Emcure Pharmaceuticals (EMCURE) Q4 25/26 earnings summary

Executive summary

• FY 2026 revenue surpassed $1 billion, growing 16.6% year-over-year to ₹9,204 crore, exceeding guidance.

• Adjusted PAT grew 40.9% year-over-year to ₹1,008 crore; EBITDA margins improved by over 80 bps.

• International business grew 22.2% year-over-year, driven by base business ramp-up, new launches, and acquisitions.

• Domestic business grew 10% year-over-year, led by cardiac, CNS, oncology, and women's health segments.

• Strategic focus on portfolio expansion via in-licensing, M&A, R&D, and partnerships with Novo Nordisk, Sanofi, and Roche.

Financial highlights

• FY26 revenue reached ₹9,204 crore (+16.6% YoY); Q4 revenue was ₹2,470 crore (+16.7% YoY).

• FY26 EBITDA was ₹1,789 crore (19.4% margin, up 80+ bps); Q4 EBITDA margin at 19.7%.

• Adjusted PAT for FY26 grew 40.9% to ₹1,008 crore (10.9% margin, up 189 bps); Q4 adjusted PAT at ₹279 crore, up 36% YoY.

• Gross profit for FY26 was ₹5,547 crore (60.3% margin, up 12-20 bps YoY).

• Final dividend of ₹3.60 per share recommended for FY26, subject to shareholder approval.

Outlook and guidance

• FY 2027 revenue growth projected at low-to-mid teens, with EBITDA margin expansion of 75-100 bps, assuming stable macro and regulatory conditions.

• Domestic business expected to outpace industry growth, especially in cardio-diabetes, biologics, women's health, and new initiatives.

• International growth to be led by Europe and Canada, with new launches and portfolio expansion.

• Amphotericin B and non-ARV pipeline to drive growth in rest of world markets.

• CapEx guidance for FY 2027 is INR 400-425 crores.