Transcript of Earnings Call - Q4 FY26
EMCURE · price
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Emcure Pharmaceuticals crossed $1 billion in revenue, reporting FY26 revenue of INR9,204 crores with 16.6% year-on-year growth. Q4 revenue came in at INR2,470 crores (up 16.7%), with domestic business growing 5.2% to INR977 crores (softer due to Zuventus restructuring and attrition) and international markets growing 25.7% to INR1,493 crores. Full-year EBITDA margins improved 80 basis points to 19.4%, while adjusted PAT grew 41% to INR1,008 crores. Key highlights include partnerships with Novo Nordisk for Poviztra (rDNA biologic semaglutide), Sanofi for Amaryl & Cetapin, and Roche for nephrology products. The company completed minority stake buyout of Zuventus and acquired Manx (UK) and Cutimed (Canada). R&D investment stood at INR383.5 crores (4.2% of revenue).
Management's clear commitment to 75-100 basis points EBITDA margin expansion in FY27, combined with low-to-mid teen revenue growth guidance, signals confidence in execution. The stock should benefit from margin improvement visibility, though near-term domestic headwinds from Zuventus restructuring have been addressed with April showing recovery.