New Delhi, March 12 -- Emami Ltd is tweaking its playbook to stay ahead. It is betting big on urban expansion, cutting back its dependence on general trade and doubling down on modern retail. Rural demand is stabilizing, but the push is coming from a sharper brand strategy.

The stock is down around 34% from its 52-week highs of Rs.860 apiece seen in September, reflecting concerns about general discretionary weakness and execution risks. This is despite the fact that Ebitda margin at 32.3% stood at a twelve-quarter high in Q3FY25, thanks to price hikes and cost efficiencies. Ebitda is short for earnings before interest, taxes, depreciation and amortization.

Discretionary segments, comprising Kesh King, Smart and Handsome, and digital bra...