities, and significant areas such as strategy, safety, sustainability, innovation and governance. Each year, we continue to enhance our reporting approach, integrating both qualitative and quantitative disclosures to align with our Mission, Vision, and Values. This ensures transparency and enables stakeholders to make wellinformed decisions while focusing on long-term value creation.Beyond financial metrics, the report encompasses nonfinancial performance, including ESG (Environmental, Social and Governance) parameters, opportunities, risks and outcomes related to our key stakeholders, which play a crucial role in enhancing our value.

This report aligns with the principles and guidelines
of the following:

• International framework of
  the International Integrated
  Reporting Council (IIRC).
• United Nations Sustainable
  Development Goals (UNSDGs).
• National Voluntary Guidelines
  on Social, Environmental and
  Economic Responsibilities of
  Business (NVG-SEE).
• The Companies Act, 2013 (and
  the rules made thereunder)
• Indian Accounting Standards
  and International Financial
  Reporting Standards.
• Securities and Exchange Board
  of India (Listing Obligations
  and Disclosure Requirements)
  Regulations, 2015.
• Secretarial Standards issued
  by the Institute of Company of secretaries of india.

Editorial Overview – Some seasons test a business differently. Through the constant push and pull of evolving consumer moods, shifting channels and an environment that asks companies to stay patient while continuing to move forward with conviction. FY26 was the kind of year that kept businesses on their toes. Consumer behaviour shifted quickly. Channels evolved almost in real time. Sentiment changed from one quarter to the next. The market moved in bursts, slowing in some phases, rebounding in others. At times, it felt like the entire consumption landscape was recalibrating itself in real time. But these are also the years that reveal what truly holds. For us, it was the enduring place our brands continue to occupy in everyday life. In homes. In habits. In routines built over years. That familiarity mattered. That trust mattered even more. In uncertain environments, people naturally return to what feels known and dependable. And through every shift the year brought, that relationship with Emami remained strong, steady and deeply personal.

Founders’ Statement :- R. S. Agarwal and R. S. Goenka

We are often asked what the secret to Emami’s longevity is. The honest answer is that there are no secrets. It is a refusal to become complacent with what worked yesterday, combined with a strong respect for the consumer’s
intelligence.

This was a year that demanded steadiness of thought, sharpness in execution and the ability to stay rooted while
everything around kept shifting. The summer that our brands had prepared for never quite arrived. A landmark policy reform, one we wholeheartedly supported, disrupted trade channels at the very moment we needed
them most. Global tensions cast long shadows over markets we have built over many years. And yet, when we look at what this Company produced in that environment— the discipline of our teams, the integrity of our margins, the momentum of our new brands we are reminded of something we have always believed adversity rarely changes what something is made of It simply brings its true strength to the surface. Long before Emami became a household name, it became a way of thinking. It was built on a simple but powerful instinct: ‘Kuch toh alag baathoni chahiye.’

From the desk of the Vice Chairman and Managing Director

Mr. Harsha V. Agarwal 

2025–26 was not an easy year. A weak summer softened seasonal demand, the transition to the new GST regime disrupted trade in the short term, and the West Asia crisis kept commodity prices and consumer sentiment under pressure. None of these headwinds were trivial. And yet, the year only sharpened a conviction that has been building for some time: Emami today is a fundamentally more resilient business than it was even three years ago. That resilience is not a matter of sentiment — it is the outcome of choices made deliberately, well ahead of the curve: a broader portfolio, deepening digital capability, a disciplined push into new consumption spaces, and a
conscious reduction in our dependence on any singleseason, category or channel. This year tested that
architecture. It held. An Indian Consumer Story with Structural Tailwinds India remained one of the few large economies to grow through global uncertainty in FY26, anchored by domestic consumption, infrastructure investment and policy stability. What stood out for us specifically was the turn in rural demand — a favourable
monsoon, improving agricultural output and rising affordability are reviving a market that had lagged urban consumption for several years. Nearly half of Emami’s business is linked to rural India, where our brands carry decades of trust and reach. As rural purchasing power recovers and GST rationalisation widens access to organised categories, we are structurally positioned to capture a disproportionate share of that recovery. This is the equity case for Emami: a business built on trusted, high-penetration brands, entering a multiyear phase where both the urban premiumisation curve and the rural recovery curve work in its favour at the same time.