Emami Limited (NSE: EMAMILTD) Q3 2026 Earnings Call dated Feb. 04, 2026
Corporate Participants:
Unidentified Speaker
Mohan Goenka — Vice Chairman & Wholetime Director
Manish Gupta — President of Sales
Analysts:
Unidentified Participant
Percy Panthaki — Analyst
Prakash Kapadia — Analyst
Siddhesh Deshmukh — Analyst
Harit Kapoor — Analyst
Amnish Agarwal — Analyst
Naveen Trivedi — Analyst
Abneesh Roy — Analyst
Raman KV — Analyst
Nitin Gupta — Analyst
Ajay Thakur — Analyst
Sameer Gupta — Analyst
Presentation:
operator
Sa. Sat.
operator
Ladies and gentlemen, Good day and welcome to the Imami Limited Q3FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Percy Pantaki from IIFL Capital. Thank you. And over to you sir.
Percy Panthaki — Analyst
Good afternoon. It’s my pleasure to host Imami for the R3QFY26 conference call online. With me I have Mr. Mohan Goenka whole time Director and Vice Chairman, Mr. Vivek Dir, CEO International Business. Mr. Gulraj Bhatia, President Healthcare, Mr. Manish Gupta, President Sales and Mr. Giraj Bagri, Chief Growth Officer and Mr. Rajesh Sharma, President Finance and IR. I’ll hand over the call to Mr. Mohan Goenka for his initial comments and then we will open up for Q and A.
Mohan Goenka — Vice Chairman & Wholetime Director
Thank you, Parsee. Good afternoon ladies and gentlemen. Thank you for joining us today for Imami Limited’s Q3FY26 earning call. I am delighted to share our results for the quarter and nine months ended 31st December 25th. I must say this has been a quarter of strong broad based performance that is fully aligned with our expectations and strategic priorities. We have witnessed a sequential improvement following the GS2 disruptions that continue to affect the early parts of the quarters. The favorable winter season played to our strengths driving stronger offtake across our winter portfolio. Healthcare on a consolidated level, net sales grew by double digits at 11% with revenue of 1152 crores growing by 10%.
During the quarter, our domestic business delivered an 11% growth led by a robust 9% volume growth. All major brands performed well in Q3 led by Boroplus which grew by 16%. Keshe King grew by 10%, Pain Management grew by 8% and Healthcare range grew by 7%. The male grooming range grew by 4%, Navaratna and Dharmicul grew by 1%. Our strategic subsidiaries, I.e. the Man Company and Brillair together delivered a robust growth of 31%. Our strategy of purposeful innovation and premiumization continues to gain traction. During the quarter we launched several exciting products and variants that addresses evolving needs of new age consumers.
Our Omnichannel strategy continues to perform well with Quick Commerce doubling its sales and now contributing 20% to our E. Com business. Overall organized channels contributed around 32% year to date, increasing their contribution by 280 basis points over the previous year. We have engaged KPMG to drive a future ready supply chain transforming across Omni Channel operations. On the international front, our sales grew by 9% with double digit growth in seven oils in one Boroplus crem 21 and our pain management range we saw steady growth led by SARC and CIS regions. On the financial front, gross margin expanded to 70.6% an improvement of 30 basis points, underscoring our rigorous cost discipline, judicious price hikes and benefits of input price stability.
EBITDA for the quarter stood at 384 crores, growing by 13% while EBITDA margins improved to 33.4%, an expansion of 110 basis points. During the quarter we accounted for 10.1 crore towards the impact of changes in the New Labour Code which is represented under the exceptional items. Our profit after tax at 319crores grew by 15%. Our digital spends now account for almost 50% of our overall media spends. In line with evolving consumer media consumption trends enabling sharper targeting and higher engagement. I am also delighted to announce that our Board of Directors have declared a second interim dividend of 600% amounting to rupees six per share for FY26.
The total dividend declared in nine months. FY26amount to rupees ten per share, reflecting our confidence in our business performance and our commitment to reward the shareholders of the company further. I would also like to inform you that as per the recent proposed amendments in the union budget, our applicable income tax rate for the standalone entity would reduce to around 25% from 35% for FY27 onwards. Looking ahead, we remain optimistic about Q4 and beyond. There’s a better consumption momentum building in the environment and we are positioned to capitalize on it. We remain focused on our core brands as well as New Age opportunities.
With strengthening demand trends, consistent portfolio actions and a clear strategic roadmap, we are increasingly confident in our ability to deliver sustained profitable growth and create long term value for our stakeholders. With that, I would now like to open the floor for Q and A. Thank you so much for your continued support.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on their Touchstone telephone. If you wish to remove yourself from the question queue, you will press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the Question queue assembles. The first question is from the line of Prakash Kapadia from Kapadia Financial Services. Please go ahead.
Prakash Kapadia
Yeah, thanks for the opportunity. A couple of questions from my end to post. The gst disruption in Q2, we were confident of growth coming back. So that has, you know, happened during the quarter. So from year on. Mohanji, how and what, you know, do we build for growth as we move towards FY27? What I was trying to understand, you know, given the base we have, most of the products are, you know, under the 5% GST slab now. So, you know, earlier in most of our power brands, new user edition was missing. So is that going to be a big driver for growth? What categories could benefit? If you could comment on the sales trajectory, that will be helpful.
Mohan Goenka
So Prakash, you are right. So our endeavor is always to get to double digit growth. Of course some of our brands are seasonal. A lot depends on that. But nevertheless, every brand has got a lot of opportunity because penetrations are still on the lower side for most of our brands. And because you rightly said that now the GST is at 5%, we are confident that, you know, the brand should get to close to double digit growth. That is the target that we have given to the brand teams. Depending on the seasonality here and there, you know, the numbers depend mostly on that.
But still our targets are to get to double digit.
Prakash Kapadia
Okay. And any specific categories you want to call out in terms of the power brand or, you know, given some of these changes which has happened, we should see, you know, growth momentum across most of our categories. And on the new user edition, because that piece was really missing earlier, is that now a big, big driver for growth?
Mohan Goenka
Sorry, what was missing?
Prakash Kapadia
New customer additions, new users to the. Yeah.
Mohan Goenka
Yeah. So each brand, as I said in my con call that right now our 50% of our communication is digital. So we are targeting the new consumers, particularly the youth consumers. And also now our contribution from modern E commerce has reached to almost 30%. So all this growth, whatever you see today is coming through these new age and young consumers. That has always been a target for us. At the same time, rural, which was not performing, we are seeing some growth coming in from rural areas. And with this reduction in GST rates, we are very hopeful that, you know, the rural should get to some momentum going forward.
So brands which were growing to at 4, 5%, they should get to about 8, 9% growth. That is the first target that we have.
Prakash Kapadia
Understood.
Mohan Goenka
And the new age brands, that is the man company Brillair, you know, they are anyway firing and we expect a higher growth coming in from there.
Prakash Kapadia
Yeah, yeah. And lastly on bookkeeping question, Rajesh, the amortization figure of 23 odd crores every quarter, how long should that continue and what is the balance sheet figure as on date which is still left for amortization if you have that ready.
Mohan Goenka
So. So that will continue for another three, four years and the rate would come down gradually to 80 crores, 70 crores and 60 crores kind of. So gradually it will come down in next four years it will completely be done.
Prakash Kapadia
Okay, fine.
Prakash Kapadia
I’ll join back the queue for more questions. Thank you.
operator
Thank you. The next question is from the line of Siddesh Deshmukh from IIFL Capital. Please go ahead.
Siddhesh Deshmukh
Hi sir, thanks for taking my question. My first question is with regards to smart and handsome. So we’ve made entry into new categories of sunscreen, deodorants, body wash etc. Can you highlight how the initial response has been to these NPDs and also what is the strategy here? Is this specific jogger effect or a channel specific launch? How do you see this scaling up Pan India?
Mohan Goenka
Yeah. So we have just done a test market that is on specific channels. It’s only digital right now. This is the response coming in from there. We will roll it out nationally. There are great learning from the initial launch. So we are again trying to revamp from there to roll it out nationally. Maybe in the second half of this year we will rule it out.
Siddhesh Deshmukh
Okay, sir, got it. So my second question is with regards to the demand trend. Can you highlight how the trends are shaping in rural as well as urban? Now that 88% of the portfolio has seen a GST rate cut to 5% which are the categories which has seen a pickup in demand post the rate cut which are the categories which are yet to see an uptick.
Mohan Goenka
So most of the brands, particularly the winter, you know, has shown some signs of growth and we are entering into the summer season. We will have to wait and see how the summer season because as you know the winter is extended, you know, in most parts of the country. So yet we are yet to see the loading of the summer season for now. But hopefully in the next 15, 20 days we will start loading our winter summer products. But as far as the demand is concerned, I don’t see any challenge to get to 89% growth because we are increasingly focusing on our small SKUs.
Next year our big focus is on the shampoo sachets plus some other small SKUs for most of our brands. Even smart and Handsome. We are increasingly focusing on our small SKUs now because we see a good revival in the rural markets next year. Because see, we have mostly addressed the needs of, you know, the modern trade and E. Com and. But now the fire has to come from the rural areas and the next few quarters, that is our focus.
Siddhesh Deshmukh
Got it. Thank you, sir.
operator
Thank you. The next question is from the line of Hareet Kapoor from Investech. Please go ahead.
Harit Kapoor
Yeah, hi. Am I audible?
Mohan Goenka
Yeah.
Harit Kapoor
So the first thing was could you just give a sense of grammage increases that would have happened on account in the lower end on the, on the lups that you have because of these GST rate cuts? Is that a sizable number that you would have put in?
Mohan Goenka
So depending on the SKUs, you know, whatever, whatever. Because there was, it was not possible to reduce the prices in the small SKUs.
Harit Kapoor
Right.
Mohan Goenka
Whether it was 10%, 12%. Accordingly we have increased the grammatures different.
Harit Kapoor
Sorry, sorry, sorry. And what part of the portfolio would that, how much, what percentage of the portfolio would that be where you’ve taken the 10% or reduction around 20%. And, and should that volume fully reflect into quarter four rather than quarter three where some changes would have, would have still been made. Is that the right way to think about it?
Mohan Goenka
Quarter three, May. I don’t think the full impact has come in quarter three.
Harit Kapoor
You don’t think it’s coming?
Mohan Goenka
Yeah. Navratna is still not captured in.
Harit Kapoor
Perfect. And the second thing was on hair oil. So caching has done well for you. Obviously it’s a portfolio play now in terms of number of products there. But you’ve seen 7 and 1 also where it had an amazing few years and then a slight weakness and now again growing very fast. But it seems like value added across companies is actually doing quite well. Just could you just, you know, your sense of what’s driving this. Is it a low base? Is it, you know, something else that’s kind of driving up this value added market? Because even your, even the other players who are actually doing quite well.
So your prognosis of what’s happening here.
Mohan Goenka
Yeah, I’m handing it over to Manish. He’ll be able to answer. He’s driving all the numbers.
Harit Kapoor
Sure.
Manish Gupta
So to answer your question, as you know from the previous calls we had mentioned about BCG working with us to refresh and rejuvenate brand kk. So those results have started. We relaunched it around August, September there was a bit of a disruption due to the GSTN staff. But October onwards, the relaunch is in full flow. So you are seeing the first impact in the A1D quarter already. Seven Oils has a similar story as well and it’s on a good growth path. So we hope the momentum to continue. But there is a long way to go because we did decline for the last few quarters sequentially.
So I guess with every passing quarter we should start climbing back.
Harit Kapoor
Now Manish, you see this as a market phenomenon because everybody else around is also reporting fairly stellar numbers in mid premium and above hair oil portfolio. So I just wanted to like you think it’s a base thing also because you know not only you but others also would have declined same periods last year. Is that a factor at play as well?
Manish Gupta
See last. You’re right. See last year is a different story. I’m talking about three things. One is of course in the last couple of years, let’s say there was softness in the numbers of both these brands. So yes, that has played a role. GSTR disruption had a role. But the bigger story is what is the organic growth? The organic part is about relaunching it, redeploying it, putting the new claims, new communication addressing the consumer concerns which came out. That’s the hope for the future. So far it looks good and I guess as we get into Q4 and then Q1, we’ll be able to build further credentials on it.
Harit Kapoor
Right, Right. And last thing to mind, Mohanji, you kind of spoke about rural. Obviously rural is important part of the overall strategy. So are you saying that, you know, compared to maybe last year or the last few quarters, the initial, the sense that you’re getting now is that rural is seeing an incremental kind of pickup. Is that what kind of your teams on ground are hinting at?
Mohan Goenka
Yeah, it’s so. Absolutely. And we have, we have seen some good demands for our sachets in the rural markets and all the focus for the company was also to build E Com, modern trade and the new age brands. But because of these GST cuts, at least internally, we have said that the next growth driver should come from rural and our focus would be increasingly going into rural markets. We will of course keep our eye on the modern trade, E commerce, quick commerce that is always there. But rural also can fire I think going forward. And now as I said, summer, we have to build now the summer portfolio.
And it’s rural is a big plane as far as the summer is concerned. Both for Talc and Navratna oil.
Harit Kapoor
Correct. Great, I’ll come back. Thank you.
operator
Thank you. The next question is from the line of Amnesh Agarwal from PL Capital, please go ahead.
Amnish Agarwal
Yeah. Hi Mohanji, couple of questions. First being that given the fact that the GST transition got completed in the month of November only so is there a probability that next quarter again we will have strong momentum with likelihood of say close to double digit kind of a top line growth.
Mohan Goenka
That is what we expect that hopefully we should get two double digit growths. The only caveat is winter is extended and we have to get to the summer. Navaratna and Navratna, Talc and Durmicool are big summer brands and we have to load these three products now in the month of February and March. Yeah, and last year basis were very, very high as far as the summer brands are concerned. But see these are just numbers. If it doesn’t come in this quarter, it will come in next quarter because we anyway for the summer brands we are at a lower base but the momentum is what we will have to capture.
As I said that the momentum looks good as far as the rural is concerned and our dealers are holding very less stocks. So I don’t see any reason that we can’t build on the summer portfolio as soon as the season starts.
Amnish Agarwal
Okay, so my next question is on the tax rate because as I think is being indicated that the mat credit changes have happened and now we will be having I think 70, 80, 70, 60 and 40 as MAT credit. So so the effective tax rate which currently is around say adjusting for everything around 10, 10 and a half. So what should we pencil in as tax rate for the coming two, three years?
Unidentified Speaker
So Amnesh, before this budget announcement, union budget announcement, our tax rate was expected to go to the normal tax rate of 35% from next year. But with these recent announcements now it is going to be 25% tax rate. So in fact it has come down with the recent report amendments in the union budget. So going ahead we should be at 25% tax rate and also utilize 25% of our tax liability from Medcredit which will continue for five, six years minimum.
Amnish Agarwal
Okay, so it means that we should look at 25.5% kind of a tax rate and then the math credit number which you have indicated. So that will get deducted from the.
Unidentified Speaker
Yeah, right. So that would be for standard own entity and we have some subsidiaries which are still in investment stage. We have international subsidies. So overall tax rate for the conserved entity would should be below, below that level around 20% kind of.
Amnish Agarwal
Okay. Okay, thanks a lot.
Unidentified Speaker
Thank you.
operator
Thank you. The next question is from the Line of Naveen Trivedi from Motilal OSWAL Financial Services Ltd. Please go ahead.
Naveen Trivedi
Yeah, yeah. Good afternoon everyone. Is it possible to share our brand wide performance for the nine months since we have seen quarter two impacted by GST and then this quarter we have seen ID stocking benefit also. So it will be fair to say nine months. If you can share that is the top brands share the bio growth rate.
Mohan Goenka
I mean you can get in touch with either Parsi or Rajesh to get those details please.
Naveen Trivedi
Sure sir, sure.
Mohan Goenka
And those are in our investor presentation. Okay, take. You can get it from Percy or Rajesh.
Naveen Trivedi
Sure sir. And post this. Quarter three, how should we look at our trade inventories? Are we heavy? Because October would have been kind of unfavorable from GST point of view. So can we expect that after like completion of quarter three now our trade inventories are similar line.
Mohan Goenka
Sorry, I’m not clear. Naveen, what is your ask?
Naveen Trivedi
My ask was that since we have seen GST restocking, destocking the last four months have we reached to a level where our trade inventies are now normal? And that’s what I.
Mohan Goenka
Absolutely. I think we have.
Naveen Trivedi
Great.
Mohan Goenka
We have no excess inventories as far as the trade is concerned.
Naveen Trivedi
Sure, sure. Very well.
Mohan Goenka
I think we have migrated very well.
Naveen Trivedi
Fair point. So because nine months we were. We were kind of flat on revenue side. I just thought maybe any specific brand where we can.
Mohan Goenka
That was primarily. That was primarily because of the summer. You know this year summer was extremely poor. And it was primarily because of summer we lost almost 5, 6% of our growth.
Naveen Trivedi
Sure.
Naveen Trivedi
And that’s what I was looking out.
Naveen Trivedi
For a brand based performance. But I will take it from Rajiv. No issue sir. Thank you so much sir.
Mohan Goenka
Thank you.
operator
Thank you. The next question is from the line of Avnish Roy from Nuvama. Please go ahead.
Abneesh Roy
Yeah, thanks. And congrats on good numbers. My first question is on the profitability of each distribution channel. Yesterday one large FMCG company said that the new age channels, modern trade, E commerce, big commerce, those are more profitable than general trade because the distribution layers intermediaries are not there in the newer channel. Plus I think more premium pack large packs they also sell more on those channels. Could in your categories also this be largely true or there is some kind of aberration here?
Mohan Goenka
No, Amnesh. I have maintained always that in our case it is the reverse. In our case the GT is more compared to the modern trade, the lowest is the E commerce.
Abneesh Roy
And what is the reason for that? Why different because intermediaries you will be saving cost. But yeah, the promotions are higher on.
Abneesh Roy
Is that the reason?
Mohan Goenka
Absolutely. Only because of the promotions that we offer there.
Abneesh Roy
Okay, understood. And in terms of the last point which you mentioned, the answer to previous question, FY26 summer categories have seen the brand. So beer players, software, soft drinks and carbonated drinks and more categories. So here the specific question is generally when we see such aberration next year generally is favorable because last year Lana ina effect was there. But specific question is how does trade behave? Do they stock up inventory? Because last year they must have burned some fingers there. So is that a pushback? And what is your expectation of whatever you could gather from the weather forecast? Is it going to be a bumper summer season for you this time?
Mohan Goenka
Yeah, let Mahjish answer this.
Manish Gupta
I think it’s a pretty valid question. So what happens is in this case, obviously the sentiment changes because of the recent history. Last to last year in FY25, the summer was really, really bumper. The pipelines go dry. So you have a very great start next summer, which we had last year. So this year the situation reverses a bit. But thankfully because of GST and other things, it’s not such a un unsurmountable challenge. Having said that, what happens is in the beginning trade becomes a little cautious and we are cognizant of that. Our pipelines are nice.
We are playing accordingly over the next two, three weeks. I think once as the weather starts opening up, things will start flowing.
Abneesh Roy
And you expect a BU season this time.
Abneesh Roy
Summer category. You expected bumper summer season. They said based on whatever scientific data is available.
Manish Gupta
My job is to expect a bumper summer every year. I would pray for that. But you know, like, you know, summer and winter is something we’ve seen recently in the last four or five years. The whole country is erratic. I mean, you know, both summer and winter can shock you, right?
Mohan Goenka
You are right. We are sitting on a small base. And so I think, you know, looking at a 3 CAGR, we are taking aggressive numbers. You know, why not at least in the beginning of the season, the fourth quarter, you know, for summer we have a high base. As Manish explained last year it was very good. So every dealer stocked the product in the fourth quarter. But this year we have slightly challenges that our winter is extended. And you know, they are being a little cautious. But you know, this is, this is every year we see this, you know, it doesn’t matter to us.
But hopefully this year should be much better than the last year. There is no doubt in it.
Abneesh Roy
Last quick question on the macro. So one is on GST benefit to fmcg.
Abneesh Roy
Based on the results at least it.
Abneesh Roy
Seems food companies, noodles and biscuit companies seem to be the big winner based on Q3 numbers, whatever has come out. And hair oil companies also seem to be reasonable beneficiary. If you could comment on your take on GST benefit on FMCG in general and for your categories. That is my first question. And second on rural consumption, the Gram G scheme, NREGS scheme, the outlay seems to have reduced sharply at least headline number Would you be worried given it’s an on demand kind of a scheme. Plus this time the central and state government both have a role there.
So what would be your take on NREGS capital support for this year?
Abneesh Roy
Thanks.
Mohan Goenka
Honestly you know our penetration is not that deep that these schemes matter so much. What really matters is always the seasonality what we have seen in the past. So I don’t see any impact of those schemes going down or up. Our products are available at 1 rupee, 2 rupee, 5 rupee, 10 rupee pack. That doesn’t have much major impact.
Abneesh Roy
What we will have to see is.
Mohan Goenka
That overall as I said our focus in the last few quarters was very much on mtecom and quickcom. That is still there but we have deployed good amount of people in the rural for our Shashir. If the season is with us then I don’t see any reason why should we not get to close to 8 to 10% growth.
Mohan Goenka
And GST benefit. Where are you seeing maximum in your categories? And overall.
Mohan Goenka
All our products have now come to 5%. You know other than just the smart and handsome portfolio. So you know we are seeing benefit across it depends on the product. Again it is very difficult for me to say, you know sometimes what fire, sometimes what doesn’t fire it is. It is very difficult to pinpoint.
Abneesh Roy
Thanks.
Abneesh Roy
That’s all for myself.
Mohan Goenka
Thank you.
operator
Thank you. The next question is from the line of Raman KV from Sequent Investments. Please go ahead.
Raman KV
Hello sir. Congratulations on good set of numbers. I just have one question on the ruler aspect. If you can quantify the growth figures which you saw during this quarter and also if you can give a ballpark contribution towards from Ruler Business towards your entire consolidated revenue that will be helpful.
Manish Gupta
Could you be a little more specific around it so that I can.
Raman KV
I just want to understand, I just want to understand like in terms of quantification, can you just quantify the ruler growth that you witnessed during this quarter?
Manish Gupta
Oh so we’ll have to wait a little bit because the Nielsen results will come out only in a while. See, what we do is right now we have the primary input numbers. The rural offtake numbers will take a bit of a while. But usually, I mean this would be obviously a better quarter than the previous one.
Raman KV
If you can, can you provide, was it a low single digit or a high single digit or mid double digit like that kind of. No.
Manish Gupta
So it’s a double digit number of course. Right. I mean considering that the overall numbers are in the space and the middle and the rural part will be better than the upper India, let’s say the top India.
Raman KV
Understood, sir. And sir, from the entire portfolio, portfolio, what percentage is contributed by ruler demand?
Manish Gupta
It’s about 48, 52 split in favor of rural from an off tech perspective.
Raman KV
Okay, understood sir. Thank you.
operator
Thank you. The next question is from the line of Nitin Gupta from MK Global. Please go ahead.
Nitin Gupta
Yeah, thanks a lot for taking my question. My first question pertains to digital brand. So last year we booked in Mr. Zydak Master. So just wanted to check on the area he had worked on and how are we placed now with the digital brand growth?
Mohan Goenka
Yeah. So Giraj, if you can answer.
Nitin Gupta
Yeah. So as we’ve been speaking over the last couple of quarters, I think quarter on quarter sequentially we have been seeing growth strengthening. If you look at this quarter as reported in the results, we have had a very strong robust 31% growth. As far as our two believer has a concern and we see this both remaining.
Mohan Goenka
Your voice is sorry, I’m sorry to interfere. Gitaj, your voice is not clear to me or to everyone. I’m not very sure. You’re not very clear to me.
Nitin Gupta
Am I clear now, Mohanji?
Mohan Goenka
Slightly better. Slightly better.
Nitin Gupta
Okay. No, as I was just to repeat my answer, what I was saying is that quarter on quarter we’ve seen growth strengthen in the digital brands. And this quarter quarter we’ve seen a very robust 31% growth over last year. And this growth in the coming quarters we expect to sustain this robust growth. Have I answered your question? Yeah. So can I was basically looking to. In terms of action we have taken in the portfolio, would you like to highlight any specific action which sort of has helped us sort of revive the growth in the digital brand portfolio? Yeah.
Given the very nature of the brand, which are digital in nature, we are seeing very strong growth coming through big commerce and through our D2C websites in a broad basis and some marketplaces on a selective basis, we are also seeing significant Growth coming from some of our new innovations, some portions that we are seeing strong growth under the man company and we have done a lot of innovation work as far as our grouping category is concerned which has just about hit the market towards end of December. And you will see some more additional benefits accruing in the coming quarters.
Okay, thank you. My second and last question pertains to this Ayurvedic portfolio. What is the Ayurvedic export share in our healthcare business? So government has announced to take some steps around improving the outlook for the Ayurvedic offering. So do you see this as a potential driver of business for us?
Mohan Goenka
Yeah.
Mohan Goenka
Gulraj, thank you for the question. As of now the Ayurvedic portfolio for exports is very, very low predominantly because of registration issues in most of the countries where we could probably see potential. I know the government through the business Iuraxil organization is working towards getting registration sorted out but it’s still a long process. So it will take some time for Ayurvedic medicines to be scaled up. It will take a few years in my view. There may be short term opportunities or medium term opportunities coming in from certain countries through the supplements route where certain products are allowed to be registered as health supplements.
But then that market again needs to be developed and invested upon for the local people. Where there are Indians, there is an opportunity for products like Javan, Prash etc. And there is a market for products like Ashwagandha in the US. But beyond that it needs a lot of investments to grow that market. So it’s not a short term or a medium term game. It’s a long term game to be played. Sure. So this is really helpful. Thanks a lot and all the very best. Thank you.
operator
The next question is from the line of Ajay Thakur from Anandrati Securities. Please go ahead.
Ajay Thakur
Hello. Hello.
Mohan Goenka
Yeah, yeah, yeah, yeah, yeah.
Ajay Thakur
Thanks for taking my question. So I had two questions. One was more on the growth in the male grooming segment. It’s at around 4%. It looks slightly subdued despite the fact that we have revamped this like last maybe you know, last year itself. So just wanted to get a sense on you know, what is kind of, you know, the issues or what are the, you know, the major, you know, factors which is kind of impacting the growth over here.
Mohan Goenka
So Ajib, you are right. The male grooming, particularly the smart and handsome range has not been going for some time despite of the best effort. Now we are significantly at a lower base. The total contribution is hardly now at around 4,5% of our total business. So it needs a different strategy, you know, to get to double digit growth. I don’t have an answer right now.
Ajay Thakur
Okay, understood, sir. Second question was on the Bangladesh market, how has the performance been in that market given the turmoil we have seen, has that had any implication on our sales or any impact on our business over there?
Mohan Goenka
The CEO of International is here. Vivek.
Mohan Goenka
Yes, hello. Bangladesh per se. In market sales we have listed a good double digit growth. But somehow we were correcting certain pipelines. But in the primary sale you will reflect a very low single digit growth. But the market performance has been pretty impressive. And we have seen a very good revival in Bangladesh in last quarter. And something similar is continuing in this quarter as well. Okay, but we are going to witness the elections on around 12th of February this year. And then Bangladesh is getting into long holidays in March due to Ramadan and Eid vacations.
So let us see. Let’s hope for the best but otherwise our demand is showing very robust growth in the marketplace.
Ajay Thakur
Understood. Secondly, if I were to look at it in terms of the international business, the Overall growth at 9% and versus, you know, the headline growth in most of the markets like be it Sark, be it mena, have shown a very decent growth. So what is the segment or what is a market which is kind of not pulling it down?
Mohan Goenka
So we have faced certain pressures in what we call as other MENA markets like Iraq and some lukewarm response in certain North African markets. So that is where we have been little lukewarm. But most of the other markets, even our business spans in Southeast Asia, sarc, Russia, cis, parts of Africa have all shown very good double digit growth. Certain markets have not been able to perform and in fact Iraq has declined. So that is the reason to have an overall growth of around 9%.
Ajay Thakur
Understood? Understood. Okay, Quite helpful. Thank you. Thanks.
operator
Thank you. The next question is from the line of Prashant, an individual investor. Please go ahead.
Unidentified Participant
Hello. Thanks for the opportunity. Am I audible?
Mohan Goenka
Yeah.
Unidentified Participant
So my first question is how many retail touch points did we have as of 31st December? What is our target for 31st March and FY27 exit?
Manish Gupta
This is Manish here. So I’ll speak for the India numbers. We roughly reach about 450,000 plus stores directly via our sales force. Indirectly we are present in over 5 million stores. Navaratn being the deepest penetrated brand for us and other brands could be in the range of anything from 5 lakh to 30 lakh. Depending on the brand as far as March is concerned. I mean we have no special right now initiatives to expand this coverage. I mean if you’ve been following our calls over the last few quarters, we want to consolidate and grow more lines in the stores, grow more assortment, grow more depth and develop the mart stores and other stuff.
So the idea is to focus and chew well what we have.
Unidentified Participant
Okay. The the reason is, I mean in one of the earlier questions I heard that, I mean quite a few of our products in the smaller price range, I mean like 1 to 5 rupee pouches so aligned to the numbers you gave out. I mean are we seeing attraction for these smaller, I mean smaller size products in the E commerce also or those are largely flowing through the traditional route?
Manish Gupta
Yeah, it’s mostly traditional. I mean most of the lups and the Small packs below 100 bucks are not e comm and empty friendly for viability reasons. In fact they actually seek products above 150 to 100 usually especially in the personal care side.
Unidentified Participant
So in light of that also, I mean you would like to keep the retail footprint at this level and consolidate.
Manish Gupta
See this is a very good reach. This is a damn good reach for a company of our size and stuff. The brand pulls in and we like for most FMCG companies anything from 50 to 60% sale comes in through the wholesale channels which India is very well developed on. And through the multilayer wholesale the brand reaches more than 5 million stores. So there’s no dearth of pull on brand equity. I mean our network is present in over 8,000 towns. So in terms of ability to reach hinterland of India, we have no problems.
Unidentified Participant
Okay, my second question was in terms of hair oil. I mean some of your competitors have like one North Javan Prash Famous company, another almond oil company, they moved into coconut oil. Your any plans from your side to move into that category?
Mohan Goenka
Prashant, right now we don’t have plans.
Unidentified Participant
Any particular reason or that’s not a viable. Because it’s not viable or if anything specific you can that I can’t be.
Mohan Goenka
Very specific but right now we don’t have plans.
Unidentified Participant
Okay, fair enough. That’s all from my side. Wish you all the best.
Mohan Goenka
Thank you.
operator
Thank you. The next question is from the line of Sameer Gupta from IIFL Capital. Please go ahead.
Sameer Gupta
Hi, good evening sir and congratulations on a good set of numbers and thanks for taking my question, sir. Firstly, just wanted to understand how do we read this performance. So 2Q was impacted by channel destocking and this quarter we would have restocked the channel and that benefit is there. Now if I look at 2q3q which basically offsets for this destocking and restocking, it is a flat performance. 1Q I understand was impacted by a poor summer. But 2Q plus 3Q adjusted for this phenomena is also flat. So are secondaries and tertiaries growing in line with primaries.
How do we read this performance?
Manish Gupta
Hi again, Manish here. I’ll speak for the domestic India business. So you’re right. I mean from a secondary perspective excluding talc, we are in mid single higher digit side. Talc is what the issue was in Q1 and Q2. But otherwise from a tertiary secondary perspective the pipeline is very nice. We are very clean. No issues on that front.
Sameer Gupta
So mid to high single digit for the nine months excluding talc, that’s what you’re saying.
Manish Gupta
Correct?
Sameer Gupta
Not this quarter.
Manish Gupta
This quarter would have been this quarter.
Manish Gupta
The talc wasn’t there. So this is, this quarter is like practically talc is almost nil. So the entire thing is without this.
Sameer Gupta
This quarter you would have seen an upstocking benefit in primary. So what would be the secondary growth for this quarter?
Manish Gupta
No, no, there is no upstocking in this quarter. There is no upstocking. That’s what I said. See the secondaries for us in a nine month period are ahead of primaries. There is no stocking in the nine month period or in this quarter.
Sameer Gupta
But money shift 2Q had got impacted because of destocking because of GST cuts and channel was basically not buying, waiting for the new GST rates to be applicable. It is natural for them to upstock to a normal level of inventory in the third quarter.
Manish Gupta
No, no, no, no.
Manish Gupta
But channel didn’t buy. But we also couldn’t sell. No, we also suffered losses as you’ve seen in the quarter two results.
Sameer Gupta
Okay, maybe I’ll take this offline. No worries. Second question is on winter. So there has been a mixed feedback across, you know, companies on how the winters have been. So some companies have called out a harsher winter this time. Some companies have called it harsher but the onset was very delayed in northern and western part, you know, there was virtually no winter till the second week of December. So what has been your feedback? Just trying to understand that it’s very.
Manish Gupta
Simple in hindsight it’s very simple. The winter summer cycles are getting erratic for us for this year. October, November were damn good. The winter set in very early. November was superb. December 1st half got warm. December 2nd half was again very good. January 1st half, especially in the Hindi heartland got warm. January 2nd fortnight was very good. Right now it’s on the colder side. So it’s like. Yeah, but.
Sameer Gupta
And the disparities geography wise, like north, south, east, west would be similar or there are varied, you know, varied differences.
Manish Gupta
There also most of it is dominated by the north of course. But overall from a number perspective I think we had a pretty good winter brand outcomes and that’s what matters.
Sameer Gupta
Got it. Got it. That’s helpful. So thanks. Thanks a lot. The last one, if I may squeeze in. So blended price for Imami Samitu.
Mohan Goenka
Also answer on Manish’s question. You are right. So you know, the winter was very harsh, you know, but in winter some portfolios have done excellent, exceedingly well. Like boroplus lotion, you know, has done exceedingly well compared to the boroplus antiseptic cream. Okay, so it is again it is not like just because the winter was very harsh. So all the brands of winters fired. There is also a difference in portfolios growth. Okay.
Sameer Gupta
Got it. Mohanji, that, that’s very helpful. Last question if I may squeeze in. What would be the blended price decrease for Imami at a portfolio level for the consumer? So there is a gst cut for 80, 90% of your portfolio. Different buckets of GST cuts for different products. But at a consumer at a portfolio level, what would be the price decrease effective post the GST cut from the 23rd of September?
Mohan Goenka
Yeah, roughly about 8%.
Sameer Gupta
That’s all for me, sir. Thanks a lot and all the best.
Mohan Goenka
Thank you so much.
operator
Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for closing comments.
Mohan Goenka
Thank you Sameer. Thank you ifl. And thank you all the participants for joining us today for our Q3 results conference call. Thank you. Have a good day.
Mohan Goenka
Thank you.
Unidentified Speaker
Thank you.
operator
Thank you on behalf of IIF Capital Services limited that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.