Emcure Pharmaceuticals Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹35,502 Cr
- P/E
- 34.48
- ROE
- 20.11%
- PEG
- 1.66
- Price to sales
- 3.67
- Debt to equity
- 0.31
- 52W high / low
- ₹2,010 / ₹1,319
- Sales growth (5Y)
- 12.83%
- EBITDA margin
- 20.45%
- Net profit margin
- 10.45%
- Promoter holding
- 77.83%
- Sales (last year)
- ₹9,683 Cr
Incorporated in 1981, Emcure Pharmaceuticals Ltd manufactures and markets pharmaceutical products globally[1]
Guidance scorecard · Q1 FY27 call
What Emcure Pharmaceuticals Ltd's management guided
and where it ranks in Pharmaceuticals & Biotechnology
Pharmaceuticals & Biotechnology
RevenueQ1 FY27 call
10–20%- Emcure expects low to mid-teen revenue growth for FY27 with positive movement quarter-over-quarter.
- Domestic business growth is anticipated to improve from current levels, targeting to be in line with or faster than industry growth from Q2 onward.
- Organic domestic growth guided at 6%-8%, with acceleration expected in the second half of FY27.
- International business, especially Europe, Canada, and Rest of World markets, poised for solid growth supported by new launches, strong approval pipeline, and differentiated products.
- ARV and non-ARV segments in international markets expected to contribute roughly equally (~50:50) over the full year.
- R&D expenses will increase, maintaining around 4%-5% of revenues to support innovation and growth.
2 more points from Emcure Pharmaceuticals Ltd's call on revenue
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MarginsQ1 FY27 call
Up 0–2%See what Emcure Pharmaceuticals Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- The company expects R&D expenses to increase, maintaining an outlook of 4% to 5% of revenue for FY27, indicating strategic investment in product development.
- They continue to focus on building differentiated capabilities in biologics, complex injectables, and novel delivery systems, particularly liposomal technology.
- Recent technology transfer initiatives include licensing a novel anti-HPV candidate from ICMR, part of women's health R&D pipeline.
- Entered a royalty-free licensing agreement with MSD to manufacture a generic oral HIV pill for low and lower-middle income countries, strengthening their ARV portfolio.
2 more points from Emcure Pharmaceuticals Ltd's call on capex
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FundraisingQ1 FY27 call
See what Emcure Pharmaceuticals Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Emcure is ramping up supplies across different countries, leading to an increase in the order book in line with supplies.
- The company sees good visibility on some order books, particularly in the ARV (antiretroviral) segment.
- The Rest of the World business growth is strongly supported by ARV and tender-based products with ongoing procurement cycles expected to pick up in coming quarters.
- Emcure expects continued momentum from new product launches and bolt-on acquisitions contributing to orderbook buildup.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Pharmaceuticals & Biotechnology
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Pharmaceuticals & Biotechnology companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹556 Cr | 22.1 | |
| 2 | 40%+ | Up 0–2% | ₹215 Cr | 22.2 | |
| 3 | 40%+ | Flat | ₹16,144 Cr | — | |
| 4 | 40%+ | Flat | ₹6,072 Cr | 48.0 | |
| 5 | 40%+ | Flat | ₹40 Cr | — | |
| 6 | 20–40% | Up 2%+ | ₹50,220 Cr | 43.8 |
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Pro shows every company guiding 40%+ revenue growth →Full Pharmaceuticals & Biotechnology rankingEmcure Pharmaceuticals Ltd announcements
All announcements →- OtherNotable· Adverse for the businessEmcure Pharmaceuticals receives Income-tax penalty orders aggregating Rs. 57,73,96,732
Financials of Emcure Pharmaceuticals Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Emcure Pharmaceuticals Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 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 |
| 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 |
| Operating Profit | 296 | 329 | 294 | 311 | 336 | 381 | 355 | 402 | 417 | 475 | 493 | 480 |
| OPM % | 19% | 20% | 18% | 18% | 19% | 19% | 18% | 19% | 20% | 21% | 21% | 19% |
| Other Income + | 15 | -2 | 22 | 12 | 23 | 36 | 4 | -6 | 0 | 3 | -36 | 14 |
| Interest | 52 | 59 | 61 | 65 | 59 | 46 | 32 | 39 | 27 | 33 | 38 | 46 |
| Depreciation | 67 | 70 | 84 | 91 | 94 | 97 | 97 | 97 | 99 | 105 | 105 | 106 |
| Profit before tax | 191 | 198 | 171 | 167 | 207 | 273 | 230 | 261 | 291 | 341 | 314 | 341 |
| Tax % | 26% | 26% | 30% | 27% | 26% | 26% | 32% | 24% | 26% | 26% | 26% | 29% |
| Net Profit + | 141 | 146 | 120 | 121 | 153 | 202 | 156 | 197 | 215 | 251 | 231 | 244 |
| 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 |
Financials of Emcure Pharmaceuticals Ltd
Profit & Loss
Annual income statement trend
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 4,717 | 5,049 | 5,033 | 5,855 | 5,986 | 6,658 | 7,896 | 9,204 |
| Expenses + | 3,968 | 4,340 | 3,817 | 4,525 | 4,804 | 5,429 | 6,427 | 7,339 |
| Operating Profit | 749 | 708 | 1,216 | 1,330 | 1,182 | 1,230 | 1,469 | 1,865 |
| OPM % | 16% | 14% | 24% | 23% | 20% | 18% | 19% | 20% |
| Other Income + | 72 | -25 | -159 | 63 | 39 | 47 | 62 | -19 |
| Interest | 223 | 257 | 155 | 176 | 214 | 237 | 176 | 144 |
| Depreciation | 267 | 321 | 250 | 245 | 260 | 312 | 384 | 415 |
| Profit before tax | 331 | 105 | 652 | 973 | 747 | 727 | 971 | 1,287 |
| Tax % | 37% | 4% | 36% | 28% | 25% | 27% | 27% | 27% |
| Net Profit + | 209 | 101 | 419 | 703 | 562 | 528 | 707 | 941 |
| EPS in Rs | 10.79 | 4.62 | 23.15 | 36.62 | 29.42 | 27.50 | 35.96 | 48.76 |
| Dividend Payout % | 32% | 54% | 4% | 8% | 7% | 7% | 8% | 0% |
Financials of Emcure Pharmaceuticals Ltd
Balance Sheet
Capital structure and asset base
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 1,558 |
| Other Liabilities + | 1,613 | 1,721 | 2,184 | 1,816 | 1,798 | 2,422 | 2,653 | 3,104 |
| Total Liabilities | 5,577 | 5,960 | 6,768 | 6,021 | 6,634 | 7,709 | 8,122 | 9,612 |
| Fixed Assets + | 2,247 | 2,382 | 2,188 | 2,044 | 2,147 | 3,125 | 3,197 | 3,420 |
| CWIP | 581 | 485 | 302 | 320 | 411 | 159 | 177 | 172 |
| 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 | 6,001 |
| Total Assets | 5,577 | 5,960 | 6,768 | 6,021 | 6,634 | 7,709 | 8,122 | 9,612 |
Financials of Emcure Pharmaceuticals Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 444 | 500 | 704 | 768 | 747 | 1,097 | 852 | 944 |
| Cash from Investing Activity + | -409 | -168 | -256 | -574 | -468 | -715 | -96 | -1,193 |
| Cash from Financing Activity + | -735 | -301 | -189 | -152 | -145 | -164 | -814 | 343 |
| Net Cash Flow | -700 | 32 | 259 | 42 | 134 | 219 | -58 | 94 |
| Free Cash Flow | 39 | 362 | 571 | 349 | 345 | 801 | 475 | 400 |
| CFO/OP | 77% | 84% | 74% | 81% | 80% | 107% | 75% | 70% |
Financials of Emcure Pharmaceuticals Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 75 | 83 | 107 | 82 | 101 | 102 | 93 | 102 |
| Inventory Days | 234 | 211 | 293 | 237 | 223 | 225 | 224 | 237 |
| Days Payable | 142 | 133 | 188 | 184 | 175 | 193 | 172 | 175 |
| Cash Conversion Cycle | 167 | 161 | 212 | 135 | 148 | 134 | 145 | 163 |
| Working Capital Days | -15 | -28 | -16 | 9 | 22 | 28 | 76 | 62 |
| ROCE % | 11% | 22% | 26% | 21% | 19% | 21% | 24% |
Guidance history
How Emcure Pharmaceuticals Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Up 0–2% | Planned | — | Rising |
| Q4 FY26 call → | 10–20% | Up 0–2% | Planned | — | Rising |
| Q3 FY26 call → | 10–20% | Up 2%+ | Planned | Planned | Rising |
| Q2 FY26 call → | 10–20% | Up 0–2% | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
72 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +39.9% | 82% |
| Last 6 months | +11.4% | 70% |
| Last 3 months | −4.5% | 58% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Emcure Pharmaceuticals Ltd: 0.4 × 82 + 0.4 × 70 + 0.2 × 58 = 72.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Emcure Pharmaceuticals Ltd's management said in earlier quarters
Others in Pharmaceuticals & Biotechnology this season
- Accretion Pharmaceuticals Ltd (Q2 FY27)
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- Sigachi Industries Ltd (Q2 FY27)
Year-on-Year (YoY) Revenue Growth: 18.09% (Q2 FY27 vs Q2 FY26) . Key investor presentation takeaways from Sigachi Industries Ltd's Q2 FY27 investor presentation
- Advanced Enzyme Technologies Ltd (Q2 FY27)
Q2 FY27 revenue from operations: ₹2,145 million, up 16% YoY from ₹1,845 million in Q2 FY26 (Page 13, 5). Key investor presentation takeaways from Advanced Enzym
- IOL Chemicals (Q2 FY27)
Q2 FY27 revenue from operations: ₹795.0 Cr, a 40.1% year-on-year (YoY) increase from ₹567.5 Cr in Q2 FY26 (Page 7). Key investor presentation takeaways from IOL