**1. Business Performance:** Emami delivered resilient FY25 performance: consolidated revenues +6%, PAT +11%. Key brands (Navratna, Dermicool, BoroPlus, Zandu Healthcare) drove growth.

Q3FY26 grew 11%, recovering from H1 challenges; international business also expanded. **2. Growth Drivers or Strategy:** Strategic focus: diversifying core brands from niche to mainstream, brand rejuvenation (Kesh King, Smart & Handsome targeting wider grooming market). Inorganic growth via acquisitions/investments and a booming D2C channel (revenue doubled FY23-FY25, improved margins) are key.

Digital marketing is ~50% of media spends. **3. Recent Developments:** Launched Zanducare, a digital healthcare ecosystem with ~100 digital-first products, serving over 0.21 Cr orders. **4. Key Financial Metrics:** FY25 EBIDTA rose 8%, PAT 11%. Gross Margins 68.6%, EBIDTA 26.9%. Strong balance sheet with net cash over ₹1,000 Cr as of Dec 2025. **5. Management Commentary / Outlook:** Management emphasizes disciplined capital deployment to fund growth and reward shareholders.

Expects sharp H2FY26 recovery, with Q4FY26 on track.