Emcure Pharmaceuticals Q2 FY27 results: net profit up 29.3% to ₹325.07 crore, revenue up 24.3%

How did Emcure Pharmaceuticals perform in Q2 FY27?

Emcure Pharmaceuticals reported consolidated revenue of ₹2,820 crore in Q2 FY27, up 24.3% from ₹2,270 crore in Q2 FY26 and 9.3% from ₹2,580 crore in Q1 FY27. Total income was ₹2,823.72 crore, while EBITDA was ₹587.84 crore, up 23.6% year on year and 10.4% sequentially. The EBITDA margin was 20.8%, compared with 20.9% a year earlier and 20.6% in the previous quarter.

Profit before tax was ₹445.85 crore in Q2 FY27, up 30.6% from ₹341.42 crore in Q2 FY26 and 13.3% from ₹393.53 crore in Q1 FY27. Net profit was ₹325.07 crore, compared with ₹251.37 crore a year earlier and ₹292.49 crore in the previous quarter. Basic EPS was ₹17.16, against ₹12.85 in Q2 FY26 and ₹15.50 in Q1 FY27.

On a standalone basis, Q2 FY27 revenue was ₹1,667.98 crore, up 32.3%, while profit before tax was ₹117.62 crore and profit after tax was ₹248.43 crore. The consolidated figures above include the group’s domestic and international operations.

What changed in Emcure Pharmaceuticals' costs and profit?

Total expenses rose to ₹2,378 crore in Q2 FY27 from ₹1,932 crore in Q2 FY26, an increase of ₹446.34 crore or 23.1%. Cost of materials increased by ₹221.67 crore or 52.7% to ₹642.13 crore, while employee cost rose by ₹50.09 crore or 13.0% to ₹434.71 crore. Other expenses increased by ₹135.36 crore or 26.0% to ₹655.55 crore.

Finance costs were ₹35.58 crore, up ₹3.04 crore or 9.3% from the year-ago quarter, while depreciation was ₹109.66 crore, up ₹5.02 crore or 4.8%. Other income increased by ₹0.13 crore or 4.2% to ₹3.25 crore, and there was no exceptional item in either quarter. Tax expense rose by ₹30.73 crore or 34.1% to ₹120.78 crore.

The filing did not state why the cost lines changed. The figures show that the increase in cost of materials was the largest component of the higher total expenses, while revenue and EBITDA rose year on year.

How did the first half of FY27 go?

In H1 FY27, Emcure Pharmaceuticals reported revenue of ₹5,400.92 crore, up ₹1,030.56 crore or 23.6% from ₹4,370.36 crore in H1 FY26. Total income was ₹5,406.24 crore, up 23.5%, while profit before tax was ₹839.38 crore, up 32.8% from ₹632.17 crore.

H1 FY27 net profit was ₹617.56 crore, up ₹151.40 crore or 32.5% from ₹466.16 crore in H1 FY26. Basic EPS increased to ₹32.67 from ₹23.77, a rise of ₹8.90 or 37.4%.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹10,163.78 crore, against ₹9,612.48 crore at 31 March 2026. Total equity was ₹5,344.04 crore, compared with ₹4,976.67 crore, while borrowings increased to ₹1,467.30 crore from ₹1,204.08 crore. Cash was ₹136.59 crore, against ₹136.66 crore.

Inventories were ₹2,504.63 crore at 30 September 2026, compared with ₹2,397.87 crore at 31 March 2026. Trade receivables were ₹2,731.45 crore, against ₹2,562.66 crore, and trade payables were ₹2,026.35 crore, against ₹1,807.77 crore.

H1 FY27 operating cash flow was ₹682.24 crore, against ₹256.21 crore in H1 FY26. Investing cash flow was negative ₹566.89 crore, compared with negative ₹410.82 crore, while financing cash flow was negative ₹153.38 crore against positive ₹629.06 crore. Capital expenditure was ₹245.26 crore, compared with ₹128.72 crore.

How has Emcure Pharmaceuticals done over the last 8 quarters?

Revenue rose in each of the last six quarters on a year-on-year basis, with the reported sequence moving from ₹1,962.63 crore in Q3 FY25 to ₹2,820.47 crore in Q2 FY27. The latest quarter was the highest in that series, while profit also increased year on year in each of the last six quarters.

Net profit reached its highest reported level in the series at ₹325.07 crore in Q2 FY27, compared with the low of ₹156.09 crore in Q3 FY25. The EBITDA margin rose from 18.1% in Q3 FY25 to 20.8% in Q2 FY27, although it was 20.9% in Q2 FY26 and 19.4% in Q4 FY26.

What else did the company announce?

Emcure Pharmaceuticals filed a presentation on its unaudited consolidated and standalone financial results for the quarter and half-year ended 30 September 2026 on 3 November 2026. The board approved the results after review and recommendation by the Audit Committee, and the filing included limited review reports from B S R & Co. LLP. The same-day filings did not announce a dividend or fund raise, and no appointment was stated in the excerpts.

What did Emcure Pharmaceuticals' management say?

Management raised its FY27 consolidated revenue growth guidance to above 20% from the earlier mid-teens outlook. It expects EBITDA margin improvement near the upper end of the 75–100 bps guidance range, domestic revenue growth closer to low teens and at or above industry growth, and R&D expenditure within 4–5% of revenue. Management also expects the Canada semaglutide filing within the next few months.

How did Emcure Pharmaceuticals shares react?

The filing appeared during market hours. EMCURE was up 3.6% after five minutes, 4.2% after 15 minutes and 3.4% after 30 minutes from the price at which the filing appeared. On the reaction day, the stock closed 3.5% above its previous close, compared with a 0.1% median move for the Pharmaceuticals industry.

By the next day’s close, the stock was up 14.4% from its pre-results close, against a 1.1% median move for the industry. The excess move was 13.3 percentage points. Earlier reaction-day moves were negative 0.7% on 6 August 2026, negative 6.1% on 5 May 2026, positive 1.5% on 4 February 2026 and negative 3.9% on 11 November 2025.

How did other Pharmaceuticals companies do?

Among 59 Pharmaceuticals companies compared for the quarter, the median revenue growth was 18.9%. Emcure Pharmaceuticals’ revenue growth was higher than the median; 36 peers grew slower than the company and 23 grew faster.

Of the 53 peers for which profit was compared, 38 reported higher profit. The peer comparison was available as of 4 November 2026.