Analysts/Institutional Investor Meet/Con. Call Updates

10th November, 2026 The Manager – Listing The Manager – Listing National Stock Exchange of India Ltd. BSE Limited Exchange Plaza, Plot No. C/1, Block – G Phiroze Jeejeebhoy Towers Bandra Kurla Complex, Bandra (E) Dalal Street Mumbai – 400 051 Mumbai – 400 001 Scrip Code: EMAMILTD Scrip Code: 531162 Sub: Transcript of Investor’s Conference Call of the Company for Q2 FY 27 – Financial Results Dear Sir/ Madam, Pursuant to Regulation 30 and other applicable regulations (if any) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the transcript of the Conference Call with Analysts / Investors held on 5th November, 2026, post declaration of the Unaudited Financial Results (Standalone & Consolidated) for the quarter ended 30th September, 2026. The said transcript is also available on the Company’s website at www.emamiltd.in. This is for your information and record. Thanking you, Yours faithfully, For Emami Limited Debendra Banthiya Company Secretary & Compliance Officer Membership No: F7790 (Encl: As above) “Emami Limited Q2 FY27 Earnings Conference Call” November 05, 2026 MANAGEMENT: MR. MOHAN GOENKA – WHOLE-TIME DIRECTOR AND VICE CHAIRMAN – EMAMI LIMITED MR. VIVEK DHIR – CHIEF EXECUTIVE OFFICER – INTERNATIONAL BUSINESS – EMAMI LIMITED MR. DHRUV AGGARWAL – CHIEF GROWTH OFFICER – EMAMI LIMITED MR. GUL RAJ BHATIA – PRESIDENT – HEALTHCARE – EMAMI LIMITED MR. MANISH GUPTA – PRESIDENT SALES – EMAMI LIMITED MR. RAJESH SHARMA – PRESIDENT – FINANCE AND INVESTOR RELATIONS – EMAMI LIMITED MODERATOR: MR. SIDDHESH DESHMUKH – IIFL CAPITAL SERVICES LIMITED Page 1 of 10 Emami Limited November 05, 2026 Moderator: Ladies and gentlemen, good day and welcome to Emami Limited Q2 FY27 Earnings Conference Call hosted by IIFL Capital Services Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Siddhesh Deshmukh from IIFL Capital Services Limited. Thank you, and over to you, sir. Siddhesh Deshmukh: Yes. Good afternoon, everyone. I have the pleasure to host the management of Emami Limited for their Q2 FY27 Earnings Call. From the management, we have with us Mr. Mohan Goenka, Whole-Time Director and Vice Chairman, Mr. Vivek Dhir, CEO International Business, Mr. Dhruv Aggarwal, Chief Growth Officer, Mr. Gul Raj Bhatia, President Healthcare, Mr. Manish Gupta, President Sales, and Mr. Rajesh Sharma, President Finance and IR. I will hand over the call to Mr. Mohan Goenka for his opening remarks, post which we will open the floor for Q&A. Over to you, sir. Mohan Goenka: Yes. Good afternoon, ladies and gentlemen. Thank you for joining us today for Emami Limited's Q2 '27 earnings call. Building on the strong momentum from Q1, we have had another quarter of broad-based strong double-digit growth, with both our core brands and our strategic investments performing well. Let me walk you through the highlights for the quarter. Our consolidated revenue grew by 36% to INR1,088 crores. Domestic sales grew by 49%, driven by volume growth of 43%. On a like- to-like basis, considering previous period revenue of Axiom and IncNut Digital, consolidated sales grew by 24%, and domestic business grew 32% with a volume growth of 26%. Category-wise, skincare grew by 31%. This was led by robust growth in our talc portfolio, which grew by over 2X in the quarter. BoroPlus grew in near 20s, and Fair and Handsome delivered double-digit growth. Hair and scalp care grew by 30% during the quarter. Navratna Oil grew in the 30s, and Kesh King grew in high teens. We also launched Kesh King Scalp First range in modern trade and e-com. And I must call out 7 Oils in One, which continued its remarkable run and nearly doubled its sales this quarter. It is now one of the fastest-growing brands in our core portfolio. Healthcare range grew by 11%, with pain management range growing in the teens. OTC portfolio also performed well and grew in high teens. Medico range posted a steady single-digit growth. Now, coming to strategic investments portfolio. On a like-to-like basis, we grew by an impressive 73% and contributed approximately 26% of our domestic business. Axiom and Brillare more than doubled their sales. IncNut grew by over 50%, and The Man Company by over 30%. Page 2 of 10 Emami Limited November 05, 2026 We expanded Axiom in modern trade chains and QuickCom, and we invested in building visibility for the AloFrut brand. For IncNut, we are now expanding beyond D2C into marketplaces. We have commenced operations on QuickCom, and we have also entered into new international markets. When I step back and look at all of this together, both our core portfolio and our strategic investments are growing strongly, and they are doing so side by side. We are deliberately building a more diversified business, one that spans traditional FMCG, personal and healthcare, and two, the premium beauty and grooming, digital-first brands, and emerging consumer platforms. This diversification does two things. It widens our growth runway, and it makes the business more resilient across different economic and consumption cycles. Our channel transformation is moving at a steady pace. Organized channels now contribute to 37% of our domestic business. Modern trade and e-com both maintained strong momentum, and QuickCom now accounts for around 15% of our digital sales. This is a significant shift in how our consumers are choosing to shop with us. On our international business, Q2 performance was impacted by a few specific external disruptions, with revenue declining by 2%. Importantly, the weakness was not broad- based. Nepal was impacted by severe floods, and Gulf markets continued to face supply chain challenges arising from ongoing regional conflicts. Excluding Nepal and Iraq, our international business grew by 6%. Inflationary pressures remained elevated through the quarter, and the sharp rise in input costs weighed on our margins. Together with the changing business mix following the integration of the acquired business, this resulted in higher COGS and a moderation in gross margin by 520 basis points compared to last year. Despite these pressures, EBITDA grew by 25% to INR222 crores, and profit before tax grew by 29% to INR194 crores. I think this reflects the resilience of our business model and the effectiveness of the cost management initiatives our teams undertook during the quarter. Profit after tax stood at INR144 crores, lower by 3%, and that is largely due to the normalization of our effective tax rate following the phased out of fiscal benefits. Looking at the first half of FY27, revenue stood at INR2,127 crores, up 25%. EBITDA was at INR449 crores, up 15%, and profit before tax INR388 crores, going by 15%. On capital allocation, we completed our share buyback worth INR281 crores last month to buy back 73 lakh shares. The Board has also approved the first interim dividend of INR5 per share, which would amount to a payout of INR214 crores. Sorry. As we look ahead, we remain very optimistic about the growth prospects of the business. We are encouraged by the strong performance of our core brands, the rapid scaling of our digital- first brands, and sustained traction in modern trade, e-com, and QuickCom. Commodity inflation and geopolitical developments remain areas to watch for. However, our diversified portfolio, strengthened distribution, robust innovation pipeline, and disciplined cost management position us well to deliver sustained profitable growth through the remainder of FY27. With that, I would now like to open the floor for questions. Thank you. Page 3 of 10 Emami Limited November 05, 2026 Moderator: Thank you very much, sir. We [Showing first 8,000 characters — download PDF for full document]