EMCURE

Emcure Pharmaceuticals share price & financials

Price
₹1,783.2
Market cap
₹38.1k Cr
Sector
Healthcare
Calls analysed
7
Latest concall · Q1 FY27 · call held 06 Aug 2026

Emcure Pharmaceuticals Limited Q1 FY27

Revenue ₹2,580 cr +23%EBITDA ₹508 cr +26%EBITDA Margin 19.7% PAT ₹292 cr +36%

What went well

  • Revenue of INR 2,580 crore, up 22.8% YoY, driven by strong momentum across geographies.
  • EBITDA of INR 508 crore, up 25.8% YoY, with margin expanding 50 bps to 19.7% due to productivity gains and operating leverage.
  • Profit after tax grew 36.2% to INR 292 crore, reflecting strong operating performance and improved profitability.

What to watch

  • Gross margin declined year-over-year to 58.4%, attributed to increased exports and product/business mix.
  • Net debt is expected to increase in the next quarter by INR 450-500 crore due to payouts for Mantra acquisition and Gennova minority stake.
Read the full call →

What Emcure Pharmaceuticals Limited does

Emcure Pharmaceuticals develops, manufactures and markets branded generics, complex injectables, biosimilars and vaccines across four therapeutic-led businesses: India (Domestic), Emerging Markets, Europe and Canada. It earns primarily by selling branded prescription and OTC medicines through its own field force in India and via subsidiaries/distribution partners abroad, supplemented by in-licensing deals with global majors (Sanofi, Novo Nordisk, Roche) for select brands and by developing first-in-class/first-in-India molecules such as biosimilar Tenecteplase and Peg-Asparaginase. Its subsidiaries Gennova Biopharmaceuticals (biologics/mRNA vaccines), Zuventus Healthcare (domestic branded generics, now fully consolidated) and Emcutix Biopharmaceuticals (dermatology) extend the core business into adjacent categories.

Segments

  • Domestic (India)
  • Emerging Markets (EM)
  • Europe (EU)
  • Canada (CA)
Rank in Indian Pharmaceutical Market (IPM)
#14 largest player
IPM rank in Gynecology
#2
Top-brand strength
19 of top 20 brands rank among top 3 in their therapeutic segment
Manufacturing locations (India)
Bhosari, Hinjawadi, Kurkumbh, Jammu, Sanand, Sikkim, Bangalore, Pimpri — spanning API, oral solid, injectable and biologics facilities
Regulatory approvals
Facilities inspected and approved by USFDA, EU-EMA, UK-MHRA and WHO
Products launched in Canada
~110 launched, with 50+ more awaiting approval
Founded 1981Headquarters Pune, Maharashtra, India Company website

Guidance record · Q1 FY27

what the last two calls moved 17 tracked 0 delivered 7 missed 10 open
  • Revenue Growth went quiet said Q4 FY25 Promised: 13% to 14% in FY '26 Q1 FY27: Not addressed as the promise pertains to the completed FY26.
  • Net Debt on track said Q3 FY25 Promised: Net Cash by March 2026 Q1 FY27: Net debt increased to ₹1,103 cr. Management expects a temporary rise in Q2 due to M&A payouts, but reiterated the goal to be net cash by end of FY28.

All 17 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 32.3%, net profit up 62.6% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,105 1,029 1,278 1,097 1,261 +14%1,418 +38%1,468 +15%1,451 +32%
EBITDA158 124 245 228 225 +42%300 +142%372 +52%340 +49%
Net profit87 50 140 123 118 +36%259 +418%234 +67%200 +63%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +45.3% 1Y

₹1.4k₹1.6k₹1.8k₹2.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 11 Nov 2025Q3 FY26 — 4 Feb 2026Q4 FY26 — 5 May 2026Q1 FY27 — 6 Aug 2026

1Y: ₹1,362.2 on 10 Sept 2025 → ₹1,978.9. High ₹2,009.6 (12 Aug 2026), low ₹1,271.8 (29 Sept 2025).

How the price took the results

close before → close after

Q1 FY27
−1.1%
6 Aug
Q4 FY26
−5.7%
5 May
Q3 FY26
+1.9%
4 Feb
Q2 FY26
−4.0%
11 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 11.5% a year over 2 years, FY24 to FY26. Operating margin widened to 21.5%.

Year endingFY24FY25FY26
Revenue₹4.2k Cr₹4.4k Cr₹5.2k Cr
Operating profit₹626 Cr₹642 Cr₹1.1k Cr
Operating margin14.8%14.7%21.5%
Interest₹179 Cr₹113 Cr₹119 Cr
Depreciation₹225 Cr₹225 Cr₹247 Cr
Net profit₹245 Cr₹317 Cr₹734 Cr
Net margin5.8%7.2%14.0%
ROCE10.0%14.0%24.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹181 Cr₹181 Cr₹181 Cr₹181 Cr₹190 Cr₹190 Cr
Reserves₹2.1k Cr₹1.5k Cr₹1.7k Cr₹1.8k Cr₹4.6k Cr₹3.5k Cr
Borrowings₹1.7k Cr₹1.6k Cr₹1.8k Cr₹1.6k Cr₹1.7k Cr₹1.6k Cr
Other liabilities₹897 Cr₹1.0k Cr₹1.0k Cr₹1.2k Cr₹3.0k Cr₹1.6k Cr
Total liabilities₹4.9k Cr₹4.3k Cr₹4.6k Cr₹4.8k Cr₹9.4k Cr₹6.9k Cr
Fixed assets₹1.3k Cr₹1.2k Cr₹1.4k Cr₹1.7k Cr₹3.3k Cr₹1.8k Cr
Capital work in progress₹192 Cr₹239 Cr₹253 Cr₹106 Cr₹144 Cr₹110 Cr
Investments₹864 Cr₹563 Cr₹690 Cr₹684 Cr₹42 Cr₹1.4k Cr
Other assets₹2.5k Cr₹2.4k Cr₹2.2k Cr₹2.2k Cr₹5.9k Cr₹3.6k Cr
Total assets₹4.9k Cr₹4.3k Cr₹4.6k Cr₹4.8k Cr₹9.4k Cr₹6.9k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −7.55 pp while DIIs added +5.62 pp. The shareholder count shrank 6% to 1,24,991.

Promoters
77.8%
FIIs
4.9%
DIIs
8.5%
Public
8.8%

Since Jun 2025

  • Public −7.55 pp
  • DIIs +5.62 pp
  • FIIs +2.01 pp

How it drifted, 8 quarters

Over this window the public fell from 15.1% to 8.8% — −6.2 pp.

Sep '24Jun '25Jun '26

Ownership split by quarter, oldest first. Sep '24: Promoters 78.1%, FIIs 2.9%, DIIs 4.0%, Public 15.1%.Dec '24: Promoters 77.9%, FIIs 3.0%, DIIs 3.9%, Public 15.2%.Mar '25: Promoters 77.9%, FIIs 3.1%, DIIs 3.4%, Public 15.6%.Jun '25: Promoters 77.9%, FIIs 2.9%, DIIs 2.8%, Public 16.4%.Sep '25: Promoters 77.9%, FIIs 3.3%, DIIs 4.4%, Public 14.5%.Dec '25: Promoters 77.9%, FIIs 3.6%, DIIs 6.1%, Public 12.4%.Mar '26: Promoters 77.9%, FIIs 3.4%, DIIs 6.1%, Public 12.7%.Jun '26: Promoters 77.8%, FIIs 4.9%, DIIs 8.5%, Public 8.8%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Emcure Pharmaceuticals Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Satish R Mehta 39.75%unchanged
Everest Trust (Shares held by Sanjay Rajanikant Mehta with Sonali Sanjay Mehta, as trustees) 7.65%unchanged
Unity Trust (Shares held by Sunil Rajanikant Mehta with Kamini Sunil Mehta, as trustees) 7.65%unchanged
Samit Satish Mehta 7.14%unchanged
Bhavana Satish Mehta 4.70%unchanged
Namita Vikas Thapar 2.67%unchanged
Pushpa Rajnikant Mehta 2.05%unchanged
Sanjay Rajanikant Mehta 1.95%unchanged
Kotak Midcap Fund Mutual fund1.93%newly disclosed
Sunil Rajanikant Mehta 1.50%unchanged
Aditya Birla Sun Life Trustee Private Limited A/C - Aditya Birla Sun Life ELSS Tax Saver Fund Mutual fund1.44%+0.13 pp
Nippon Life India Trustee Ltd-A/C Nippon India Multi Cap Fund Mutual fund1.33%−0.62 pp

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in EMCURE

Filings to Aug 2026

0 new, 4 added, 4 trimmed, 0 sold out — net −2.01 L shares (−5.2%).

Held by funds
₹681 Cr
10 schemes
Biggest holder
Nippon India Multi Cap Fund
₹302 Cr · 0.5% of that fund
SchemeHoldingLast month
Nippon India Multi Cap Fund Nippon India Mutual Fund₹302 Cr−0.87 L
SBI Flexicap Fund SBI Mutual Fund₹209 Crheld
Nippon India Pharma Fund Nippon India Mutual Fund₹119 Cr−1.05 L
HDFC Dividend Yield Fund HDFC Mutual Fund₹18 Cr−0.09 L
HDFC Balanced Advantage Fund HDFC Mutual Fund₹16 Crheld
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹10 Cr+0.01 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹5 Cr+0.00 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 4 trimmed — net −2.01 L shares (−5.2%)

Funds are sitting on
+22%
vs est. average cost
Held by funds
₹681 Cr
10 schemes · ≈ 1.7% of the company
Biggest holder
Nippon India Multi Cap Fund
₹302 Cr · 0.5% of that fund

Shares held by these funds +75%

Jul '24 38.53 L shares Jul '26

What the price assumes

Attractive

To justify its price of ₹1979, this stock must grow earnings at 32% every year for 7 years. Our analysis caps realistic growth at ~62%. At that growth it is worth ₹7610 — upside of 285%.

Growth the price implies
32.2% a year
for 7 years, fading to 4%
It has actually compounded at
62.9% a year
net profit, FY24–FY26 · EPS 62.3%
The gap
-0.3 pp
285% downside if it only repeats history
Price today ₹1,978.9 Value at the reference growth ₹7,609.8

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Emcure Pharmaceuticals Limited

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