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Emcure Pharmaceuticals (EMCURE) investor relations material

Emcure Pharmaceuticals Q2 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 25/26 earnings summary11 Nov, 2025

Executive summary

  • Achieved 13.4% year-over-year revenue growth to INR 2,270 crore and record quarterly profit of INR 251 crore, with 24.7% PAT growth in Q2 FY2026.

  • Sustained momentum across all business segments, with both domestic and international markets outperforming industry growth.

  • Strategic partnership with Novo Nordisk for semaglutide (Poviztra) positions the company as an early entrant in India's obesity market.

  • Completed acquisition of minority stake in Zuventus, enabling full consolidation and expected backend synergies.

  • EBITDA for the quarter reached INR 439 crore, up 15.2% year-over-year, with EBITDA margin at 19.3%.

Financial highlights

  • Revenue from operations grew 13.4% year-over-year to INR 2,270 crore.

  • Domestic business up 10.6% year-over-year to INR 1,031 crore; international business up 15.8% to INR 1,238 crore.

  • Europe revenue rose 22.7% to INR 444 crore; Canada up 17.5% to INR 348 crore; emerging markets up 8.6% to INR 446 crore.

  • Gross margin at 60.8% (vs. 60.6% last year); EBITDA margin at 19.3%.

  • PAT at INR 251 crore, up 24.7% year-over-year; net debt at INR 837 crore, increased due to Zuventus stake purchase.

Outlook and guidance

  • On track to deliver high-level guidance for the year, with expectations to grow above industry rates.

  • Base EBITDA margins expected to improve by 150 basis points for FY2026, excluding new in-licensing deals.

  • Debt-free target revised to end of next year (18-24 months), post Zuventus acquisition.

  • Focus remains on portfolio expansion in key markets through in-licensing and in-house development.

  • Second half of the year expected to see stronger operating margin improvement and continued growth in all key markets.

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Frequently asked questions

Emcure Pharmaceuticals Limited is an India-based pharmaceutical company involved in the development, manufacturing, and marketing of a broad range of pharmaceutical products. Emcure’s product portfolio includes prescription medicines, biologics, and over-the-counter products, covering therapeutic areas such as cardiology, oncology, nephrology, and anti-infectives. The company operates manufacturing facilities in India and has a significant presence in both domestic and international markets. The company is headquartered in Pune, India.

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