Emami shares jump 5% after Goldman Sachs sees up to 60% upside

Emami shares surged nearly 5% on November 27 after international brokerage Goldman Sachs reaffirmed its bullish stance, maintaining a ‘Buy’ rating. The stock climbed to ₹538.45, marking its highest level in 14 sessions and extending gains for the second consecutive day.

Goldman Sachs has set a price target of ₹825 for Emami, signaling an upside potential of about 60.5% from the previous close of ₹514.05. The brokerage highlighted that the FMCG company is likely to experience a robust earnings recovery over the next four quarters, which could drive further stock gains. It also noted that Emami’s growth and valuation metrics appear misaligned with the sector, and earnings volatility has masked the company’s underlying growth trajectory, affecting its market valuation.

Earlier this month, Elara Capital upgraded Emami’s rating from ‘Accumulate’ to ‘Buy,’ with a target price of ₹700, implying over 36% upside from the prior close. In Q2 FY26, Emami reported a consolidated net profit of ₹148 crore, down 30% year-on-year from ₹212.66 crore in Q2 FY25, while revenue from operations fell 10% YoY to ₹798.51 crore.