Emcure Pharmaceuticals Ltd logo

Emcure Pharmaceuticals Ltd

EMCURE NSE

Key Fundamentals

SmallcapPharmaceuticalsHealthcare
Market Cap
₹38,188 Cr
Volatility
Moderate
P/E Ratio
37.68
EBITDA
₹1,833 Cr
Return on Equity
15.24%
Debt to Equity
0.31
Book Value
₹260.97
EPS
₹26.63
52W High
₹2,048
52W Low
₹1,260

Insights

Beta

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

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44 extracted metrics + investor summaries across FY19–FY26.

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Tapetide Score

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Technical Indicators

Key Insights

Weaknesses

1
  • Stock is trading at 7.70 times its book value

Growth Rate

Revenue Growth
15.49% ↗
Net Income Growth
26.44% ↗
Cash Flow Change
-22.38% ↘
ROE
-9.82% ↘
ROCE
-1.72% ↘
EBITDA Margin (Avg.)
2.79% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
AI opinion · based on fundamentals
Risk medium

Emcure Pharmaceuticals is a mid-cap pharma company with a market cap of ₹38,163 crore, trading at a PE of 36.8x and P/B of 7.58x. The company delivered FY25 consolidated revenue of ~₹7,896 crore (up 18.6% YoY) with compounded profit growth of 37% TTM, supported by strong domestic growth of ~25% and international growth of ~16%. Promoter holding remains high at ~77.8%.

Bull Case 8
  • Strong revenue growth trajectory — FY25 consolidated revenue grew 18.6% YoY to ₹7,896 crore, with 5-year compounded sales CAGR of 13%
  • Accelerating profit growth — TTM compounded profit growth at 37%, significantly above the 5-year CAGR of 18%, with Q4 FY25 PAT surging 63% YoY to ₹197 crore
  • Domestic business growing faster than industry — domestic revenue grew ~25% YoY in FY25, well above the Indian pharma market growth rate of 8-10%
  • Consistent ROE generation — 3-year average ROE of 19% and 5-year average of 22%, indicating efficient capital deployment
  • Improving margins — EBITDA margin expanded to 19.3-19.7% in recent quarters (Q2 FY26), with operating leverage from scale
  • Debt reduction post-IPO — company used IPO proceeds (July 2024) to repay substantial debt, with gross debt at ₹1,291 crore as of June 2025
  • High promoter holding of 77.8% signals strong founder conviction and alignment with minority shareholders
  • Stock CAGR of 43% over the last 1 year reflects market recognition of improving fundamentals and post-IPO re-rating
Bear Case 8
  • Elevated valuation — PE of 36.8x is expensive for a pharma company with net profit margins of ~9.8%, limiting margin of safety
  • Trading at 7.58x book value, significantly above pharma sector average, pricing in substantial future growth
  • Low dividend yield of 0.15% offers negligible income return to shareholders at current price levels
  • EBITDA margins at 18-19% remain below larger pharma peers (Sun Pharma, Dr Reddy's at 25%+), indicating room for improvement but also competitive pressure
  • International business growth of ~16% in FY25 trails domestic growth of ~25%, suggesting dependence on Indian market for outperformance
  • Recent IPO stock (listed July 2024) with limited public market track record — 5-year and 10-year stock CAGR data unavailable
  • Revenue growth decelerated from 18.6% in FY25 to 16.6% in FY26, indicating potential growth moderation from a higher base
  • Low institutional holding (~13.3%) compared to promoter stake may lead to liquidity constraints during sell-offs

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

AI News Digest

Anthropic anthropic claude-opus-4.6 4h ago
Positives 6
  • Q1FY27 PAT surges 36% Aug 6

    Consolidated revenue rose 22.8% to ₹25,804 million and net profit jumped 36.2% to ₹2,925 million, driven by 34.2% international sales growth and 10.2% domestic growth.

  • Jefferies upgrades EPS estimates 6% Aug 7

    Jefferies maintained Buy with ₹2,320 target after 10%/12% revenue/EBITDA beats. Management guided upper end of FY27 sales targets with 70-100bps margin expansion.

  • US FDA approves Sanand plant Aug 8

    Emcure received US FDA approval for its formulations plant in Sanand, Gujarat, strengthening its manufacturing credentials for the US market.

  • CDSCO nod for Poviztra (MASH) Jul 20

    Emcure received CDSCO approval to market Poviztra, the first GLP-1 agonist approved for MASH (progressive liver disease) in India.

  • Gennova becomes wholly-owned subsidiary Jul 22

    Emcure acquired remaining 12.05% stake in Gennova Biopharmaceuticals for ₹2,318.7 million, making it a wholly-owned subsidiary.

  • ₹3.60 dividend declared Aug 6

    Board fixed September 4, 2026 as record date for final dividend of ₹3.60 per share for FY26. AGM scheduled September 21, 2026.

Neutral 3
  • ICMR licenses biomedical technologies Jul 21

    ICMR licensed three homegrown technologies to Emcure including anti-HPV treatment and advanced vaccines for typhoid, paratyphoid, and shigella.

  • Board leadership changes Aug 6

    Raghu Kumar appointed as Additional Independent Director. Satish Mehta to become Chairman post-AGM as Berjis Desai steps down. P.S. Jayakumar exited after completing second term on Jul 21.

  • Q1FY27 earnings call held Aug 6

    Emcure held its Q1 FY27 earnings call on August 6, 2026 via Zoom Webinar to discuss unaudited financial results.

TL;DR: Emcure delivered a strong Q1FY27 with 23% revenue growth and 36% PAT growth, led by robust international expansion. The US FDA plant approval and CDSCO nod for Poviztra expand its product and market reach. No material headwinds are visible, with analyst upgrades and management guidance pointing to continued margin expansion. The trend is clearly improving with multiple growth catalysts in place for FY27.

Quarterly Results

  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

  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
7,339
7,703
Operating Profit
749
708
1,216
1,330
1,182
1,230
1,469
1,865
1,980
OPM %
16%
14%
24%
23%
20%
18%
19%
20%
20%
Other Income
72
-25
-159
63
39
47
62
-19
-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

  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
1,558
Other Liabilities
1,613
1,721
2,184
1,816
1,798
2,422
2,653
3,104
Total Liabilities
5,577
5,960
6,768
6,021
6,634
7,709
8,122
9,612
Fixed Assets
2,247
2,382
2,188
2,044
2,147
3,125
3,197
3,420
CWIP
581
485
302
320
411
159
177
172
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
6,001
Total Assets
5,577
5,960
6,768
6,021
6,634
7,709
8,122
9,612
Figures in ₹ Crores

Cash Flow

  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
-1,193
Financing
-735
-301
-189
-152
-145
-164
-814
343
Net Cash Flow
-700
32
259
42
134
219
-58
94
Free Cash Flow
39
362
571
349
345
801
475
400
CFO/OP
77
84
74
81
80
107
75
70
Figures in ₹ Crores

Ratios

  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
177
Cash Conversion Cycle
167
161
212
135
148
134
145
164
Working Capital Days
-15
-28
-16
9
22
28
76
62
ROCE %
—
11%
22%
26%
21%
19%
21%
24%

Shareholding Pattern

As of Jun 2026
Promoters 77.83%
DIIs 8.46%
Public 6.45%
FIIs 4.88%
Others 2.38%
Total 100.00%
  Jul 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
78.08%
78.08%
77.94%
77.92%
77.91%
77.88%
77.87%
77.87%
77.83%
FIIs
1.76%
2.91%
3.05%
3.07%
2.86%
3.29%
3.59%
3.35%
4.88%
DIIs
3.34%
3.96%
3.87%
3.44%
2.84%
4.37%
6.10%
6.10%
8.46%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
7.73%
5.00%
5.14%
5.51%
5.95%
6.24%
6.46%
6.46%
6.45%
Others
9.10%
10.04%
10.00%
10.06%
10.44%
8.22%
5.98%
6.22%
2.38%
No. of Shareholders
4,98,006
1,52,914
1,43,449
1,39,671
1,33,549
1,26,169
1,18,863
1,22,189
1,24,991

Documents

Frequently Asked Questions about Emcure Pharmaceuticals Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: EMCURE and BSE: 544210. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Emcure Pharmaceuticals Ltd belong to?
Emcure Pharmaceuticals Ltd operates in the Healthcare sector within the Pharmaceuticals industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Emcure Pharmaceuticals Ltd?
Emcure Pharmaceuticals Ltd has a market capitalisation of approximately ₹38187.95 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Emcure Pharmaceuticals Ltd?
The Price-to-Earnings (PE) ratio of Emcure Pharmaceuticals Ltd is 37.68. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Emcure Pharmaceuticals Ltd?
Over the past 52 weeks, Emcure Pharmaceuticals Ltd has traded between a low of ₹1,260 and a high of ₹2,048. This range helps investors understand the stock's price volatility and recent trading levels.
Does Emcure Pharmaceuticals Ltd pay dividends?
Yes, Emcure Pharmaceuticals Ltd has a dividend yield of 0.18%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Emcure Pharmaceuticals Ltd?
Emcure Pharmaceuticals Ltd has a Return on Equity (ROE) of 15.24%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Emcure Pharmaceuticals Ltd on Tapetide?
On Tapetide, you can view Emcure Pharmaceuticals Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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