Emami vs Dabur Q2 FY27 Results Preview: HDFC Securities Sees Emami Revenue Up 20% and Dabur Up 11%, With Margin Pressure and Interim Dividends in Focus
- November 2, 2026
- Posted by: Chaitanya Auti
- Category: Results
Emami vs Dabur Q2 FY27: HDFC Securities sees revenue up 20% (Emami) and 11% (Dabur), adjusted PAT up 4% and 9%. Dabur reports 4 Nov, Emami 5 Nov. Interim dividends on agenda.
Quick Answer
Emami vs Dabur: HDFC Securities expects Emami’s Q2 FY27 revenue to rise 20% with adjusted profit up 4%, and Dabur’s revenue to rise 11% with adjusted profit up 9%. Dabur reports on 4 November and Emami on 5 November, and both boards will consider interim dividends. Margins are expected to contract for both. Emami was at Rs 365.40 and Dabur at Rs 371.30 at 11:08 AM IST.
Emami vs Dabur is the FMCG comparison to watch this week, because both report September-quarter results within a day of each other and both boards will consider an interim dividend. This Emami vs Dabur preview compares the estimates, the business update Dabur has already issued, valuation and what could surprise.
Prices are as of 11:08 AM IST on 2 November 2026. Estimates come from one brokerage, HDFC Securities, and are not a market consensus.
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Emami vs Dabur: Q2 FY27 Estimates Compared
| Estimate (HDFC Securities) | Emami | Dabur |
|---|---|---|
| Result date | Thursday, 5 November 2026 | Wednesday, 4 November 2026 |
| Revenue growth, year-on-year | About 20% | About 11% |
| Adjusted profit growth | About 4% | About 9% |
| Gross margin | 67.3%, down 380 bps | About 48%, down 140 bps |
| EBITDA margin | 20%, down 240 bps | About 18%, down 50 bps |
| EBITDA growth | About 7% | Not stated |
Source: HDFC Securities estimates as reported by Mint and EconoTimes on 1 November 2026, and company filings. The two boards will also consider an interim dividend for FY27, but neither filing confirms an amount.
Dabur Q2 Results: What the Company Has Already Said
For Dabur Q2 results, the company issued a business update before results: it expects double-digit consolidated revenue growth and double-digit growth in profit after tax. In Q2 FY26 revenue was Rs 3,191.32 crore and profit was Rs 452 crore. Within the business, hair oils and shampoos are expected to grow in the high teens, skin care at double digits, home care at high single digits and oral care at mid single digits on a high base, while foods and beverages are expected to grow in the mid-teens and healthcare at mid single digits. International markets such as Egypt, Turkey, the USA, Bangladesh and the UK are growing at double digits, offsetting Middle East weakness. Dabur’s trading window stays closed until 6 November.
Emami Q2 Results: Why Revenue Could Jump 20%
Emami Q2 results are expected to show a strong revenue gain because of a low base: a year ago, profit fell 30.2% to Rs 148.35 crore as GST changes and heavy rain disrupted trade. HDFC Securities expects gross margin to fall 380 basis points to 67.3% and EBITDA margin 240 basis points to 20%, so profit growth should lag revenue at about 4%.
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Valuation: Emami vs Dabur Before Results
| Metric | Emami | Dabur |
|---|---|---|
| Price (NSE) | Rs 365.40 (+1.57%) | Rs 371.30 (+1.56%) |
| Market cap | About Rs 15,707 crore | About Rs 64,927 crore |
| P/E ratio | 20.95 | 33.36 |
| P/B ratio | 5.37 | 5.69 |
| Return on equity | 26.51% | 16.59% |
| Dividend yield | 2.78% | 2.25% |
| Debt to equity | 0.06 | 0.11 |
Source: exchange data. The industry P/E for the FMCG group is about 33. Emami trades at a lower P/E and has a higher return on equity, while Dabur has a larger market cap and has fallen about a quarter over the past year, per a Business Standard note citing Nuvama.
Which One Has More to Prove in Q2?
In Emami vs Dabur, Dabur is trying to show that its India business is recovering, with Nuvama expecting double-digit revenue growth after 19 quarters, and margins are the debate. Emami has to show that its strong revenue holds up against input costs. Among FMCG stocks, the brokerage preference for Emami in its FMCG coverage, alongside Godrej Consumer, Britannia and Honasa, is one view, not a consensus.
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Conclusion
Emami vs Dabur is a close contest on estimates: Emami offers faster revenue growth and a lower P/E, while Dabur offers a steadier profit rise and a recovering India business. Both face margin pressure, so watch gross margins, volume growth and the interim dividend announcements.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions on Emami vs Dabur
When will Dabur and Emami announce Q2 results?
Ans. Dabur's board meets on Wednesday, 4 November 2026 and Emami's on Thursday, 5 November 2026 to consider unaudited results for the quarter and half year ended 30 September. Both agendas also include an interim dividend for FY27, but neither filing confirms a payout or an amount.
What does HDFC Securities expect from Emami in Q2?
Ans. HDFC Securities expects Emami's revenue to rise about 20% and adjusted profit after tax about 4%, with EBITDA up about 7%. It expects gross margin to fall 380 basis points to 67.3% and EBITDA margin to fall 240 basis points to 20%. This is a single brokerage estimate, not a consensus.
What does HDFC Securities expect from Dabur in Q2?
Ans. HDFC Securities expects Dabur's revenue to rise about 11% and adjusted profit after tax about 9%. It expects gross margin of about 48%, down 140 basis points, and EBITDA margin of about 18%, down 50 basis points. Dabur's own business update points to double-digit revenue and profit growth.
Why could Emami's revenue growth be higher than Dabur's?
Ans. A year ago Emami's profit fell 30.2% to Rs 148.35 crore because GST changes and heavy rain disrupted trade, which creates a low base for comparison. This helps year-on-year revenue growth, but input costs and gross margin pressure are expected to hold profit growth to about 4%.
Which is cheaper on valuation, Emami or Dabur?
Ans. Emami trades at a P/E of about 20.95 against Dabur's 33.36, with a higher return on equity of 26.51% against 16.59%. Emami's market cap is much smaller, at about Rs 15,707 crore against about Rs 64,927 crore. Lower valuation alone does not make a stock better, as growth and risk differ.
Will Emami and Dabur pay dividends?
Ans. Both boards will consider an interim dividend for FY27, but no amount has been confirmed. Current dividend yields are about 2.78% for Emami and 2.25% for Dabur. Wait for the board's announcement and check the record date on the exchange website before acting.
What are the main risks for FMCG results this quarter?
Ans. Raw material inflation, gross margin pressure, uneven rural demand, rainfall deficits and geopolitical tension in the Middle East. HDFC Securities expects strong topline growth across FMCG but muted margins, and expects ITC, Bikaji and Gopal Snacks to report profit declines while HUL, Dabur and Emami deliver single-digit growth.
Should I buy Emami or Dabur before results?
Ans. Buying before results is a bet on the outcome, so be aware of volatility on the day. Compare the actual numbers with estimates, management commentary on margins and volumes, and your own horizon. This is not investment advice, so consult a SEBI-registered advisor.