EMCURE
Large CapEmcure Pharmaceuticals Limited
Pharma
Emcure Pharmaceuticals Limited is an Indian pharma company focused on domestic and international markets. It is executing a five-year strategic roadmap, emphasizing R&D, portfolio expansion, and growth in key therapeutic areas like Cardiac, CNS, and Oncology.
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 is neutral, 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 31 Mar 2026
Good · 57/100Rev +17% YoY · PAT +24% YoY · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,470 Cr | +16.7% | +4.5% |
| EBITDA | ₹480 Cr | +19.4% | -2.6% |
| Operating margin | 19.0% | +0 bps | -200 bps |
| PAT | ₹244 Cr | +23.9% | +5.6% |
| PAT margin | 9.9% | +57 bps | +10 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Emcure crossed US$1 Bn revenue in FY26 with 16.6% YoY growth, driven by robust international markets (+22.2% YoY) and resilient domestic performance (+10% YoY). Q4FY26 saw 16.7% YoY revenue growth, 123 bps EBITDA margin expansion, and 160 bps Adj PAT margin improvement.
Emcure delivered strong FY26 results, exceeding revenue growth guidance and expanding margins, indicating solid execution of its strategic roadmap. International markets are a key driver, while domestic business shows resilience despite some reorganization challenges. R&D pipeline progress is notable.
Revenue by Geography & Segment (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
International Business Momentum
Robust International Markets performance, contributing 60% of Q4FY26 revenue, driven by base business ramp-up, new launches, and Manx integration.
Strategic Portfolio Expansion
Partnerships with Novo Nordisk for Poviztra, expanded Sanofi partnership for oral anti-diabetic portfolio, and Roche for nephrology and transplant products.
Complex Injectables & Biosimilars Pipeline
Amphotericin B is a significant near-term opportunity, and biosimilar Bevacizumab received endorsement. Complex injectables are expected to drive the next leg of growth.
Domestic Therapeutic Focus
Domestic business grew in line with IPM, led by strong performance in Cardiac, CNS, and Oncology segments.
Strong International Demand
International business delivered robust performance with 25.7% YoY growth in Q4FY26, supported by a healthy ARV orderbook.
Strategic Partnerships
New and expanded partnerships with Novo Nordisk, Sanofi, and Roche are enhancing the product portfolio and market reach.
Productivity Enhancement
Continued productivity enhancement, with PCPM increasing to 7.0 lacs in FY26, contributed to improved EBITDA margins.
Domestic Reorganization Impact
Domestic performance was softer in Q4FY26 largely due to the Zuventus portfolio & team reorganization.
Regulatory & Approval Risks
Risks include regulatory changes, ability to obtain or maintain approvals, and product commercialization timelines.
Competitive Pressures
The company faces competitive pressures inherent to the pharmaceutical industry.
Supply Chain & Currency Fluctuations
Challenges include supply chain disruptions and currency fluctuations.
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.
YoY comparison is essential to assess the impact of strategic initiatives, annual growth trends, and margin expansion. QoQ provides insight into sequential momentum, particularly in international markets and new product ramp-ups, though domestic business showed seasonal weakness.
Domestic Formulations Growth
FY26 Domestic Revenue grew 10.0% YoY to ₹4,027 Cr, in line with IPM, led by Cardiac, CNS, and Oncology. Q4FY26 Domestic Revenue grew 5.2% YoY to ₹977 Cr.
International/Export Growth
FY26 International Revenue grew 22.2% YoY to ₹5,177 Cr. Q4FY26 International Revenue grew 25.7% YoY to ₹1,493 Cr, contributing 60% of total revenue.
Launch Pipeline & Approvals
Amphotericin B is a significant near-term opportunity. Biosimilar Bevacizumab received CDSCO's Subject Expert Committee endorsement. HIV – Lenacapavir DMF filed, registration expected in FY27. 7+ new product approvals in Canada, 80+ molecules filed and 30+ registrations in EM in FY26.
R&D Spend
FY26 R&D spend was ₹384 Cr, representing 4.2% of revenue. This is an increase from ₹287 Cr in FY25.
Domestic Business Outlook
Management believes the domestic business, backed by stronger leadership and an enhanced portfolio, is ready to take the next leap.
Amphotericin B Contribution
Amphotericin B is expected to contribute meaningfully in FY27.
HIV Product Registration
Product registration for HIV – Lenacapavir is expected in FY27.
Backend Synergies
Backend synergies from the consolidation of domestic operations with subsidiary buyout are expected to play out over time.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| International Revenue Growth | +22.2% YoY (FY26) | Sustained double-digit growth and contribution from new launches/integrations. |
| Domestic Business Recovery | +5.2% YoY (Q4FY26), +10.0% YoY (FY26) | Acceleration of growth post-reorganization and impact of new partnerships. |
| EBITDA Margin Trend | 19.4% (FY26), 19.7% (Q4FY26) | Continued expansion driven by productivity and scaling of in-house products. |
| R&D Pipeline Progress | Biosimilar Bevacizumab endorsement, Lenacapavir DMF filed | Further regulatory approvals and commercialization timelines for key pipeline products. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +15.9% / mo · near 52W high
Technical chart
EMCUREdaily · 3Y+27.4%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 57.
- SMA20 rising (~3.4% over last month) — short-term momentum positive.
- RSI(14) at 57 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 5% off 52W high · 33% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
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 14.9%.
- Quality contributes 15/20 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: +1 points.
Factor attribution
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 99th percentile within Pharma. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 77.9%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Pharma: 99th pctile, median 70 · Large: 97th pctile, median 74
34 documents indexed, 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 77.9%.
- ▸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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 34.40
- P/B
- 6.59
- EV/EBITDA
- 14.95
- Market Cap
- 32533.00Cr
Profitability
- ROE
- 20.10%
- ROCE
- 24.00%
- ROA
- 9.79%
- Dividend Y
- 0.17%
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
- 12.95×
- Altman Z
- 6.66
- Book Value
- 261.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 944.00 Cr
- EPS TTM
- 48.76
Shareholding
- Promoter Hold
- 77.87%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 82%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.