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Generic pharmaceutical company focused on women's health, cardiology and vaccines, sold domestically and exported.
Generic pharmaceutical company focused on women's health, cardiology and vaccines, sold domestically and exported.
Sells branded generics, off-patent drugs marketed under its own names, mostly in India, where doctors' prescriptions and a large field sales force drive demand; it also sells abroad. Listed in 2024, it has had Bain Capital as an investor, and runs a vaccine subsidiary, Gennova.
In one line: A women's-health-focused Indian generics maker.
Moat: narrow (brand, distribution). Established prescriber relationships in women's health, a therapy area with fewer large competitors.
Headquarters: Pune, India · Founded: 1981 · Employees: 6,914
Size Emcure Pharmaceuticals (EMCURE.NS) is an India Health Care company (Pharmaceuticals: Major) with a market value of $4.47B, the 223rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹2,213 on 6 Nov 2026.
Performance Over six months the shares gained 32.9%, against +3.3% for the median peer and 0.0% for the India market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 21.1% over the last twelve months (peer median +9.1%); the operating margin is 15.6% (peer median 20.0%).
Valuation It trades at 33.9× forward earnings against a peer median of 26.9× (6th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is +2 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 7.9 points above its cost of capital (9.3% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹102B | ₹91.3B | ₹78.2B | ₹65.9B | ₹59.4B |
| Revenue growth | — | +17% | +19% | +11% | — |
| Gross profit | ₹40.0B | ₹29.2B | ₹23.5B | ₹21.1B | ₹19.3B |
| EBITDA | ₹20.3B | ₹17.2B | ₹14.0B | ₹11.8B | ₹11.5B |
| Net income | ₹10.9B | ₹9.24B | ₹6.81B | ₹4.98B | ₹5.32B |
| Free cash flow | n/a | ₹4.90B | ₹5.24B | ₹6.31B | ₹1.83B |
| Capital expenditure | n/a | ₹5.48B | ₹4.07B | ₹3.07B | ₹4.03B |
| Total debt | ₹17.6B | ₹15.2B | ₹10.2B | ₹23.2B | ₹23.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Emcure Pharmaceuticals EMCURE.NS | $4.47B | +33% | +21% | 16% | 33.9× | 14.9% |
| Sun Pharmaceutical Industries SUNPHARMA.NS | $47.3B | +1% | +12% | 23% | 35.4× | 28.4% |
| Cipla CIPLA.NS | $12.1B | +4% | -1% | 13% | 29.0× | 28.2% |
| Mankind Pharma MANKIND.NS | $11.1B | +7% | +13% | 21% | 43.2× | 27.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | EMCURE.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.4% | +1.7% | 7th highest of 20 |
| 6-month return | +32.9% | +3.3% | 4th highest of 20 |
| Distance from 52-week high | -2.4% | -31.1% | 3rd highest of 21 |
| Revenue growth (TTM) | +21.1% | +9.1% | 8th highest of 19 |
| Operating margin | 15.6% | 20.0% | 7th lowest of 19 |
| Forward P/E | 33.9× | 26.9× | 6th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 14.9% | 5.0% | 7th most demanding of 16 |
| Growth delivered (Del g) | +12.7% | +7.5% | 7th highest of 16 |
| Hurdle (Req g minus delivered) | +2.1 pp | -3.3 pp | 6th most demanding of 16 |
| ROIC minus cost of capital | +7.9 pp | +7.3 pp | 9th highest of 19 |
| EV / EBITDA | 21.6× | 22.7× | 4th cheapest of 10 |
| Net debt / EBITDA | 0.8× | -0.5× | 3rd most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Emcure Pharmaceuticals EMCURE.NS | India | $4.47B | +33% | +21% | 16% | 33.9× | 14.9% | +12.7% |
| Sunshine Guojian Pharmaceutical (Shanghai) 688336.SS | China | $4.47B | -34% | +227% | 74% | 46.9× | 3.3% | +45.1% |
| Definium Therapeutics DFTX | United States | $4.47B | +51% | n/a | n/a | n/a | n/a | n/a |
| Camurus CAMX.ST | Sweden | $4.52B | +47% | 0% | 37% | 48.5× | 10.4% | +46.5% |
| GlaxoSmithKline Pharmaceuticals GLAXO.NS | India | $4.53B | +2% | +12% | 33% | 35.9× | 25.2% | +5.5% |
| Legend Biotech Corp. Sponsored ADR LEGN | United States | $4.53B | -17% | +60% | -4% | 64.5× | n/a | n/a |
| Guangzhou Baiyunshan Pharmaceutical 0874.HK | Hong Kong | $4.56B | -23% | +6% | 3% | 7.3× | 0.7% | +4.0% |
| Ajanta Pharma AJANTPHARM.NS | India | $4.37B | +7% | +25% | 25% | 32.2× | 23.8% | +13.8% |
| HanmiPharm 128940.KS | South Korea | $4.36B | +2% | +14% | 16% | 16.8× | 5.0% | +7.5% |
| Humanwell Healthcare (Group) 600079.SS | China | $4.71B | +3% | -3% | 16% | 13.4× | -6.8% | +3.0% |
| Travere Therapeutics TVTX | United States | $4.76B | +16% | +49% | -3% | 16.9× | 16.7% | +19.9% |
| Novast Laboratories 301569.SZ | China | $4.82B | n/a | +3% | 27% | n/a | 42.6% | +3.1% |
| Tianjin Pharmaceutical Da Ren Tang 600329.SS | China | $4.11B | +4% | -13% | 20% | 31.4× | 17.8% | -5.8% |
| Shanghai Junshi Biosciences 1877.HK | Hong Kong | $4.08B | -39% | +36% | -14% | n/a | n/a | n/a |
| HUBEI JUMPCAN PHARMACEUTICAL 600566.SS | China | $4.05B | +6% | -4% | 32% | 14.9× | -11.5% | +0.3% |
| Yuhan 000100.KS | South Korea | $4.05B | -12% | +5% | 5% | 38.6× | 20.2% | +6.2% |
| Siegfried SFZN.SW | Switzerland | $3.98B | -10% | +4% | 16% | 17.8× | n/a | n/a |
| Liquidia LQDA | United States | $3.97B | +5% | +2,234% | 37% | 32.9× | 0.7% | +192.5% |
| Erasca ERAS | United States | $5.04B | +42% | n/a | n/a | n/a | n/a | n/a |
| SKBP 326030.KS | South Korea | $5.12B | -11% | +39% | 35% | 21.6× | 0.5% | +93.6% |
| Laboratorios Farmaceuticos Rovi ROVI.MC | Spain | $3.89B | +15% | +3% | 20% | 22.3× | 1.5% | +12.1% |