International Revenue Growth
₹1,493 Cr
+25.7% YoY
Strong growth across Europe (+35.8%), Canada (+28.6%), and emerging markets (+15.5%).
EMCUREPHARMACEUTICALS
Healthcare
15 May 2026
Emcure Pharmaceuticals Ltd — Q4 FY26
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.
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2-Min Summary
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.
Key Numbers
Field Productivity
₹7 Lakh/MR
+30% vs 2 years ago
Revenue per medical representative improved from ₹5.4 lakh to ₹7 lakh over two years.
R&D Spend
₹383.5 Cr
+50 bps YoY
R&D investment at 4.2% of revenue, up 50 bps YoY, focused on biosimilars and ADCs.
Zuventus Field Force
~40% of total MRs
Restructured in Q4
Zuventus represents ~40% of total MR count; restructuring caused higher attrition but recovery seen in April.
Management Guidance
FY27 revenue growth: low-to-mid teens
Management expects revenue growth in the low-to-mid teen percentage range for FY27, assuming stable macro conditions.
revenueEBITDA 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.
marginsCapex guidance: ₹400-425 crore for FY27
Capital expenditure for FY27 is expected to be in the range of ₹400-425 crore.
capexSemaglutide (Pista) steady growth in FY27
Aim for steady growth of the semaglutide brand Pista in FY27, leveraging competitive pricing and clinical differentiation.
growthKey Risks
Geopolitical disruption impact on raw materials and freight
Rising solvent prices, insurance, and freight costs due to Middle East conflict could pressure margins if not passed through.
medium · analyst_questionZuventus restructuring may take longer to stabilize
Despite management's confidence, the acute nature of Zuventus portfolio means sales recovery may take longer than expected.
medium · analyst_questionSemaglutide generic competition and pricing pressure
Multiple generic entrants in the GLP-1 market could limit Pista's market share and revenue contribution.
high · management_commentaryCurrency volatility impacting international revenue
International business faces currency headwinds; guidance assumes average USD/INR of 92, but actual rates may vary.
low · data_observationNotable 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.