Emcure Pharmaceuticals Ltd
Incorporated in 1981, Emcure Pharmaceuticals
Ltd manufactures and markets pharmaceutical products globally[1]
- Market Cap ₹ 27,272 Cr.
- Current Price ₹ 1,438
- High / Low ₹ 1,586 / 889
- Stock P/E 41.0
- Book Value ₹ 170
- Dividend Yield 0.21 %
- ROCE 13.5 %
- ROE 11.6 %
- Face Value ₹ 10.0
Pros
- Company has been maintaining a healthy dividend payout of 21.0%
Cons
- Stock is trading at 8.48 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 Allcap BSE 250 SmallCap Index
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 | 3,154 | 3,387 | 3,107 | 3,498 | 4,382 | 5,054 | |
| 1,883 | 1,948 | 2,410 | 2,593 | 2,668 | 3,056 | 3,759 | 4,056 | |
| Operating Profit | 570 | 428 | 743 | 795 | 439 | 442 | 623 | 998 |
| OPM % | 23% | 18% | 24% | 23% | 14% | 13% | 14% | 20% |
| 56 | 89 | 94 | 133 | 119 | 129 | 142 | 172 | |
| Interest | 127 | 137 | 123 | 145 | 167 | 166 | 113 | 105 |
| Depreciation | 130 | 155 | 156 | 166 | 179 | 205 | 225 | 241 |
| Profit before tax | 370 | 225 | 557 | 616 | 212 | 200 | 428 | 824 |
| Tax % | 23% | 22% | 25% | 28% | 25% | 20% | 26% | |
| 284 | 175 | 420 | 447 | 160 | 161 | 317 | 639 | |
| EPS in Rs | 15.68 | 9.69 | 23.25 | 24.71 | 8.85 | 8.88 | 16.74 | 33.70 |
| Dividend Payout % | 16% | 26% | 4% | 12% | 23% | 23% | 18% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 13% |
| 3 Years: | 9% |
| TTM: | 26% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 7% |
| 3 Years: | -14% |
| TTM: | 210% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 45% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 15% |
| 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 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 181 | 181 | 181 | 181 | 181 | 181 | 189 | 190 |
| Reserves | 1,597 | 1,734 | 2,121 | 1,532 | 1,661 | 1,754 | 2,835 | 3,024 |
| 1,224 | 1,243 | 1,665 | 1,579 | 1,773 | 1,595 | 857 | 1,612 | |
| 576 | 713 | 897 | 1,032 | 1,001 | 1,226 | 1,534 | 1,602 | |
| Total Liabilities | 3,578 | 3,871 | 4,863 | 4,323 | 4,616 | 4,757 | 5,416 | 6,428 |
| 1,100 | 1,166 | 1,278 | 1,151 | 1,433 | 1,718 | 1,759 | 1,755 | |
| CWIP | 406 | 326 | 192 | 239 | 253 | 106 | 99 | 113 |
| Investments | 311 | 408 | 864 | 563 | 690 | 684 | 678 | 979 |
| 1,761 | 1,971 | 2,529 | 2,369 | 2,240 | 2,248 | 2,880 | 3,580 | |
| Total Assets | 3,578 | 3,871 | 4,863 | 4,323 | 4,616 | 4,757 | 5,416 | 6,428 |
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 | 116 | 109 | 124 | 115 | 99 |
| Inventory Days | 243 | 200 | 182 | 202 | 214 | 206 | 189 |
| Days Payable | 159 | 197 | 168 | 166 | 203 | 220 | 204 |
| Cash Conversion Cycle | 220 | 177 | 130 | 144 | 135 | 101 | 84 |
| Working Capital Days | 50 | 60 | 19 | 17 | 0 | -4 | 61 |
| ROCE % | 13% | 20% | 21% | 11% | 10% | 14% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Investor Presentation
35m - Investor Presentation for Investor Conferences, to be attended by Officials of the Company, on February 23, 2026 and February 24, 2026.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
1d - For Newspaper Advertisement of Notice of Postal Ballot dated February 17, 2026, electronically dispatched on February 17, 2026.
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
2d - Of schedule of Analyst/ Investor Meeting(s) on Tuesday, February 24, 2026
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
2d - Of schedule of Analyst/ Investor Meeting(s) on Monday, February 23, 2026
- Shareholder Meeting / Postal Ballot-Notice of Postal Ballot 2d
Concalls
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Feb 2026Transcript PPT REC
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Nov 2025Transcript PPT REC
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Aug 2025TranscriptPPTREC
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May 2025TranscriptPPT
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Feb 2025TranscriptPPTREC
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Nov 2024TranscriptPPT
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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.