EMCURE

Emcure Pharmaceuticals Limited

Pune-based pharma — branded generics, biologics and biosimilars

Healthcare›Healthcare›Pharmaceuticals & Biotechnology›Pharmaceuticals

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Key metrics

Price as of 2026-10-16

Stock price
₹1820.60
Market cap
34,530 Cr
Stock P/E
34.1
P/B
6.97
Dividend yield
0.2%
ROE (FY26)
18.6%
ROCE (FY26)
23.1%
Operating margin (FY26)
15.7%
Debt / equity (FY26)
0.24
OCF / EBITDA (FY26)
50.6%
OCF / EBITDA (3Y)
63.3%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Emcure (Emcure Pharmaceuticals) makes and sells branded and complex pharmaceutical products to doctors and hospitals in India, Europe, Canada and emerging markets, with international markets now the larger share of its revenue.

Company snapshot

20thBy market cap

Ranked among 119 companies in Pharmaceuticals.

What we see

Positives
  • ✓Debt-to-equity of 0.24x — the company is largely funded by its own money, not borrowed funds.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricJun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales1,815 Cr2,002 Cr1,963 Cr2,116 Cr2,101 Cr2,270 Cr2,363 Cr2,470 Cr2,580 Cr
Operating expenses (approx.)1,479 Cr1,621 Cr1,608 Cr1,714 Cr1,684 Cr1,794 Cr1,871 Cr1,990 Cr2,048 Cr
EBITDA336 Cr381 Cr355 Cr402 Cr417 Cr475 Cr493 Cr480 Cr532 Cr
OPM %18.5%19.0%18.1%19.0%19.8%20.9%20.8%19.4%20.6%
Other income23 Cr36 Cr4 Cr4 Cr4 Cr3 Cr2 Cr4 Cr2 Cr
Interest59 Cr46 Cr32 Cr39 Cr27 Cr33 Cr38 Cr46 Cr32 Cr
Depreciation94 Cr97 Cr97 Cr97 Cr99 Cr105 Cr105 Cr106 Cr110 Cr
Profit before tax207 Cr273 Cr230 Cr261 Cr291 Cr341 Cr314 Cr341 Cr394 Cr
Tax %26.4%26.3%32.1%24.3%26.1%26.4%26.3%28.6%25.7%
Net profit153 Cr202 Cr156 Cr197 Cr215 Cr251 Cr231 Cr244 Cr292 Cr
EPS (₹)₹7.95₹10.33₹8.12₹9.97₹10.92₹12.85₹12.16₹12.84₹15.50

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales5,855 Cr5,986 Cr6,658 Cr7,896 Cr9,204 CrSign in free for the trailing twelve months
Operating expenses (approx.)4,525 Cr4,805 Cr5,429 Cr6,422 Cr7,339 CrSign in free for the trailing twelve months
EBITDA1,330 Cr1,181 Cr1,230 Cr1,474 Cr1,865 CrSign in free for the trailing twelve months
OPM %22.7%19.7%18.5%18.7%20.3%Sign in free for the trailing twelve months
Other income63 Cr46 Cr57 Cr67 Cr13 CrSign in free for the trailing twelve months
Interest176 Cr214 Cr237 Cr176 Cr144 CrSign in free for the trailing twelve months
Depreciation245 Cr260 Cr312 Cr384 Cr415 CrSign in free for the trailing twelve months
Profit before tax973 Cr747 Cr727 Cr971 Cr1,287 CrSign in free for the trailing twelve months
Tax %27.8%24.8%27.5%27.2%26.9%Sign in free for the trailing twelve months
Net profit703 Cr562 Cr528 Cr707 Cr941 CrSign in free for the trailing twelve months
EPS (₹)₹36.62₹29.42₹27.54₹36.43₹48.77Sign in free for the trailing twelve months
Dividend payout %———0.0%6.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital181 Cr181 Cr181 Cr189 Cr190 Cr
Reserves1,807 Cr2,320 Cr2,771 Cr4,257 Cr4,760 Cr
Borrowings2,084 Cr2,195 Cr2,087 Cr732 Cr1,204 Cr
Other liabilities1,866 Cr1,828 Cr2,597 Cr2,859 Cr3,432 Cr
Total liabilities6,063 Cr6,673 Cr7,806 Cr8,233 Cr9,612 Cr
Fixed assets (net)1,470 Cr1,605 Cr1,949 Cr1,954 Cr1,960 Cr
CWIP310 Cr404 Cr132 Cr124 Cr172 Cr
Investments25 Cr25 Cr318 Cr95 Cr20 Cr
Inventories1,449 Cr1,383 Cr1,525 Cr1,932 Cr2,398 Cr
Trade receivables1,309 Cr1,648 Cr1,859 Cr2,002 Cr2,563 Cr
Cash & bank163 Cr242 Cr169 Cr156 Cr137 Cr
Other assets1,338 Cr1,366 Cr1,854 Cr1,970 Cr2,364 Cr
Total assets6,063 Cr6,673 Cr7,806 Cr8,233 Cr9,612 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity768 Cr747 Cr1,097 Cr852 Cr944 Cr
Cash from investing-789 Cr-468 Cr-713 Cr-94 Cr-1,193 Cr
Cash from financing-152 Cr-145 Cr-164 Cr-814 Cr343 Cr
Net cash flow-172 Cr134 Cr221 Cr-58 Cr112 Cr
Free cash flow (OCF − Capex)371 Cr343 Cr790 Cr445 Cr396 Cr

Ratios

MetricMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %27.4%19.8%18.5%21.3%23.1%
ROE %31.3%20.1%16.0%14.7%18.6%
Debtor days8110010292101
Inventory days407439418461516
Days payable316345358353389
Cash conversion cycle172194161200228
OCF / EBITDA %57.8%63.2%89.2%57.8%50.6%
OCF / EBITDA % (3 years)——69.8%69.4%63.3%
Debt / equity1.050.880.710.160.24
Current ratio1.151.271.331.741.46
Net debt / EBITDA1.441.651.560.390.57