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Emcure Pharmaceuticals Margin Trend — Quarter by Quarter

Emcure Pharmaceuticals's EBITDA margin moved from 19.2% in Q1 FY26 to 19.7% in Q4 FY26 across 3 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2619.7%+130 bps
Q3 FY2619.5%+110 bps
Q1 FY2619.2%+70 bps

What management said about ebitda margin

G

Q4 FY26 · EBITDA margin expansion: 75-100 bps

Management committed to expanding EBITDA margins by 75-100 basis points in FY27, driven by operating leverage and productivity gains.

G

Q3 FY26 · EBITDA margin expansion of 300-400 bps over 3-5 years

Management expects ~100 bps annual EBITDA margin improvement, targeting 23-24% over 3-4 years organically.

G

Q1 FY26 · FY26 EBITDA margin expansion of ~150 bps

Management guided for 100 bps improvement in opex and 50 bps gross margin expansion, driven by productivity gains and product mix.

G

Q1 FY26 · 5-year EBITDA margin target of 23-24%

Over the next 4-5 years, EBITDA margins are expected to improve by 300-400 bps from current ~20% levels.