Emcure Pharmaceuticals Ltd(EMCURE)

NSE: EMCUREBSE: 544210

₹ 1,785+0.00%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 33,863 crNext results: 3 Nov 2026Website: www.emcure.comUpdated: 24 Oct 2026

About

Emcure Pharmaceuticals is an India-based pharmaceutical company that develops, manufactures and markets 900+ products across oral formulations, injectables, APIs, biologics and complex generics in 80+ countries. It recorded FY26 revenue of INR 9,204 crore, crossing USD 1 billion for the first time. In India it ranks #13 by market share, #2 in gynaecology and #1 in antiretrovirals; internationally it is among the top 10 generic players in Canada and the largest Indian company by prescriptions there.^[1][2][3]

Revenue by geography

Europe segment: INR 1,850 crore in FY26, growing 25.5% YoY; INR 537 crore in Q1 FY27, up 32.8% YoY.^[1][2][4]
North America (Canada) segment: INR 1,487 crore in FY26, growing 18.7% YoY; INR 427 crore in Q1 FY27, up 24.6% YoY.^[1][2][4]
International business contributed 58% of total revenue mix in Q1 FY27; exports were 50.26% of standalone turnover in FY26.^[4][1]

Products and brands

900+ products launched globally spanning oral formulations, injectables, APIs, biologics and complex generics.^[1]
32 large brand families above INR 500 Mn, of which 10 exceed INR 1,000 Mn; the number of large brands has grown 4x since 2020.^[1]
19 of the top 20 brands rank among the top 3 in their respective therapy areas; key strengths in gynaecology, cardio-diabetology, ARV and women's health.^[1]
Domestic chronic mix was 60%+ as of FY26, with cardio-diabetology and CNS leading the chronic portfolio.^[4]
In-licensed portfolio includes Novo Nordisk's Poviztra (rDNA semaglutide), Sanofi OAD brands Amaryl and Cetapin, and Roche nephrology/transplant brands Mircera, NeoRecormon and CellCept; in-licensing represents approximately 15% of domestic sales.^[2]

Manufacturing and operations

13 manufacturing facilities across India covering oral formulations, injectables, APIs, peptides and biotherapeutics.^[1]
Key injectable sites: Sanand (emulsion, lyophilised, liposomal and high-potency injectables, isolator-based manufacturing; oncology block in commercial supply) and Mehsana (expanded injectable footprint) and Hinjawadi (injectables and ARV hub).^[1]
Biologics facilities at Pune (Gennova) are EU-GMP and WHO-GMP certified, supporting perfusion-based continuous biomanufacturing; Gennova became a 100% subsidiary in Q1 FY27.^[1][4]
ARV business is backward-integrated into API manufacturing, providing cost leadership in antiretrovirals.^[1]

Key operating metrics

Q1 FY27 revenue: INR 2,580 crore, +22.8% YoY. FY26 full-year revenue: INR 9,204 crore, +16.6% YoY.^[4][2]
R&D spend: INR 383.5 crore (4.2% of revenue) in FY26; INR 90 crore (3.5% of revenue) in Q1 FY27, guided to reach 4 - 5% for full FY27.^[2][4]
Field-force productivity (PCPM): INR 7.0 lakhs in FY26, up approximately 15% YoY from INR 6 - 6.1 lakhs in FY25.^[2][5]
Gross profit margin: 60.3% in FY26; contracted to 58.4% in Q1 FY27 (-340 bps YoY) due to higher share of ARV and European B2B exports.^[2][4]
RoCE: 22.0% as of 30 June 2026; 23.7% for FY26 (+170 bps YoY).^[4][2]
Net debt: INR 1,103 crore as of 30 June 2026 (net debt/TTM EBITDA: 0.6x); up from INR 1,054 crore at 31 March 2026 following Mantra earnout and Gennova minority stake payment.^[4][2]

Market position and distribution

Ranks #13 by market share in India; #2 in gynaecology and #1 in ARV domestically.^[1]
Among the top 10 generic players in Canada and the largest Indian pharmaceutical company by prescriptions in Canada.^[1]
Present in 80+ countries; sells through distributors, retailers, government institutional buyers and international subsidiaries.^[1]
Poviztra launch in India supported by a 1,100-member field force reaching approximately 100,000 doctors; over 500 medical education programmes conducted in FY26 engaging approximately 15,000 doctors.^[1]

Pipeline and regulatory milestones

First generic company to receive EU approval for Liposomal Amphotericin B, addressing an innovator sales market of approximately USD 270 Mn.^[1]
Bevacizumab ophthalmic biosimilar (wet AMD) received CDSCO Subject Expert Committee endorsement in FY26; launch planned for H1 FY27 pending final approval.^[1][2]
One of six global voluntary licensees for Gilead's Lenacapavir HIV therapy; DMF filed with API validation batches completed at a US FDA-approved facility; product registration to be sought in FY27.^[1][5]
Signed a royalty-free non-exclusive voluntary licensing agreement with MSD for alimatravir (once-monthly oral HIV PrEP candidate) across 129 low and lower-middle income countries in Q1 FY27.^[4]
ICMR-licensed novel anti-HPV NCE for Cervical Intraepithelial Neoplasia to be developed by Emcure as part of its women's health portfolio, subject to standard clinical development phases.^[4]

Expansion and capex

FY27 capex guided at INR 400 - 425 crore; annual capex of INR 350 - 400 crore per year planned for the next 2 - 3 years (excluding acquisitions).^[2][5]
Semaglutide own-filing for Canada to be completed within Q2 FY27; Mantra-DRL Quebec relaunch deferred pending DRL supply availability.^[4]
Target to be net cash (debt-free) by end of FY28, notwithstanding increased debt from Mantra earnout and Gennova minority stake payouts in Q2 FY27.^[4]
EBITDA margin expansion of 70 - 100 bps guided for FY27, reiterated after Q1 FY27 delivery of 50 bps expansion; 5-year aspiration is 300 - 400 bps reaching approximately 23 - 24%.^[4][5]

Recent developments

Gennova Biopharmaceuticals: Emcure acquired the remaining 12.05% minority stake in Q1 FY27, making it a 100% subsidiary; Samit Mehta appointed CEO of Gennova with expanded oversight of biosimilars and licensing.^[4]
Zuventus Healthcare restructuring: minority stake (20.4%) buyout completed in October 2025; stability and consolidation phases declared complete as of Q1 FY27; company now in acceleration phase.^[1][6][4]
Credit rating upgraded in FY26: CARE Ratings upgraded to CARE AA; Stable (from CARE AA-; Stable) and CRISIL upgraded outlook to CRISIL AA-/Positive.^[1]
Manx Healthcare portfolio acquisition (completed FY25/FY26): added 120+ marketing authorisations in UK through subsidiary Tillomed Laboratories, nearly doubling Emcure's UK portfolio.^[1]

Market Cap

₹33,863 Cr

High / Low

₹2,101 / 1,308

Stock P/E

33.5

Price / Book

6.8

Book Value

₹261

EPS

₹48.8

No. of Shares

18.96 Cr

ROCE

23.5%

ROE

19.7%

OPM

15.9%

Debt / Equity

0.24

Sales

₹9,204 Cr

Net Profit

₹941 Cr

Promoter holding

77.8%

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