Key Financial Highlights - Q2FY27

  • Revenue from Operations: ₹28,205 Mn, representing 24.3% YoY growth (Q2FY26: ₹22,698 Mn)
  • EBITDA: ₹5,748 Mn, representing 30.9% YoY growth with margin of 20.4% (+103 bps YoY)
  • Profit After Tax (PAT): ₹3,251 Mn, representing 29.3% YoY growth with margin of 11.5% (+45 bps YoY)
  • Profit Before Tax (PBT): ₹4,459 Mn, representing 30.6% YoY growth
  • Effective Tax Rate: 27.1% (vs 26.4% in Q2FY26)

Segment Performance - Q2FY27

Domestic Business

  • Revenue: ₹11,553 Mn, representing 12.0% YoY growth (Q2FY26: ₹10,314 Mn)
  • Sustained double-digit YoY growth for second consecutive quarter (improved from 10% in Q1FY27)
  • Growth led by women's health, cardio-metabolics and CNS therapeutic areas
  • Key brand performances (IQVIA data): Orofer XT (+39%), Orofer FCM (+39%), Rosuvas EZ (+64%), Vylda (+18%), Tenectase (+43%)

International Business

  • Revenue: ₹16,652 Mn, representing 34.5% YoY growth (Q2FY26: ₹12,383 Mn)
  • Regional breakdown:
  • Rest of World: ₹6,297 Mn (+41.1% YoY)
  • EU: ₹6,043 Mn (+36.0% YoY)
  • Canada: ₹4,312 Mn (+24.0% YoY)
  • Liposomal Amphotericin B contribution continues to grow
  • Non-ARV business growth acceleration supported by new launches across LATAM, CIS, Asia and Africa
  • ARV business showing strong orderbook and continued scale-up of existing portfolio
  • 20 approvals received including Liposomal Amphotericin B in Brazil and Mexico

Half Year Performance (H1FY27)

  • Revenue from Operations: ₹54,009 Mn, representing 23.6% YoY growth (H1FY26: ₹43,704 Mn)
  • EBITDA: ₹10,828 Mn, representing 28.6% YoY growth with margin of 20.0% (+79 bps YoY)
  • PAT: ₹6,176 Mn, representing 32.5% YoY growth with margin of 11.4% (+77 bps YoY)
  • Adjusted PAT: ₹6,160 Mn, representing 31.4% YoY growth

Balance Sheet Position (as at September 30, 2026)

  • Shareholder's Funds: ₹53,439 Mn (vs ₹49,500 Mn as at March 31, 2026)
  • Share Capital: ₹1,897 Mn (vs ₹1,896 Mn)
  • Reserves & Surplus: ₹51,542 Mn (vs ₹47,604 Mn)
  • Borrowings: ₹14,673 Mn (vs ₹12,041 Mn)
  • Gross Debt: ₹14,673 Mn
  • Cash & Bank Balances: ₹1,502 Mn
  • Net Debt: ₹13,171 Mn
  • Total Assets: ₹99,045 Mn (vs ₹96,125 Mn)
  • Debt increase attributed to Mantra earnout and Gennova consolidation payments

Cash Flow Summary (H1FY27)

  • Net Cash from Operations: ₹7,235 Mn (vs ₹2,562 Mn in H1FY26)
  • Capex: ₹2,877 Mn (vs ₹1,700 Mn in H1FY26)
  • M&A and Consolidation: ₹5,510 Mn (vs ₹2,962 Mn in H1FY26)
  • Net Cash used for Investment: ₹8,394 Mn (vs ₹4,108 Mn in H1FY26)
  • Dividend Payment: ₹683 Mn (vs ₹569 Mn in H1FY26)

Strategic Developments

  • Zuventus and Emcutix to be merged with the holding company as part of 'One Emcure' vision
  • Purpose: Simplify group holding structure and achieve synergies in backend operations and corporate functions
  • Zuventus performance improved sequentially with key brands showing good traction
  • Anchor brands performance: Zostum (+34%), Bevon (+17%) as per IQVIA data
  • Poviztra demonstrated improved traction with 23%+ QoQ growth

Operational Metrics

  • Return on Capital Employed (RoCE): 24.9% as at September 30, 2026 (vs 23.4% as at June 30, 2026, 23.7% as at March 31, 2026, and 22.0% as at March 31, 2025)
  • Canada pipeline: 50+ products with focused first-generic strategy
  • Lenacapavir filing provides visibility to medium term growth outlook

Forward-looking Statements

The document contains standard forward-looking statements disclaimer noting that statements are based on current expectations and involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially.

Investor Relations Contact

  • Saurabh Paliwal (Investor.Relations@emcure.com)
  • Q2FY27 Conference Call scheduled for Tuesday, 3rd November 2026 at 04:00 pm IST