Emcure Pharmaceuticals logo

Emcure Pharmaceuticals

EMCURE NSE

Key Fundamentals

MidcapPharmaceuticalsHealthcare
Market Cap
₹37,121 Cr
Volatility
Moderate
P/E Ratio
36.46
EBITDA
₹1,877 Cr
Return on Equity
18.91%
Debt to Equity
0.31
Book Value
₹260.93
EPS
₹26.63
52W High
₹2,100.7
52W Low
₹1,260

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Weaknesses

1
  • Stock is trading at 7.45 times its book value

Growth Rate

Revenue Growth
17.14% higher than 3Y
Net Income Growth
33.05% higher than 3Y
Cash Flow Change
10.78% higher than 3Y
ROE
24.08% higher than 3Y
ROCE
21.73% higher than 3Y
EBITDA Margin (Avg.)
3.93% lower than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

Emcure Pharmaceuticals has a market capitalisation of about ₹37,206 crore and trades at 36.4x earnings and 7.48x book value. Over the last three years its profit grew at a 21% compound annual rate, faster than sales at 15%, and trailing-twelve-month (TTM) growth has picked up to 37% for profit and 18% for sales. Return on equity has stayed in a 19-21% range. The stock has risen 52% over the past year and has a dividend yield of 0.18%.

Bull Case 7
  • Profit growth has accelerated. TTM profit rose 37%, well above the 3-year compound rate of 21% and the 5-year rate of 18%.
  • Sales growth is speeding up. TTM sales rose 18%, compared with a 3-year compound rate of 15% and a 5-year rate of 13%.
  • Profit keeps growing faster than sales: 21% vs 15% over 3 years and 18% vs 13% over 5 years. This suggests margins are widening, possibly because costs are rising more slowly than revenue.
  • Return on equity has been steady at 20% last year, 19% over 3 years and 21% over 5 years. That points to consistent returns on shareholder capital without large swings.
  • Measured against TTM profit growth of 37%, the P/E of 36.4 gives a price-to-earnings-growth (PEG) ratio of about 1.0. On that basis the valuation roughly matches recent growth.
  • The stock has returned 52% over one year, showing strong price momentum since it listed.
  • At a market cap of about ₹37,206 crore and implied annual earnings of about ₹1,020 crore (market cap ÷ P/E), Emcure has meaningful scale in the Indian pharma market.
Bear Case 8
  • The stock trades at 7.48x book value, which is expensive on an asset basis. Implied book value is only about ₹4,975 crore against a market cap of about ₹37,206 crore.
  • The P/E of 36.4 is well above the 3-year profit growth rate of 21%, giving a PEG of about 1.7 on the longer-term trend. The current valuation depends on the recent 37% growth lasting.
  • The 52% one-year price gain means much of the recent earnings improvement may already be reflected in the share price. That leaves less room for error if growth slows.
  • TTM profit growth of 37% is well above the 5-year compound rate of 18%. Part of the jump could come from a low base or one-off factors, and growth could fall back toward the historical rate.
  • The dividend yield is 0.18%, so nearly all of the return depends on share price gains, with little income to cushion a fall.
  • Return on equity of 20% last year is slightly below the 5-year average of 21%, so capital efficiency has not improved even as profit growth sped up.
  • The listing history is short: 3-, 5- and 10-year stock returns are not available, and 10-year sales and profit figures are missing. That makes it hard to judge how the stock and business hold up across full market cycles.
  • Debt-to-equity, return on capital employed (ROCE) and EPS figures are not available in this data, so the balance sheet can't be assessed alongside the 7.48x price-to-book multiple.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Positives 1
  • FY26 revenue crosses USD 1Bn Sep 25

    FY26 revenue rose 16.6% YoY to INR 92,035 Mn. PAT grew faster, up 33.1% to INR 9,413 Mn, and EBITDA margin expanded to 19.4%.

Neutral 1
  • ₹3.60 dividend, chairman retires Sep 21

    At its 45th AGM, Emcure declared a final FY26 dividend of ₹3.60 per share. Satish Mehta was reappointed as MD, and Chairman Berjis Desai retired.

TL;DR: Emcure is delivering strong operating results. In FY26, revenue grew 16.6% to over USD 1Bn, PAT grew 33.1%, and EBITDA margin widened to 19.4%. The recent news contains no clear headwinds. The main watchpoint is the board change after Chairman Berjis Desai's retirement, which is softened by continuity from MD Satish Mehta's reappointment. The trend looks positive, and the next test is whether Emcure can keep growing at this pace and hold margins near 19-20% in FY27.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,556
1,663
1,668
1,771
1,815
2,002
1,963
2,116
2,101
2,270
2,363
2,470
2,580
Expenses
1,261
1,334
1,374
1,460
1,479
1,621
1,608
1,714
1,684
1,794
1,871
1,990
2,048
Operating Profit
296
329
294
311
336
381
355
402
417
475
493
480
532
OPM %
19%
20%
18%
18%
19%
19%
18%
19%
20%
21%
21%
19%
21%
Other Income
15
-2
22
12
23
36
4
-6
0
3
-36
14
2
Interest
52
59
61
65
59
46
32
39
27
33
38
46
32
Depreciation
67
70
84
91
94
97
97
97
99
105
105
106
110
PBT
191
198
171
167
207
273
230
261
291
341
314
341
394
Tax %
26%
26%
30%
27%
26%
26%
32%
24%
26%
26%
26%
29%
26%
Net Profit
141
146
120
121
153
202
156
197
215
251
231
244
292
EPS in Rs
7.21
7.69
6.27
6.36
7.95
10.29
8.11
9.97
10.92
12.84
12.16
12.84
15.5
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
4,717
5,049
5,033
5,855
5,986
6,658
7,896
9,204
9,683
Expenses
3,968
4,340
3,817
4,525
4,804
5,429
6,427
7,458
7,703
Operating Profit
749
708
1,216
1,330
1,182
1,230
1,469
1,746
1,980
OPM %
16%
14%
24%
23%
20%
18%
19%
19%
20%
Other Income
72
-25
-159
63
39
47
62
100
-17
Interest
223
257
155
176
214
237
176
144
148
Depreciation
267
321
250
245
260
312
384
415
425
PBT
331
105
652
973
747
727
971
1,287
1,390
Tax %
37%
4%
36%
28%
25%
27%
27%
27%
—
Net Profit
209
101
419
703
562
528
707
941
1,019
EPS in Rs
10.79
4.62
23.15
36.62
29.42
27.5
35.96
48.76
53.34
Div. Payout %
32%
54%
4%
8%
7%
7%
8%
7%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
181
181
181
181
181
181
189
190
Reserves
1,654
1,731
2,092
1,807
2,320
2,771
4,257
4,760
Borrowings
2,128
2,327
2,310
2,217
2,334
2,335
1,023
1,521
Other Liabilities
1,613
1,721
2,184
1,816
1,798
2,422
2,653
3,043
Total Liabilities
5,577
5,960
6,768
6,021
6,634
7,709
8,122
9,514
Fixed Assets
2,247
2,382
2,188
2,044
2,147
3,125
3,197
3,319
CWIP
581
485
302
320
411
159
177
273
Investments
0
0
0
25
25
318
95
20
Other Assets
2,749
3,093
4,278
3,632
4,050
4,108
4,652
5,903
Total Assets
5,577
5,960
6,768
6,021
6,634
7,709
8,122
9,514
Figures in ₹ Crores

Cash Flow

Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
444
500
704
768
747
1,097
852
944
Investing
-409
-168
-256
-574
-468
-715
-96
-1,175
Financing
-735
-301
-189
-152
-145
-164
-814
343
Net Cash Flow
-700
32
259
42
134
219
-58
112
Free Cash Flow
39
362
571
349
345
801
475
400
CFO/OP
77
84
74
81
80
107
75
75
Figures in ₹ Crores

Ratios

Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
75
83
107
82
101
102
93
102
Inventory Days
234
211
293
237
223
225
224
239
Days Payable
142
133
188
184
175
193
172
180
Cash Conversion Cycle
167
161
212
135
148
134
145
161
Working Capital Days
-15
-28
-16
9
22
28
76
62
ROCE %
—
11%
22%
26%
21%
19%
20%
24%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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66 extracted metrics + investor summaries across FY19–FY27.

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Shareholding Pattern

Others2.38%Promot.77.83%FIIs4.88%Public6.45%DIIs8.46%As ofJun 2026
0.04% of promoter holding pledged as of Jun 2026

Documents

Frequently Asked Questions about Emcure Pharmaceuticals

What does Emcure Pharmaceuticals Ltd do?
Incorporated in 1981, Emcure Pharmaceuticals Ltd manufactures and markets pharmaceutical products globally[1]
Where is Emcure Pharmaceuticals Ltd (EMCURE) listed?
Emcure Pharmaceuticals Ltd trades as EMCURE on the NSE and under code 544210 on the BSE.
Which sector does Emcure Pharmaceuticals Ltd belong to?
Emcure Pharmaceuticals Ltd is classified under the Healthcare sector, in the Pharmaceuticals industry.
What is the market capitalisation of Emcure Pharmaceuticals Ltd?
Emcure Pharmaceuticals Ltd has a market capitalisation of ₹37,121 Cr, which places it in the Large Cap band.
What is the PE ratio of Emcure Pharmaceuticals Ltd?
Emcure Pharmaceuticals Ltd trades at a PE ratio of 36.46, on earnings per share of ₹26.63, against a book value of ₹260.93 per share.
What is the 52-week high and low of Emcure Pharmaceuticals Ltd?
Over the last 52 weeks Emcure Pharmaceuticals Ltd has traded between ₹1,260 and ₹2,100.7.
Does Emcure Pharmaceuticals Ltd pay dividends?
Emcure Pharmaceuticals Ltd has a dividend yield of 0.19%.
What is the Return on Equity (ROE) of Emcure Pharmaceuticals Ltd?
Emcure Pharmaceuticals Ltd reported a return on equity of 18.91%. Its debt-to-equity ratio is 0.31.

Company Information

Incorporated in 1981, Emcure Pharmaceuticals Ltd manufactures and markets pharmaceutical products globally[1]

Website emcure.com
CEO Mr. Satish Ramanlal Mehta
Employees 6,731
Listed 2024-07-10
Face Value ₹ 10
Issued Size 18,95,72,547

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