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Revenue
₹2,470 Cr
verified against source
Revenue YoY
16.7%
reported change
EBITDA
₹485 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Emcure delivered a strong Q4 FY26 with revenue of ₹2,470 crore (+16.7% YoY) and EBITDA margin expansion of 130 bps to 19.7%, driven by robust international growth (+25.7%) and operating leverage. Domestic business was soft (+5.2%) due to Zuventus restructuring, but management confirmed April is back on track. Adjusted PAT grew 36% YoY to ₹279 crore. Guidance for FY27: low-to-mid teen revenue growth and 75-100 bps margin expansion, assuming stable macro conditions. Key growth levers include semaglutide partnership (Pista), biosimilar launches (Vasumarelic, Lenacapavir), and ADC pipeline. Risk: sustained geopolitical disruption could raise raw material costs and freight, pressuring margins if not passed through.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects revenue growth in the low-to-mid teen percentage range for FY27, assuming stable macro conditions.
- Management committed to expanding EBITDA margins by 75-100 basis points in FY27, driven by operating leverage and productivity gains.
- Capital expenditure for FY27 is expected to be in the range of ₹400-425 crore.
- Aim for steady growth of the semaglutide brand Pista in FY27, leveraging competitive pricing and clinical differentiation.
Risks flagged
- Rising solvent prices, insurance, and freight costs due to Middle East conflict could pressure margins if not passed through.
- Despite management's confidence, the acute nature of Zuventus portfolio means sales recovery may take longer than expected.
- Multiple generic entrants in the GLP-1 market could limit Pista's market share and revenue contribution.
- International business faces currency headwinds; guidance assumes average USD/INR of 92, but actual rates may vary.
Key quotes
- We crossed a major milestone this year, surpassing $1 billion in revenue and having a growth of 16.6% year-on-year increase, exceeding the guidance row that we had given to you.
- Our adjusted PAT grew more than 40%, I repeat, our adjusted PAT grew more than 40%.
- FY27 we project low to mid-teen revenue growth and as I have been explaining... margin expansion will happen as committed between 75 to 100 basis points going forward assuming stable regulations and macroeconomic conditions.
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