EMCURE · Healthcare
Emcure Pharmaceuticals Ltd. reported revenue of ₹2,363 cr for October to December 2025, +20.4% on the year and +4.1% on the quarter. It is the highest quarterly revenue in the last 11 quarters on record. Over the last four quarters revenue comes to ₹8,850 cr, +17.2% on the four before.
Operating profit (EBITDA) was ₹493 cr, a margin of 20.9%, +278 bps on the year and −6 bps on the quarter. Over the last 8 quarters the margin has ranged from 17.6% to 20.9%, averaging 19.2%. Operating costs grew +16.3% against revenue growth of +20.4%, so more of each rupee of sales reached operating profit.
Net profit was ₹231 cr, +48.1% on the year and −8.0% on the quarter, with earnings per share of ₹12.16. Profit before other income, one-offs and tax grew faster, at +54.9%; other income, one-offs or tax held the headline back. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹894 cr, +41.5% on the four before.
On earnings per share of ₹45.89 over the last four quarters, the stock at ₹1,818.60 trades at 39.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,663 cr | ₹1,668 cr | ₹1,771 cr | ₹1,815 cr | ₹2,002 cr | ₹1,963 cr | ₹2,116 cr | ₹2,101 cr | ₹2,270 cr | ₹2,363 cr | ₹2,470 cr | ₹2,580 cr |
| YoY | — | — | — | +17% | +20% | +18% | +19% | +16% | +13% | +20% | +17% | +23% |
| EBITDA margin | 19.8% | 17.6% | 17.6% | 18.5% | 19.0% | 18.1% | 19.0% | 19.8% | 20.9% | 20.9% | 19.4% | 20.6% |
| Other income, % of PBT | −1% | 13% | 7% | 11% | 13% | 2% | −2% | 0% | 1% | −11% | 4% | 1% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 30% | 27% | 26% | 26% | 32% | 24% | 26% | 26% | 26% | 29% | 26% |
| Net profit | ₹146 cr | ₹120 cr | ₹121 cr | ₹153 cr | ₹202 cr | ₹156 cr | ₹197 cr | ₹215 cr | ₹251 cr | ₹231 cr | ₹244 cr | ₹292 cr |
| YoY | — | — | — | +9% | +38% | +30% | +63% | +41% | +24% | +48% | +24% | +36% |
| Core profit YoY | — | — | — | +5% | +19% | +52% | +72% | +58% | +43% | +55% | +22% | +35% |
| EPS | ₹7.69 | ₹6.27 | ₹6.36 | ₹7.95 | ₹10.29 | ₹8.11 | ₹9.97 | ₹10.92 | ₹12.84 | ₹12.16 | ₹12.84 | ₹15.50 |
| Flags | · | · | · | ✓ | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Emcure Pharmaceuticals Ltd. reported revenue of ₹2,363 cr (+20.4% on the year) and net profit of ₹231 cr (+48.1% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +54.9% on the year, against +48.1% for reported profit.
None of the 7 checks that could run raised a question.
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.