NSE: EMCURE · BSE: 544210 · ISIN INE168P01015
Emcure Pharmaceuticals Limited stock analysis
Emcure Pharmaceuticals Limited ranks #249 in the TickerSutra evidence-ranked universe with a score of 68/100 and 91% data confidence. The latest captured fundamentals show ROCE of 24.0%, quarterly sales growth of 22.9% and quarterly profit growth of 40.5%.Watchlist candidate
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- ROCE is 24%
- 15.4% three-year sales CAGR
- Institutional ownership is rising
- CWIP indicates an active capacity pipeline
Risks and constraints
- CFO/EBITDA is below 0.6×
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹5,855cr | ₹1,330cr | ₹703cr | 23.0% |
| 2023 | ₹5,986cr | ₹1,182cr | ₹562cr | 20.0% |
| 2024 | ₹6,658cr | ₹1,230cr | ₹528cr | 18.0% |
| 2025 | ₹7,896cr | ₹1,469cr | ₹707cr | 19.0% |
| 2026 | ₹9,204cr | ₹1,746cr | ₹941cr | 19.0% |
| TTM | ₹9,683cr | ₹1,980cr | ₹1,019cr | 20.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
Emcure Pharmaceuticals Limited has informed the Exchange about Investor Presentation
RoutineEmcure Pharmaceuticals Ltd - 544210 - Announcement under Regulation 30 (LODR)-Investor PresentationBSE · 25 Sept 2026Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Investor Presentation
RoutineShareholders meetingNSE · 22 Sept 2026Emcure Pharmaceuticals Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 21, 2026
RoutineEmcure Pharmaceuticals Ltd - 544210 - Shareholder Meeting / Postal Ballot-Outcome of AGMBSE · 22 Sept 2026Proceedings of the 45th Annual General Meeting of the Members of the Company
MANAGEMENT COMMENTARY
Signals from filed documents
ARV provides scale and order visibility, supported by backward integration and manufacturing strength. Non-ARV is emerging as the key growth lever, supported by new product approvals in target markets and a broader portfolio spanning complex injectables and biosimilars. During the year, the business also benefited from continued progress in biologics, reinforcing the shift toward a stronger value-led mix.
EBITDA margin improved 80 bps to 19.4%, driven by better utilisation and productivity gains. Notably, this margin expansion was achieved despite higher R&D investments during the year. Reported net profit for the year was INR 9,413 Mn, translating into a PAT margin of 10.2%.
We expect Amphotericin B to contribute meaningfully in FY 2026-27 as registrations and launches expand across Europe and Rest of World markets. Canada continued to perform well, driven by market share gains, new launches and improved product availability across hospital and retail channels. The recent acquisition of Cutimed strengthens our dermatology range in Canada and complements our broader strategy in this thera
Interest Coverage Ratio EBITDA ÷ Interest expense 12.4x 8.4x Improved due to stronger EBITDA and stable finance costs. Current Ratio Current assets ÷ Current liabilities 1.4x 1.7x Lower due to higher current liabilities from acquisitions and working capital requirements Debt–Equity Ratio Total debt ÷ Total equity 0.2x 0.2x Increased in debt due to Manx acquisition and Zuventus consolidation Operating Profit Margin EB
Emcure Pharmaceuticals Limited 34 Annual Report 2025-26 Strengthening Our Women’s Health Franchise Women’s health remains one of our most important domestic franchises, built around a lifecycle-focussed portfolio spanning anaemia, menstrual health, fertility, pregnancy, postpartum care and menopause. In a segment where awareness, access and social stigma continue to influence outcomes, our approach combines different
PERFORMANCE Performance during the year was supported by strong execution in key institutional tenders and sustained volume growth in core markets. The business maintained operational stability and growth momentum despite pricing pressures. THERAPY LEADERSHIP Continued strength in dolutegravir-based regimens and combinations Alignment with evolving global ARV treatment protocols VOLUME AND MARKET EXPANSION Strong par
The past year marked an inflection point in the Company’s growth journey, with revenues surpassing the USD 1 billion milestone. Beyond scale, this milestone reflects the strength of a diversified business model, the depth of the Company’s India franchise, the growing momentum in international markets and the continued focus on operational execution. Equally important, the Company strengthened its profitability profil
The product addresses a ~USD 270 Mn innovator sales market and highlights our capabilities across complex formulation development, sterile manufacturing and regulatory execution. Commercialisation commenced in the UK, Italy and select European markets, with progressive expansion planned across additional territories during FY 2026-27. Given the high technical barriers associated with liposomal products, this launch s
Emcure Pharmaceuticals Limited 16 Annual Report 2025-26 &Q A What is the financial outlook for FY 2026-27? As we enter the second year of our five-year strategic roadmap, we remain confident in our growth outlook. Having exceeded our FY 2025-26 guidance, we continue to target low- to mid-teens growth over the course of the five-year period, along with steady improvement in EBITDA margins.
Having exceeded our FY 2025-26 guidance, we continue to target low- to mid-teens growth over the course of the five-year period, along with steady improvement in EBITDA margins. For FY 2026-27, we expect consolidated revenue growth to be in the low to mid-teens, with EBITDA margins improving by 75 to 100 basis points, assuming a stable regulatory and macroeconomic environment. This outlook is underpinned by continued
The business is structured across two segments – Antiretroviral (ARV) and Non-ARV. ARV provides scale and order visibility, supported by backward integration and manufacturing strength. Non-ARV is emerging as the key growth lever, supported by new product approvals in target markets and a broader portfolio spanning complex injectables and biosimilars.
We remain disciplined on capital allocation, and debt reduction will continue to be an important priority alongside funding strategic growth opportunities. While macroeconomic and geopolitical headwinds have led to higher freight, insurance and certain raw material costs, we have taken proactive steps to mitigate these supply chain risks. We maintain an inventory buffer of one to two quarters across our key internati
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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