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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend supports entry, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 80/100Rev +23% YoY · PAT +36% YoY · margin expansion · operating leverage
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Revenue by Geography (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
68Bullishfull bull SMA stack · MACD − · near 52W high · sector +2.2pp vs Nifty (3M)
Technical chart
EMCUREdaily · 1Y · AUTO+32.6%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 58.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 58 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 6% off 52W high · 53% 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.
Relative Strength & Trend Stage
- Price is 13.1% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.1%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 56 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 56 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 19.7%.
- Quality contributes 16/20 to the score.
Main drags
- Valuation is weaker at 5/30; 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.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: 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.
High Trust Lite: Promoter holding is 77.8%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Pharma: 100th pctile, median 70 · Large: 97th pctile, median 73
35 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 35.50
- P/B
- 7.39
- EV/EBITDA
- 17.54
- Market Cap
- 36566.00Cr
Profitability
- ROE
- 20.10%
- ROCE
- 24.00%
- ROA
- 10.71%
- Dividend Y
- 0.19%
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
- 7.32
- 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
- 85%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Pharma, ranked by similarity
Peers
Business-comparable names in Pharma, ranked by similarity
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.