Emcure Pharmaceuticals Ltd
Incorporated in 1981, Emcure Pharmaceuticals
Ltd manufactures and markets pharmaceutical products globally[1]
- Market Cap ₹ 26,810 Cr.
- Current Price ₹ 1,414
- High / Low ₹ 1,525 / 889
- Stock P/E 33.4
- Book Value ₹ 250
- Dividend Yield 0.21 %
- ROCE 20.7 %
- ROE 18.5 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
Cons
- The company has delivered a poor sales growth of 9.36% over past five years.
- Working capital days have increased from 42.1 days to 76.1 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 4,717 | 5,049 | 5,033 | 5,855 | 5,986 | 6,658 | 7,896 | 8,449 | |
| 3,968 | 4,340 | 3,817 | 4,525 | 4,804 | 5,429 | 6,427 | 6,793 | |
| Operating Profit | 749 | 708 | 1,216 | 1,330 | 1,182 | 1,230 | 1,469 | 1,656 |
| OPM % | 16% | 14% | 24% | 23% | 20% | 18% | 19% | 20% |
| 72 | -25 | -159 | 63 | 39 | 47 | 62 | -6 | |
| Interest | 223 | 257 | 155 | 176 | 214 | 237 | 176 | 130 |
| Depreciation | 267 | 321 | 250 | 245 | 260 | 312 | 384 | 398 |
| Profit before tax | 331 | 105 | 652 | 973 | 747 | 727 | 971 | 1,123 |
| Tax % | 37% | 4% | 36% | 28% | 25% | 27% | 27% | |
| 209 | 101 | 419 | 703 | 562 | 528 | 707 | 819 | |
| EPS in Rs | 10.79 | 4.62 | 23.15 | 36.62 | 29.42 | 27.50 | 35.96 | 41.84 |
| Dividend Payout % | 32% | 54% | 4% | 8% | 7% | 7% | 8% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 9% |
| 3 Years: | 10% |
| TTM: | 16% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 36% |
| 3 Years: | 1% |
| TTM: | 40% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 4% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 22% |
| 3 Years: | 20% |
| Last Year: | 19% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 1,654 | 1,731 | 2,092 | 1,807 | 2,320 | 2,771 | 4,257 | 4,553 |
| 2,128 | 2,327 | 2,310 | 2,217 | 2,334 | 2,335 | 1,023 | 1,659 | |
| 1,613 | 1,721 | 2,184 | 1,816 | 1,798 | 2,422 | 2,653 | 2,991 | |
| Total Liabilities | 5,577 | 5,960 | 6,768 | 6,021 | 6,634 | 7,709 | 8,122 | 9,393 |
| 2,247 | 2,382 | 2,188 | 2,044 | 2,147 | 3,125 | 3,197 | 3,308 | |
| CWIP | 581 | 485 | 302 | 320 | 411 | 159 | 177 | 144 |
| Investments | 0 | 0 | 0 | 25 | 25 | 318 | 95 | 42 |
| 2,749 | 3,093 | 4,278 | 3,632 | 4,050 | 4,108 | 4,652 | 5,899 | |
| Total Assets | 5,577 | 5,960 | 6,768 | 6,021 | 6,634 | 7,709 | 8,122 | 9,393 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 444 | 500 | 704 | 768 | 747 | 1,097 | 852 | |
| -409 | -168 | -256 | -574 | -468 | -715 | -96 | |
| -735 | -301 | -189 | -152 | -145 | -164 | -814 | |
| Net Cash Flow | -700 | 32 | 259 | 42 | 134 | 219 | -58 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 75 | 83 | 107 | 82 | 101 | 102 | 93 |
| Inventory Days | 234 | 211 | 293 | 237 | 223 | 225 | 224 |
| Days Payable | 142 | 133 | 188 | 184 | 175 | 193 | 172 |
| Cash Conversion Cycle | 167 | 161 | 212 | 135 | 148 | 134 | 145 |
| Working Capital Days | -15 | -28 | -16 | 9 | 22 | 28 | 76 |
| ROCE % | 11% | 22% | 26% | 21% | 19% | 21% |
Documents
Announcements
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Intimation Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 Regarding Search And Seizure/ Inspection Operation Conducted By The Goods & Service Tax Department, Mumbai, Maharashtra.
27 Nov - GST Department conducted search/inspection at Emcure offices Nov 24-26, 2025; no adverse findings, no material impact.
-
Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer
21 Nov - Chetan Sharma resigns as Company Secretary and Compliance Officer, effective close of business November 24, 2025.
-
Announcement under Regulation 30 (LODR)-Investor Presentation
19 Nov - Investor Presentation for Investor Conferences, to be attended by officials of the Company, on November 19, 2025 and November 20, 2025
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Intimation Of Receipt Of No-Objection Letter For Reclassification Of Shareholding From 'Promoter And Promoter Group' Category To 'Public' Category, In Accordance With Regulation 31A Of The SEBI (LODR) Regulations, 2015
18 Nov - NSE and BSE approved reclassification of 14 promoter-group members to public category on Nov 17, 2025.
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript 17 Nov
Concalls
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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.