Emcure Pharmaceuticals shares rose 10% to a record high of ₹2,180.80 on the BSE on Wednesday, 4 November 2026. The drug maker's adjusted profit rose 29.3% to ₹325.1 crore in the July–September quarter, according to Livemint.
The numbers beat Jefferies' estimates, and the company raised its growth outlook for this year, reported Economic Times.
What happened
The stock hit its upper circuit, the highest price allowed for the day. It had already gained 5% in the previous session. That makes a 16% rise in two trading days, Livemint said.
The share is now 67% above its 52-week low of ₹1,307.50, seen in November 2025. Livemint said the stock is up 12% in one month, 10% in three months, 21% in six months and 64% in one year.
The Hindu BusinessLine linked the rally to strong growth in the international business. NDTV Profit reported that Jefferies and Kotak kept their Buy ratings after the results.
The numbers
| Item | Q2 FY26 | Q2 FY27 | Growth |
|---|---|---|---|
| Revenue from operations | ₹2,269.8 crore | ₹2,820.5 crore | 24.3% |
| EBITDA | ₹439.1 crore | ₹574.8 crore | 30.9% |
| EBITDA margin | 19.3% | 20.4% | 103 basis points |
| Adjusted profit after tax | ₹251.4 crore | ₹325.1 crore | 29.3% |
| India revenue | ₹1,031.4 crore | ₹1,155.3 crore | 12% |
| International revenue | ₹1,238.3 crore | ₹1,665.2 crore | 34.5% |
The table compares the July–September quarter of this year with the same quarter last year, using figures from Economic Times and Livemint. FY27 is the financial year from April 2026 to March 2027.
EBITDA is profit from the main business before interest, tax and some accounting charges. The margin shows how much of each ₹100 of sales is left as EBITDA. For Emcure, that was about ₹20.40 this quarter.
The Hindu BusinessLine called the profit consolidated net profit of ₹325.06 crore, up 29.31%. Economic Times and Livemint called it adjusted profit after tax. The figures are close, but the labels differ. Readers can check the company filing on the BSE or NSE website.
India and international sales together add up to ₹2,820.5 crore. By our calculation, international markets brought in about 59% of total revenue this quarter.
Where the growth came from
India sales grew 12%, Livemint said. This was the second quarter in a row of double-digit growth, up from 10% in the June quarter. Jefferies said organic growth, which leaves out gains from bought businesses, improved to 10% from 6%. Management expects India growth to match or beat industry growth in the January–March 2027 quarter.
Abroad, sales rose 34.5%. The company expects this growth to continue, helped by Amphotericin B, an anti-fungal medicine. It plans launches in 20 European countries and already has approvals in Brazil, Mexico and Colombia. It also named Treprostinil, a low-volume but high-value product, as a coming launch.
Emcure received more than 20 product approvals during the quarter, Economic Times reported. These include:
- A positive recommendation in India from the Subject Expert Committee (SEC), an expert panel, for Lenacapavir injection for PrEP. PrEP is medicine taken to lower the risk of getting HIV.
- Approvals for Liposomal Amphotericin B in Brazil and Mexico.
- Bevacizumab in India for wet age-related macular degeneration, an eye disease.
The company also filed its Lenacapavir papers with the World Health Organization (WHO) and the US Food and Drug Administration (FDA).
Under a plan called One Emcure, the company wants to merge its group companies Zuventus and Emcutix into the parent company. The aim is a simpler group structure and shared back-office and corporate work, Livemint said. Our business section explains more company mergers and deals.
What analysts said
| Brokerage | View | Target price | Upside, as reported |
|---|---|---|---|
| Jefferies | Buy | ₹2,500 (earlier ₹2,320) | 33% (Economic Times); 15% from the day's high (Livemint) |
| Kotak Institutional Equities | Buy | ₹2,450 | Over 12% (Livemint) |
| HDFC Securities | Festive season pick | ₹2,208 | 17% (Economic Times) |
The table lists brokerage target prices. A target price is an opinion, not a promise.
The two upside figures for Jefferies do not match. By our calculation, ₹2,500 is about 14.6% above Wednesday's high of ₹2,180.80. We could not confirm which base price Economic Times used. Also by our calculation, the HDFC Securities target is only about ₹27 above that high.
Jefferies said revenue, EBITDA and profit beat its estimates by 7–10%, mainly because of stronger international growth. It raised its earnings per share (EPS) estimates for FY27 to FY29 by 3–4%. "We remain positive on the near- to mid-term outlook, supported by multiple growth drivers and operating-leverage benefits," it said in a note.
Kotak expects FY27 sales growth above 20%, up from its earlier mid-teens estimate. It expects margin gains at the top end of the company's 75–100 basis point guidance. It sees EPS growing 19% a year from FY26 to FY29, helped by Zuventus, new launches and wider use of existing medicines.
HDFC Securities named Emcure among ten festive season stock picks. It said the India medicines business is growing well in women's health, anti-infective, heart and diabetes medicines. It named brands such as Orofer, Amaryl M, Bevon, Clexane, Maxtra, Zostum and Feronia-XT.
Reports differ on whose forecast the over-20% growth figure is. Economic Times said management raised its FY27 guidance. Livemint and BusinessLine described it as the brokerages' estimate.
Why it matters to a common investor
Profit grew faster than sales, so the company kept more from each rupee it earned. Our results section explains other company numbers in the same simple way.
Still, one strong quarter does not mean the share will keep rising. After a 64% rise in a year, some good news may already be in the price.
Risks to keep in mind
- About 59% of revenue came from abroad this quarter (our calculation). Changes in foreign rules, prices or currency can hurt this business.
- Launches in Europe and of Treprostinil may take time, and approvals can be delayed.
- Filing Lenacapavir with the WHO and US FDA is not the same as approval.
- Forecasts and target prices can be cut if later quarters are weaker.
- After a 16% rise in two days, the price can swing sharply either way.
What to watch next
- Whether India growth matches industry growth in the January–March 2027 quarter.
- Progress of Amphotericin B launches in Europe and the Treprostinil launch.
- Regulator decisions on Lenacapavir.
- Steps on the One Emcure merger plan.
- The full results filing on the BSE or NSE website.
Words explained
- Upper circuit: The highest price a share may reach in one day.
- Adjusted profit after tax: Profit after all costs and tax, with some one-time items removed.
- EBITDA: Earnings before interest, tax, depreciation and amortisation. It shows profit from the main business.
- Basis point: One-hundredth of 1%. So 100 basis points equal 1 percentage point.
- Guidance: A company's own forecast for its future sales or margins.
- Target price: The price a brokerage thinks a share may reach.
- Earnings per share (EPS): Profit divided by the number of shares. If ₹100 profit is shared over 10 shares, EPS is ₹10.
- Operating leverage: When sales grow but fixed costs stay about the same, profit grows faster than sales.
Sources: Economic Times, Livemint, The Hindu BusinessLine, NDTV Profit.
This article is for information and education only. It is not investment advice. MarketUpDown is not registered with SEBI as an investment adviser or research analyst. Read our disclaimer.