Emcure Pharmaceuticals shared its latest Investor Presentation, confirming consistent mid-to-high teens revenue growth over the last 7 quarters, with margins expanding by over 250 basis points. The company highlighted strong performance across its Domestic and International businesses, underpinned by strategic in-licensing and acquisitions. Key growth drivers include a robust pipeline featuring complex products like biologics and Novel Drug Delivery Systems (NDDS).
Financial Performance Highlights
Emcure announced impressive financial momentum, highlighting that the last 7 quarters saw revenue growth in the mid to high teens, outpacing industry growth. Specifically, revenue grew by 18%+ in FY25 (reaching INR 7,896 Cr) and 16.5% in 9M FY26 (reaching INR 6,734 Cr).
Margin Expansion and ROCE Delivery
Operating leverage drove significant profitability improvements. EBITDA Margins increased by +90bps to 19.4% in 9MFY26, while PAT Margin rose by +250bps to 10.4%. Furthermore, RoCE improved by +200bps, reaching 22.7% in 9MFY26.
Business Snapshot: Scale and Dominance
The company reported a TTM Revenue from Operations of INR 8,850 Cr, with a 45% domestic contribution. Domestically, Emcure holds the #2 Rank in Gynaec and has seen its Chronic Business Share increase by 12% to 38.0% (MAT Dec’25).
Internationally, the business spans 70+ Countries. The company has also noted 11/30 Brand families achieving revenues greater than INR 100/50 Cr, and 14 of its Top 20 Brands rank in the top 3 in their respective Therapeutic Areas (TA).
Strategic Achievements Since IPO
Emcure successfully delivered on several strategic fronts:
- Faster than Industry Growth Across Markets.
- Margin Expansion Driven by Operating Leverage.
- Robust In-House R&D Pipeline Across Key Platforms.
- Several Accretive M&A / Strategic In-Licensing Deals.
- Augmented Domestic Franchise with Experienced Leadership Team & Products.
- Scaling Up International Business with Differentiated Products.
Augmentation Through Strategic Deals
Key deals have strengthened market positioning:
- In-Licensing: Exclusive distribution agreement with Sanofi for oral anti-diabetics (Amaryl and Cetapin) and partnership with Novo Nordisk to launch Poviztra® (semaglutide injection for weight loss).
- Acquisitions: Gained full control of Zuventus Healthcare in a ₹724.9 Crore Deal, and the UK subsidiary completed an asset purchase deal with Manx Healthcare (£19.7 million).
Deep Dive: India Business Reinforcement
The Domestic Business saw PPM increase by +23% and the number of Large Brands (>INR 50 Cr) grow 4X to 30 since MAT Mar’20.
Key Vertical Focus:
- In-house Product Pipeline: 5 Key launches planned in the next 18 months, focusing on differentiated products.
- In-Licensing: Leveraging synergy benefits from Sanofi (cardio/diabeto) and Poviztra® (obesity treatment).
- New Growth Areas: Entry into the fast-growing Consumer (OTC) and Dermatology segments.
Leadership in Key TAs (India):
Emcure has strengthened leadership in both Emcure and the 100% subsidiary, Zuventus. Anchor brands in Gynaecology (e.g., Orofer XT: 200 Cr+), Cardiovascular (e.g., Cardace: 150 Cr+), and Nutrition (e.g., Nurtition: 150 Cr+) are key contributors.
Expansion into New Segments:
- Super Specialty (A): Focus on Renal, Onco/CNS, with new pipelines in Ophthalmology and Oncology (e.g., Tenectase in CNS).
- Consumer (OTC) (B): Targeting the $12Bn market with lines like Arth wellness supplements and Galact pregnancy support.
- Dermatology (C): Addressing the $1.8+ Bn industry with prescription and cosmo-derma products, including first-to-market launches like SOLGLO.
International Business Momentum
Canada
The Canadian Generic Market is growing at >8%. Emcure’s revenue grew by +31.0% to INR 1,252 Cr in FY25. With a TAM of ~CAD 3 Bn, Emcure is among the top 10 generic players. The pipeline includes over 50+ products, with first generics planned for 8 near-term products.
Europe
The Europe Generics market is a USD 70 Bn+ opportunity, growing at +7%. Emcure is growing faster at +11.4% (reaching INR 1,474 Cr in FY25). The Manx portfolio acquisition doubled the UK portfolio, and complex injectables like Ferric Carboxy Maltose are expected to drive future growth (TAM: $1Bn+).
RoW (Rest of World)
RoW showed strong growth of +20.9% to INR 1,510 Cr in FY25. The business mix includes both ARV and Non-ARV segments. The Non-ARV business is at an inflection point, driven by complex injectables and biosimilars, targeting a TAM of $2Bn+. Key pipeline products include Tenectaplase (Biosimilar) and Amphotericin B (Liposomal Injectable).
Summary of Forward Strategy
Emcure is committed to consistent mid-high teens growth coupled with margin expansion driven by operating leverage. Growth is balanced across India and global markets, strongly supported by a differentiated portfolio. The future focus remains on leveraging a robust pipeline of complex products, including biologics, NDDS, and complex injectables, to sustain long-term expansion.
Source: BSE
