Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 14 Oct
Source: Bse
Emcure Pharmaceuticals Limited (EMCURE)
Large CapPharma stocks · Large cap · NSE
Emcure Pharmaceuticals Limited is a global pharmaceutical company with TTM revenue over USD 1Bn. It has a balanced presence in domestic and international markets, with ~44% domestic contribution. The company focuses on complex products, with ~50% revenue from complex products domestically and ~30% internationally.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result06 Aug, 07:21 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
71BullishRSI oversold · MACD − · sector +4.9pp vs Nifty 500 (3M)
Stock trend: 52
Sector RS: 100
Sector 3M: -0.7% vs Nifty 500 -5.6%
Pharma FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
EMCURED candles · FIT view+7.1%Latest close ₹1755.10 on 2026-10-21
Bar
-0.8%
RSI
28
MACD hist
-17.35
52W pos
56%
2026-10-21O ₹1770.00H ₹1778.90L ₹1725.10C ₹1755.10Vol 94,219 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
EMCURENifty PharmaNifty 500
- EMCURE
- -8.8%
- Nifty 500
- -6.5%
- Nifty Pharma
- -2.0%
- Vs Nifty 500
- -2.3 pp
Chart stats
21 Oct 2026- From 52W high
- -16.5%
- 52W range position
- 56%
- ATR (14)
- 3.3%
- Volume vs 20D
- 0.97x
- Avg traded value
- ₹17.8 Cr
- 20D price channel
- ₹1,725.1 - ₹2,010.3
₹2,100.7
₹1,306.5 - ₹2,100.7
₹57.2
Latest completed session
20-session average
20.4% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend supports entry, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE58
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent80
Revenue +22.8% · PAT +35.8% YoY
Technical
Bullish71
Price trend and sector-relative-strength timing.
Valuation
Legacy model+26.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence86
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 80/100Rev +23% YoY · PAT +36% YoY · margin expansion · operating leverage
Filed 06 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,580 Cr | +22.8% | +4.5% |
| EBITDA | ₹532 Cr | +27.6% | +10.8% |
| Operating margin | 21.0% | +100 bps | +200 bps |
| PAT | ₹292 Cr | +35.8% | +19.7% |
| PAT margin | 11.3% | +109 bps | +144 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 33.50
- P/B
- 6.98
- EV/EBITDA
- 16.61
- Market Cap
- 34539.00Cr
Profitability
- ROE
- 20.10%
- ROCE
- 24.00%
- ROA
- 10.71%
- Dividend Y
- 0.20%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 18.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 21.00%
Balance Sheet
- Debt/Equity
- 0.31
- Interest Coverage
- 11.80×
- Altman Z
- 7.05
- Book Value
- 261.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 944.00 Cr
- EPS TTM
- 53.34
Shareholding
- Promoter Hold
- 77.83%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 65%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 2,580+4.5% vs prev
Net Profit
₹ CrLatest: 292+19.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 28. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 28 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 16% off 52W high · 34% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
86
RS percentile
Stage 1 Base / Transition
1M return
-12.7%
3M return
-8.8%
6M return
+9.6%
1Y return
+31.0%
RS 1D
0
RS 20D
-3
Sector rank
#2
Industry rank
#3
Stage evidence
- Price is within 2.1% of the 30-week proxy.
- The 30-week proxy changed +3.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 143.7+0.28%
RS vs Nifty 500144
Valuation & peers
U-Score 58 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 58 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation7/30
Growth16/25
Quality16/20
Balance Sheet10/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
58
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
58/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 26.9%.
- Quality contributes 16/20 to the score.
Main drags
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Growth is weaker at 16/25; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
33.5
PB
7.0
EV/EBITDA
16.6
ROE
20.1%
ROCE
24.0%
FCF Yield
—
Debt/Equity
0.3
MoS
+26.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
58
Previous: 58
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+26.9%
Previous: +26.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
56
56
56
56
56
56
56
56
56
56
58
58
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹559.68
-213.6% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹2,400.3
+26.9% MoS
PEG
1.74
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
AJANTPHARM
Large
Ajanta Pharma Limited
Pharmaceuticals
match 170
58
36.7
27.1%
+19%
FAIR VALUE
GLAXO
Large
GlaxoSmithKline Pharmaceuticals Limited
Pharmaceuticals
match 169
60
40.9
45.6%
+12%
UNDERVALUED
IPCALAB
Large
IPCA Laboratories Limited
Pharmaceuticals
match 163
45
35.4
15.7%
-336%
WATCHLIST
CAPLIPOINT
Large
Caplin Point Laboratories Limited
Pharmaceuticals
match 163
61
26.3
20.9%
+43%
UNDERVALUED
ERIS
Large
Eris Lifesciences Limited
Pharmaceuticals
match 162
55
24.5
18.7%
+47%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-15T02:37:55.421Z
Management commentary snapshot
Emcure reported strong FY26 performance with 16.6% YoY revenue growth to INR 9,204 Cr, driven by robust international markets (+22.2%) and domestic growth (+10.0%). EBITDA margin expanded 83 bps to 19.4%, and Adj. PAT margin improved 189 bps to 10.9%.
The company delivered consistent mid-to-high teens revenue growth and significant margin expansion in FY26, driven by operating leverage and strategic portfolio enhancements. Strong pipeline and strategic partnerships position it for continued growth across domestic and international segments.
Current business mix
Revenue by Geography (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Domestic43.8%
Europe20.1%
Canada16.2%
RoW20.0%
Growth engines
International Market Expansion
Strong growth in all International markets led by market share gains and new launches, with Europe growing 25.5% and RoW 21.8% in FY26.
Differentiated Product Pipeline
Robust in-house R&D pipeline across key platforms like Biologics, NDDS, Complex Injectables, LAI, and ADC, positioned for near- and long-term growth.
Strategic In-Licensing & Acquisitions
Partnerships with Novo Nordisk (Poviztra®), Sanofi (oral anti-diabetics), and Roche (nephrology/transplant brands) augment the India portfolio.
Domestic Business Reorganization
Strengthened India portfolio with new leadership hires, consolidation of Zuventus, and expansion into Consumer, Dermatology, and Super Specialty segments.
Tailwinds
Growing Generics Markets
Europe generics market growing at 6.1% CAGR (USD 70 Bn+ opportunity) and Canada generics market growing at ~8% CAGR (CAD 11.2 Bn by 2025).
Strong Order Book (ARV)
ARV business in RoW has a strong order book and pipeline of next-gen products to drive growth.
Risk radar
Regulatory & Competitive Pressures
Risks include regulatory changes, competitive pressures, technology changes, and ability to obtain or maintain approvals, inherent to the pharmaceutical industry.
Supply Chain & Currency Fluctuations
Supply chain challenges and currency fluctuations are identified risks that may cause actual results to differ materially from projections.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The presentation primarily focuses on annual performance (FY26 vs FY25) and highlights year-over-year growth rates for key financial metrics and market segments. While Q4FY26 QoQ data is present, the strategic narrative and key takeaways emphasize annual trends.
Sector KPIs management disclosed
Domestic Revenue Growth
Domestic business grew 10.0% YoY to INR 4,027 Cr in FY26, in line with the Indian Pharmaceutical Market (IPM).
International Revenue Growth
International revenue grew 22.2% YoY to INR 5,177 Cr in FY26, with Europe up 25.5%, Canada up 18.7%, and RoW up 21.8%.
Gross Profit Margin
Gross Profit Margin for FY26 was 60.3%, an increase of 12 bps YoY.
EBITDA Margin
EBITDA margin improved 83 bps YoY to 19.4% in FY26, led by productivity enhancement and scaling of in-house products.
Management forward view
Consistent Compounding
Management aims for consistent low-to-mid teens revenue growth with margin expansion driven by operating leverage and strong ROCE delivery.
Balanced Diversification
Focus on balanced growth across India and global markets, supported by a differentiated portfolio and leadership in key therapies.
Future-ready Pipeline
Commitment to a robust pipeline of complex products including biologics, NDDS, and complex injectables to sustain long-term growth.
Domestic Business Leap
Backed by stronger leadership and an enhanced portfolio, the domestic business is ready to take the next leap.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 19.4% (FY26) | Continued margin expansion driven by operating leverage and productivity enhancements. |
| Domestic Growth | 10.0% (FY26) | Monitor if domestic business growth consistently exceeds or matches IPM, especially with new leadership and portfolio additions. |
| International Growth | 22.2% (FY26) | Track sustained high growth in international markets, particularly from new launches and complex injectables. |
| Pipeline Commercialization | 5 key launches in India in next 18 months; 55+ products in EU pipeline; 50+ products in Canada pipeline. | Assess successful commercialization and market penetration of new differentiated products across geographies. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
86Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 99th percentile of the scored universe and 100th percentile within Pharma. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
38 docs text-extracted · 16 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
99th percentile
overall median 67 · Pharma: 100th pctile, median 70 · Large: 96th pctile, median 73
Evidence depth
Financial-only
38 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 77.8%.
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸ROCE is 24%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Emcure Pharmaceuticals Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Scheme of Arrangement 12 Oct - Board approved amalgamation of Zuventus Healthcare and Emcutix Biopharmaceuticals into Emcure, subject to approvals.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 2 Oct - Income-tax Department imposed Rs. 57.74 crore penalty for FY2014-15 to FY2020-21; company may appeal.
Source: Bse
Investor presentationSep 2026
Sep 2026 · PPT
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1 Sep - Intimation of schedule of Investor Meet on Friday, September 04, 2026
Source: Bse
Annual reportSep 2026
Sep 2026 · Intimation Under Regulations 30 And 36(1)(B) Of The SEBI (LODR) Regulations, 2015 1 Sep - Emcure dispatches 45th AGM notice and FY2025-26 annual report; AGM on September 21, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Aug - Emcure schedules investor conferences and meetings from August to September 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Aug - Analyst/ Investor Meet on Tuesday, September 22, 2026
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Aug - Analyst/ Investor Meet on Thursday, September 17, 2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 11 Sep - Allotment of 11,400 Equity Shares pursuant to exercise of ESOPs under Emcure - Employee Stock Option Scheme 2013
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 1 Sep - CARE reaffirmed Emcure’s bank ratings: AA/Stable and A1+ on ₹2,400 crore facilities.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 29 Aug - Newspaper Advertisement of Notice of the 45th Annual General Meeting and e-voting information
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.