Emcure Pharmaceuticals (BSE:544210, NSE: EMCURE) today announced its consolidated financial results for the fourth quarter and full year ended March 31, 2026.
Satish Mehta, CEO and Managing Director, Emcure Pharmaceuticals Ltd., said, “In FY26, the first year of our five-year strategic plan, Emcure delivered strong financial performance with over US$1 billion in revenue and 16.6% growth. International markets demonstrated robust momentum while our domestic business recorded steady growth. We delivered ~41% adjusted PAT growth in the year. We strategically expanded through in-licensing, Zuventus minority buyout and bolt-on acquisitions in the UK and Canada. Our R&D pipeline in complex injectables and biosimilars remains a key driver of future value. Our priorities remain clear – to deliver sustainable, above-industry growth and consistent margin expansion, while continuing to build sustainable long-term value for all stakeholders.”
Full year performance:
· Revenue from operations at ₹9,204 Cr, up 16.6% YoY, ahead of stated guidance
· EBITDA at ₹1,789 Cr up 21.8% YoY, EBITDA margins at 19.4%
· Reported PAT at ₹941 Cr, up 33.1% YoY
· Adj. PAT2 at ₹1,008 Cr, up by 40.9% YoY
· Domestic business sales at ₹4,027 Cr, up 10.0% YoY. Growth in-line with market, led by cardiac, CNS and oncology. Consolidated domestic operations with subsidiary minority stake buyout, strengthened leadership teams across divisions and expanded portfolio via key MNC partnerships.
· International business sales at ₹5,177 Cr, up 22.2% YoY. Strong momentum from base business growth and new launches from in-house portfolio.
Q4 performance:
· Revenue from operations at ₹2,470 Cr, up 16.7% YoY
· EBITDA at ₹485 Cr up 24.5% YoY, EBITDA margins at 19.7%
· Reported PAT at ₹244 Cr, up 23.6% YoY
· Adj. PAT2 at ₹279 Cr, up by 36.0% YoY
· Domestic business sales at ₹977 Cr, up 5.2% YoY. Softer performance largely due to the Zuventus portfolio and team reorganization.
· International business sales at ₹1,493 Cr, up 25.7% YoY with strong growth across markets supported by base business ramp up and new launches.
Revenue break-up
| ₹ Cr except % | 4Q26 | 4Q25 | YOY% | 3Q26 | QOQ% | FY26 | FY25 | YOY% |
| Revenue from operations | 2,470 | 2,116 | 16.7% | 2,363 | 4.5% | 9,204 | 7,896 | 16.6% |
| Domestic | 977 | 929 | 5.2% | 1,025 | -4.6% | 4,027 | 3,660 | 10.0% |
| International | 1,493 | 1,187 | 25.7% | 1,339 | 11.5% | 5,177 | 4,236 | 22.2% |
| EM | 556 | 481 | 15.5% | 478 | 16.3% | 1,840 | 1,510 | 21.8% |
| EU | 538 | 396 | 35.8% | 464 | 15.8% | 1,850 | 1,474 | 25.5% |
| CA | 399 | 310 | 28.6% | 397 | 0.6% | 1,487 | 1,252 | 18.7% |
Consolidated P&L Summary
| ₹ Cr except % | 4Q26 | 4Q25 | YoY% | 3Q26 | QoQ% | FY26 | FY25 | YoY% |
| Revenue from operations | 2,470 | 2,116 | 16.7% | 2,363 | 4.5% | 9,204 | 7,896 | 16.6% |
| Material Cost | 1,003 | 892 | 12.4% | 962 | 4.2% | 3,657 | 3,147 | 16.2% |
| Gross Profit | 1,467 | 1,224 | 19.8% | 1,401 | 4.7% | 5,547 | 4,749 | 16.8% |
| Gross Profit Margins | 59.4% | 57.8% | 59.3% | 60.3% | 60.1% | |||
| Employee Costs | 387 | 373 | 3.6% | 387 | -0.1% | 1,552 | 1,446 | 7.3% |
| Other expenses | 594 | 461 | 29.0% | 554 | 7.4% | 2,206 | 1,834 | 20.2% |
| EBITDA | 485 | 390 | 24.5% | 460 | 5.5% | 1,789 | 1,469 | 21.8% |
| EBITDA Margins | 19.7% | 18.4% | 19.5% | 19.4% | 18.6% | |||
| Other Income | 4 | 4 | 2 | 13 | 67 | |||
| Depreciation and Amortisation | 106 | 97 | 105 | 415 | 384 | |||
| Finance Costs inc. Forex | 9 | 26 | 5 | 26 | 171 | |||
| Exceptional Items# | 33 | 10 | 38 | 74 | 10 | |||
| Profit Before Tax (PBT) | 341 | 261 | 30.9% | 314 | 8.7% | 1,287 | 971 | 32.5% |
| Tax | 97 | 63 | 83 | 346 | 264 | |||
| Profit After Tax (PAT) | 244 | 197 | 23.6% | 231 | 5.3% | 941 | 707 | 33.1% |
| PAT Margins | 9.9% | 9.3% | 9.8% | 10.2% | 9.0% | |||
| Adj. Profit After Tax (PAT) | 279 | 205 | 36.0% | 260 | 7.3% | 1,008 | 715 | 40.9% |
| Adj. PAT Margins | 11.3% | 9.7% | 11.0% | 10.9% | 9.1% |
