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Tue, 28 Jul 2026
09:43:46 am
Tue, 28 Jul 2026
09:43:46 am
Rudransh Sangwan
Published at: June 12, 2026, 10:37 AM
Synopsis
Emcure Pharmaceuticals reported a strong FY26 performance with revenue rising 16.6% YoY to ₹9,204 crore and profit after tax increasing 33.1% to ₹941 crore. International markets remained the key growth driver, while EBITDA expanded 21.8% to ₹1,789 crore with margins improving to 19.4%. Strategic acquisitions, in-licensing partnerships, and a robust product pipeline further strengthened the company's long-term growth outlook.
Emcure Pharmaceuticals reported a solid financial performance for FY26, driven by strong international market expansion, improving operational efficiency, and strategic portfolio enhancements.
The company reported revenue from operations of ₹9,204 crore, compared to ₹7,896 crore in FY25, representing a 16.6% year-on-year growth. Profit after tax (PAT) rose 33.1% YoY to ₹941 crore, while adjusted PAT increased 40.9% to ₹1,008 crore.
The performance reflects strong demand across key therapeutic segments, growing international market penetration, and higher contribution from differentiated products.
| Metric | FY26 | FY25 | YoY Growth |
|---|---|---|---|
| Revenue from Operations | ₹9,204 Cr | ₹7,896 Cr | +16.6% |
| EBITDA | ₹1,789 Cr | ₹1,469 Cr | +21.8% |
| EBITDA Margin | 19.4% | 18.6% | +83 Bps |
| Profit After Tax (PAT) | ₹941 Cr | ₹707 Cr | +33.1% |
| Adjusted PAT | ₹1,008 Cr | ₹715 Cr | +40.9% |
| Net Profit Margin | 10.2% | 8.9% | +127 Bps |
| ROCE | 23.8% | 22.0% | +180 Bps |
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The expansion in profitability was supported by productivity improvements, better operating leverage, and increased contribution from higher-margin in-house products.
International markets continued to be the largest contributor to Emcure's growth during FY26.
| Segment | FY26 Revenue | Growth |
|---|---|---|
| International Business | ₹5,177 Cr | +22.2% |
| Domestic Business | ₹4,027 Cr | +10.0% |
| Total Revenue | ₹9,204 Cr | +16.6% |
International revenue contributed approximately 56% of total revenue, highlighting the company's growing global footprint.
Emcure reported strong growth across key international geographies.
| Region | FY26 Revenue | YoY Growth |
|---|---|---|
| Europe | ₹1,850 Cr | +25.5% |
| Canada | ₹1,487 Cr | +18.7% |
| Rest of World (RoW) | ₹1,840 Cr | +21.8% |
The strong performance was supported by increased market penetration, product launches, and expansion of existing portfolios.
The domestic business recorded 10% growth during FY26, broadly in line with the Indian Pharmaceutical Market (IPM).
Growth was primarily driven by:
Management indicated continued momentum across high-growth therapeutic categories.
Emcure made several strategic moves during FY26 to strengthen its long-term growth platform.
The company acquired full ownership of Zuventus Healthcare by purchasing the minority stake for ₹724.9 crore, further consolidating its domestic business operations.
Emcure expanded its product portfolio through partnerships with:
These collaborations are expected to strengthen the company's specialty and chronic care offerings.
The company's UK subsidiary, Tillomed Laboratories, signed a £19.7 million asset purchase agreement, supporting its international expansion strategy.
Emcure continues to invest in differentiated pharmaceutical products across multiple high-growth categories.
Management believes these segments will play a critical role in driving future revenue growth and margin expansion.
The company maintained a healthy financial profile despite significant investments during the year.
| Metric | FY26 |
|---|---|
| Gross Debt | ₹1,204 Cr |
| Net Debt | ₹1,054 Cr |
| Operating Cash Flow | ₹944 Cr |
| FY25 Operating Cash Flow | ₹852 Cr |
Cash generation improved significantly during FY26, reflecting stronger profitability and operational efficiency.
However, investing cash outflows increased primarily due to:
Emcure remains focused on:
The company expects continued growth across domestic and international markets, supported by its diversified portfolio and strong product pipeline.
Emcure Pharmaceuticals Limited is one of India's leading pharmaceutical companies with a strong presence across domestic and international markets.
The company operates across multiple therapeutic areas including:
Emcure exports products to numerous global markets and continues to expand its footprint through acquisitions, partnerships, and product innovation.
Emcure Pharmaceuticals delivered a strong FY26 performance, with double-digit revenue growth, significant margin expansion, and robust profitability improvement. International markets remained the primary growth driver, while strategic acquisitions and global partnerships enhanced the company's competitive position.
With a growing biologics pipeline, expanding international presence, and stronger operational efficiency, Emcure appears well-positioned to capitalize on long-term opportunities in both domestic and global pharmaceutical markets.
The company reported revenue from operations of ₹9,204 crore, up 16.6% YoY.
Profit after tax (PAT) increased 33.1% to ₹941 crore.
EBITDA rose 21.8% YoY to ₹1,789 crore.
Europe was the fastest-growing major region, with revenue increasing 25.5% to ₹1,850 crore.
The company acquired full control of Zuventus Healthcare through a ₹724.9 crore transaction.
Key growth drivers include biologics, complex injectables, NDDS products, international expansion, and strategic in-licensing partnerships.
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