NSE: EMCURE · BSE: 544210
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. 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.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,20,165 | 34.8 | 5.01 | 22.5 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,51,896 | 86.3 | 15.03 | 65.0 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,56,538 | 73.9 | 8.90 | 38.9 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,17,055 | 26.1 | 3.96 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| LAURUS LABS LIMITED | 1,15,722 | 105.7 | 21.31 | 64.4 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 1,09,385 | 33.9 | 2.86 | 14.6 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,09,060 | 32.3 | 3.16 | 16.7 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,03,353 | 50.6 | 6.24 | 28.4 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 35.0 | 30.1 | 91 of 158 | 43% |
| P/B | 7.1 | 3.0 | 139 of 163 | 15% |
| ROCE | 22.6 | 10.8 | 23 of 183 | 88% |
| ROE | 18.9 | 9.8 | 22 of 166 | 87% |
| Debt / Equity | 0.2 | 0.2 | 102 of 166 | 38% |
| 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 | 35385 | 810 | 19 of 181 | 90% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Emcure Pharmaceuticals schedules Q2 FY27 earnings call for November 3, 2026 | board shareholder meetings | low | — | — |
| 14 Oct 2026 · Emcure board to consider Q2 FY26 results on Nov 3 | results | low | — | — |
| 12 Oct 2026 · Routine RTA confirmation for Q2 FY26 - no securities received for demat | compliance | minimal | — | — |
| 12 Oct 2026 · Board approves merger of two wholly owned units into Emcure Pharmaceuticals | strategic transactions | high | — | — |
| 2 Oct 2026 · Income tax penalty of Rs 57.74 cr for FY15 to FY21, company to appeal | regulatory legal | high | — | — |
| 29 Sept 2026 · Trading window closed ahead of Q2 and half year FY26 results | compliance | minimal | — | — |
| 25 Sept 2026 · Emcure files Investor Presentation; FY26 PAT up 33%, margins expand | investor communications | medium | — | — |
| 23 Sept 2026 · Emcure board changes: Chairman retires, MD and CEO re-appointed for 5 years | management changes | medium | — | — |
| 23 Sept 2026 · Emcure AGM: All 8 resolutions passed; Rs 3.61 dividend declared | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Emcure 45th AGM: Chairman Desai retires, Rs 3.60 dividend declared | board shareholder meetings | medium | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
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.