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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Domestic (branded formulations via Zuventus Healthcare), International (Europe, Canada, ROW). Diversified, asset-light pharma with domestic branded generics, international generics, biosimilars, and in-licensed innovator drugs.
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 7,896 | 9,204 |
| EBITDA (ex other income) | 1,464 | 1,833 |
| margin % | 18.5 | 19.9 |
| Owners' profit | 681 | 924 |
| EPS, as reported (₹) | 36.43 | 48.77 |
| ROE % · ROCE % | 15.2 · 20.6 | 18.9 · 25.1 |
| Debt / equity (x) | 0.16 | 0.24 |
| Cash from operations | 852 | 944 |
| Capex | (222) | (361) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,002 | 1,963 | 2,116 | 2,101 | 2,270 | 2,363 | 2,470 | 2,580 |
| Profit before tax | 273 | 230 | 261 | 291 | 341 | 314 | 341 | 394 |
| Net profit | 202 | 156 | 197 | 215 | 251 | 231 | 244 | 292 |
| EPS (₹) | 10.33 | 8.12 | 9.97 | 10.92 | 12.85 | 12.16 | 12.84 | 15.50 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,41,471 | 36.5 | 5.26 | 23.7 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,47,033 | 84.6 | 14.74 | 63.7 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,68,062 | 79.3 | 9.56 | 41.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,11,686 | 24.9 | 3.78 | 14.5 | 17.3 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Allotment of 11,400 equity shares under Emcure ESOS 2013 | capital market events | low | — | — |
| 1 Sept 2026 · AGM notice and FY26 annual report dispatched to shareholders | compliance | minimal | — | — |
| 1 Sept 2026 · Emcure to meet institutional investors on Sept 4 in Pune | board shareholder meetings | low | — | — |
| 1 Sept 2026 · CARE reaffirms Emcure credit ratings at AA with stable outlook | credit debt | medium | — | — |
| 29 Aug 2026 · Notice of 45th AGM and e-voting info published in newspapers | compliance | minimal | — | — |
| 28 Aug 2026 · Emcure files BRSR for FY26: exports 50%, Scope 2 emissions down 8.5% | compliance | minimal | — | — |
| 28 Aug 2026 · Emcure 45th AGM notice with FY26 annual report, e-voting Sep 18-20 | board shareholder meetings | medium | — | — |
| 28 Aug 2026 · Annual Report FY2025-26 and Notice of 45th AGM filed | board shareholder meetings | medium | — | — |
| 25 Aug 2026 · Allotment of 19,100 shares under ESOS 2013 | capital market events | low | — | — |
| 12 Aug 2026 · Emcure Q1 FY27 transcript: Revenue up 22.8%, PAT up 35%, margin expands 50 bps | investor communications | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| 18.0 |
| 12.4 |
| 25.2 |
| CIPLA LTD | 1,10,352 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| LAURUS LABS LIMITED | 1,06,375 | 97.2 | 19.59 | 59.3 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 97,319 | 30.1 | 2.55 | 13.1 | 10.9 | 13.0 | 12.1 | 15.0 |
| AUROBINDO PHARMA LTD | 96,656 | 26.3 | 2.55 | 13.4 | 9.2 | 12.6 | 6.3 | 23.0 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 37.0 | 28.9 | 104 of 169 | 39% |
| P/B | 7.5 | 3.3 | 139 of 163 | 15% |
| ROCE | 22.6 | 10.8 | 23 of 183 | 88% |
| ROE | 18.9 | 10.4 | 25 of 171 | 86% |
| Debt / Equity | 0.2 | 0.1 | 107 of 171 | 37% |
| EBITDA margin | 20.7 | 17.5 | 70 of 165 | 58% |
| Revenue growth | 22.9 | 16.3 | 63 of 161 | 61% |
| Profit growth | 36.2 | 30.9 | 76 of 158 | 52% |
| Market cap | 37464 | 839 | 19 of 182 | 90% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
