Emcure Pharmaceuticals (EMCURE) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue rose 24.3% YoY to INR 28,205m; EBITDA increased 30.9% to INR 5,748m and PAT grew 29.3% to INR 3,251m.

• H1 FY27 revenue increased 23.6% to INR 54,009m; EBITDA rose 28.6% to INR 10,828m and PAT grew 32.5% to INR 6,176m.

• Management expects business momentum to sustain into H2 FY27.

Financial highlights

• Q2 revenue rose 9.3% QoQ; EBITDA margin was 20.4%, up 103 bps YoY.

• Q2 gross margin was 59.5%, down 131 bps YoY but up ~110 bps QoQ; PAT margin was 11.5%, up 45 bps YoY.

• Q2 PBT increased 30.6% to INR 4,459m; effective tax rate was 27.1%.

• H1 EBITDA margin was 20.0%, up 79 bps YoY; PAT margin was 11.4%, up 77 bps YoY.

Outlook and guidance

• FY27 revenue growth guidance raised to above 20% from mid-teens; EBITDA margin improvement expected near the upper end of 75–100 bps guidance.

• India FY27 growth expected in the low teens, with domestic growth accelerating in H2 and the FY27 exit at or above industry growth.

• Europe and ROW scaling, product approvals and a strong ARV order book support international momentum; further Canada launches are planned.

• FY27 R&D spend expected at 4–5% of revenue, with higher investment in H2; no specific FY28 guidance issued.