Emcure Pharmaceuticals
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Emcure Pharmaceuticals (EMCURE) investor relations material

Emcure Pharmaceuticals Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary4 Feb, 2026

Executive summary

  • FY26 Q3 marked the first year of a 5-year strategic roadmap focused on higher revenue growth, improved margins, and value creation.

  • Reported consolidated revenue from operations of Rs 2,363 crore for Q3FY26, up 20.4% year-over-year and 4.1% sequentially from Q2FY26.

  • Profit after tax (PAT) for the quarter was Rs 231 crore, a 48.2% increase year-over-year, with EBITDA at Rs 460 crore, up 27.2% year-over-year.

  • Entered an exclusive partnership with Novo Nordisk to launch semaglutide (Poviztra®), gaining first-mover advantage in a high-growth therapy area and strengthening presence in weight management.

  • Strong positioning in both chemistry and biotech, with a robust biotherapeutics portfolio and government support for biologics.

Financial highlights

  • Revenue grew 20.4% year-over-year to INR 2,363 crore in Q3 FY26.

  • Domestic business up 15.4% to INR 1,025 crore; international business up 24.5% to INR 1,338 crore.

  • Europe revenue rose 29.6% to INR 464 crore, Canada up 12.8% to INR 397 crore, and emerging markets up 30.7% to INR 477 crore.

  • Gross margin at 59.3% (down from 60.1% YoY), mainly due to business mix and in-licensing impact.

  • EBITDA grew 27.2% to INR 460 crore; EBITDA margin expanded to 19.5% (from 18.4% YoY).

  • PAT rose 48% to INR 231 crore; adjusted PAT (ex-Labor Code) up 65% to INR 260 crore.

  • Net debt at INR 1,203 crore, expected to peak at INR 1,500 crore and reduce to zero by FY28.

Outlook and guidance

  • Expecting low- to mid-teens compounded annual growth rate (CAGR) over the next 3-5 years.

  • EBITDA margin targeted to improve by 300-400 bps over 3-5 years, reaching 23-24%.

  • Gross margin for FY26 expected around 60%, with international business growth potentially diluting margins slightly.

  • Capex guidance of INR 300-400 crore per year for the next 2-3 years.

  • Management remains focused on margin improvement and strong growth through investments in R&D, people, and differentiated product launches.

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Q4 25/2622 May, 2026
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Frequently asked questions

Emcure Pharmaceuticals Limited is an India-based pharmaceutical company involved in the development, manufacturing, and marketing of a broad range of pharmaceutical products. Emcure’s product portfolio includes prescription medicines, biologics, and over-the-counter products, covering therapeutic areas such as cardiology, oncology, nephrology, and anti-infectives. The company operates manufacturing facilities in India and has a significant presence in both domestic and international markets. The company is headquartered in Pune, India.

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