Emcure Pharmaceuticals Limited, the Pune-based drugmaker, reported on 3 November 2026 that its consolidated profit after tax rose 29.3% year-on-year to ₹325.1 crore in the second quarter of FY27 (July to September 2026). Revenue from operations grew 24.3% to ₹2,820.5 crore, with international markets now contributing 59% of sales.

The numbers place Emcure among the stronger performers of the current results season, alongside contract manufacturer Akums, which posted a 168% profit jump, and Sun Pharma, whose India formulations grew 17%.

Key takeaways

• Revenue rose 24.3% to ₹2,820.5 crore, against ₹2,269.8 crore a year earlier.
• EBITDA grew 30.9% to ₹574.8 crore, and the EBITDA margin widened by about 103 basis points to 20.4%.
• Profit after tax rose 29.3% to ₹325.1 crore, with a PAT margin of 11.5%.
• International sales grew 34.5% to ₹1,665.2 crore, while domestic sales grew 12.0% to ₹1,155.3 crore.

Emcure Q2 FY27 results at a glance

According to the results presentation filed with BSE and NSE, gross margin eased to 59.5% from 60.8% a year earlier, but productivity gains and operating leverage lifted EBITDA margin. Profit before tax rose 30.6% to ₹445.9 crore.

For the first half of FY27, revenue grew 23.6% to ₹5,400.9 crore, EBITDA rose 28.6% to ₹1,082.8 crore and profit after tax climbed 32.5% to ₹617.6 crore.

International business drives growth

All three overseas regions grew in double digits during the quarter:

• Rest of the World: up 41.1% to ₹629.7 crore, led by the antiretroviral (ARV) business and new launches.
• Europe: up 36.0% to ₹604.3 crore, helped by the scale-up of Liposomal Amphotericin B.
• Canada: up 24.0% to ₹431.2 crore on base business growth.

The shift mirrors a wider trend among Indian drugmakers. Strides Pharma said its ex-US markets overtook its US business for the first time this quarter, and India’s pharma exports to Europe rose about 10% in H1 FY27.

Domestic brands and pipeline

Domestic sales recorded double-digit growth for the second quarter in a row, improving from 10% in Q1 FY27 to 12%. The company said growth came from its women’s health, cardio-metabolic and central nervous system (CNS) portfolios. Citing IQVIA data, it listed growth of 39% each for Orofer XT and Orofer FCM, 64% for Rosuvas EZ and 43% for Tenectase. At subsidiary Zuventus, anchor brands Zostum and Bevon grew 34% and 17%.

Emcure spent about ₹111 crore on research and development in the quarter and received more than 20 product approvals globally. Its pipeline includes a recommendation in India for lenacapavir injection, the long-acting HIV medicine for which Dr Reddy’s won a USFDA tentative approval the same week.

Group restructuring

The board approved the merger of wholly owned subsidiaries Zuventus Healthcare and Emcutix Biopharmaceuticals into Emcure on 12 October 2026, subject to approval by the National Company Law Tribunal (NCLT), Mumbai bench. Gennova Biopharmaceuticals became a wholly owned subsidiary after Emcure acquired the minority stakes. Net debt rose during the quarter because of the Mantra earn-out and Gennova consolidation payments.

“Q2 was another strong quarter for Emcure, with broad-based growth in revenue, profitability and earnings. We expect business momentum to sustain into H2FY27,” said Satish Mehta, Chairman, Managing Director and CEO, Emcure Pharmaceuticals.

Mehta took on the additional role of Chairman after the company’s annual general meeting on 21 September 2026.

Frequently asked questions

What was Emcure’s net profit in Q2 FY27?

Emcure’s consolidated profit after tax was ₹325.1 crore, up 29.3% from ₹251.4 crore a year earlier.

Which business grew fastest for Emcure?

The Rest of the World region grew fastest, rising 41.1% to ₹629.7 crore on the ARV business and new launches.

Which Emcure subsidiaries are being merged?

Zuventus Healthcare and Emcutix Biopharmaceuticals will merge into Emcure Pharmaceuticals, subject to NCLT and other regulatory approvals.

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