Use it to upgrade your revenue flights. Most optimum is to buy the “Flex” Fare, that way it’ll require fewer miles to upgrade and also most of the times there is no or little tax in addition to the miles for upgrade.
Example, del to dxb return. Economy flex is for 40k. Business is for 120.
Miles required to upgrade are 19500 each way, 39k in total.
So you’re getting about 80k value for 39000 miles spent, almost at Rs 2 per mile.
I think upgrades are the best way to redeem Emirates Skywards miles.