It is both an honour and a privilege to address you , Chairman’s Speech Emami Limited – 43rd Annual General Meeting

It is both an honour and a privilege to address you, reflect on the year gone by and, more importantly, share why I believe the years ahead hold even greater promise for this Company that we have built together over more than five decades. At Emami, our journey has always been shaped by a simple yet powerful belief: sustainable growth comes from understanding consumers deeply, responding with agility to their changing needs, and having the courage to invest ahead of the curve. This approach has guided us from our roots in Ayurveda to our position today as one of India’s most trusted, diversified and future-ready personal care and healthcare companies. Today, Emami stands on a strong foundation of consumer trust, brand equity and financial discipline. We have a portfolio of over 25 brands and more than 1,000 products, reaching over 7.1 crore consumer households through a network of more than 5.4 million retail outlets across India, with a presence spanning more than 70 countries around the world. It is a matter of great pride that, somewhere in the world, more than 140 Emami products are sold every single second of every single day. These milestones are not merely financial markers. They reflect the enduring strength of our brands, the discipline of our capital allocation and the trust that generations of consumers and shareholders have placed in us. The transition to the new GST regime created temporary disruptions in trade. The escalation of the West Asia conflict added volatility to commodity prices, freight costs, supply chains and consumer sentiment. These headwinds were meaningful, and I will not say they did not matter. They did. But I will say this with conviction: what mattered more was the character of the business that absorbed them. FY26 tested the architecture of Emami, and that architecture held. The resilience we demonstrated was not accidental. It was the outcome of deliberate choices made over several years: a broader and more balanced portfolio, deeper digital capability, disciplined expansion into new consumption spaces, stronger operating systems, and a conscious reduction in dependence on any single season, category or channel. Digital channels, e-commerce, quick commerce and social media are also transforming how consumers discover, evaluate and purchase products. Winning in this environment requires more than strong brands. It requires agility, innovation, consumer insight, speed of execution and the ability to engage consumers seamlessly across every touchpoint. For a company like ours, with brands built over decades of trust, this creates significant opportunities. These industry shifts align closely with Emami’s strengths and give us confidence in the long-term growth potential of our categories.
Despite external pressures, we protected profitability through operating discipline, portfolio management and cost efficiency, delivering EBITDA of ₹964 crore at a margin of 25.5%. Profit After Tax stood at ₹775 crore, while PAT margin remained healthy at 20.5%. Our business continues to generate strong returns, with Return on Equity at around 30%, reflecting the inherent capital efficiency of our model. With a debt-equity ratio of only 0.04x and a net cash surplus of ₹883 crore as of 31st March 2026, we remain 3 virtually debt-free. This financial strength enables us to invest boldly in the future, while staying disciplined and prudent in every capital allocation decision. At Emami, we do not view our legacy brands as mature businesses that have reached their ceiling. We view them as powerful platforms with significant headroom for growth. Brands such as Navratna, BoroPlus, Zandu, Kesh King, Dermicool and Smart And Handsome have been built over decades of trust, but their true strength lies in their ability to remain contemporary, relevant and expandable. We have systematically expanded these brands beyond their traditional categories and formats. Zandu’s pain management franchise now spans gels, sprays and rollons, in addition to its traditional balm formats. Kesh King has evolved through Kesh King Gold and new extensions into serums and organic solutions.We have also strengthened our healthcare ecosystem through Zanducare, our digital initiative designed to meet the evolving needs of health-conscious consumers. Together, these initiatives reinforce our commitment to keeping our brands contemporary while preserving the trust they have earned over decades. They create new usage occasions, increase consumer relevance and open higher-value growth opportunities across our portfolio. Driving this innovation engine is our continued investment in research and development. During the year, your Company invested ₹31 crore in R&D, supported by a team of 166 experts, leading to the launch of 58 new products and variants across our brands. This pace of innovation keeps our core portfolio fresh, relevant and aligned with evolving consumer expectations. I am pleased to report that our Strategic Investments portfolio delivered exceptional growth in FY26, and this momentum has only accelerated. In the early months of the current financial year, FY27, we acquired a majority stake in Axiom Ayurveda, the health and wellness company behind the AloFrut brand. We also acquired a majority stake in IncNut Digital, bringing the personalization-led brands Vedix and SkinKraft into our fold.

Looking Ahead: Stronger, Broader and Future-Ready
As we move ahead, the operating environment will continue to evolve. India remains one of the few large economies growing steadily through global uncertainty, anchored by domestic consumption, infrastructure investment and policy stability. What stands out for us specifically is 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. A substantial part 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 believe Emami is structurally positioned to capture a disproportionate share of that recovery. At the same time, the urban premiumisation curve continues to work in our favour. Rising aspirations, a growing focus on wellness, rapid digital adoption and increasing demand for trusted brands continue to create significant opportunities across our 11 categories. The convergence of rural recovery, urban premiumisation, digital adoption and wellness-led consumption gives us a powerful runway for growth.