Emcure Pharmaceuticals logo

Emcure Pharmaceuticals

EMCURE NSE

Key Fundamentals

SmallcapPharmaceuticalsHealthcare
Market Cap
₹37,135 Cr
Volatility
Moderate
P/E Ratio
37.1
EBITDA
₹1,877 Cr
Return on Equity
18.91%
Debt to Equity
0.31
Book Value
₹260.95
EPS
₹26.63
52W High
₹2,048
52W Low
₹1,260

Tapetide Score

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

Key Insights

Weaknesses

1
  • Stock is trading at 7.58 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

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Emcure Pharmaceuticals trades at a market cap of roughly ₹37,135 Cr with a PE of 36.5x and a price-to-book of 7.52x. The company has delivered compounded sales growth of 15% over 3 years and profit growth of 21% over the same period, with ROE consistently around 19-21%. Debt-to-equity stands at a manageable 0.31x, and Q1 FY27 revenue grew 22.8% YoY to ₹2,580 Cr with PAT up 35.4% to ₹292 Cr.

Bull Case 8
  • Strong revenue growth trajectory — TTM sales growth of 18% and FY25 revenue of ₹78,960 Mn grew 18.6% YoY, accelerating from 11.2% in FY24 and 2.2% in FY23
  • Consistent profit compounding — 3-year compounded profit growth of 21% and TTM profit growth of 37%, indicating improving operating leverage
  • Healthy return ratios — ROE of ~20% and ROCE of ~22-24% sustained over the last 3-5 years, well above cost of equity for a pharma company
  • International revenue diversifying rapidly — Q1 FY27 international revenue of ₹1,485 Cr grew 34.2% YoY, with Europe up 32.8%, Canada up 24.6%, and Rest of World up 44.8%
  • Low leverage balance sheet — debt-to-equity ratio of 0.31x with gross debt of ₹1,291 Cr as of June 2026, providing headroom for growth investments and acquisitions
  • Improving EBITDA margins — Q1 FY27 EBITDA margin expanded 50 bps YoY to 19.7%, with EBITDA of ₹508 Cr growing 25.8% YoY
  • R&D investment of ₹90 Cr (3.5% of revenue) in Q1 FY27 supports pipeline sustainability without materially pressuring margins
  • 5-year compounded sales CAGR of 13% and profit CAGR of 18% demonstrate long-duration growth consistency, not a single-year spike
Bear Case 8
  • Expensive valuation — PE of 36.5x and price-to-book of 7.52x are elevated; the stock trades at a significant premium to its book value of ₹261 per share
  • Gross margin compression risk — Q1 FY27 gross margin declined YoY to 68.4% due to rising export share and unfavorable product mix, a trend that could continue as international contribution grows
  • Low dividend yield of just 0.18%, offering negligible income return to shareholders relative to the capital deployed
  • Stock has already rallied 43% in the last 1 year, potentially front-loading future returns and raising the risk of a mean reversion
  • India domestic revenue growth of 10.2% in Q1 FY27 lagged overall company growth of 22.8%, suggesting the core home market is maturing
  • Interest costs of ₹32 Cr per quarter and depreciation rising to ₹110 Cr from ₹99 Cr YoY indicate growing fixed cost obligations as capex scales
  • PE of 36.5x roughly in line with the industry PE of ~37x, leaving limited room for further re-rating from current levels
  • Limited long-term track record as a listed entity — 10-year growth data is unavailable, making it harder to assess performance through full economic cycles

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Neutral 2
  • FY26 BRSR report filed Aug 28

    Emcure Pharmaceuticals filed its Business Responsibility and Sustainability Report for FY26, covering environmental metrics, employee safety data, and governance disclosures per SEBI regulations.

  • 45th AGM set for Sep 21 Aug 28

    Emcure scheduled its 45th AGM for September 21, 2026 via video conferencing. Remote e-voting window runs September 18-20.

TL;DR: A quiet period for Emcure with only routine regulatory and governance filings. No material business developments, financial updates, or risk events surfaced. The absence of negative news is mildly reassuring, but investors should watch for any operational or financial updates closer to the AGM on Sep 21.

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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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 ₹37,135 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 37.10, on earnings per share of ₹26.63, against a book value of ₹260.95 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 ₹2,048.
Does Emcure Pharmaceuticals Ltd pay dividends?
Emcure Pharmaceuticals Ltd has a dividend yield of 0.18%.
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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