Emami vs Dabur Q2 Results: Which FMCG Giant Wins on Profit, Revenue and Dividend? A Metric-by-Metric Scorecard Without a Verdict

Emami vs Dabur Q2 results for FY27 give a split decision on growth, profit and dividend, so this article scores them metric by metric and does not name an overall winner. It covers the numbers each company reported, the preview estimates, the dividend comparison, valuation and the checks that matter. For the pre-results view, see our Emami vs Dabur preview. The Dabur Q2 results came on 4 November and Emami's on 5 November.

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Emami vs Dabur Q2 Results: The Scorecard

Emami vs Dabur Q2 results: metric	Emami (5 November)	Dabur (4 November)
Revenue	Rs 1,088 crore, up 36%	Rs 3,563.07 crore, up 11.6%
Net profit	Rs 144 crore, down 3%	Rs 505.50 crore, up 11.7%
EBITDA	Rs 222 crore, up 25%	Operating margin down 60 basis points
Net margin (my arithmetic)	About 13.2%	About 14.2%
Interim dividend	Rs 5 per share	Rs 3.50 per share (350%)
Share reaction	Up about 3% to Rs 388.05	Up 3.45% to Rs 394.10 on 4 November

Emami grew faster on revenue but lost ground on profit, while Dabur delivered steadier double-digit growth in both. Emami's EBITDA margin works out at about 20.4% (my arithmetic: 222 divided by 1,088). See the Dabur and Nifty FMCG pages for live data.

Dabur Q2 Results: Steady Double-Digit Growth

Dabur Q2 results: detail	Reading
Consolidated revenue	Rs 3,563.07 crore, up 11.6%
Net profit	Rs 505.50 crore, up 11.7%, the fourth straight quarter of double-digit profit growth
India FMCG business	Revenue up 10.7%, volume up 5.5%
Operating margin	Down 60 basis points
Advertising spend	Down 3% to Rs 226.59 crore
First half	Revenue Rs 7,327 crore, up 11.1%; profit Rs 1,096 crore, up 13.4%

Lower advertising spend helped profit even as the operating margin slipped, my reading of how the two lines fit together rather than a company statement. Volume growth of 5.5% is a healthier sign than price-led growth.

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Emami Q2 Results: Revenue Jump, Profit Dip

Emami vs Dabur Q2 results: Emami detail	Reading
Revenue	Rs 1,088 crore, up 36%
Domestic business	Up 49%
EBITDA	Rs 222 crore, up 25%
Net profit	Rs 144 crore, down 3%; the year-ago quarter was Rs 148.35 crore
Buyback	Completed, Rs 281.24 crore
Interim dividend	Rs 5 per share

Revenue rose much faster than profit, which signals that costs or other items grew faster than sales. The year-ago quarter was weak, as Emami's Q2 FY26 profit had fallen 30.2% to Rs 148.35 crore, so the base was already low. The reasons for the profit dip should be read in the earnings call.

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Emami vs Dabur Q2 Results Against Estimates: What the Previews Expected

Emami vs Dabur Q2 results: HDFC Securities preview	Emami	Dabur
Revenue growth expected	About 20%	About 11%
Adjusted profit growth expected	About 4%	About 9%
Actual revenue growth	36%	11.6%
Actual profit growth	Down 3%	Up 11.7%
Read-across (my reading)	Revenue beat, profit missed	Revenue in line, profit ahead

The preview figures are HDFC Securities' estimates, and a headline net profit may differ from the adjusted figure used in a preview. My comparison is therefore indicative. An analyst also expected a gross margin contraction of about 380 basis points for Emami.

Emami vs Dabur Q2 Results: Dividend and Valuation

Emami vs Dabur Q2 results: dividend and valuation	Emami	Dabur
Interim dividend	Rs 5	Rs 3.50
Single-payout yield (my arithmetic)	About 1.29% on Rs 388.05	About 0.89% on Rs 394.10
P/E in July 2026	22.97 times	39.6 times
Dividend yield in July 2026	2.99%	1.94%

The payout yields are for one interim dividend and are not annualised. The July valuation figures pre-date the results and share price moves, so recompute them on live data. On those older figures, Emami traded at a lower multiple with a higher yield, while Dabur carried a premium for steadier growth.

What to Check Before Comparing Emami vs Dabur Q2 Results

Check	Why it matters
Reported versus adjusted profit	One-time items can distort a quarter
Volume versus price growth	Volume-led growth is usually more durable
Margin trend	Raw material and advertising costs drive profit
Valuation gap	A premium needs steady growth to hold
Dividend sustainability	Check payout against free cash flow

Conclusion

Emami vs Dabur Q2 results are a split decision: Emami led on revenue growth, dividend per share and yield, while the Dabur Q2 results showed steadier profit growth. Neither wins on every metric, and valuation and margins matter as much as one quarter. Review the earnings calls and consult a SEBI-registered adviser before acting.

Frequently Asked Questions on Emami vs Dabur Q2 Results

Who had better Emami vs Dabur Q2 results?

Ans. It depends on the metric. Emami grew revenue 36% to Rs 1,088 crore but profit fell 3% to Rs 144 crore. Dabur grew revenue 11.6% to Rs 3,563.07 crore and profit 11.7% to Rs 505.50 crore. I do not name an overall winner.

What were the Dabur Q2 results?

Ans. Consolidated revenue was Rs 3,563.07 crore, up 11.6%, net profit was Rs 505.50 crore, up 11.7%, India FMCG volume grew 5.5% and the operating margin fell 60 basis points. An interim dividend of Rs 3.50 per share was declared.

What were Emami's Q2 results?

Ans. Revenue was Rs 1,088 crore, up 36%, with the domestic business up 49%, EBITDA was Rs 222 crore, up 25%, and net profit was Rs 144 crore, down 3%. Emami declared an interim dividend of Rs 5 and completed a Rs 281.24 crore buyback.

Which company pays the higher dividend in the Emami vs Dabur Q2 results?

Ans. Emami declared Rs 5 per share against Dabur's Rs 3.50. On the post-results prices, that is about 1.29% for Emami and 0.89% for Dabur on a single payout (my arithmetic). These are interim payouts and not annual yields.

How did the shares react?

Ans. Dabur closed up 3.45% at Rs 394.10 on 4 November, and Emami rose about 3% to Rs 388.05 after its results on 5 November, per press reports. Prices change daily, so check live quotes.

Did the Emami vs Dabur Q2 results meet estimates?

Ans. HDFC Securities expected Emami revenue growth of about 20% and adjusted profit growth of about 4%, and Dabur revenue growth of about 11% and adjusted profit growth of about 9%. Emami's revenue beat but profit fell, while Dabur was in line on revenue and ahead on profit, a comparison that is indicative only.

Which stock is lower priced on valuation after the Emami vs Dabur Q2 results?

Ans. Univest does not rank stocks on price. In July 2026, Emami's P/E was 22.97 times against Dabur's 39.6 times, but those figures pre-date the results. Recompute them using live prices and trailing earnings.

Should I buy Emami or Dabur?

Ans. Univest does not recommend any security and cannot give personal advice. Compare growth, margins, valuation and dividend with your goals and risk tolerance, and consult a SEBI-registered adviser.