Emcure Pharmaceuticals Ltd
Incorporated in 1981, Emcure Pharmaceuticals
Ltd manufactures and markets pharmaceutical products globally[1]
- Market Cap ₹ 44,651 Cr.
- Current Price ₹ 2,362
- High / Low ₹ 2,430 / 1,312
- Stock P/E 46.6
- Book Value ₹ 216
- Dividend Yield 0.15 %
- ROCE 23.7 %
- ROE 22.3 %
- Face Value ₹ 10.0
Pros
Cons
- Stock is trading at 10.9 times its book value
* 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.
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 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| 2,454 | 2,376 | 3,154 | 3,387 | 3,107 | 3,498 | 4,382 | 5,243 | 6,005 | |
| Sales growth | -3% | +33% | +7% | -8% | +13% | +25% | +20% | +29% | |
| 1,883 | 1,948 | 2,410 | 2,593 | 2,668 | 3,056 | 3,759 | 4,220 | 4,597 | |
| Operating Profit | 570 | 428 | 743 | 795 | 439 | 442 | 623 | 1,023 | 1,408 |
| OPM % | 23% | 18% | 24% | 23% | 14% | 13% | 14% | 20% | 23% |
| 56 | 89 | 94 | 133 | 119 | 129 | 142 | 286 | 202 | |
| Interest | 127 | 137 | 123 | 145 | 167 | 166 | 113 | 118 | 135 |
| Depreciation | 130 | 155 | 156 | 166 | 179 | 205 | 225 | 247 | 253 |
| Profit before tax | 370 | 225 | 557 | 616 | 212 | 200 | 428 | 944 | 1,222 |
| Tax % | 23% | 22% | 25% | 28% | 25% | 20% | 26% | 22% | |
| 284 | 175 | 420 | 447 | 160 | 161 | 317 | 733 | 941 | |
| EPS in Rs | 15.68 | 9.69 | 23.25 | 24.71 | 8.85 | 8.88 | 16.74 | 38.66 | 49.63 |
| Dividend Payout % | 16% | 26% | 4% | 12% | 23% | 23% | 18% | 9% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 11% |
| 3 Years: | 19% |
| TTM: | 29% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 12% |
| 3 Years: | 66% |
| TTM: | 122% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 71% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 16% |
| 3 Years: | 16% |
| Last Year: | 22% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 181 | 181 | 181 | 181 | 181 | 181 | 189 | 190 | 190 |
| Reserves | 1,597 | 1,734 | 2,121 | 1,532 | 1,661 | 1,754 | 2,835 | 3,521 | 3,917 |
| 1,224 | 1,243 | 1,665 | 1,579 | 1,773 | 1,595 | 857 | 1,597 | 1,654 | |
| 576 | 713 | 897 | 1,032 | 1,001 | 1,226 | 1,534 | 1,607 | 1,787 | |
| Total Liabilities | 3,578 | 3,871 | 4,863 | 4,323 | 4,616 | 4,757 | 5,416 | 6,914 | 7,547 |
| 1,100 | 1,166 | 1,278 | 1,151 | 1,433 | 1,718 | 1,759 | 1,754 | 1,788 | |
| CWIP | 406 | 326 | 192 | 239 | 253 | 106 | 99 | 122 | 183 |
| Investments | 311 | 408 | 864 | 563 | 690 | 684 | 678 | 1,424 | 1,658 |
| 1,761 | 1,971 | 2,529 | 2,369 | 2,240 | 2,248 | 2,880 | 3,614 | 3,918 | |
| Total Assets | 3,578 | 3,871 | 4,863 | 4,323 | 4,616 | 4,757 | 5,416 | 6,914 | 7,547 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| 371 | 385 | 775 | 428 | 505 | 585 | 558 | 424 | |
| -276 | -169 | -836 | -394 | -271 | -173 | -438 | -947 | |
| -53 | -46 | 31 | -343 | -55 | -288 | -49 | 526 | |
| Net Cash Flow | 42 | 170 | -30 | -309 | 180 | 124 | 71 | 3 |
| Free Cash Flow | 85 | 287 | 677 | 243 | 225 | 342 | 378 | 178 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 87% | 97% | 120% | 75% | 134% | 148% | 100% | 63% |
Ratios
Standalone / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 135 | 175 | 116 | 109 | 124 | 115 | 99 | 107 |
| Inventory Days | 243 | 200 | 182 | 202 | 214 | 206 | 189 | 197 |
| Days Payable | 159 | 197 | 168 | 166 | 203 | 220 | 204 | 186 |
| Cash Conversion Cycle | 220 | 177 | 130 | 144 | 135 | 101 | 84 | 118 |
| Working Capital Days | 50 | 60 | 19 | 17 | 0 | -4 | 61 | 53 |
| ROCE % | 13% | 20% | 21% | 11% | 10% | 14% | 24% |
Insights
In beta| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Number of Brands with Revenue > INR 100 Cr (MAT) Count |
|
||||||
| Number of Brands with Revenue > INR 50 Cr (MAT) Count |
|||||||
| MR Productivity (PCPM) INR Lakh per MR per month |
|||||||
| R&D Investment (% of Revenue from Operations) % of revenue |
|||||||
| Complex Products Revenue Share - India % of India revenue |
|||||||
| Chronic and Sub-Chronic Share of Domestic Revenue % of domestic revenue |
|||||||
| Field Force / MR Count (Total India) Number of personnel |
|||||||
| Number of Countries of Operation Count |
|||||||
| R&D Expenditure (Percentage of Turnover) % |
|||||||
Extracted by Screener AI
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
- Emcure Q2 FY27 call: revenue rose 24% to ₹2,820 crore; FY27 growth outlook raised above 20%.
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
- Intimation of schedule of Analyst/Investor Meeting dated Monday, November 16, 2026
-
Announcement under Regulation 30 (LODR)-Investor Presentation
- Intimation of schedule of Analyst/Investor Meeting on Monday, November 16, 2026
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
- Newspaper Publication of Unaudited Financial Results of the Company for the quarter and half-year ended September 30, 2026
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
- Emcure shared the audio recording of its Q2 FY27 earnings call held on November 03, 2026.
Concalls
-
Nov 2026Transcript PPT REC
-
Sep 2026PPT
-
Aug 2026Transcript PPT REC
-
Jun 2026PPT
-
May 2026Transcript PPT REC
-
Feb 2026Transcript PPT REC
-
Nov 2025Transcript PPT REC
-
Aug 2025Transcript REC
-
May 2025Transcript
-
Feb 2025Transcript REC
-
Nov 2024Transcript
-
Aug 2024Transcript
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.