EMCURE PHARMACEUTICALS L

Manufactures and sells pharmaceutical formulations across domestic and international markets, with a portfolio spanning branded generics, biosimilars and in-licensed drugs. In FY26 the business crossed $1 billion in revenue, growing 16.6% year-on-year, with domestic operations rising 10% and international operations 22%. Domestic sales run primarily through subsidiary Zuventus Healthcare, with restructuring affecting about 40% of the medical-representative force. International operations span Europe, Canada (through subsidiary Mantra Pharma) and other emerging markets. Three in-licensing deals expanded the portfolio: Novo Nordisk's rDNA semaglutide brand Poviztra, Sanofi's oral anti-diabetics Amaryl and Cetapin, and Roche's nephrology transplant drugs, supported by around 1,000 reps promoting Poviztra. Biologics subsidiary Gennova Biopharmaceuticals, now wholly owned after a Rs 2,318.7 million buyout of the remaining 12.05% stake, manufactures biosimilars including Elaxim, Vintor, Xgrast and Hamsyl. The largest cost line is raw materials at 18.4% of revenue; FY27 guidance targets low-to-mid-teen revenue growth and 75-100 bps EBITDA margin expansion.