Pune: Emcure Q2 FY27 results showed strong growth in revenue and profitability, with Emcure Pharmaceuticals reporting a 24.3% year-on-year increase in consolidated revenue to INR 28,205 million for the quarter ended September 30, 2026.
Profit After Tax (PAT) rose 29.3% year-on-year to INR 3,251 million, while EBITDA increased 30.9% to INR 5,748 million.
Emcure Pharmaceuticals Ltd. announced its consolidated financial results for the second quarter and half year ended September 30, 2026, on November 3, 2026.
The Emcure Q2 FY27 performance reflected growth across its domestic and international businesses.
The company reported an EBITDA margin of 20.4%, an expansion of 103 basis points year-on-year, while PAT margin stood at 11.5%, up 45 basis points year-on-year.
Domestic business recorded 12.0% year-on-year growth, while international business grew 34.5%.
Emcure Q2 FY27 Revenue and Profit Growth
According to the Emcure Q2 FY27 results, revenue from operations stood at INR 28,205 million, registering 24.3% growth compared with INR 22,698 million in Q2 FY26.
For the first half of FY27, revenue from operations reached INR 54,009 million, representing 23.6% year-on-year growth.
EBITDA increased 30.9% year-on-year to INR 5,748 million in Q2 FY27, compared with INR 4,391 million in the corresponding quarter of the previous financial year. EBITDA margin expanded to 20.4% from 19.3%.
Profit After Tax increased 29.3% to INR 3,251 million in Q2 FY27 from INR 2,514 million in Q2 FY26. PAT margin stood at 11.5%, compared with 11.1% in the year-ago quarter.
For H1 FY27, EBITDA stood at INR 10,828 million, up 28.6% year-on-year, while PAT increased 32.5% to INR 6,176 million.
Satish Mehta on Emcure Q2 FY27 Performance
Commenting on the Emcure Q2 FY27 performance, Satish Mehta, Chairman, Managing Director and CEO, Emcure Pharmaceuticals Ltd., said:
“Q2 was another strong quarter for Emcure, with broad-based growth in revenue, profitability and earnings. Revenue grew 24% year-on-year to INR 28,205 Mn, with India growing 12% and International 34.5%.
EBITDA grew 31% to INR 5,748 Mn, with margin at 20.4%, an expansion of about 100 basis points, driven by productivity gains and operating leverage. PAT grew 29% to INR 3,251 Mn. We expect business momentum to sustain into H2FY27.”
The company’s Emcure Q2 FY27 results showed revenue growth across both domestic and international operations, with international business recording a faster year-on-year increase.
Emcure Domestic Business Grows 12%
Domestic sales during Emcure Q2 FY27 stood at INR 11,553 million, increasing 12.0% year-on-year. The domestic business accounted for 41.0% of consolidated revenue from operations.
For H1 FY27, domestic revenue stood at INR 22,506 million, up 11.1% year-on-year.
Growth was led by the Women’s Health franchise, Cardio-Metabolics and the CNS range, supported by improved traction in Poviztra. Zuventus performance improved sequentially, while consumer health brands Bitter Drops and Galact gained traction.
International Business Revenue Rises 34.5%
International business was a key contributor to the Emcure Q2 FY27 performance. International sales increased 34.5% year-on-year to INR 16,652 million and accounted for 59.0% of consolidated revenue from operations.
H1 FY27 international revenue stood at INR 31,503 million, also representing 34.5% year-on-year growth.
Growth was broad-based across Europe, Canada and Rest of World, driven by continued expansion of the base business and new launches.
Europe revenue grew 36.0% to INR 6,043 million, supported by performance across the UK and continental Europe and aided by the continued scale-up of Liposomal Amphotericin B.
Canada grew 24.0% to INR 4,312 million, driven by continued growth in the base business and recent launches.
Rest of World revenue increased 41.1% to INR 6,297 million. The ARV business continued its strong performance, while non-ARV growth accelerated, supported by new launches and portfolio expansion across Latin America, CIS, Asia and Africa markets.
Emcure Q2 FY27 R&D and Product Approvals
The Emcure Q2 FY27 update also highlighted progress on research and development. Emcure invested INR 1,110 million in R&D during the quarter, representing about 4% of revenue.
The company received more than 20 product approvals across developed and emerging markets.
Lenacapavir injection for the PrEP indication received a positive recommendation from SEC in India. Liposomal Amphotericin B was approved in Brazil and Mexico, while Bevacizumab was approved for the wet age-related macular degeneration indication in India.
Emcure also filed the Lenacapavir injection dossier with the WHO and US FDA.
Emcure Q2 FY27 Net Debt and Financial Position
As of September 30, 2026, net debt stood at INR 13,171 million, according to the Emcure Q2 FY27 financial highlights.
The company’s gross profit for Q2 FY27 stood at INR 16,781 million, up 21.6% year-on-year. Gross margin was 59.5%, compared with 60.8% in Q2 FY26.
Employee costs increased 13.0% year-on-year to INR 4,347 million, while other expenses rose 20.1% to INR 6,686 million.
Profit before tax increased 30.6% year-on-year to INR 4,459 million, while tax stood at INR 1,208 million.
Emcure Board and Corporate Structure Updates
The Emcure Q2 FY27 announcement also included updates related to the company’s corporate structure.
On October 12, 2026, the Board approved the draft Composite Scheme of Amalgamation of wholly owned subsidiaries Zuventus Healthcare Limited and Emcutix Biopharmaceuticals Limited with Emcure Pharmaceuticals Limited.
The scheme aims to simplify the group structure and improve efficiency, subject to statutory and regulatory approvals, including approval from the National Company Law Tribunal, Mumbai Bench.
Following the Annual General Meeting held on September 21, 2026, Satish Mehta took over as Chairman of the Board, in addition to his role as Managing Director and CEO.
Emcure Q2 FY27 Key Financial Numbers
For Emcure Q2 FY27, revenue from operations stood at INR 28,205 million, up 24.3% year-on-year. Domestic revenue was INR 11,553 million, while international revenue stood at INR 16,652 million.
EBITDA increased 30.9% to INR 5,748 million, with an EBITDA margin of 20.4%. PAT rose 29.3% to INR 3,251 million, with PAT margin at 11.5%.
For H1 FY27, revenue reached INR 54,009 million, EBITDA stood at INR 10,828 million and PAT was INR 6,176 million.
