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Emcure Pharmaceuticals

EMCURE NSE
₹2,160.40 +183.80 (+9.30%)
P/E
40.50
View as Markdown
MCP
Close 4 Nov 2026 ₹2,160.40 +801.40 +59.0% 1Y
Start ₹1,359.00

Key Fundamentals

MidcapPharmaceuticals & BiotechnologyHealthcare

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
24.00%
Debt to Equity
0.31
EPS (TTM)
₹53.34
Book Value
₹281.69
Market Cap
—
P/E (TTM)
40.50
P/B
7.67
ROE
20.10%
Dividend Yield
0.18%
EBITDA
₹1,877 Cr
52W High
₹2,174.20
52W Low
₹1,312.30
Day Range
₹2,035.10 – ₹2,174.20
Volume
11,90,484

Peer Comparison

Healthcare › Pharmaceuticals

Emcure Pharmaceuticals peer comparison
Sun Pharma
₹1,773.4038.81₹4,29,049 Cr4.770.90%16.00%20.50%₹61,631 Cr₹10,987 Cr
Divis Laboratories
₹10,037.5091.10₹2,65,269 Cr15.900.30%16.50%22.00%₹11,230 Cr₹2,925 Cr
Torrent Pharmaceuticals
₹4,738.5078.61₹1,77,061 Cr9.810.82%27.40%15.20%₹17,400 Cr₹2,099 Cr
Zydus Life Science
₹1,188.1026.44₹1,25,446 Cr4.370.08%21.20%21.10%₹28,592 Cr₹4,593 Cr
Laurus Labs
₹2,323.80114.81₹1,25,228 Cr20.720.04%18.30%17.80%₹7,270 Cr₹1,090 Cr
Dr Reddys Laboratories
₹1,374.0035.59₹1,14,543 Cr2.960.58%11.20%13.00%₹33,228 Cr₹3,184 Cr
Cipla
₹1,402.0033.59₹1,12,454 Cr3.200.93%11.60%15.50%₹28,324 Cr₹3,356 Cr
Emcure Pharmaceuticals (this company)
₹2,160.4040.50₹40,344 Cr7.670.18%20.10%24.00%₹9,683 Cr₹1,018 Cr
Median 8 companies₹1,966.9039.66₹1,25,337 Cr6.220.44%17.40%19.15%₹22,862 Cr₹3,055 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

49 Average

Data confidence 100/100

Category scores

Quality
49
Average
Returns, margins, earnings quality 22% weight
Valuation
57
Good
Cheap vs sector & own history 24% weight
Growth
52
Average
Sales & profit trajectory 9% weight
Financial Health
42
Weak
Solvency, leverage, coverage 9% weight
Momentum
63
Good
Trend strength, vol-adjusted 12% weight
Ownership
41
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

1
  • Stock is trading at 7.23 times its book value

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish4312
OscillatorsBearish432
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
77.24
Bearish
MACD (12,26,9)
20.84
Bullish
SMA (50)
1,898.53
Bullish
SMA (200)
1,730.71
Bullish

As of

Analyst Rating

Based on 9 analysts
BUY89%

8 of 9 analysts rate Buy, 1 Hold, 0 Sell.

As of

BUY
8
89%
HOLD
1
11%
SELL
0
0%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+12.83%
3Y+15.42%
1Y+16.57%
TTM+18.35%

Net profit

Net profit growth by window
5Y+17.56%
3Y+18.75%
1Y+33.10%
TTM+32.21%

Operating cash flow

Operating cash flow growth by window
5Y+6.04%
3Y+8.11%
1Y+10.80%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y−5.19 pp
3Y−0.78 pp
1Y+0.37 pp
TTM+1.44 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2019₹4,717 Cr
Mar 2020₹5,049 Cr
Mar 2021₹5,033 Cr
Mar 2022₹5,855 Cr
Mar 2023₹5,986 Cr
Mar 2024₹6,658 Cr
Mar 2025₹7,896 Cr
Mar 2026₹9,204 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2019₹209 Cr
Mar 2020₹101 Cr
Mar 2021₹419 Cr
Mar 2022₹703 Cr
Mar 2023₹562 Cr
Mar 2024₹528 Cr
Mar 2025₹707 Cr
Mar 2026₹941 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹557 Cr −5.8% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk medium

Emcure Pharmaceuticals trades at ₹2,160.4 as of 2026-11-04, commanding a market cap of ₹40,344 Cr with a P/E of 40.5x and ROE of 18.91%. The stock has delivered a 33% return over the past year and sits near its 52-week high of ₹2,174.2, reflecting strong profit growth of 37% on a trailing basis alongside a relatively conservative balance sheet with a debt-to-equity ratio of 0.31.

Bull Case 8
  • TTM profit growth of 37% significantly outpaces the 3-year compounded profit growth of 21%, indicating an acceleration in earnings momentum
  • ROCE of 25.1% suggests efficient deployment of capital, well above the cost of capital for most pharmaceutical companies
  • Debt-to-equity ratio of just 0.31 provides a comfortable balance sheet with ample room for future investments or acquisitions without excessive leverage
  • 3-year compounded sales growth of 15% and 5-year compounded sales growth of 13% demonstrate sustained revenue expansion over multiple periods
  • ROE has remained consistently strong at 19% over 3 years, 21% over 5 years, and 20% last year, reflecting durable shareholder value creation
  • TTM sales growth of 18% exceeds the 3-year and 5-year compounded sales growth rates, pointing to improving top-line traction
  • 5-year compounded profit growth of 18% paired with 5-year compounded sales growth of 13% indicates improving margins over the longer term
  • Stock has rallied 33% over the past year from a 52-week low of ₹1,312.3 to ₹2,160.4, reflecting strong market confidence in the business trajectory
Bear Case 6
  • Price-to-book ratio of 7.67x (also flagged at 7.23x) is steep, meaning a significant premium is already embedded for future growth expectations
  • Dividend yield of just 0.18% offers negligible income return, making the stock almost entirely dependent on capital appreciation
  • Trading at ₹2,160.4 versus a 52-week high of ₹2,174.2 places the stock less than 1% from its peak, increasing the risk of mean reversion or profit-booking
  • The gap between TTM profit growth of 37% and 5-year compounded profit growth of 18% raises the question of whether current earnings momentum is sustainable or cyclically elevated
  • Market cap of ₹40,344 Cr relative to EPS of ₹53.34 implies the market is pricing in multiple years of above-trend growth, creating vulnerability to any earnings miss
  • ROE of 18.91% as of the latest period is slightly below the 5-year average of 21%, suggesting some dilution in return efficiency despite strong headline growth

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

AI News Digest

9h ago

TL;DR: Emcure delivered a solid Q2FY27 with 29% profit growth and robust margin expansion, powered by a 34.5% surge in international revenue which now forms the majority of sales. The key risk is rising net debt from the Mantra earnout and Gennova consolidation. The subsidiary merger should streamline operations over time. The growth trajectory is positive, but debt management will be worth monitoring in coming quarters.

Headwinds 1
  • Net debt rises significantly Nov 3

    Net debt increased to ₹13,171 million in Q2FY27, driven by the Mantra earnout payment and Gennova consolidation.

Positives 2
  • Strong Q2 profit growth Nov 3

    Net profit rose 29.3% YoY to ₹3,251 million in Q2FY27, while EBITDA grew 30.9% YoY to ₹5,748 million with margins expanding 103 bps to 20.4%.

  • International revenue surges Nov 3

    International revenue grew 34.5% YoY in Q2FY27, now contributing 59% of total revenue, indicating strong geographic diversification.

Neutral 1
  • Subsidiary merger approved Oct 12

    Board approved a draft scheme to merge wholly owned subsidiaries Zuventus Healthcare and Emcutix Biopharmaceuticals into the parent company, simplifying corporate structure.

Quarterly Results

₹ Cr
EMCURE quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 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
2,820
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
2,233
Operating Profit
296
329
294
311
336
381
355
402
417
475
493
480
532
588
OPM %
19%
20%
18%
18%
19%
19%
18%
19%
20%
21%
21%
19%
21%
21%
Other Income
15
−2
22
12
23
36
4
−6
0
3
−36
14
2
3
Interest
52
59
61
65
59
46
32
39
27
33
38
46
32
36
Depreciation
67
70
84
91
94
97
97
97
99
105
105
106
110
110
PBT
191
198
171
167
207
273
230
261
291
341
314
341
394
446
Tax %
26%
26%
30%
27%
26%
26%
32%
24%
26%
26%
26%
29%
26%
27%
Net Profit
141
146
120
121
153
202
156
197
215
251
231
244
292
325
EPS (₹)
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
—

Sep 2026: from the results filed on 3 Nov 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
EMCURE profit and loss, annual, ₹ crore
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 (₹)
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%
—

Balance Sheet

₹ Cr
EMCURE balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
EMCURE cash flow, annual, ₹ crore
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

Ratios

EMCURE financial ratios, annual
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

Log in to view Emcure Pharmaceuticals insights

69 extracted metrics across FY19–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 77.82%
  • DIIs 8.49%
  • Public 6.34%
  • FIIs 4.94%
  • Others 2.40%

0.04% of promoter holding pledged as of Sep 2026

Change vs previous quarter

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
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 PE ratio of Emcure Pharmaceuticals Ltd?
Emcure Pharmaceuticals Ltd trades at a PE ratio of 40.50 as of 4 Nov 2026, on earnings per share of ₹53.34, against a book value of ₹281.69 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 ₹1,312.3 and ₹2,174.2 as of 4 Nov 2026.
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 20.10%. Its debt-to-equity ratio is 0.31.

Company Information

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

Website emcure.com
CEO Mr. Satish Ramanlal Mehta
Employees 6,731
Listed 10 Jul 2024
Face Value ₹10

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