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Emcure Pharmaceuticals Limited
(EMCURE)
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Rating:69Neutral
Price Target:
₹2,165.00
▲(60.92% Upside)
Action:Reiterated
Date:08/09/26
The score is driven primarily by strong financial performance (growth and improving profitability with conservative leverage), supported by a clear bullish technical trend. These positives are tempered by weaker cash conversion versus earnings and a demanding valuation (high P/E with minimal dividend yield).
Positive Factors
Revenue & Profitability Growth
Sustained top-line expansion with mid-teens operating margins and a ~10% net margin indicates the business is scaling while maintaining operating profitability. That combination supports reinvestment in brands, manufacturing capacity and R&D, and underpins durable earnings quality over 2–6 months.
Negative Factors
Weak Cash Conversion
FCF covering only ~58% of net income and a year‑over‑year decline implies earnings are not fully translating into cash. That constrains self-funding of capex, dividends or working capital, increasing reliance on external financing and raising medium‑term liquidity and execution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & Profitability Growth
Sustained top-line expansion with mid-teens operating margins and a ~10% net margin indicates the business is scaling while maintaining operating profitability. That combination supports reinvestment in brands, manufacturing capacity and R&D, and underpins durable earnings quality over 2–6 months.
Read all positive factors
Emcure Pharmaceuticals Limited (EMCURE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹365.58B
Dividend Yield0.19%
Average Volume (3M)39.38K
Price to Earnings (P/E)36.1
Beta (1Y)0.75
Revenue Growth18.36%
EPS Growth35.60%
CountryIN
Employees6,914
SectorGeneral
Sector StrengthN/A
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)22.89
Shares Outstanding189,699,250
10 Day Avg. Volume59,620
30 Day Avg. Volume39,383
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)6.11
Price to Sales (P/S)3.29
P/FCF Ratio61.74
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹2,320.00Price Target Upside72.45% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)66.04
Revenue Forecast (FY)₹105.91B
Emcure Pharmaceuticals Limited Business Overview & Revenue Model
Company Description
Emcure Pharmaceuticals Limited is committed to providing high-quality, cost-effective healthcare solutions to a global market. The company boasts a diverse product lineup spanning numerous medical fields, such as women's health (gynecology), anti-...
How the Company Makes Money
Emcure primarily makes money by selling pharmaceutical products manufactured in its facilities to customers in India and abroad. Its key revenue streams typically include: (1) Domestic branded formulations: sales of prescription medicines marketed...
Emcure Pharmaceuticals Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
63
Positive
| Breakdown | TTM | Mar 2025 | Mar 2025 |
|---|---|---|---|
Income Statement | |||
| Total Revenue | 42.98B | 92.04B | 78.08B |
| Gross Profit | 23.41B | 35.79B | 275.05M |
| EBITDA | 8.39B | 18.46B | 14.95B |
| Net Income | 4.32B | 9.24B | 6.81B |
Balance Sheet | |||
| Total Assets | 93.93B | 96.12B | 82.33B |
| Cash, Cash Equivalents and Short-Term Investments | 6.02B | 2.16B | 1.98B |
| Total Debt | 16.59B | 15.21B | 10.23B |
| Total Liabilities | 45.09B | 46.36B | 35.91B |
| Stockholders Equity | 47.43B | 49.50B | 44.46B |
Cash Flow | |||
| Free Cash Flow | 5.07B | 4.90B | 4.45B |
| Operating Cash Flow | 7.48B | 8.51B | 8.52B |
| Investing Cash Flow | -6.40B | -11.95B | -940.01M |
| Financing Cash Flow | 1.99B | 4.38B | -8.14B |
Emcure Pharmaceuticals Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ₹962.54B | 17.39 | ― | 0.85% | 28.19% | 49.25% | |
71 Outperform | ₹496.96B | 38.10 | ― | 0.31% | 10.59% | 68.21% | |
69 Neutral | ₹365.58B | 36.10 | ― | 0.19% | 18.36% | 35.60% | |
66 Neutral | ₹694.84B | 38.84 | ― | 0.20% | 32.94% | 138.54% | |
64 Neutral | ₹953.98B | 26.44 | ― | 0.24% | 9.09% | 9.61% | |
61 Neutral | ₹955.24B | 28.98 | ― | 0.70% | -0.92% | -41.75% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:EMCURE
Emcure Pharmaceuticals Limited
1,924.15
541.68
39.18%
IN:AUROPHARMA
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1,686.00
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61.49%
IN:DRREDDY
Dr. Reddy's Laboratories Ltd.
1,151.50
-133.80
-10.41%
IN:GLENMARK
Glenmark Pharmaceuticals Limited
2,477.35
368.38
17.47%
IN:IPCALAB
IPCA Laboratories Limited
1,967.80
653.27
49.70%
IN:LUPIN
Lupin Limited
2,112.00
167.15
8.59%
Emcure Pharmaceuticals Limited Corporate Events
Emcure Plans Series of Investor Meets at Key Mumbai Conferences
Aug 7, 2026
Emcure Pharmaceuticals Limited has announced a tentative schedule of participation in several major analyst and investor conferences in Mumbai between August and September 2026. The company’s officials plan to attend events hosted by Emkay, ...
Emcure Pharma Maps Out Investor Conference Roadshow for August–September 2026
Aug 7, 2026
Emcure Pharmaceuticals Limited has announced a series of scheduled analyst and investor meetings at prominent investor conferences in Mumbai and other locations in August and September 2026. The planned participation includes events hosted by Emka...
Emcure reshapes board as chairman retires and CEO takes helm
Aug 6, 2026
Emcure Pharmaceuticals has announced a reshuffle in its board leadership, driven by the impending retirement of Chairman and Non-executive Director Berjis Desai at the upcoming AGM, following his appointment to the National Commission for Minoriti...
Emcure Pharma Files SEBI Dematerialisation Compliance Certificate
Jul 7, 2026
Emcure Pharmaceuticals Limited has submitted a confirmation certificate to Indian stock exchanges for the quarter ended June 30, 2026, as required under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing und...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.