Emcure Pharmaceuticals (EMCURE) Q4 24/25 earnings summary

Executive summary

• FY 2025 revenue reached INR 7,896 crore, up 18.6%-19.5% year-over-year, with domestic business up 24.8%-25% and international up 15.6%-16%.

• Achieved 18.6% margins, in line with guidance, and completed a successful stock exchange listing on NSE and BSE.

• Integrated Sanofi cardio business, expanded derma and women's health portfolios, and entered OTC segment.

• Incorporated Emcure Generics Private Limited to expand manufacturing and distribution capabilities.

• Board recommended a final dividend of INR 3 per share for FY25, subject to shareholder approval.

Financial highlights

• Q4 FY 2025 revenue grew 19.5% year-over-year to INR 2,116 crore; domestic up 24.8%-25%, international up 15.6%-16%.

• Q4 EBITDA (excl. other income) rose 25.2% to INR 390 crore; EBITDA margin at 18.4%.

• Q4 PAT was INR 197 crore, up 63% year-over-year; full-year PAT up 34.1% to INR 707 crore.

• Q4 gross margin: 57.8% (down from 62.1% last year); FY 2025 gross margin: 60.1%.

• Standalone FY25 revenue from operations at INR 43,819.24 million, net profit at INR 3,171.28 million.

Outlook and guidance

• FY 2026 revenue expected to grow 13%-14% with 150 bps margin improvement.

• Focus on improving margins through new product launches, operating leverage, and productivity.

• Domestic growth targeted at 200 bps above industry (low double digits); international expected to grow mid-teens.

• Working capital days expected to remain stable at 98-100 days.

• CapEx guidance for FY 2026 around INR 350 crore.