MarketFriction

Emcure Pharmaceuticals Ltd

NSE EMCURE · BSE 544210 · Pharmaceuticals
₹1,944.60 +0.08%
NSE close2026-10-01
52 week range1,260.00 - 2,100.70
Market cap₹37,166 Cr.
P/E36.1
IPO 2024 · +93% since Nifty 500Smallcap 250 Price band 10% Delivery 55.9%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,6631,6681,7711,8152,0021,9632,1162,1012,2702,3632,4702,580
Expenses1,3341,3741,4601,4791,6211,6081,7141,6841,7941,8711,9902,048
Operating Profit329294311336381355402417475493480532
OPM %20%18%18%19%19%18%19%20%21%21%19%21%
Other Income-2221223364-603-36142
Interest596165594632392733384632
Depreciation7084919497979799105105106110
Profit before tax198171167207273230261291341314341394
Tax %26%30%27%26%26%32%24%26%26%26%29%26%
Net Profit146120121153202156197215251231244292
EPS in Rs7.696.276.367.9510.298.119.9710.9212.8412.1612.8415.50
Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales4,7175,0495,0335,8555,9866,6587,8969,2049,683
Expenses3,9684,3403,8174,5254,8045,4296,4277,4587,703
Operating Profit7497081,2161,3301,1821,2301,4691,7461,980
OPM %16%14%24%23%20%18%19%19%20%
Other Income72-25-15963394762100-17
Interest223257155176214237176144148
Depreciation267321250245260312384415425
Profit before tax3311056529737477279711,2871,390
Tax %37%4%36%28%25%27%27%27%
Net Profit2091014197035625287079411,019
EPS in Rs10.794.6223.1536.6229.4227.5035.9648.7653.34
Dividend Payout %32%54%4%8%7%7%8%7%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth%13%15%18%
Compounded Profit Growth%18%21%37%
Stock Price CAGR%%%53%
Return on Equity%21%19%20%
Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital181181181181181181189190
Reserves1,6541,7312,0921,8072,3202,7714,2574,760
Borrowings2,1282,3272,3102,2172,3342,3351,0231,521
Other Liabilities1,6131,7212,1841,8161,7982,4222,6533,043
Total Liabilities5,5775,9606,7686,0216,6347,7098,1229,514
Fixed Assets2,2472,3822,1882,0442,1473,1253,1973,319
CWIP581485302320411159177273
Investments00025253189520
Other Assets2,7493,0934,2783,6324,0504,1084,6525,903
Total Assets5,5775,9606,7686,0216,6347,7098,1229,514
Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity4445007047687471,097852944
Cash from Investing Activity-409-168-256-574-468-715-96-1,175
Cash from Financing Activity-735-301-189-152-145-164-814343
Net Cash Flow-7003225942134219-58112
Free Cash Flow39362571349345801475400
CFO/OP77%84%74%81%80%107%75%75%
Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days75831078210110293102
Inventory Days234211293237223225224239
Days Payable142133188184175193172180
Cash Conversion Cycle167161212135148134145161
Working Capital Days-15-28-16922287662
ROCE %11%22%26%21%19%20%24%
Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters78.08%77.94%77.92%77.92%77.88%77.87%77.87%77.83%
FIIs2.91%3.05%3.06%2.86%3.29%3.59%3.35%4.87%
DIIs3.96%3.87%3.44%2.84%4.36%6.10%6.10%8.46%
Public15.05%15.15%15.58%16.39%14.46%12.43%12.69%8.84%
No. of Shareholders1,52,9141,43,4491,39,6711,33,5491,26,1691,18,8631,22,1891,24,991

Fundamentals

Market Cap₹ 37,166 Cr.
Current Price₹ 1,959
Stock P/E36.1
Book Value₹ 261
ROCE24.0 %
ROE20.1 %
Dividend Yield0.18 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)18%
Compounded Profit Growth (TTM)37%
Consolidated figures.
Valuation
Market capRs 35,227 Cr
Enterprise valueRs 37,329 Cr
P/E (TTM)34.83x
Price to book11.93x
Price to sales3.64x
EV / EBITDA19.01x
EV / EBIT24.27x
EV / sales3.85x
Price to cash flow32.10x
Earnings yield2.87%
Dividend yield0.10%
Profitability
Operating margin (excl. other income)18.47%
Operating margin (incl. other income)19.18%
EBITDA margin20.28%
Pre-tax margin14.35%
Net profit margin10.44%
Net margin, latest quarter11.39%
ROE18.27%
ROCE19.05%
ROA6.95%
ROE, 3-year average24.35%
ROCE, 3-year average22.15%
ROA, 3-year average8.57%
ROE, 5-year average19.51%
ROCE, 5-year average18.71%
ROA, 5-year average6.75%
ROIC (approx.)22.08%
Tax rate27.45%
Other income / net worth1.59%
Growth
Sales growth (latest year)11.23%
Profit growth (latest year)-6.36%
Sales CAGR, 3 years9.77%
Sales CAGR, 5 years7.14%
Profit CAGR, 3 years5.97%
Profit CAGR, 5 years20.62%
Sales growth QoQ4.48%
Profit growth QoQ20.78%
Sales growth YoY (latest quarter)22.85%
Profit growth YoY (latest quarter)42.05%
Per share
EPS (TTM)Rs 55.83
EPS (latest year)Rs 27.50
EPS (latest quarter)Rs 16.23
EPS, 3-year averageRs 31.18
EPS, 5-year averageRs 24.26
Book value per shareRs 162.97
Sales per shareRs 534.55
Cash flow per shareRs 60.57
Free cash flow per shareRs 22.08
Dividend per share (latest year)Rs 2.00
Dividend per share, 3-year averageRs 2.33
Dividend per share, 5-year averageRs 2.10
Dividends
Dividend payout7.27%
Dividend payout, 3-year average7.42%
Dividend payout, 5-year average16.13%
Efficiency
Asset turnover0.86x
Fixed asset turnover2.13x
Inventory turnover1.93x
Inventory days189 days
Debtor days102 days
Debtors turnover3.58x
Creditor days180 days
Cash conversion cycle161 days
Working capital days62 days
Leverage
Total debtRs 2,335 Cr
Cash and bankRs 232 Cr
Net debtRs 2,103 Cr
Debt to equity0.79x
Net debt / EBITDA1.07x
Interest coverage10.36x
Current ratio (filing 2026-03-31)1.46x
Quick ratio (filing 2026-03-31)0.85x
Trade payables (filing 2026-03-31)Rs 1,808 Cr
Owners' fund to total sources38.29%
Debt to assets30.29%
Cash flow
Cash from Operating Activity (latest year)Rs 1,097 Cr
Cash from Investing Activity (latest year)Rs -715 Cr
Cash from Financing Activity (latest year)Rs -164 Cr
Net Cash Flow (latest year)Rs 219 Cr
Free cash flow (latest year)Rs 400 Cr
FCFE (approx.: FCF + change in debt)Rs 401 Cr
Cash from ops / profit, 5 years1.28x
Sales to cash flow6.07x
Statement figures
Net sales (TTM)Rs 9,683 Cr
Net sales (latest year)Rs 6,658 Cr
Sales (latest quarter)Rs 2,580 Cr
Operating profit excl. other income (latest year)Rs 1,230 Cr
Operating profit (latest quarter)Rs 532 Cr
Other income (TTM)Rs -17 Cr
EBITDA (TTM)Rs 1,963 Cr
PBDT (TTM)Rs 1,815 Cr
Profit before tax (TTM)Rs 1,390 Cr
Tax (latest year)Rs 200 Cr
Net profit (TTM)Rs 1,011 Cr
Net profit (latest year)Rs 498 Cr
Net profit (latest quarter)Rs 294 Cr
Depreciation (TTM)Rs 425 Cr
Depreciation (latest quarter)Rs 110 Cr
Interest (TTM)Rs 148 Cr
Cost of goods sold (latest year)Rs 2,943 Cr
Total expenditure (latest year)Rs 5,429 Cr
Total income (latest year)Rs 6,705 Cr
Share capitalRs 181 Cr
ReservesRs 2,771 Cr
Shareholders' fundsRs 2,952 Cr
Total assetsRs 7,709 Cr
Net blockRs 3,125 Cr
Capital work in progressRs 159 Cr
InvestmentsRs 318 Cr
ReceivablesRs 1,859 Cr
InventoryRs 1,525 Cr
Other liabilitiesRs 2,422 Cr
Shares outstanding (crore)18.12
Ownership
Promoter holding77.83% (-0.09 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 34.8 is at the 57th percentile of its own 2.3-year range (median 33.9, low 29.3, high 40.2).
P/B 11.93 is at the 64th percentile (median 11.27).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodEMCURENifty 50Difference
1 week-0.4%-2.8% +2.4 pts
1 month+5.3%-6.8% +12.1 pts
3 months+5.7%-7.6% +13.4 pts
6 months+21.9%+0.4% +21.5 pts
1 year+46.7%-9.9% +56.6 pts
2 years+34.6%-13.6% +48.2 pts
61 mutual fund schemes hold about ₹2,478 Cr. Over three months 5 bought more and 51 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Kotak Mid Cap Fund1.12%801 +9%
Nippon India Multi Cap Fund0.54%302 -12%
Aditya Birla SL ELSS Tax Saver Fund1.72%250 -5%
SBI Flexicap Fund0.90%209 -7%
HSBC Small Cap Fund0.86%164 -11%
Axis Small Cap Fund0.48%151 -11%
Nippon India Pharma Fund1.25%119 -22%
Aditya Birla SL Multi-Cap Fund1.08%82 -11%
Aditya Birla SL Small Cap Fund1.17%73 -4%
Aditya Birla SL Large & Mid Cap Fund0.85%51 -8%
Bandhan Small Cap Fund0.11%39 -20%
Aditya Birla SL Pharma & Healthcare Fund2.99%32 -12%
Baroda BNP Paribas Small Cap Fund2.42%31 -8%
HDFC Dividend Yield Fund0.30%17 -12%
Bajaj Finserv Healthcare Fund3.84%16 -17%
HDFC Balanced Advantage Fund0.01%15 -5%
Edelweiss Business Cycle Fund0.93%14 -3%
Aditya Birla SL Bal Bhavishya Yojna1.04%13 -17%
UTI Healthcare Fund0.89%13 -13%
Baroda BNP Paribas Health and Wellness Fund2.38%12 -38%
Axis Multi Asset Allocation Fund(M0.44%11 -13%
Kotak Healthcare Fund1.57%11 -0%
Nippon India Nifty Smallcap 250 Index Fund0.29%10 -8%
Aditya Birla SL Retirement Fund-301.25%6 -9%
Axis Equity Savings Fund0.62%5 +32%

Red flags

F-score 5 of 8
No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹2,580 Cr +22.8% vs Jun 2025. Net profit ₹292 Cr +35.8%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-09-04Dividend - Rs 3.60 Per Share
2025-08-14Dividend - Rs 3 Per Share
DateTypeWhat it says
2026-10-02LitigationPendency of Litigation(s)/dispute(s) or the outcome impacting the Company
2026-09-25Investor PresentationInvestor Presentation
2026-09-23General UpdatesChange in composition of the Board of the Company.
2026-09-23Shareholder meetingVoting results.
2026-09-21Shareholder meetingProceedings of Annual General Meeting held on September 21, 2026
2026-09-11ESOPAllotment of 11400 Shares.
2026-09-01General UpdatesIntimation under Regulations 30 and 36(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dispatch of letter to t...
2026-09-01Concall / analyst meetSchedule of meet
2026-09-01Credit RatingCredit Rating
2026-08-28Shareholder meetingNotice of Annual General Meeting to be held on September 21, 2026
2026-08-25ESOPAllotment of 19100 Shares.
2026-08-12Concall / analyst meetTranscript
2026-08-08General UpdatesUpdate on USFDA inspection at our formulations facility located at Sanand, Ahmedabad, Gujarat, India.
2026-08-07Concall / analyst meetSchedule of meet
2026-08-07Concall / analyst meetSchedule of meet
2026-08-07Concall / analyst meetSchedule of meet
2026-08-07Concall / analyst meetSchedule of meet
2026-08-07Concall / analyst meetSchedule of meet
2026-08-06Concall / analyst meetLink of Recording
2026-08-06Record DateRecord date as September 04, 2026, for the purpose of Final Dividend for the financial year ended March 31, 2026, subject to approval of members.
2026-08-06Change in ManagementChange in Management
2026-08-06Investor PresentationInvestor Presentation
2026-08-06Board meeting outcomeEmcure Pharmaceuticals Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-22UpdatesIntimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Update on completion of acquisition o...
2026-07-21Director changeChange in Director(s) of the company.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Emcure Pharmaceuticals Ltd?

Emcure Pharmaceuticals Ltd (EMCURE) has a market capitalisation of Rs 37,166 Cr. at the 2026-10-01 close.

What is the P/E ratio of Emcure Pharmaceuticals Ltd?

Emcure Pharmaceuticals Ltd trades at a P/E of 36.1 on trailing twelve-month profit, at the 2026-10-01 close.

What were Emcure Pharmaceuticals Ltd's latest quarterly results?

In the Jun 2026 quarter, Emcure Pharmaceuticals Ltd sales was Rs 2,580 Cr (+22.8% vs Jun 2025) and net profit was Rs 292 Cr.

What is the 52-week high and low of Emcure Pharmaceuticals Ltd?

The 52-week high is Rs 2,100.70 and the 52-week low is Rs 1,260.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03