'Buy for 61% upside': Goldman Sachs bets big on this FMCG stock

Brokerage firm Goldman Sachs has retained its "buy" rating on Emami and its price target projects a significant upside for the FMCG stock.

In its note on Thursday, November 27, Goldman Sachs ascribed a price target of ₹825 per share for Emami, which is the highest on the street, and projects an upside potential of 61% from current levels.

Goldman Sachs wrote in its note that 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.

The brokerage expects a strong recovery in Emami over the next four quarters, which could drive upside in the stock price.

However, the brokerage has listed four downside risks to their thesis, which include:

• Overexposure to dominant niche segments


• Unexpected management team transitions


• Greater competitive intensity in niche segments, and


• Adverse weather conditions

27 analysts have coverage on Emami, of which 21 of them have a "buy" rating, five say "hold", while one has a "sell" recommendation on the stock.

Goldman Sachs' price target is followed by Emkay, which has a target of ₹800 on the stock.

Shares of Emami ended 0.5% lower on Wednesday at ₹512.85. The stock is down 6% in the last one month, 16% so far in 2025, and 26% from its recent 52-week high of ₹692.