Emcure Pharmaceuticals Ltd.
EMCUREHealthcare filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
7 transcript(s)/analyst meet(s) served; 2 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 7 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20240819 | 2024-06-30 | yes | |
| DUPLICATE | 20240819 | 2024-06-30 | no | |
| TRANSCRIPT | 20241113 | 2024-09-30 | yes | |
| DUPLICATE | 20241113 | 2024-09-30 | no | |
| TRANSCRIPT | 20250211 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250528 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250813 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251117 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260210 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260511 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260812 | 2026-06-30 | yes |
EMCURE
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 1,952.10 |
| 52-week range | 1271.8 – 2009.6 |
| Return 1M | 5.7% |
| Return 3M | 3.82% |
| Return 1Y | 46.79% |
| Return 3Y | not reported for this period |
| Return 5Y | not reported for this period |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 2,580.00 |
| Other income | 2.00 |
| Total income | 2,583.00 |
| Cost of materials consumed | 481.00 |
| Purchases of stock-in-trade | 555.00 |
| Changes in inventories | 37.00 |
| Employee benefit expense | 409.00 |
| Finance costs | 32.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.78 | -0.00 |
| institutions foreign | 0.05 | 0.02 |
| institutions domestic | 0.08 | 0.02 |
| mutual funds | 0.07 | 0.02 |
| public | 0.22 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| DUPLICATE | 2024-09-30 | 2 |
| TRANSCRIPT | 2026-06-30 | 9 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,815.00 | 2,002.00 | 1,963.00 | 2,116.00 | 2,101.00 | 2,270.00 | 2,363.00 | 2,470.00 | 2,580.00 |
| Other income | 23.00 | 36.00 | 4.00 | 4.00 | 4.00 | 3.00 | 2.00 | 4.00 | 2.00 |
| Total income | 1,839.00 | 2,038.00 | 1,967.00 | 2,121.00 | 2,104.00 | 2,273.00 | 2,365.00 | 2,474.00 | 2,583.00 |
| Cost of materials consumed | 332.00 | 391.00 | 400.00 | 404.00 | 433.00 | 420.00 | 421.00 | 419.00 | 481.00 |
| Purchases of stock-in-trade | 380.00 | 502.00 | 429.00 | 572.00 | 550.00 | 625.00 | 560.00 | 661.00 | 555.00 |
| Changes in inventories | -29.00 | -105.00 | -46.00 | -84.00 | -181.00 | -156.00 | -19.00 | -77.00 | 37.00 |
| Employee benefit expense | 350.00 | 356.00 | 367.00 | 373.00 | 393.00 | 385.00 | 387.00 | 387.00 | 409.00 |
| Finance costs | 59.00 | 46.00 | 32.00 | 39.00 | 27.00 | 33.00 | 38.00 | 46.00 | 32.00 |
| Depreciation and amortisation | 94.00 | 97.00 | 97.00 | 97.00 | 99.00 | 105.00 | 105.00 | 106.00 | 110.00 |
| Other expenses | 445.00 | 477.00 | 458.00 | 448.00 | 488.00 | 520.00 | 521.00 | 600.00 | 565.00 |
| Total expenses | 1,631.00 | 1,764.00 | 1,737.00 | 1,850.00 | 1,810.00 | 1,932.00 | 2,013.00 | 2,143.00 | 2,189.00 |
| Profit before exceptional items and tax | 207.00 | 273.00 | 230.00 | 271.00 | 294.00 | 341.00 | 352.00 | 331.00 | 394.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | -10.00 | -4.00 | 0.00 | -38.00 | 10.00 | 0.00 |
| Profit before tax | 207.00 | 273.00 | 230.00 | 261.00 | 291.00 | 341.00 | 314.00 | 341.00 | 394.00 |
| Current tax | 62.00 | 80.00 | 59.00 | 92.00 | 86.00 | 93.00 | 102.00 | 111.00 | 115.00 |
| Deferred tax | -7.00 | -8.00 | 15.00 | -28.00 | -10.00 | -3.00 | -20.00 | -14.00 | -14.00 |
| Tax expense | 55.00 | 72.00 | 74.00 | 63.00 | 76.00 | 90.00 | 82.00 | 97.00 | 101.00 |
| Profit for the period | 153.00 | 202.00 | 156.00 | 197.00 | 215.00 | 251.00 | 231.00 | 244.00 | 292.00 |
| Profit attributable to owners | 144.00 | 195.00 | 154.00 | 189.00 | 207.00 | 243.00 | 231.00 | 243.00 | 294.00 |
| Profit attributable to non-controlling interests | 9.00 | 7.00 | 2.00 | 8.00 | 8.00 | 8.00 | 1.00 | 0.00 | -1.00 |
| Other comprehensive income | -2.00 | 63.00 | -58.00 | 28.00 | 80.00 | 28.00 | 25.00 | 33.00 | 21.00 |
| Total comprehensive income | 151.00 | 265.00 | 98.00 | 226.00 | 294.00 | 279.00 | 257.00 | 277.00 | 313.00 |
| Earnings per share, basic | 7.95 | 10.33 | 8.12 | 9.97 | 10.92 | 12.85 | 12.16 | 12.84 | 15.50 |
| Earnings per share, diluted | 7.95 | 10.33 | 8.12 | 9.97 | 10.92 | 12.85 | 12.16 | 12.84 | 15.50 |
Annual results, as filed
| Line | 2025-03-31 | 2026-03-31 |
|---|---|---|
| Revenue from operations | 7,896.00 | 9,204.00 |
| Other income | 67.00 | 13.00 |
| Total income | 7,963.00 | 9,216.00 |
| Cost of materials consumed | 1,527.00 | 1,693.00 |
| Purchases of stock-in-trade | 1,883.00 | 2,397.00 |
| Changes in inventories | -264.00 | -433.00 |
| Employee benefit expense | 1,446.00 | 1,552.00 |
| Finance costs | 176.00 | 144.00 |
| Depreciation and amortisation | 384.00 | 415.00 |
| Other expenses | 1,829.00 | 2,130.00 |
| Total expenses | 6,982.00 | 7,898.00 |
| Profit before exceptional items and tax | 982.00 | 1,318.00 |
| Exceptional items | -10.00 | -31.00 |
| Profit before tax | 971.00 | 1,287.00 |
| Current tax | 292.00 | 393.00 |
| Deferred tax | -28.00 | -47.00 |
| Tax expense | 264.00 | 346.00 |
| Profit for the period | 707.00 | 941.00 |
| Profit attributable to owners | 681.00 | 924.00 |
| Profit attributable to non-controlling interests | 26.00 | 17.00 |
| Other comprehensive income | 31.00 | 166.00 |
| Total comprehensive income | 739.00 | 1,107.00 |
| Earnings per share, basic | 36.43 | 48.77 |
| Earnings per share, diluted | 36.43 | 48.77 |
Balance sheet, as filed
| Line | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|
| Total assets | 8,124.00 | 8,233.00 | 9,393.00 | 9,612.00 |
| Non-current assets | 3,577.00 | 3,583.00 | 3,692.00 | 3,903.00 |
| Current assets | 4,548.00 | 4,650.00 | 5,700.00 | 5,709.00 |
| Property, plant and equipment | 1,892.00 | 1,954.00 | 1,930.00 | 1,960.00 |
| Capital work-in-progress | 178.00 | 124.00 | 144.00 | 172.00 |
| Goodwill | 382.00 | 368.00 | 395.00 | 414.00 |
| Other intangible assets | 903.00 | 875.00 | 915.00 | 945.00 |
| Inventories | 1,752.00 | 1,932.00 | 2,305.00 | 2,398.00 |
| Trade receivables | 2,029.00 | 2,002.00 | 2,300.00 | 2,563.00 |
| Cash and cash equivalents | 162.00 | 156.00 | 472.00 | 137.00 |
| Total equity and liabilities | 8,124.00 | 8,233.00 | 9,393.00 | 9,612.00 |
| Equity | 4,303.00 | 4,642.00 | 4,884.00 | 4,977.00 |
| Equity share capital | 189.00 | 189.00 | 190.00 | 190.00 |
| Other equity | 3,929.00 | 4,257.00 | 4,553.00 | 4,760.00 |
| Total liabilities | 3,821.00 | 3,591.00 | 4,509.00 | 4,636.00 |
| Non-current liabilities | 989.00 | 923.00 | 822.00 | 724.00 |
| Current liabilities | 2,832.00 | 2,668.00 | 3,686.00 | 3,912.00 |
| Borrowings, non-current | 284.00 | 190.00 | 319.00 | 252.00 |
| Borrowings, current | 658.00 | 542.00 | 1,025.00 | 952.00 |
| Trade payables | 1,507.00 | 1,480.00 | 1,725.00 | 1,808.00 |
Cash flow, as filed
| Line | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|
| Net cash from operating activities | 360.00 | 852.00 | 256.00 | 944.00 |
| Net cash from investing activities | 135.00 | -94.00 | -411.00 | -1,193.00 |
| Net cash from financing activities | -384.00 | -814.00 | 629.00 | 343.00 |
| Purchase of property, plant and equipment | 110.00 | 222.00 | 129.00 | 361.00 |
| Net increase in cash | 111.00 | -58.00 | 485.00 | 112.00 |
| con:CFO.BEFORE_TAX | 471.00 | 1,099.00 | 440.00 | 1,312.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 111.00 | 247.00 | 184.00 | 368.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 1.00 | 9.00 | 0.00 | 2.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 | 0.00 | 0.00 |
| con:PPE_DISPOSALS | 6.00 | 31.00 | 3.00 | 4.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 280.00 | 725.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2024-07-10 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 78.08 | 78.08 | 77.94 | 77.92 | 77.91 | 0.78 | 0.78 | 0.78 | 0.78 |
| Domestic institutions | 3.34 | 3.96 | 3.87 | 3.44 | 2.84 | 0.04 | 0.06 | 0.06 | 0.08 |
| Mutual funds | — | — | — | — | 2.34 | 0.04 | 0.05 | 0.05 | 0.07 |
| Insurance companies | 0.47 | 0.49 | 0.36 | 0.19 | 0.24 | 0.00 | 0.01 | 0.01 | 0.01 |
| Foreign institutions | 1.76 | 2.91 | 3.05 | 3.07 | 2.86 | 0.03 | 0.04 | 0.03 | 0.05 |
| Government | — | — | — | — | — | — | — | 0.00 | 0.00 |
| Public | 21.92 | 21.92 | 22.06 | 22.08 | 22.09 | 0.22 | 0.22 | 0.22 | 0.22 |
| Non-institutional | 16.82 | 15.05 | 15.14 | 15.57 | 16.39 | 0.14 | 0.12 | 0.13 | 0.09 |
| Shares outstanding | 189098347 | 189098347 | 189431847 | 189483347 | 189508347 | 189564847 | 189572547 | 189589547 | 189680147 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Zuventus Healthcare Limited | Subsidiaries | Any other transaction, Inter-corporate deposit, Inte | 4,229,770,000.00 | 14 |
| Avet Lifesciences Private Limited | Enterprise over which Key Manageme | Any other transaction, Sale of fixed assets, Sale of | 3,396,510,000.00 | 6 |
| Gennova Biopharmaceuticals Limited | Subsidiaries | Any other transaction, Inter-corporate deposit, Inte | 2,977,270,000.00 | 15 |
| Tillomed Laboratories Limited | Holding-Subsidiary | Advance, Any other transaction, Sale of goods or ser | 1,783,940,000.00 | 7 |
| Emcure Pharmaceuticals South Africa (Pty) Ltd | Subsidiaries | Any other transaction, Purchase of goods or services | 1,436,880,000.00 | 3 |
| Marcan Pharmaceuticals Inc. | Subsidiaries | Advance, Any other transaction, Sale of goods or ser | 1,309,390,000.00 | 7 |
| Tillomed Malta Ltd | Holding-Subsidiary | Any other transaction, Sale of goods or services | 950,900,000.00 | 2 |
| Heritage Pharmaceuticals Inc. | Enterprise over which Key Manageme | Any other transaction, Sale of goods or services | 263,850,000.00 | 3 |
| Emcure Pharma Chile SpA | Subsidiaries | Any other transaction, Interest received, Loan, Sale | 187,460,000.00 | 7 |
| Mr. Satish Mehta | Promoters | Any other transaction, Remuneration | 119,050,000.00 | 2 |
| Tillomed Italia S.R.L | Holding-Subsidiary | Any other transaction, Sale of goods or services | 107,300,000.00 | 2 |
| Emcure Pharmaceuticals Mena FZ-LLC. | Subsidiaries | Any other transaction, Sale of goods or services | 98,420,000.00 | 4 |
| Emcure Nigeria Limited | Subsidiaries | Any other transaction, Interest received, Loan | 93,790,000.00 | 6 |
| Emcure Pharma Peru S.A.C. | Subsidiaries | Any other transaction, Sale of goods or services | 57,560,000.00 | 4 |
| Emcure Pharma Mexico S.A. DE C.V. | Subsidiaries | Any other transaction, Interest received, Loan | 45,940,000.00 | 4 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-02-10 | Q3FY26 | CHIEF EXECUTIVE OFFICER, CORPORATE DEVELOPMENT AND STRATEGY, Cl:r~ beyond, cur~beyond | Read the call |
| 2025-11-17 | Q2FY26 | CORPORATE DEVELOPMENT AND STRATEGY, EXECUTIVE OFFICER | Read the call |
| 2025-08-13 | Q1FY26 | CHIEF EXECUTIVE OFFICER, CORPORATE DEVELOPMENT AND STRATEGY | Read the call |
| 2025-05-28 | Q4FY25 | CHIEF EXECUTIVE OFFICER, CORPORATE DEVELOPMENT AND STRATEGY | Read the call |
| 2025-02-11 | Q3FY25 | CORPORATE DEVELOPMENT AND STRATEGY | Read the call |
| 2024-11-13 | Q2FY25 | EMCURE PHARMACEUTICALS LIMITED, PHARMACEUTICALS LIMITED | Read the call |
| 2024-08-19 | Q1FY25 | PHARMACEUTICALS LIMITED | Read the call |
What they said about it, quarter by quarter
| Topic | Q1FY25 | Q1FY26 | Q2FY25 | Q2FY26 | Q3FY25 | Q3FY26 | Q4FY25 |
|---|---|---|---|---|---|---|---|
| Capex | This is despite the 4 new plants which were operationalized over FY '24. | And then to a question, based on the 5-year region plan that we have done, in terms of capital expenditure on assets, I suppose, more or days we are i… | Depreciation and amortization expenses increased to INR 97 crores from INR 70 crores year over year due to the Mantra acquisition and operationalizati… | — | Depreciation and amortization expenses increased to INR 97 crores from INR 84 crores year- on-year due to the Mantra acquisition and operationalizatio… | — | And in terms of your capex, is it possible to enumerate the budget for FY'26 and FY'27, if that's also possible? |
| Capital allocation | As far as Canada is concerned, we entered Canada through acquisition of Marcan Pharma in 2015. | Having said that, 2 of our recent announcements, one was the acquisition of product portfolio for Manx, which is going to be paid for in various miles… | Will it come from acquisition-led growth? | My question is when we look at the last 3 to 4 quarters, we have done very well in terms of penetrating into the chronic space, cardio diabetes, wheth… | Yes, I think you are correct that Mankind, particularly post-acquisition of the Bharat Serum portfolio, in absolute magnitude would be larger. | And as Vik rightly mentioned, as we go up the value chain, we will also be inclined to look at some bolt-on acquisition if we come across. | Canada grew to INR 1,252 crores, benefiting from robust base business performance and the Mantra acquisition. |
| Costs | — | And as far as, let's say, operational cost, is it going to have some meaningful increase, let's say, FY '26 FY '27, or is it more to do with like infl… | — | — | — | — | Many of the raw materials are multiple derivatives of these crude products. |
| Debt and cash | The business is a free cash flow generating with high return on capital and you will see that improving year-on-year. | — | Coming to the balance sheet side, our net debt for the quarter end stood at INR 705 crores down from INR 1,558 crores at the start of the fiscal year … | Net debt for the quarter was at INR 837 crores. | Our net debt at the quarter end stood at INR 600 crores, down from INR 705 crores in Q2. Our working capital days remained stable at 96 days. | This is without talking about any sort of M&A that we might do over that 3 to 5-year horizon, which we will obviously look forward to, especially whil… | On the balance sheet side, net debt was reduced to INR 488 crores, a significant improvement from INR 1,558 crores in FY '24. |
| Demand | Emerging markets, we have a healthy order book both in non-ARV and ARV segment. | And in terms of the other 2 in the pipeline as far as clinical channel, I'm assuming you're referring to r-Asparaginase and Bevacizumab there as well … | So far, the majority of the approvals and demand that we are seeing are for the myocardial infarction indication. | We have a strong product pipeline and are very positive on the growth going forward. | Even some of our injectables pipeline including Amphotericin, which has started getting approvals now in some of the markets. | Would it be largely tenecteplase, or there are other products in the pipeline? | I’m also pleased to share that, as far as Europe is concerned, we have a fairly robust product pipeline—similar to what I mentioned about Canada—which… |
| Guidance | Emcure Pharmaceuticals Limited August 14, 2024 We are now embarking on a new journey as a listed company, and I would therefore ask for your support a… | At a annual level, I think what we had indicated is we expect this year to be about 50 basis points higher than what we ended last year, but between q… | We expect the business to see strong growth in the current year. | We remain on track to deliver the high-level guidance we have given at the start of the year. | Going forward for the next year, in EU, we expect that it will also be back on track as far as the growth trajectory is concerned. | We expect it to be fierce, but there are things that are definitely advantageous. | We expect growth of European Union to be driven by Amphotericin B and Manx's portfolio. |
| Margin | Our EBITDA grew 16% year-on-year to 360 crores. | EBITDA, excluding other income, grew 20.1% year-over-year to INR 404 crores. | Our focus going forward will be to improve our margins led by operating leverage. | EBITDA excluding other income was up 15.2% Emcure Pharmaceuticals Limited November 11, 2025 YoY to INR 439 crores. | So to that extent, our initial goal and strategy was to ensure that they get assimilated with the Emcure culture and eventually, we would like to make… | Just last question I have on the gross margin. | EBITDA, excluding other income, grew 25.2% year- over-year to INR 390 crores, with EBITDA margins at 18.4%, supported by operating leverage and produc… |
| People | And what is the MR attrition rate typically? | I think what we had guided last time was that even on operating cost side, we should see about 100 basis point improvement vis-a-vis last year on acco… | November 07, 2024 what thought went into the absolute value of headcount increase and how you positioned it in various markets? | — | Understood sir, that's helpful and maybe one question before I come back is, can you elaborate on the utilisation levels across the four new facilitie… | — | — |
| Pricing | Emcure Pharmaceuticals Limited August 14, 2024 Having said that, I think this year we are seeing some green shoots out there in terms of both the pric… | I think where we are seeing still a bit more challenging is on the institution side, where some of the competition is still there at lower pricing. | — | Firstly, on ARV pricing, how has been the pricing over the last few tenders, say, for instance, we had the South African tender recently? | Given that circumstance and given also the circumstance that from a pricing perspective it may not suit the wallet of a fairly large chunk of the Indi… | And as and when required, there will be flexibility in terms of pricing. | I would also like to highlight that since everyone is speaking about the U.S. tariff and pharma pricing - as you know, that before listing the company… |
| Revenue growth | In the 1st Quarter, we have delivered a robust performance with total income growing by 17% year-on-year and EBITDA growing by a growth of 16%. | Europe saw robust growth of 12.8% year- over-year, reaching INR 403 crores. | Ex-FCM and Ex-Sanofi registered a steady growth of 7%-8% year over year and 3% QoQ. | During the quarter, we saw sustained momentum in all our businesses, which helped us to deliver overall revenue growth of 13% year-on-year; and our hi… | Emerging market sales for Q3 saw very strong growth of 40% to INR 365 crores led by growth in both non-ARV and ARV segments. | The domestic business growth of 15%, also includes some element from the OAD portfolio that we in-licensed in the second quarter. | Excluding Sanofi, domestic growth was around 10% year-over-year and excluding FCM, impact was 12%. |