Goldman Sachs reaffirms 'Buy' on Emami, expects 61% upside
Goldman Sachs reiterated its 'buy' rating on Emami, setting a price target of ₹825 per share and forecasting a 61% upside.
- Nov 27, 2025,
- Updated Nov 27, 2025 4:04 PM IST
Goldman Sachs has reaffirmed its positive view on Emami, retaining the buy rating in a research note released on Thursday. The brokerage fixed a price target of Rs 825 per share, which represents the highest projection in the market and an anticipated 61% upside from current levels.
According to Goldman Sachs, Emami's growth and valuations relative to the sector appear disconnected, while earnings volatility is masking an otherwise reasonable growth trajectory, thereby impacting the company's valuations.
Emami's shares closed 2.52% higher on Thursday at Rs 512.85. Over the past month, the stock has fallen 6%, bringing its decline since the start of 2025 to 16%.
The share price is now 26% below the recent 52-week high of ₹692. Goldman Sachs' price target is followed by Emkay, which fixed a target of ₹800 on the stock.
Looking ahead, Goldman Sachs expects a strong recovery for Emami over the next four quarters, which it believes could support an improvement in share price. The brokerage, however, outlined several downside risks to its thesis: overexposure to dominant niche segments, possibility of unexpected management team transitions, increasing competitive intensity in niche segments, and adverse weather conditions.
Goldman Sachs has reaffirmed its positive view on Emami, retaining the buy rating in a research note released on Thursday. The brokerage fixed a price target of Rs 825 per share, which represents the highest projection in the market and an anticipated 61% upside from current levels.
According to Goldman Sachs, Emami's growth and valuations relative to the sector appear disconnected, while earnings volatility is masking an otherwise reasonable growth trajectory, thereby impacting the company's valuations.
Emami's shares closed 2.52% higher on Thursday at Rs 512.85. Over the past month, the stock has fallen 6%, bringing its decline since the start of 2025 to 16%.
The share price is now 26% below the recent 52-week high of ₹692. Goldman Sachs' price target is followed by Emkay, which fixed a target of ₹800 on the stock.
Looking ahead, Goldman Sachs expects a strong recovery for Emami over the next four quarters, which it believes could support an improvement in share price. The brokerage, however, outlined several downside risks to its thesis: overexposure to dominant niche segments, possibility of unexpected management team transitions, increasing competitive intensity in niche segments, and adverse weather conditions.