Emami Limited is a leading Indian FMCG company engaged in the manufacturing and marketing of personal care and healthcare products.
Emami Limited Profile
Founded in 1974 by visionaries R.S. Agarwal and R.S. Goenka, the company has evolved into a household name synonymous with natural wellness, innovation, and consumer trust.
Operating at the intersection of traditional Ayurvedic wisdom and modern scientific research, Emami caters to diverse demographics across urban and rural India and more than 70 countries globally. Emami’s ethos is rooted in its commitment to delivering superior quality, nature-inspired, and accessible products across personal care, health, and wellness categories.
Vision
To be a household name synonymous with natural health and beauty, delivering quality products that improve lives and wellbeing across geographies.
Mission
- To create superior value for all stakeholders by delivering innovative, high-quality, and sustainable products.
- To be a leading global FMCG player, expanding in both domestic and international markets.
- To integrate sustainability, community engagement, and ethical governance in all business practices.
Core Values
- Innovation
- Integrity
- Agility
- Sustainability
- Customer Centricity
Key Highlights:
- Legacy: Over 50 years of operations
- Market Reach: Presence in over 70 countries
- Distribution: Products available in 5.4 million outlets
- Manufacturing: 6 factories and 35+ third-party manufacturers
- Product Categories: 15 power brands, 450+ SKUs
- Workforce: Over 3,200 permanent employees
Business Segments
Emami Limited operates through two major business verticals:
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1. Personal Care
This is Emami’s largest business vertical, encompassing brands and products in the following areas:
- Skin care (BoroPlus range, petroleum jelly, body lotions, aloe vera gels)
- Hair care (Kesh King range, Navratna hair oils)
- Men’s grooming (Fair and Handsome/Smart and Handsome, 7 Oils in One)
- Soaps and talcs (Dermicool, Navratna Talc)
These products are designed using Ayurvedic formulations and modern scientific standards to deliver efficacy, safety, and satisfaction to the consumer.
2. Healthcare
The healthcare segment primarily includes:
- Pain management balms (Zandu Balm, Mentho Plus)
- Digestive products (Zandu Pancharishta, Zandu Chyawanprash)
- Immunity and wellness (Zandu Kesari Jivan, Health Tonics)
- Ethical and OTC Ayurvedic solutions
This division reflects Emami’s strong foundation in Ayurveda and is further amplified by its innovation pipeline and D2C healthcare platform — Zanducare.
Segmental Revenue Contribution (FY 2024–25):
- Personal Care: 71%
- Healthcare: 29%
These numbers indicate the company’s dominant positioning in consumer-facing wellness, hygiene, and care categories that enjoy high gross margins and brand stickiness.
Product Portfolio and Services
Emami’s expansive product basket reflects its deep understanding of diverse consumer needs. Its offerings are a combination of Ayurvedic wisdom, innovation, clinical validation, and appealing formats suited to Indian and global markets.
Detailed Product Categories and Offerings:
1. Pain Management:
- Zandu Balm
- Mentho Plus Balm
- Fast Relief
- Orthotic range for joint and muscle pain
These are market leaders in topical analgesics with high consumer loyalty. Zandu and MenthoPlus together account for 51.4% of market share in their category.
2. Skincare:
- BoroPlus Antiseptic Cream
- BoroPlus Aloe Vera Gel
- BoroPlus Lotions (Summer and Winter variants)
- Vasocare Petroleum Jelly
- BoroPlus Soft
- Ayurvedic soaps and prickly heat powders
BoroPlus has over 60% volume market share in the antiseptic cream category with 6.79 crore households using the product.
3. Hair Oils:
- Navratna Cool Oil
- Navratna Extra Thanda Oil
- Navratna Gold Oil
- Navratna Therapy Range
- Kesh King Ayurvedic Medicinal Oil
- 7 Oils in One
Hair oil portfolio continues to dominate in volume and value across therapeutic and cosmetic haircare needs.
4. Men’s Grooming:
- Smart and Handsome Face Cream
- Smart and Handsome Facewash
- The Man Company Premium Range (wholly owned)
This segment is growing rapidly with a shift from fairness-led positioning to holistic grooming and clean-label formats.
5. Healthcare, Digestives & Immunity:
- Zandu Chyawanprash
- Zandu Kesari Jivan
- Zandu Pancharishta
- Zandu Ayush Kwath
- Immunity Boosters
The company is focused on premiumizing this segment through science-backed formulations.
Product Revenue Contribution (FY25):
- Pain Management: 21%
- Skin Care: 17%
- Hair Oils: 29%
- Men’s Grooming: 9%
- Healthcare & Digestive: 12%
- Other and New Launches: 12%
Company History
Emami Limited’s journey began in 1974, when two visionary friends—R.S. Agarwal and R.S. Goenka—left their corporate careers to pursue their entrepreneurial dreams. Their shared vision was simple yet profound: to create high-quality personal and healthcare products based on the ancient science of Ayurveda.
Key Milestones:
- 1974: Emami is incorporated in Kolkata, India.
- 1978: Launch of BoroPlus Antiseptic Cream, one of India’s most iconic skincare brands.
- 1980s–90s: Expansion of product categories into talcs, cool oils, balms, and health tonics.
- 1998: Emami becomes a public company.
- 2008: Strategic acquisition of Zandu Pharmaceuticals for ₹730 crore, expanding Emami’s footprint in the health and wellness category.
- 2015: Acquires Kesh King—India’s leading Ayurvedic hair and scalp care brand—for ₹168 crore.
- 2017–2021: Investments in digital-first D2C startups such as The Man Company, Brillare, TruNativ, and Fur Ball Story.
- 2023–2025: Celebrates 50 years of operations, launches refreshed brand identity reflecting modernity, agility, and deeper consumer relevance.
Emami has transformed from a homegrown Ayurvedic product manufacturer into a global FMCG powerhouse, guided by values of innovation, care, and sustainability.
Brands and Revenue Contribution
Emami’s brand portfolio comprises well-recognized legacy brands and innovative new-age entrants. Its strategy focuses on brand architecture revitalization, new SKU formats, packaging, and strategic positioning for urban and rural consumers alike.
Flagship Brands:
| Brand Name | Category | FY25 Revenue Contribution (%) | Key Products |
|---|---|---|---|
| Navratna | Hair Oil & Talc | 21% | Cool Oil, Therapy, Gold Oil, Talc |
| BoroPlus | Skincare | 17% | Antiseptic Cream, Lotions, Gels, Soaps |
| Zandu | Healthcare | 20% | Balm, Chyawanprash, Kesari Jivan, OTC Range |
| Kesh King | Hair Care | 14% | Medicinal Oil, Shampoo, Conditioner |
| Smart & Handsome | Men’s Grooming | 9% | Cream, Facewash |
| The Man Company | Men’s Grooming (Premium) | ~3% | Beard Oil, Perfumes, Grooming Kits |
| Brillare | Salon-grade Skincare | ~2% | Haircare and facial treatments |
Combined, the top five brands contribute over 80% of the total revenue, showcasing Emami’s strength in market leadership across niche, high-margin, and high-penetration categories.
Geographical Presence
Emami has an extensive global footprint, exporting to more than 70 countries and serving a diverse consumer base. It leverages a mix of own manufacturing units, third-party arrangements, and distribution alliances to grow its brand internationally.
Domestic vs. International Revenue:
- India: 83% of total revenue
- International: 17% of total revenue
Key International Markets:
- MENAP: UAE, Saudi Arabia, Qatar, Egypt, Iraq, Afghanistan, Yemen
- CIS & Eastern Europe: Russia, Kazakhstan, Ukraine, Belarus, Georgia
- Southeast Asia & Oceania: Malaysia, Indonesia, Philippines, Myanmar, Australia, Singapore
- Africa: South Africa, Kenya, Uganda, Ghana, Tanzania, Madagascar
- Others: UK, USA, Canada, West Indies
Regional Offices:
- New Delhi
- Mumbai
- Hyderabad
- Kolkata (HO)
Manufacturing Facilities:
- India: Pantnagar (Uttarakhand), Masat (Dadra & Nagar Haveli), Abhoypur and Pacharia (Assam), Vapi (Gujarat)
- International (3P): UAE, Sri Lanka, Bangladesh, Thailand, Germany
Emami continues to prioritize international expansion through localized SKUs, region-specific marketing campaigns, and empowerment of local leadership. Nearly 85% of the international workforce comprises local talent. Local manufacturing now accounts for 70% of international volume production, ensuring agility and cost efficiency.
Financial Statements (FY2024–25)
Consolidated Profit and Loss Statement (INR Crores)
| Particulars | FY2023–24 | FY2024–25 |
|---|---|---|
| Revenue from Operations | 3,351.57 | 3,509.75 |
| Other Income | 49.29 | 66.88 |
| Total Income | 3,400.86 | 3,576.63 |
| EBITDA | 864.21 | 903.60 |
| EBITDA Margin | 25.8% | 25.7% |
| Profit Before Tax | 775.48 | 812.56 |
| Tax Expense | 80.59 | 78.22 |
| Profit After Tax (PAT) | 694.89 | 734.34 |
| PAT Margin | 20.7% | 20.9% |
Consolidated Balance Sheet (INR Crores)
| Particulars | FY2023–24 | FY2024–25 |
| Total Equity | 4,756.78 | 5,040.20 |
| Total Non-Current Liabilities | 38.59 | 40.29 |
| Total Current Liabilities | 829.21 | 846.33 |
| Total Liabilities | 867.80 | 886.62 |
| Total Assets | 5,624.58 | 6,324.63 |
| Cash and Cash Equivalents | 435.91 | 531.61 |
| Net Worth | 4,756.78 | 5,040.20 |
Consolidated Cash Flow Statement (INR Crores)
| Particulars | FY2023–24 | FY2024–25 |
| Net Cash from Operating Activities | 634.21 | 728.79 |
| Net Cash used in Investing Activities | -215.45 | -112.30 |
| Net Cash used in Financing Activities | -332.65 | -418.32 |
| Net Increase/Decrease in Cash | 86.11 | 198.17 |
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
Emami has a robust and diverse global entity structure supporting its international ambitions and portfolio expansion.
Wholly-Owned Subsidiaries:
| Name | Country | Focus Area |
| Emami International FZE | UAE | MEA Distribution Hub |
| Emami Bangladesh Ltd. | Bangladesh | Manufacturing & Distribution |
| Emami Overseas FZE | UAE | Marketing & Sales |
| Emami UK Ltd. | United Kingdom | Europe Market Penetration |
| Emami LLC | Russia | Local Market Servicing |
| Emami SA | South Africa | Distribution in Africa |
| Emami Lanka Pvt Ltd. | Sri Lanka | Local Market Sales |
Other Subsidiaries:
- Emami Realty Ltd.
- Emami Frank Ross Ltd.
- Emami Foundation (CSR Arm)
Associate Company:
| Name | Stake | Focus Area |
| Brillare Science Pvt Ltd. | 25.01% | Salon-grade clean beauty brand |
Emami’s associate and subsidiary companies reflect its dual strategy—geographical expansion and entry into specialized, high-margin, or digital-first categories.
Physical Properties
Emami owns and operates multiple plants and properties across India with a focus on automation, sustainable practices, and quality assurance.
Manufacturing Units:
- Pantnagar, Uttarakhand – Major production hub for oils and creams
- Masat, Dadra & Nagar Haveli – Produces balms, roll-ons, sprays
- Vapi, Gujarat – Focused on liquid and powder-based healthcare products
- Abhoypur & Pacharia, Assam – Strategic unit for Eastern and North-Eastern markets
- Kolkata (HO) – Central command with integrated R&D lab, marketing, and support services
Research & Development Centre:
- Located at Kolkata, focusing on Ayurvedic research, clinical validation, and product innovation
Warehouses and Depots:
- 35+ across India for logistics support and inventory optimization
Founders
R.S. Agarwal
Co-founder and Chairman Emeritus. A Chartered Accountant by profession, he is known for his deep understanding of Ayurveda and financial acumen. He played a pivotal role in establishing Emami’s foundational culture.
R.S. Goenka
Co-founder and Chairman Emeritus. Known for his operational and marketing brilliance, he was instrumental in building Emami’s flagship brands and guiding the company’s expansion across India and abroad.
Their legacy continues through multiple generations of active family management ensuring continuity, values, and innovation.
Board of Directors
| Name | Designation | Role/Expertise |
| R. S. Agarwal | Chairman Emeritus | Strategic Vision & Governance |
| R. S. Goenka | Chairman Emeritus | Brand Strategy & Legacy Builder |
| Mohan Goenka | Vice Chairman & WTD | Marketing, Growth Strategy |
| Harsha V. Agarwal | Vice Chairman & MD | Innovation, Digital Expansion |
| Aditya V. Agarwal | Director | Distribution & International Ops |
| N. H. Bhansali | CEO – Strategy & Finance | Capital Markets, Finance |
| A. V. S. Raju | Independent Director | Governance, Compliance |
| P. P. Choudhury | Independent Director | Legal Expertise |
| Others | Independent and Executive Directors | Cross-functional Leadership |
Shareholding Pattern (As of March 31, 2025)
| Category | Shareholding % |
| Promoter and Promoter Group | 54.28% |
| Mutual Funds | 5.21% |
| FII/FPI | 13.15% |
| Insurance Companies | 5.78% |
| Retail & Others | 21.58% |
Emami has a strong promoter holding with consistent long-term FII and mutual fund presence, reflecting institutional confidence.
Parent Company
Emami Limited is the flagship company of the Emami Group. While it operates independently as a publicly listed entity, it benefits from group synergies in terms of real estate, healthcare, and financial investments.
Investments and Future Plans
Passive Investments:
- Brillare Science Pvt Ltd – 25.01% stake in a fast-growing clean beauty brand
- The Man Company – Strategic equity infusion
- TruNativ – D2C Nutrition Brand
- Fur Ball Story – Pet Care and wellness startup
Future Investment Plans:
- Accelerating innovation with over 100+ new product launches in FY26
- Enhanced penetration of digital-first brands through Zanducare, TMC, and Brillare
- Strengthening exports and partnerships in LATAM and Francophone Africa
- Investments in modern trade, beauty advisors, and in-clinic health and wellness channels
- Focus on environment-first packaging and carbon-neutral factories
What does Emami Limited do?
Emami Limited is a leading Indian FMCG company that manufactures and markets personal care, healthcare, and Ayurvedic products. Its top brands include Navratna, BoroPlus, Zandu, Kesh King, and The Man Company.
Which brands are owned by Emami?
Emami owns several leading brands including Navratna, BoroPlus, Zandu, Kesh King, Smart and Handsome, The Man Company, Brillare, and more.
What is Emami’s revenue for FY2024–25?
Emami reported a consolidated revenue of ₹3,509.75 crore for FY2024–25 with a PAT of ₹734.34 crore and an EBITDA margin of 25.7%.
Who are the founders of Emami Limited?
Emami was founded by R.S. Agarwal and R.S. Goenka in 1974. They transformed Emami into a global Ayurvedic and FMCG powerhouse.
What are Emami’s future investment plans?
Emami plans to launch over 100+ new products in FY26, expand its digital brands, invest in eco-friendly packaging, and grow exports in LATAM and Africa.
