We expect EPS CAGR of 19% over FY17-20. We value Emami based on P/E of 35x on Jun-19 EPS. Our TP is Rs 1,301. We maintain our BUY rating. Emamis net revenues contracted by a sharp 16% to Rs 5.4bn (vs. expectations of -8%). Domestic business (85% of total) declined by 16%, with an 18% volume decline. International was under pressure, and contracted by 19%. EBITDA/APAT up by -46/-55%. Domestic biz was impacted by channel destocking. Management is confident of a strong growth recovery in 9MFY18 (July recovery was inspiring). We remain optimistic for Emamis domestic business, and expect 14% revenue CAGR over FY17-20.