Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,760.00 last close on 9 Oct 2026 +0.01%
Research updated
Emcure Pharmaceuticals Ltd.
NSE: EMCUREHealthcareDrug Manufacturers - Specialty & Generic
- Last close
- ₹1,833.50
- Day change
- −₹18.00 (−0.97%)vs
- Market cap
- ₹35,427 crIndian rupees
- Research updated
- 1 report
About Emcure Pharmaceuticals
Emcure Pharmaceuticals Ltd. is a leading pharmaceutical company specializing in the production and distribution of a diverse range of healthcare solutions. Primarily engaged in the formulation and manufacturing of pharmaceuticals, Emcure focuses on providing affordable yet high-quality medications across multiple therapeutic segments. These include cardiology, oncology, gynecology, anti-infectives, pain management, and HIV, serving a broad spectrum of healthcare needs. Renowned for its robust research and development capabilities, Emcure actively advances its product pipeline to cater to both domestic and international markets. The company's innovative approach has positioned it as a significant player within the global healthcare industry, delivering novel therapeutics and contributing to improved public health outcomes. With state-of-the-art manufacturing facilities accredited by global regulatory authorities, Emcure ensures compliance with international quality standards, solidifying its reputation for reliability and efficacy. Operating across various geographic locations, Emcure Pharmaceuticals Ltd. plays a vital role in enhancing healthcare accessibility, emphasizing therapeutic progress and patient well-being. Its strategic alliances and partnerships further bolster its presence and influence in the competitive pharmaceutical landscape, highlighting its commitment to bringing revolutionary health solutions worldwide.
- Sector
- Healthcare
- Industry
- Drug Manufacturers - Specialty & Generic
- Listing
- NSE: EMCURE
- Chief executive
- Mr. Satish Ramanlal Mehta
- Employees
- 6,914
- Headquarters
- Pune, India
- ISIN
- INE168P01015
- Website
- emcure.com
Public research · Report of
Business model & financial foundation
Emcure (NSE: EMCURE), Pharmaceuticals - branded generics (India) and international generics/injectables: revenue of ₹9,204 crore in FY26 (+16.6% on FY25), an EBITDA margin of 19.4%, net profit of ₹924.4 crore and net debt of ₹1,054 crore.
- Revenue, FY26 (₹ crore)
- 9,204
- consolidated
- Revenue growth, FY26
- +16.6%
- on FY25
- EBITDA margin, FY26
- 19.4%
- EBITDA (revenue - cogs - employee - other exp) / revenue
- Net profit, FY26 (₹ crore)
- 924.4
- to owners
- Return on equity, FY26
- 19.7%
- on average equity
- Net debt, FY26 (₹ crore)
- 1,054
- Net debt (company stated)
- Market capitalisation (₹ crore)
- 36,650
- at the close of 12 Oct 2026
Company profile
Emcure is a Pune-based pharmaceutical company that develops, makes and sells branded generics in India (gynaecology, cardiac, CNS, anti-infectives, oncology; via Emcure and Zuventus, 4,000+ medical representatives) and generics, injectables and institutional products internationally - Europe through Tillomed, Canada through Marcan, and Rest of World including antiretroviral tenders. In FY26 India was 44% and international 56% of 9,204 cr consolidated revenue. It in-licenses brands from Sanofi (oral anti-diabetics), Roche (nephrology/transplant) and Novo Nordisk (semaglutide, Poviztra). Listed July 2024.
| Item | Value |
|---|---|
| Legal name | Emcure Pharmaceuticals Limited |
| Exchange and ticker | NSE: EMCURE; BSE: 544210 |
| ISIN | INE168P01015 |
| Sector | Healthcare |
| Industry | Pharmaceuticals - branded generics (India) and international generics/injectables |
| Headquarters | Pune, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP |
| Market capitalisation | ₹36,650 crore (12 Oct 2026) |
| Shares outstanding | 18.96 crore shares (FY26) |
| Price | ₹1,834 (close, 12 Oct 2026) |
| 52-week range | ₹1,307 - ₹2,101 (to 12 Oct 2026) |
| Website | https://www.emcure.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Zuventus Healthcare Limited | 100% | India branded formulations (about 1,041 cr FY26 turnover); 20.42% minority bought out Oct-2025; to be amalgamated into Emcure (board approval 12 Oct 2026) |
| Emcutix Biopharmaceuticals Limited | 100% | India dermatology/cosmetology; FY26 turnover 29.4 cr, negative net worth; to be amalgamated into Emcure |
| Gennova Biopharmaceuticals Limited | 100% | Biologics/biosimilars; 87.95% at Mar-2026, remaining 12.05% bought for 231.87 cr in Jul-2026 |
| Tillomed Laboratories Limited | 100% | UK/Europe generics and injectables marketing (step-down subsidiary) |
| Marcan Pharmaceuticals Inc. | 100% | Canada generics; acquired Mantra Pharma special shares (CAD 50 mn) Jul-2026 |
Promoter Satish Mehta family holds ~77.8%; Bain Capital (BC Investments IV) exited fully by 25 Jun 2026.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 77.88% | 77.87% | 77.87% | 77.83% |
| Promoter holding pledged | 0.04% | 0.04% | 0.04% | 0.04% |
| Foreign institutions | 3.29% | 3.59% | 3.35% | 4.87% |
| Domestic institutions | 4.36% | 6.10% | 6.10% | 8.46% |
| of which mutual funds | 3.58% | 4.83% | 4.94% | 6.87% |
| Retail | 14.46% | 12.43% | 12.69% | 8.84% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Emcure is a Pune pharmaceutical company with two halves. India branded generics, sold by Emcure and Zuventus, made up 44% of FY26 revenue (4,027 cr). Its franchises are gynaecology (#2), cardiac, CNS and anti-infectives, it has 4,000+ medical representatives, and it in-licenses brands from Sanofi (oral anti-diabetics, from Jul-2025), Roche (nephrology/transplant, from 1 Apr 2026) and Novo Nordisk (semaglutide, Poviztra). International generics and injectables made up 56% (5,177 cr): Europe 1,850 cr through Tillomed, Canada 1,487 cr through Marcan, and Rest of World 1,840 cr, including antiretroviral (ARV) tenders. The India business carries the higher gross margin. Exports and in-licensed products are B2B or lower gross margin but accretive at EBITDA level. The company controls brands, field force and its own plants (US FDA-inspected Sanand plant, VAI in Aug-2026). It does not control tender timing, currency or price regulation (NPPA WPI increase of 0.65% for FY27). On 12 Oct 2026 the board approved merging Zuventus and Emcutix, both wholly owned, into Emcure, with no consideration and no new shares. Mantra (Canada, CAD 50 mn) and the Gennova minority (231.87 cr) were paid in Jul-2026.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Domestic (India) | 4,027 | 43.8% |
| International | 5,177 | 56.2% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Mankind Pharma (MANKIND) | India branded generics, chronic push and in-licensing; closest domestic franchise comparable |
| Alkem Laboratories (ALKEM) | India-led branded generics with international generics arm |
| Glenmark Pharmaceuticals (GLENMARK) | India branded + Europe and emerging markets mix similar to Emcure |
| Torrent Pharmaceuticals (TORNTPHARM) | India branded chronic leader with Europe/Brazil arms; merged with JB Chemicals Jul-2026 |
| Ajanta Pharma (AJANTPHARM) | India branded + emerging markets + institutional tender (ARV-like) business |
| Eris Lifesciences (ERIS) | India chronic branded generics, semaglutide generic entrant |
| Ipca Laboratories (IPCA) | India branded + international generics and institutional business |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 5,766 | 5,931 | 6,658 | 7,896 | 9,204 |
| Cost of revenue (vendor classification) * | 2,233 | 2,261 | 2,475 | 3,322 | 3,899 |
| Other operating costs (vendor classification) * | 1,272 | 1,400 | 2,430 | 1,652 | 1,955 |
| EBITDA (vendor classification) * | 1,381 | 1,225 | 1,287 | 1,462 | 1,900 |
| EBIT (PBT + finance cost + exceptional charge) | 1,134 | 938.8 | 974.3 | 1,158 | 1,462 |
| Finance costs | 161.5 | 191.6 | 237.2 | 175.8 | 143.7 |
| Profit before tax | 972.6 | 747.2 | 727.2 | 971.4 | 1,287 |
| Total tax expense | 270.0 | 185.4 | 199.7 | 263.9 | 345.9 |
| Profit for the year | 702.6 | 561.9 | 527.6 | 707.5 | 941.3 |
| Diluted EPS (INR) | 36.63 | 29.43 | 27.54 | 36.43 | 48.77 |
| COGS (materials + stock-in-trade purchases + inventory change) | 2,475 | 3,147 | 3,657 | ||
| Employee benefit expenses | 1,292 | 1,446 | 1,552 | ||
| Other expenses | 1,661 | 1,834 | 2,206 | ||
| EBITDA (revenue - cogs - employee - other exp) | 1,230 | 1,469 | 1,789 | ||
| Net gain on foreign currency transactions | 13.2 | 5.52 | 118.8 | ||
| Change in FV of contingent consideration (signed) | 0.00 | 0.00 | -42.9 | ||
| Other income | 43.8 | 67.3 | 12.7 | ||
| Depreciation and amortisation | 312.4 | 384.1 | 415.1 | ||
| Exceptional items (signed; negative = charge) | -9.93 | -10.4 | -31.4 | ||
| Non-controlling interests | 29.4 | 26.1 | 16.9 | ||
| Profit attributable to owners | 498.2 | 681.3 | 924.4 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 2,114 | 2,650 | 2,952 | 4,446 | 4,950 |
| Borrowings (non-current + current, excl. leases) | 2,217 | 2,334 | 2,087 | 731.7 | 1,204 |
| Cash, bank balances and current investments | 76.0 | 56.4 | 532.0 | 241.3 | 147.5 |
| Trade receivables | 1,309 | 1,648 | 1,859 | 2,002 | 2,563 |
| Inventories | 1,449 | 1,383 | 1,525 | 1,932 | 2,398 |
| Trade payables | 1,125 | 1,086 | 1,309 | 1,480 | 1,808 |
| Net property, plant and equipment * | 222.0 | 255.1 | 321.6 | 343.0 | 354.7 |
| Capital work in progress * | 309.8 | 403.5 | 132.3 | 141.0 | 257.4 |
| Total assets * | 6,063 | 6,673 | 7,806 | 8,233 | 9,612 |
| Net debt (company stated) | 1,558 | 488.0 | 1,054 | ||
| Lease liabilities | 248.0 | 291.0 | 317.0 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations * | 520.1 | 696.8 | 835.3 | 529.4 | 943.5 |
| Free cash flow (vendor definition) * | 371.2 | 343.5 | 790.1 | 444.8 | 395.9 |
| Dividends paid (the provider's sign: an outflow is negative) * | -54.3 | -36.2 | -54.3 | -56.9 | |
| Capital expenditure (the provider's sign: an outflow is negative) * | -375.1 | -389.3 | -244.2 | -191.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity shares outstanding (crore) | 18.08 | 18.08 | 18.12 | 18.95 | 18.96 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,002 | 1,963 | 2,116 | 2,101 | 2,270 | 2,363 | 2,470 | 2,580 |
| Cost of revenue (vendor classification) * | 788.7 | 782.7 | 1,068 | 802.0 | 889.5 | 962.4 | 1,003 | 1,073 |
| Other operating costs (vendor classification) * | 476.9 | 451.2 | -559.5 | 501.2 | 556.6 | 553.6 | 594.4 | 589.8 |
| EBITDA (vendor classification) * | 416.5 | 358.5 | 327.0 | 420.5 | 478.6 | 494.6 | 526.4 | 533.0 |
| EBIT * | 319.6 | 261.7 | 263.9 | 317.5 | 374.0 | 351.8 | 387.6 | 425.1 |
| Finance costs | 46.2 | 31.8 | 39.0 | 26.8 | 32.5 | 38.0 | 46.4 | 31.5 |
| Profit before tax | 273.4 | 229.9 | 260.6 | 290.8 | 341.4 | 313.8 | 341.2 | 393.5 |
| Total tax expense | 71.9 | 73.8 | 63.4 | 76.0 | 90.1 | 82.4 | 97.4 | 101.0 |
| Profit for the period (incl. NCI) | 201.6 | 156.1 | 197.2 | 214.8 | 251.4 | 231.4 | 243.7 | 292.5 |
| Diluted EPS (₹) | 10.33 | 8.12 | 9.97 | 10.92 | 12.85 | 12.16 | 12.84 | 15.50 |
| Exceptional items (signed, negative = charge) | 0.00 | 0.00 | -10.4 | -3.50 | 0.00 | -38.2 | 10.3 | 0.00 |
| Non-controlling interests share of profit | 6.98 | 2.37 | 8.28 | 7.84 | 7.91 | 0.83 | 0.33 | -1.49 |
| Profit attributable to owners | 194.6 | 153.7 | 189.0 | 207.0 | 243.5 | 230.5 | 243.4 | 294.0 |
| COGS (materials + purchases + inventory change) | 788.7 | 782.7 | 892.1 | 802.0 | 889.5 | 962.4 | 1,003 | 1,073 |
| Employee benefit expenses | 355.6 | 366.9 | 373.4 | 393.5 | 384.6 | 387.3 | 386.8 | 409.5 |
| Other expenses | 476.9 | 451.2 | 460.9 | 501.2 | 556.6 | 553.6 | 594.4 | 589.9 |
| EBITDA (excl. other income, FX, contingent consideration) | 380.9 | 361.7 | 389.9 | 403.9 | 439.1 | 460.1 | 485.5 | 508.0 |
| Other income | 35.8 | 3.90 | 4.45 | 3.70 | 3.12 | 1.85 | 3.99 | 2.07 |
| Depreciation & amortisation | 96.9 | 96.8 | 96.8 | 99.5 | 104.6 | 104.7 | 106.3 | 109.5 |
| Net gain/(loss) on foreign currency transactions | -0.17 | -7.13 | 12.5 | 12.9 | 36.4 | 32.6 | 36.9 | 23.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 15.7% | 2.9% | 12.3% | 18.6% | 16.6% |
| EBITDA margin | 18.5% | 18.6% | 19.4% | ||
| Net margin | 7.5% | 8.6% | 10.0% | ||
| Return on equity | 17.8% | 18.4% | 19.7% | ||
| Return on capital employed | 24.7% | 20.2% | 19.4% | 22.7% | 25.8% |
| Return on assets | 6.9% | 8.5% | 10.4% | ||
| Net debt (₹ crore) | 1,558 | 488.0 | 1,054 | ||
| Net debt / EBITDA | 1.27x | 0.33x | 0.59x | ||
| Interest cover | 7.02x | 4.90x | 4.11x | 6.58x | 10.2x |
| Asset turnover | 0.90x | 0.93x | 0.92x | 0.98x | 1.03x |
| Receivable days | 83 | 101 | 102 | 93 | 102 |
| Inventory days (on revenue) | 92 | 85 | 84 | 89 | 95 |
| Payable days (on revenue) | 71 | 67 | 72 | 68 | 72 |
| Cash conversion | 1.68x | 0.78x | 1.02x | ||
| Capex intensity | 6.5% | 6.6% | 3.7% | 2.4% | |
| Free cash flow (₹ crore) | 145.0 | 307.5 | 591.0 | 338.2 | |
| Dividend payout | 10.9% | 6.2% | |||
| EPS, diluted (₹) | 36.63 | 29.43 | 27.54 | 36.43 | 48.77 |
| Book value per share (₹) | 116.9 | 146.6 | 163.0 | 234.6 | 261.1 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue - cogs - employee - other exp) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (company stated); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (revenue - cogs - employee - other exp).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
Reports on Emcure Pharmaceuticals
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