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Emami Limited (EMAMILTD)

₹376.15 +0.68% last close, 16 Oct

📊 NSE: EMAMILTD 🏢 Personal Care - Indian 📢 Latest filing: 12 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Emami's revenue was ₹1,039 Cr (+14.9% year on year, +12.3% on the previous quarter), and net profit ₹139 Cr (-15.4% year on year); the operating margin was 21.8%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹1,039	+14.9%	+12.3%
Operating profit	₹226	+5.6%	+21.6%
Net profit	₹139	-15.4%	-2.8%
EPS (₹)	3.15	-16.2%	-4.0%
Operating margin	21.8%	—	—

Full quarterly financials → Results calendar →

EMAMILTD delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 43.66% of the EMAMILTD shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.95%. That is close to its usual level. Volume was 0.1 times its average, well below normal.

43.66%Delivery, 16 Oct

52.95%Own 20-session average

0.1×Volume vs its average

₹376.15NSE close · +0.68%

Delivery in the last 5 sessions: 46.5% · 53.0% · 37.1% · 44.9% · 43.7%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Emami Releases Post-Buyback Public Announcement Following Buyback Closure

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Oct 2026, 02:21 PM

Emami Limited has filed its post-buyback public announcement pursuant to Regulation 24(vi) of SEBI Buy Back Regulations. The announcement follows the closure of the open-market buyback on October 9, 2026. The public notice was dated October 10, 2026, and published across national and regional editions on October 12, 2026.

Published post-buyback announcement dated October 10, 2026, on October 12, 2026
Open market buyback formally closed on October 9, 2026
Published in Business Standard (English & Hindi) and Ek Din (Bengali)

💡 Track the upcoming quarterly shareholding pattern to observe the final post-extinguishment share capital and promoter holding percentage.

Emami Closes ₹281.24 Cr Buyback After Repurchasing 73 Lakh Shares

🟢 POSITIVE ⭐ 6/10

OTHER 📅 09 Oct 2026, 07:56 PM

Emami Limited has closed its open-market share buyback on October 9, 2026, deploying ₹281.24 crore (99.73% of the maximum authorized size of ₹282 crore). The company bought back 73,00,000 equity shares at an average price of ₹385.26 per share, against a ceiling price of ₹475. Following extinguishment, the total equity share base decreases from 43.65 crore to 42.92 crore shares. Consequently, promoter holding increases from 54.84% to 55.78%.

Deployed ₹281.24 crore out of the ₹282.00 crore maximum buyback size (99.73% utilization)
Repurchased 73,00,000 equity shares at an average price of ₹385.26 per share
Total share base reduced by 1.67% from 43,65,00,000 to 42,92,00,000 shares
Promoter group shareholding increases from 54.84% to 55.78% post-extinguishment

💡 Track the upcoming post-buyback public advertisement and confirmation of share extinguishment, followed by the impact on reported EPS in Q2/Q3 FY27 results.

Emami Submits Dematerialisation Certificate for Quarter Ended 30th September, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 09 Oct 2026, 10:11 AM

Emami Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September, 2026. The certificate from Registrar and Share Transfer Agent Maheshwari Datamatics Pvt. Ltd. confirms the processing and cancellation/mutilation of security certificates post-dematerialisation. This is a purely procedural regulatory submission with zero impact on operational or financial metrics.

Compliance certificate filed under Regulation 74(5) of SEBI Regulations, 2018
Covers the quarterly period ended 30th September, 2026
RTA Maheshwari Datamatics Pvt. Ltd. confirmed securities were dematerialised within stipulated time

💡 No action required; this is a mandatory administrative disclosure. Investors should look out for the upcoming Q2 FY27 earnings release.

Emami Announces ₹282 Cr Share Buyback at Up to ₹475/Share via Open Market

🟢 POSITIVE ⭐ 6/10

OTHER 📅 19 Sep 2026, 11:47 AM

Emami Limited has released its public announcement for an open market share buyback through stock exchanges, following board approval on September 17, 2026. The company plans to deploy up to ₹28,200 Lakhs (₹282 Cr) at a maximum price of ₹475 per share, representing a ~29% premium over its current market price of ₹368.4. The buyback size represents approximately 1.75% of the company's market cap of ₹16,108 Cr and 8.9% of its net worth (₹3,156 Cr). Promoters and promoter group entities are excluded from participating.

Maximum buyback size capped at ₹28,200.00 Lakhs (₹282 Cr)
Maximum buyback price set at ₹475.00 per share
Conducted via open market route through stock exchange mechanism
IIFL Capital Services Limited appointed as Manager to the Buyback
Promoters and promoter group are barred from participating or trading during the buyback

💡 Track daily buyback exchange disclosures to monitor absorption rate and the actual average purchase price relative to the ₹475 ceiling.

Emami Approves ₹282 Cr Share Buyback at up to ₹475/Share via Open Market

🟢 POSITIVE ⭐ 6/10

BOARD_MEETING 📅 17 Sep 2026, 11:57 AM

Emami Limited's Board has approved an open-market share buyback for an aggregate amount not exceeding ₹282.00 crore (₹28,200 lakh) at a maximum price of ₹475.00 per share. The maximum buyback price represents a 23.1% premium over the current market price of ₹385.9. The indicative maximum number of shares to be repurchased is 59,36,842, representing approximately 1.36% of the company's total paid-up equity share capital. The total buyback size constitutes 9.98% of the company's net worth and 1.67% of its market capitalization.

Maximum buyback size of up to ₹28,200.00 Lakhs (₹282 Cr) at a maximum price of ₹475.00 per equity share
Proposed repurchase of up to 59,36,842 shares, representing 1.36% of paid-up equity capital
Buyback route is open market via stock exchange mechanism (promoters will not participate)
Minimum utilization set at 75% of maximum size (₹21,150.00 Lakhs), with at least 40% (₹11,280.00 Lakhs) deployed in the first half of the offer
Promoter shareholding will increase from 54.84% to 55.60% post-buyback at maximum shares

💡 Track the upcoming public announcement for the exact opening date, closure date, and operational timelines of the open-market buyback offer.

Emami Discloses 43rd AGM Minutes; Shareholders Approve All 8 Resolutions

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Aug 2026, 02:55 PM

Emami Limited submitted the official minutes and voting outcome of its 43rd Annual General Meeting held on August 25, 2026. A total of 134 members representing 58.64% of the total equity share capital attended the meeting virtually. Shareholders approved all 8 ordinary and special resolutions with majorities ranging from 93.47% to 99.99%. Key resolutions passed included adoption of FY26 financial statements, director re-appointments, and revision of Vice-Chairman & MD Harsha Vardhan Agarwal's salary from ₹30 Lacs to ₹34 Lacs.

134 members representing 25.59 Cr shares (58.64% of total equity) attended the AGM via video conference
Adoption of Standalone and Consolidated FY26 Financial Statements approved with over 99.99% votes in favour
Approval granted to increase the salary of Vice-Chairman & MD Harsha Vardhan Agarwal from ₹30 Lacs to ₹34 Lacs (99.91% in favour)
Re-appointment of directors Aditya Vardhan Agarwal (93.47% in favour) and Prashant Goenka (95.67% in favour) confirmed

💡 This is a routine post-AGM compliance filing. Investors should monitor upcoming Q2 FY27 earnings and volume growth trajectories across core brands.

Emami Limited Announces Resignation of Company Secretary & Compliance Officer Ravi Varma

🟡 NEUTRAL ⭐ 2/10

MANAGEMENT 📅 29 Aug 2026, 01:17 PM

Emami Limited has informed the stock exchanges that Mr. Ravi Varma, Company Secretary and Compliance Officer, has tendered his resignation effective from 31st August, 2026. He will also cease to act as the Nodal Officer of the company under IEPF rules. The reason cited for his departure is to pursue professional opportunities outside the organisation. This is a routine secretarial-level departure with no operational or financial impact on the company's business.

Mr. Ravi Varma resigned as Company Secretary and Compliance Officer effective 31st August, 2026
Resignation letter submitted on 28th August, 2026 cited pursuing opportunities outside the organisation
Also steps down as Nodal Officer under IEPF Rules effective 31st August, 2026
Announcement filed with exchanges on 29th August, 2026

💡 Track subsequent company announcements regarding the appointment of a new Company Secretary and Compliance Officer.

Emami Shareholders Approve Re-appointment of Harsha Vardhan Agarwal as VC & MD for 5 Years

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 26 Aug 2026, 04:56 PM

Emami Limited shareholders have approved the re-appointment of Shri Harsha Vardhan Agarwal as Vice-Chairman & Managing Director at the 43rd AGM held on August 25, 2026. The re-appointment is for a further period of 5 years starting April 1, 2027, upon the completion of his current term on March 31, 2027. Harsha Vardhan Agarwal has over two decades of experience with the company, overseeing strategy, digital transformation, and M&A. This ensures ongoing leadership continuity for the FMCG company, which recorded TTM revenue of Rs 3,915 Cr and net profit of Rs 750 Cr.

Shareholders approved re-appointment of Vice-Chairman & MD Harsha Vardhan Agarwal for 5 years.
New tenure begins on 1st April, 2027, following completion of existing term on 31st March, 2027.
Resolution was passed at the 43rd Annual General Meeting held on 25th August, 2026.

💡 Track execution of the company's volume-led growth strategy, rural penetration, and digital-first brand acquisitions under the continuing executive leadership.

Emami AGM: All 8 Resolutions Passed; Harsha Vardhan Agarwal Re-Appointed as VC & MD

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Aug 2026, 04:43 PM

Emami Limited announced the results of its 43rd Annual General Meeting (AGM) held on August 25, 2026. All 8 ordinary resolutions were approved by shareholders with the requisite majority, including the adoption of FY26 financial statements and director re-appointments. Key resolutions passed include the re-appointment and remuneration hike of Harsha Vardhan Agarwal as Vice-Chairman & Managing Director for a 5-year term starting April 1, 2027 (99.67% approval).

All 8 resolutions approved with requisite majority at the 43rd AGM held on August 25, 2026
Adoption of Standalone and Consolidated FY26 audited accounts approved with >99.99% votes in favour
Re-appointment of Harsha Vardhan Agarwal as Vice-Chairman & MD for 5 years from April 1, 2027 approved with 99.67% votes
Re-appointment of Director Aditya Vardhan Agarwal approved with 93.47% overall votes (18.11% institutional votes against)

💡 Track upcoming Q2 FY27 operational execution, rural demand recovery trends, and inorganic growth deployment from the planned Rs 200 Cr+ M&A pipeline.

Emami 43rd AGM: Targets Strategic Brands Revenue Share to Reach 25% by FY30

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Aug 2026, 06:50 PM

Emami Limited shared its Chairman's address at the 43rd AGM, reiterating financial metrics for FY26 including consolidated revenue of ₹3,779 crore, EBITDA of ₹964 crore (25.5% margin), and PAT of ₹775 crore. The company outlined its long-term strategic roadmap, targeting an increase in revenue contribution from strategic brand investments from 6% in FY26 to 16% in FY27e and ~25% by FY30e. For Q1FY27, revenue rose 15% year-on-year to ₹1,039 crore, while EBITDA grew 6% to ₹226 crore despite packaging cost inflation and commodity volatility.

Targets strategic brand investments to scale from 6% of revenue in FY26 to 16% in FY27e and ~25% by FY30e
Reported FY26 consolidated revenue of ₹3,779 crore with EBITDA of ₹964 crore (25.5% margin) and PAT of ₹775 crore
Net cash surplus stood at ₹883 crore as of March 31, 2026, with D/E ratio at 0.04x
Non-seasonal domestic portfolio expanded to 56% of domestic sales in FY26, up from 50% in FY20
Q1FY27 revenue grew 15% YoY to ₹1,039 crore, with domestic like-to-like growth of 12%

💡 Track the ramp-up and margin profile of digital-first/acquired brands toward the FY27 target of 16% revenue share, alongside rural demand trends in upcoming quarterly earnings.

Emami Concludes 43rd AGM; Resolutions Tabled for Director Appointments & FY26 Accounts

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Aug 2026, 06:33 PM

Emami Limited conducted its 43rd Annual General Meeting (AGM) on August 25, 2026, via video conferencing. Key ordinary and special businesses placed before shareholders included the adoption of FY26 standalone and consolidated financial statements, re-appointment of directors retiring by rotation, and the re-appointment along with remuneration ratification of Shri Harsha Vardhan Agarwal as Vice-Chairman & Managing Director. Statutory and Secretarial Auditor reports were confirmed to have no qualifications or adverse remarks. Final voting results will be submitted to the stock exchanges within two working days.

43rd Annual General Meeting held on August 25, 2026, starting at 4:00 PM and concluding at 6:25 PM
8 agenda resolutions presented for shareholder e-voting, including adoption of FY26 financial statements
Shareholder approval sought for the re-appointment and remuneration of Harsha Vardhan Agarwal as Vice-Chairman & MD
Statutory and secretarial auditor reports contained zero qualifications or adverse remarks
Voting outcome and scrutinizer's report to be published within 2 working days

💡 Track the formal voting results filing within two working days to confirm shareholder passage of all 8 ordinary and special resolutions.

15% Revenue Growth in Q1 FY27; Strategic Digital Portfolio Surges 61%

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 10 Aug 2026, 12:07 PM

Emami Limited reported a 15% YoY increase in consolidated revenue to ₹1,039 cr for Q1 FY27, supported by a 20% growth in the domestic business. While core domestic volume grew by 8%, the strategic investment portfolio (including The Man Company and Brillare) grew by 61% and now contributes 18% of domestic revenue. Profitability faced headwinds from higher input costs and a normalized tax rate, resulting in a 16% decline in PAT to ₹137 cr. The international business saw a 12% decline, primarily due to geopolitical disruptions in West Asia.

Consolidated revenue grew 15% YoY to ₹1,039 cr, with domestic like-to-like volume growth at 8%.
Strategic investment portfolio grew 61% like-to-like, now representing 18% of domestic business.
International business declined by 12% due to West Asia conflict constraints.
Axiom Ayurveda acquisition involved an investment of approximately ₹500 cr, funded through internal accruals.
Quick commerce now contributes 35% of the company's total e-commerce business.

💡 Investors should monitor the recovery of the international segment and the effectiveness of planned price increases in offsetting raw material inflation (crude and packaging).

Emami Ltd Releases Q1 FY27 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Aug 2026, 07:18 PM

Emami Limited has released the audio recording of its conference call with analysts and investors held on August 4, 2026. The call followed the announcement of the company's unaudited financial results for the first quarter ended June 30, 2026. This disclosure is a standard regulatory requirement under SEBI Regulations to ensure transparency for retail investors. The company currently operates with a TTM revenue of ₹3,779 Cr and a healthy OPM of 25.5%.

Conference call conducted on August 4, 2026, following Q1 FY27 results
Recording pertains to the financial performance for the quarter ended June 30, 2026
Company maintains a strong ROCE of 30.0% as per latest annual data
Promoter holding remains stable at 54.84% as of March 2026

💡 Investors should access the recording to understand management's outlook on rural demand recovery and the performance of digital-first brands like Brillare and TMC.

15% Revenue Growth in Q1FY27; Domestic Volumes Up 8% Amid Margin Pressure

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 04 Aug 2026, 02:08 PM

Emami Limited reported a 15% YoY increase in consolidated revenue to ₹1,039.2 crore for Q1FY27, supported by a 20% growth in domestic business. However, gross margins contracted by 360 bps to 65.8% due to elevated crude and packaging costs, resulting in a modest 6% EBITDA growth of ₹226.2 crore. Net profit declined 15.4% to ₹138.9 crore, primarily due to a significant 147% increase in tax expenses. The strategic investment portfolio (Axiom, IncNut) was a highlight, growing 61% on a like-to-like basis and now contributing 18% to domestic sales.

Consolidated revenue reached ₹1,039.2 crore, representing approximately 27% of TTM revenue.
Domestic like-to-like volume growth stood at 8%, while reported domestic value growth was 20%.
Gross margins contracted by 360 basis points to 65.8% due to inflationary pressures in crude and packaging.
International business declined by 12% YoY, impacted by disruptions from the West Asia conflict.
Organised channels (E-commerce and Modern Trade) now contribute 32% of domestic business, growing 19% YoY.

💡 Monitor the stabilization of input costs (crude derivatives) and the recovery of the international segment, which currently faces geopolitical headwinds in West Asia.

15% Revenue Growth in Q1 FY27; Domestic Business Up 20% Amid Margin Pressure

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 04 Aug 2026, 02:07 PM

Emami reported a 15% YoY increase in consolidated revenue to ₹1,039 crore for Q1 FY27, driven by a 20% surge in domestic business. However, gross margins contracted by 360 bps to 65.8% due to elevated crude and packaging costs, resulting in a modest 6% EBITDA growth of ₹226 crore. The international business faced a 12% decline due to West Asia disruptions, while strategic investments (Axiom, IncNut) now contribute 18% of domestic sales. Despite a 4% PBT growth, PAT fell 15.4% YoY to ₹138.9 crore, primarily due to a sharp increase in tax expenses.

Consolidated revenue grew 15% YoY to ₹1,039 crore, representing ~27% of TTM revenue.
Domestic volume growth stood at 8% on a like-to-like basis, excluding recent acquisitions.
Gross margins contracted by 360 basis points to 65.8% due to input cost inflation in crude and packaging.
Strategic investments portfolio (Axiom, IncNut) grew 61% like-to-like, now contributing 18% of domestic revenue.
International business revenue declined by 12% due to geopolitical conflicts in West Asia.

💡 Monitor the recovery in international markets and the stabilization of input costs (crude/packaging) to see if margins return to the historical 25-26% OPM range. Watch for the continued scaling of digital-first brands like The Man Company and Vedix.

View All EMAMILTD Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 6% YoY to INR 3,809.2 Cr. Standalone operating income increased 6.9% to INR 3,123.55 Cr. Strategic investments in brands like Brillare and TMC are expected to deliver strong double-digit growth in the second half of the year.

Geographic Revenue Split

International business contributes approximately 17.47% of total revenue (INR 617 Cr in FY24), growing 4% in INR terms and 5% in constant currency during FY25. The domestic business accounts for the remaining ~82.5%, with e-commerce now representing 12% of domestic sales.

Profitability Margins

Gross margins expanded by 100 basis points to 68.6% due to benign raw material prices and judicious price increases. Profit After Tax (PAT) grew 11% to INR 807 Cr, representing a net margin of approximately 21.2%.

EBITDA Margin

EBITDA grew by 8% to INR 1,025 Cr, with EBITDA margins improving by 40 basis points to 26.9% YoY. This improvement was driven by better cost management and softening input costs, partially offset by higher-than-average ad spends.

Capital Expenditure

The company has planned inorganic growth expenditures exceeding INR 200 Cr, intended to be funded through strong internal accruals and existing liquidity buffers rather than debt.

Credit Rating & Borrowing

Maintains a robust capital structure with an overall gearing of 0.04x. Working capital limit utilization is low at less than 10%. The company has no long-term debt other than lease liabilities, supporting its high creditworthiness.

⚙️ Operational Drivers

Raw Materials

Key raw materials include mentha oil, vegetable oils, and liquid paraffin (commodities for healthcare and personal care). While specific % per material is not disclosed, total raw material costs allowed for a 100 bps gross margin expansion to 68.6%.

Import Sources

Not specifically disclosed in available documents, though international operations in Bangladesh are noted as a significant business hub.

Capacity Expansion

The company is focusing on expanding its distribution network and leveraging strategic acquisitions like Brillare and TMC to increase market reach, though specific MTPA capacity figures are not provided.

Raw Material Costs

Raw material costs were described as 'benign' and 'well under control' in FY25, contributing to a gross margin of 68.6%. Management expects continued margin expansion in Q3 FY26 as input cost pressure remains absent.

Manufacturing Efficiency

Efficiency is tracked through sustainability metrics, achieving 100% compliance with Extended Producer Responsibility (EPR) by recycling 10,365 metric tons of plastic waste.

Logistics & Distribution

Distribution is a key focus for growth; the company is leveraging quick commerce, modern trade, and D2C websites, which have delivered strong growth recently.

📈 Strategic Growth

Expected Growth Rate

10%

Growth Strategy

Growth will be driven by a 'volume-led' strategy, expanding the distribution network, and increasing investments in digital-first brands (Brillare, TMC). The company is also targeting inorganic growth with a INR 200 Cr+ budget and leveraging quick commerce channels which are currently seeing momentum.

Products & Services

Antiseptic creams, cooling oils, pain balms, men's grooming products, healthcare supplements, and premium skin/hair care products.

Brand Portfolio

Zandu, Navratna, Boroplus, Fair and Handsome, Kesh King, Mentho Plus, 7 Oils in One, Brillare, and The Man Company (TMC).

New Products/Services

Strategic investments in Brillare and TMC are scaling rapidly; e-commerce now contributes 12% to domestic business, up from lower single digits in previous years.

Market Expansion

Focusing on international markets (70+ countries) and deepening rural penetration in India, which is expected to see demand improvement.

Market Share & Ranking

Holds leadership positions in niche categories like cooling oils (Navratna) and antiseptic creams (Boroplus).

Strategic Alliances

Recent acquisitions and strategic stakes in Brillare and The Man Company to capture the premium and digital-first consumer segments.

🌍 External Factors

Industry Trends

The FMCG industry is shifting toward quick commerce and D2C channels. Emami is positioning itself by increasing influencer-led marketing and digital-first brand investments to capture the 12% and growing e-commerce market share.

Competitive Landscape

Faces intense competition from both large multinational FMCG players and new-age D2C brands in the personal care and healthcare segments.

Competitive Moat

Moat is built on strong brand equity in 'problem-solution' categories (e.g., Zandu for healthcare, Boroplus for skin protection). This is sustainable due to high brand recall and a distribution network reaching millions of outlets.

Macro Economic Sensitivity

Highly sensitive to rural inflation and consumer spending power; management expects rural demand to improve with softening inflation.

Consumer Behavior

Shift toward premiumization and digital purchasing; responded by growing e-commerce contribution to 12% of domestic revenue.

Geopolitical Risks

Political instability in Bangladesh created temporary disruptions in July and August 2024, impacting the international business growth rate (limited to 4%).

⚖️ Regulatory & Governance

Industry Regulations

Compliant with ISO 9001:2015 (Quality) and ISO 31000:2018 (Risk Management) standards. Subject to FMCG manufacturing standards and plastic waste management rules.

Environmental Compliance

100% compliant with Extended Producer Responsibility (EPR) regulations; recycled 10,365 metric tons of plastic waste in FY25.

Taxation Policy Impact

Effective tax provision for FY25 included INR 17,872 lacs in current tax, offset by MAT credit entitlements of INR 8,391 lacs.

Legal Contingencies

A fine was imposed by BSE Ltd for a one-day delay in submitting the statement of impact of audit qualification for FY24 (submitted May 31, 2024, instead of May 30). The fine was paid on July 12, 2024.

⚠️ Risk Analysis

Key Uncertainties

Raw material price volatility and geopolitical unrest in neighboring trade partners (Bangladesh) are the primary risks, potentially impacting margins by 100-200 bps if unmanaged.

Geographic Concentration Risk

Domestic India accounts for ~83% of revenue. Bangladesh is a significant portion of the 17% international revenue, representing a specific geographic risk.