Emcure Pharmaceuticals Ltd
Incorporated in 1981, Emcure Pharmaceuticals
Ltd manufactures and markets pharmaceutical products globally[1]
- Market Cap ₹ 24,418 Cr.
- Current Price ₹ 1,289
- High / Low ₹ 1,580 / 889
- Stock P/E 77.0
- Book Value ₹ 160
- Dividend Yield 0.00 %
- ROCE 14.6 %
- ROE 12.8 %
- 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 8.08 times its book value
- Company has a low return on equity of 10.5% over last 3 years.
* 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
Sector: Pharmaceuticals Industry: Pharmaceuticals - Indian - Bulk Drugs & Formln
Part of BSE Healthcare Nifty 500 BSE MidCap BSE IPO 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 | |
|---|---|---|---|---|---|---|---|
| 2,454 | 2,376 | 3,107 | 3,387 | 3,107 | 3,498 | 4,382 | |
| 1,883 | 1,948 | 2,367 | 2,593 | 2,668 | 3,056 | 3,735 | |
| Operating Profit | 570 | 428 | 740 | 795 | 439 | 442 | 647 |
| OPM % | 23% | 18% | 24% | 23% | 14% | 13% | 15% |
| 56 | 89 | 90 | 133 | 119 | 129 | 119 | |
| Interest | 127 | 137 | 118 | 145 | 167 | 166 | 113 |
| Depreciation | 130 | 155 | 154 | 166 | 179 | 205 | 225 |
| Profit before tax | 370 | 225 | 558 | 616 | 212 | 200 | 428 |
| Tax % | 23% | 22% | 25% | 28% | 25% | 20% | 26% |
| 284 | 175 | 420 | 447 | 160 | 161 | 317 | |
| EPS in Rs | 15.68 | 9.69 | 23.25 | 24.71 | 8.85 | 8.88 | 16.74 |
| Dividend Payout % | 16% | 26% | 4% | 12% | 23% | 23% | 18% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 13% |
| 3 Years: | 9% |
| TTM: | 25% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 9% |
| 3 Years: | -11% |
| TTM: | 95% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 15% |
| 3 Years: | 10% |
| Last Year: | 13% |
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 | 1,765 | |
| CWIP | 406 | 326 | 192 | 239 | 253 | 106 | 93 |
| 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 | -436 | |
| -53 | -46 | 31 | -343 | -55 | -288 | -49 | |
| Net Cash Flow | 42 | 170 | -30 | -309 | 180 | 124 | 73 |
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 | 131 | 147 | 97 | 132 | 127 | 100 | 83 |
| ROCE % | 13% | 19% | 21% | 11% | 10% | 15% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
17h - Audio recording of Emcure Q4 FY25 earnings call available on company website.
-
Announcement under Regulation 30 (LODR)-Code of Conduct under SEBI (PIT) Regulations, 2015
19h - Emcure amends and discloses insider trading and fair disclosure code effective June 10, 2025.
-
Announcement under Regulation 30 (LODR)-Acquisition
20h - Emcure to incorporate wholly-owned subsidiary Emcure Generics Pvt Ltd in Pune with Rs.10 Cr authorized capital.
-
Appointment Of Secretarial Auditor
20h - Appointment of M/s. SVD & Associates as Secretarial Auditor for five years from FY 2025-26.
-
Announcement under Regulation 30 (LODR)-Change in Management
20h - Re-appointment of Dr. Mukund Gurjar as Whole-time Director for one year from Aug 28, 2025.
Concalls
-
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.