EMCUREEmcure Pharmaceuticals Ltd.
Emcure Pharmaceuticals Q2 FY27 Results: Consolidated Net Profit ₹325 Crore on Total Income of ₹2,824 Crore
- Earnings
- pharmaceuticals
Reviewed byKeshav SehgalBlacklitt Research
Emcure Pharmaceuticals (NSE: EMCURE) reported consolidated total income of ₹2,823.73 crore and net profit of ₹325.07 crore for the quarter ended 30 Sep 2026, it said in a filing on 03 Nov 2026. Standalone total income was ₹1,701.52 crore and standalone net profit ₹248.43 crore for the same quarter.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹2,823.73 crore, up 24.2% YoY and 9.3% QoQ
- Net profit and EPS: ₹325.07 crore, up 29.3% YoY; basic EPS ₹17.16
- Finance costs: ₹35.58 crore, up 9.3% YoY
Standalone
The company on its own, without its subsidiaries
- Total income: ₹1,701.52 crore, up 32.6% YoY and 15.3% QoQ
- Net profit and EPS: ₹248.43 crore, up 111.2% YoY; basic EPS ₹13.10
- Other income: ₹33.54 crore, up 47.4% YoY
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 2,823.73 | 2,272.95 | +24.2% | 2,582.52 | +9.3% | |
| Revenue from operations | 2,820.47 | 2,269.82 | +24.3% | 2,580.45 | +9.3% |
| Other income | 3.25 | 3.12 | +4.2% | 2.07 | +57.1% |
| 325.07 | 251.37 | +29.3% | 292.49 | +11.1% | |
| Profit before tax | 445.85 | 341.42 | +30.6% | 393.53 | +13.3% |
| Finance costs | 35.58 | 32.54 | +9.3% | 31.54 | +12.8% |
| Depreciation | 109.66 | 104.64 | +4.8% | 109.50 | +0.1% |
| Tax expense | 120.78 | 90.05 | +34.1% | 101.03 | +19.5% |
| Net profit margin | 11.51% | 11.06% | +0.45 pp | 11.33% | +0.19 pp |
| EPS, basic (₹) | 17.16 | 12.85 | +33.5% | 15.50 | +10.7% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit grew faster than total income in the quarter. Net profit rose 29.3% year on year to ₹325.07 crore while total income rose 24.2%, and profit before tax rose 30.6% to ₹445.85 crore. Tax expense rose 34.1% to ₹120.78 crore, so the tax rate on profit before tax was 27.1%, against 26.4% a year earlier.
Other income was ₹3.25 crore, or 0.1% of total income, so revenue from operations of ₹2,820.47 crore accounts for almost all of the quarter's income. Revenue from operations rose 24.3% year on year, against 4.2% growth in other income. Finance costs of ₹35.58 crore were 1.3% of total income.
The press release gives consolidated EBITDA of ₹574.8 crore, up 30.9%, with an EBITDA margin of 20.4%, and says that productivity gains and operating leverage drove the margin. Domestic revenue was ₹1,155.3 crore, up 12.0%, and international revenue ₹1,665.2 crore, up 34.5%. The consolidated exceptional items line is nil for the quarter, against ₹31.35 crore a year earlier, so the comparison with the prior-year quarter is not affected by an exceptional charge in this quarter.
The statement shows net profit before minority interests of ₹325.07 crore and profit attributable to owners of ₹325.57 crore, with a non-controlling interest loss of ₹0.50 crore. Net debt was ₹1,317.1 crore at 30 Sep 2026, according to the press release.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 1,701.52 | 1,283.36 | +32.6% | 1,475.96 | +15.3% | |
| Revenue from operations | 1,667.98 | 1,260.60 | +32.3% | 1,450.93 | +15.0% |
| Other income | 33.54 | 22.75 | +47.4% | 25.03 | +34.0% |
| 248.43 | 117.62 | +111.2% | 200.11 | +24.1% | |
| Profit before tax | 332.38 | 157.89 | +110.5% | 268.67 | +23.7% |
| Finance costs | 32.42 | 27.71 | +17.0% | 32.78 | -1.1% |
| Depreciation | 65.01 | 61.74 | +5.3% | 63.17 | +2.9% |
| Tax expense | 83.95 | 40.27 | +108.5% | 68.56 | +22.4% |
| Net profit margin | 14.60% | 9.17% | +5.44 pp | 13.56% | +1.04 pp |
| EPS, basic (₹) | 13.10 | 6.21 | +111.0% | 10.55 | +24.2% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit more than doubled, rising 111.2% to ₹248.43 crore, faster than total income, which rose 32.6%. Profit before tax rose 110.5% to ₹332.38 crore. Consolidated net profit of ₹325.07 crore is ₹76.64 crore higher than standalone, and consolidated growth of 29.3% was slower than standalone growth.
Other income of ₹33.54 crore is 2.0% of standalone total income and 10.1% of standalone profit before tax. Other income rose 47.4% year on year, faster than revenue from operations, which rose 32.3%. Standalone finance costs were ₹32.42 crore, 1.9% of total income.
Standalone tax expense of ₹83.95 crore was 25.3% of profit before tax, up 108.5% from the year-earlier quarter. Standalone EPS rose to ₹13.10 from ₹6.21.
The filing says the statutory auditor, B S R & Co. LLP, issued limited review reports with unmodified conclusions on both sets of results. The Board approved the results at its meeting on 3 Nov 2026.
On 21 Jul 2026 the holding company completed the purchase of minority shares in Gennova Biopharmaceuticals, taking its holding from 87.95% to 100%, with an excess consideration of ₹2,076.81 crore adjusted to retained earnings. Gennova also agreed on 10 Jul 2026 to transfer its mRNA business on a slump sale for ₹1,395 crore in cash. The filing does not say whether that transfer has been completed.
The Board approved on 12 Oct 2026 the amalgamation of Zuventus Healthcare and Emcutix Biopharmaceuticals into the company, without consideration or share issue, subject to NCLT sanction. The filing does not give a timetable for that sanction. Management says it expects business momentum to sustain into H2 FY27, a view the filing gives in its own words.
Inference
The filing reports that the Board approved the results and that the auditors gave unmodified conclusions. It also records a completed acquisition of Gennova's minority shares for an excess consideration of ₹2,076.81 crore, and a pending amalgamation of two subsidiaries subject to NCLT sanction.
The filing does not say what effect the Gennova transaction and the pending amalgamation will have on the group's future results, or when NCLT sanction is expected.
Filed with BSE on . Reference: Original filing (PDF)
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