Desk note · industry · FMCG / consumer
Emami Ltd told Mint on 5 November 2026 that revenue from its strategic investment brands rose 73% to ₹239 crore in the September quarter, about 26% of domestic revenue, and vice chairman Harsha Vardhan Agarwal said further D2C acquisitions are likely within a year if valuations stay disciplined.
On 5 November 2026, Emami Ltd published September-quarter results and managing director Harsha Vardhan Agarwal told Mint the Kolkata-based group is actively scouting premium digital-first brands sold mainly online. Revenue from brands it classifies as strategic investments reached ₹239 crore in the quarter, up 73% year on year on a comparable basis and equal to about 26% of India sales. The set includes male grooming label The Man Company, beauty platform Brillare, Axiom Ayurveda, and IncNut, owner of Vedix and SkinKraft, with recent deals valued at ₹200 crore and ₹321 crore. Consolidated revenue rose 36% to ₹1,088 crore, driven by 49% domestic topline growth and 43% domestic volume growth, while profit after tax slipped 2% to ₹145.5 crore as commodity costs stayed elevated.
Legacy FMCG houses are buying growth on marketplaces and quick-commerce aisles because core ayurvedic and winter-care lines alone cannot match the pace of online-native challengers. Emami is pairing factory brands such as BoroPlus with D2C labels that ship direct and advertise on short video, similar to Marico’s Plix stack and Hindustan Unilever’s push behind Minimalist. Agarwal said the group will not overpay and expects another investment within twelve months, with the acquired portfolio on track to cross ₹800 crore in FY27 sales. Margin pressure this quarter shows the trade-off: volume and mix can look strong while edible oil and packaging inflation still bite EBITDA.
If you shop for grooming or personalised skincare online, watch whether Emami-backed brands bundle with core Emami packs on Amazon or Blinkit and how pricing compares with standalone D2C rivals. Founders selling niche consumer labels should note that strategics now expect proof of scale before paying premium multiples. Investors in Emami or peers should read D2C contribution each quarter, not just headline revenue growth. Track the next acquisition announcement, gross margin commentary on input costs, and whether PAT recovers once commodity pressure eases.
Ports / logistics
Adani Ports and Special Economic Zone Ltd said on 5 November 2026 it will acquire Netherlands-based Evos B.V. at an enterprise value of €2.56 billion, adding eight port terminals across five European countries and 6.3 million cubic metres of tank capacity funded largely through MUFG-underwritten euro debt.
Packaged food / FMCG
Britannia Industries Ltd reported on 5 November 2026 that consolidated revenue from operations rose 15.6% to ₹5,597.79 crore in the September quarter on 13% volume growth and 16.6% sales growth, with net profit up 11% to ₹725.99 crore despite management flagging inflation watchlists.
Automobiles / consumer
Mahindra & Mahindra Ltd reported on 5 November 2026 that consolidated profit after tax rose 30% to ₹5,167 crore on revenue up 25% to ₹57,553 crore, with passenger vehicle sales up 26% to 183,000 units even as tractor volumes fell 6% on a weak monsoon.
Telecom / consumer
Bharti Airtel reported on 5 November 2026 that average revenue per user rose to ₹271 in the September quarter as it added 18.8 million 4G and 5G users and trimmed cheap prepaid plans, but consolidated profit of ₹88.88 billion missed estimates because network operating costs rose 11% and licence fees 13%.
For informational purposes only. Not investment advice. Verify with filings and a licensed adviser.
