Emcure Pharmaceuticals Ltd
Incorporated in 1981, Emcure Pharmaceuticals
Ltd manufactures and markets pharmaceutical products globally[1]
- Market Cap ₹ 27,562 Cr.
- Current Price ₹ 1,454
- High / Low ₹ 1,580 / 889
- Stock P/E 68.6
- Book Value ₹ 160
- Dividend Yield 0.21 %
- ROCE 13.5 %
- ROE 11.6 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company has been maintaining a healthy dividend payout of 21.0%
Cons
- Stock is trading at 9.12 times its book value
- Company has a low return on equity of 10.0% over last 3 years.
- Working capital days have increased from 18.9 days to 60.6 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Healthcare Healthcare Pharmaceuticals & Biotechnology Pharmaceuticals
Part of BSE 500 BSE Healthcare Nifty 500 BSE MidCap BSE Allcap
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 2,454 | 2,376 | 3,107 | 3,387 | 3,107 | 3,498 | 4,382 | 4,508 | |
| 1,883 | 1,948 | 2,367 | 2,593 | 2,668 | 3,056 | 3,759 | 3,766 | |
| Operating Profit | 570 | 428 | 740 | 795 | 439 | 442 | 623 | 742 |
| OPM % | 23% | 18% | 24% | 23% | 14% | 13% | 14% | 16% |
| 56 | 89 | 90 | 133 | 119 | 129 | 142 | 122 | |
| Interest | 127 | 137 | 118 | 145 | 167 | 166 | 113 | 96 |
| Depreciation | 130 | 155 | 154 | 166 | 179 | 205 | 225 | 230 |
| Profit before tax | 370 | 225 | 558 | 616 | 212 | 200 | 428 | 538 |
| Tax % | 23% | 22% | 25% | 28% | 25% | 20% | 26% | |
| 284 | 175 | 420 | 447 | 160 | 161 | 317 | 399 | |
| EPS in Rs | 15.68 | 9.69 | 23.25 | 24.71 | 8.85 | 8.88 | 16.74 | 21.10 |
| Dividend Payout % | 16% | 26% | 4% | 12% | 23% | 23% | 18% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 13% |
| 3 Years: | 9% |
| TTM: | 24% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 7% |
| 3 Years: | -14% |
| TTM: | 163% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 17% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 14% |
| 3 Years: | 10% |
| Last Year: | 12% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 181 | 181 | 181 | 181 | 181 | 181 | 189 |
| Reserves | 1,597 | 1,734 | 2,121 | 1,532 | 1,661 | 1,754 | 2,835 |
| 1,224 | 1,243 | 1,603 | 1,579 | 1,773 | 1,595 | 857 | |
| 576 | 713 | 958 | 1,032 | 1,001 | 1,226 | 1,534 | |
| Total Liabilities | 3,578 | 3,871 | 4,863 | 4,323 | 4,616 | 4,757 | 5,416 |
| 1,100 | 1,166 | 1,147 | 1,151 | 1,433 | 1,718 | 1,759 | |
| CWIP | 406 | 326 | 192 | 239 | 253 | 106 | 99 |
| Investments | 311 | 408 | 864 | 563 | 690 | 684 | 678 |
| 1,761 | 1,971 | 2,660 | 2,369 | 2,240 | 2,248 | 2,880 | |
| Total Assets | 3,578 | 3,871 | 4,863 | 4,323 | 4,616 | 4,757 | 5,416 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 371 | 385 | 775 | 428 | 505 | 585 | 558 | |
| -276 | -169 | -836 | -394 | -271 | -173 | -438 | |
| -53 | -46 | 31 | -343 | -55 | -288 | -49 | |
| Net Cash Flow | 42 | 170 | -30 | -309 | 180 | 124 | 71 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 135 | 175 | 117 | 109 | 124 | 115 | 99 |
| Inventory Days | 243 | 200 | 183 | 202 | 214 | 206 | 189 |
| Days Payable | 159 | 197 | 169 | 166 | 203 | 220 | 204 |
| Cash Conversion Cycle | 220 | 177 | 131 | 144 | 135 | 101 | 84 |
| Working Capital Days | 50 | 60 | 19 | 17 | 0 | -4 | 61 |
| ROCE % | 13% | 19% | 21% | 11% | 10% | 14% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
20h - Transcript of Earnings Call - Q1 FY26 held on August 07, 2025 at 3.30 pm (IST)
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
8 Aug - Newspaper Publication of Unaudited Financial Results of the Company for the quarter ended June 30, 2025
-
Intimation Under Regulation 30 And 36(1)(B) Of The SEBI (LODR) Regulations, 2015, About Dispatch Of Letters To The Members Whose E-Mail Addresses Are Not Registered With The Company/ Depository Participants.
7 Aug - Dispatched letters with AGM notice, annual report links; urged KYC updates and TDS exemption docs submission.
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
7 Aug - Audio recording of Emcure Q1 FY26 earnings call available online.
-
Outcome Of The Board Meeting Held On August 07, 2025 To Approve The Unaudited Financial Results (Consolidated And Standalone) For The Quarter Ended June 30, 2025
7 Aug - Emcure Q1 FY26: 15.7% revenue growth, 41% PAT rise, expanded Sanofi partnership, Zuventus acquisition planned.
Concalls
-
Aug 2025TranscriptPPT
-
May 2025TranscriptPPT
-
Feb 2025TranscriptPPTREC
-
Nov 2024TranscriptPPT
-
Aug 2024TranscriptPPT
Business Overview:[1][2]
EPL develops, manufactures and markets a broad range of pharmaceutical and biopharmaceutical products across a wide range of dosage forms, including oral solids, oral liquids, injectables, including liposomal and lyophilized injectables, biotherapeutics and complex APIs, including chiral molecules, iron molecules and cytotoxic products. It has a presence in all major therapeutic areas including Gynaecology, cardiology, blood-related, oncology, respiratory, CNS & HIV etc. Company has 350+ brands, with a wide network across 70+ countries.