Small Pharmaceuticals

Emcure Pharmaceuticals Ltd.

EMCURE

₹1332.4

-0.12% (-1.6)

Market Cap

₹25,225 Cr.

P/E

37.02

Emcure Pharmaceuticals Ltd.
Overview
Financials
Benchmarking
Shareholding

Emcure Pharmaceuticals Ltd.

Emcure Pharmaceuticals Ltd.
Overview
Financials
Benchmarking
Shareholding

Price
Growth Table
Balance Sheet
Profit & Loss
Cash Flow
Cash Flow Analysis
Ratios
Quarterly Results
Reverse DCF

FAQs on Emcure Pharmaceuticals Ltd. Shareprice

Has the share price of Emcure Pharma grown faster than its competition?

There is not enough historical data for the companies share price.

Is Emcure Pharma stock expensive?

Emcure Pharma is not expensive.
Latest PE of Emcure Pharma is 37.02, while 3 year average PE is 47.81.
Also latest EV/EBITDA of Emcure Pharma is 17.5 while 3yr average is 18.4.

View FAQ's On Business

Growth Table

Emcure Pharmaceuticals Ltd.
Wockhardt
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Pfizer
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In %	1yr	2yr	3yr	4yr	5yr	6yr	7yr	8yr	9yr	10yr
Share Price CAGR	—	—	—	—	—	—	—	—	—	—
TTM EPS CAGR	—	—	—	—	—	—	—	—	—	—
Sales CAGR	18.59	—	—	—	—	—	—	—	—	—
PAT Margin (Abs Growth)	-1.44	-3.98	1.08	5.85	3.49	3.66	1.86	-5.11	0.94	-2.73
PE CAGR	—	—	—	—	—	—	—	—	—	—
CFO CAGR	46.92	19.51	15.92	21.69	19.82	14.68	13.23	12.23	8.58	14.32

* Share price and PE growth are updated everyday. All other fields are as of latest financial year end. EPS adjusted for bonus and splits.

Balance Sheet

Emcure Pharmaceuticals Ltd.
Wockhardt
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Pfizer
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Assets	4,241	4,592	5,089	5,440	5,803	6,659	5,947	6,573	7,709	8,233
Non Current Assets	2,278	2,756	2,908	3,124	3,257	3,050	2,597	2,798	3,409	3,677
Net Block	1,853	1,941	2,049	2,247	2,382	2,412	2,044	2,147	3,125	2,847
Capital Work in Progress	162	440	531	581	485	302	320	411	159	124
Intangible Assets Under Development	64.40	54.45	37.52	159	153	80.03	10.10	7.88	26.77	53.34
Long Term Investments	0.32	0.32	0.00	0.00	0.00	0.00	25.00	25.00	18.42	19.34
Current Assets	2,110	2,005	2,335	2,453	2,703	3,717	3,424	3,836	4,254	4,556
Inventory	912	995	928	1,128	1,173	1,514	1,449	1,383	1,525	1,932
Accounts Receivable	752	642	870	972	1,145	1,475	1,309	1,648	1,859	2,002
Short Term Investments	—	—	—	—	—	—	—	—	300	76.04
Cash & Bank Balances	313	263	270	104	164	524	313	458	232	165
Liabilities	4,241	4,592	5,089	5,440	5,803	6,659	5,947	6,573	7,709	8,233
Shareholders Funds	1,393	1,582	1,701	1,835	1,912	2,273	1,988	2,501	2,952	4,446
Share Capital	181	181	181	181	181	181	181	181	181	189
Reserves	1,202	1,387	1,504	1,639	1,704	2,080	1,791	2,305	2,757	4,257
Non Current Liabilities	1,057	1,126	998	997	899	883	868	905	1,377	923
Secured Loans	910	951	790	674	541	694	709	737	761	—
Unsecured Loans	17.53	18.54	15.34	13.99	11.94	10.26	8.54	6.90	5.24	190
Current Liabilities	1,731	1,817	2,336	2,543	2,920	3,408	2,965	3,019	3,210	2,668
Accounts Payable	505	506	622	685	741	972	1,125	1,086	1,309	1,480
Short Term Loans	379	470	763	1,087	1,271	1,253	1,085	1,132	947	542

Balance Sheet Snapshot

No data available.

Fund Flow Analysis

Increase
Decrease
Total

No data available.

*Data is as of latest FY end

Profit & Loss

Emcure Pharmaceuticals Ltd.
Wockhardt
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Pfizer
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	TTM
Sales	4,365	4,188	4,228	4,717	5,049	6,056	5,855	5,986	6,658	7,896
Operating Expenses	3,229	3,336	3,461	3,968	4,345	4,824	4,525	4,805	5,429	6,422
Raw Material	1,550	1,391	1,317	1,780	1,893	2,604	2,173	2,004	2,447	1,527
Material Cost (%)	31.42	31.10	32.12	34.92	37.54	38.82	34.62	34.60	33.89	16.00
Employee Cost	804	832	887	1,010	1,106	1,102	1,012	1,117	1,292	1,446
Power & Fuel Cost	70.50	71.68	83.14	94.47	101	105	97.28	109	120	—
Operating Profit	1,136	852	767	749	704	1,232	1,330	1,181	1,230	1,474
Other Income	28.27	20.85	46.30	95.14	82.31	35.39	63.47	45.91	56.99	67.44
OPM (%)	26.03	20.34	18.14	15.87	13.94	20.34	22.71	19.73	18.47	18.67
Depreciation and Amortisation	168	217	228	267	321	323	245	260	312	384
Interest	119	174	176	223	257	198	176	214	237	176
Profit Before Tax	770	296	290	331	105	657	973	747	727	971
Tax	201	44.26	116	121	4.72	239	270	185	200	264
Net Profit	558	240	175	195	83.61	392	662	532	498	707
Number of shares(Crs)	—	—	—	—	—	—	—	—	—	—
Dividend Payout Ratio(%)	32.39	22.62	36.15	32.45	54.08	4.61	8.19	6.80	10.91	—

TTM Values as of Mar 2025

Cash Flow

Emcure Pharmaceuticals Ltd.
Wockhardt
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Pfizer
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash from Operating Activity	436	460	482	444	500	704	768	747	1,097	852
Profit Before Tax	770	296	290	331	105	657	973	747	727	971
Adjustments	290	392	411	397	611	582	399	492	543	552
OCF Before Working Capital	1,060	687	701	728	716	1,239	1,371	1,240	1,270	1,523
Working Capital Changes	-331	-94.13	-166	-149	-124	-335	-292	-292	50.52	-424
Taxes Paid	-293	-134	-52.47	-134	-92.15	-200	-311	-200	-224	-247
Cash from Investing Activity	-689	-616	-426	-409	-164	-252	-789	-468	-713	-94.00
Net Fixed Assets Purchased	-442	-588	-403	-405	-138	-133	-394	-402	-276	-191
Fixed Assets Purchased	-445	-595	-415	-417	-155	-146	-397	-403	-307	-222
Fixed Assets Sold	3.21	7.13	12.56	11.49	16.61	12.51	3.12	1.27	31.54	30.60
Investment Purchased	—	—	-8.18	-1.60	-27.05	-14.72	-269	-265	-999	—
Investment Sold	—	—	0.41	—	—	—	138	194	889	—
Interest Recieved	2.78	4.38	0.81	2.49	1.32	7.58	5.95	5.24	17.95	23.14
Dividends Recieved	—	—	—	—	—	—	—	—	—	—
Subsidiary Investments	-241	-32.28	-16.51	-4.03	—	-112	-275	—	-345	—
Cash from Financing Activity	303	293	-68.50	-735	-301	-189	-152	-145	-164	-814
Proceeds From Shares	—	—	—	—	—	—	—	—	7.66	—
Net Long Term Borrowings	533	190	-131	-227	-170	166	-75.28	14.86	65.14	-883
Proceeds From Borrowings	913	921	368	489	195	577	371	358	547	—
Repayment From Borrowings	-380	-732	-499	-716	-365	-411	-447	-343	-482	-883
Interest Paid	-110	-151	-145	-199	-202	-184	-155	-179	-208	-129
Dividend Paid	-108	-29.59	-55.49	-83.61	-54.59	-22.18	-62.45	-44.36	-62.45	—
Net Cash Flow	50.77	137	-12.54	-699	36.03	264	-172	134	221	-56.25
Opening Cash & Cash Equivalents	-129	-65.83	71.16	58.65	-641	-609	-350	-308	-175	43.99
Effect of FX	—	-0.47	0.03	-0.14	-4.17	-4.62	0.19	-0.13	-2.00	-2.05
Closing Cash & Cash Equivalents	-65.89	71.16	58.65	-641	-609	-350	-308	-175	43.99	-14.31
Net Capex (est)	442	588	403	405	138	133	394	402	276	191
Free Cash Flow (est)	-6.18	-128	79.43	38.74	362	571	374	345	822	661

Cash Flow Analysis

Increase
Decrease
Total

No data available.

Ratios

= Dominant Factor

Emcure Pharmaceuticals Ltd.
Wockhardt
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Pfizer
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	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Operational Ratios
Quick Ratio	0.66	0.69	0.56	0.60	0.52	0.52	0.65	0.67	0.81	0.85
Liquid Assets (Crs)	930	1,197	1,009	1,407	1,325	1,530	2,203	1,975	2,453	2,730
Current Liabilities (Crs)	1,408	1,731	1,817	2,336	2,543	2,920	3,408	2,965	3,019	3,210
Current Ratio	1.10	1.22	1.10	1.00	0.96	0.93	1.09	1.15	1.27	1.33
Current Assets (Crs)	1,555	2,110	2,005	2,335	2,453	2,703	3,717	3,424	3,836	4,254
Current Liabilities (Crs)	1,408	1,731	1,817	2,336	2,543	2,920	3,408	2,965	3,019	3,210
Interest Coverage Ratio	4.64	7.45	2.70	2.65	2.48	1.41	4.32	6.53	4.50	4.07
EBIT (Crs)	716	996	656	585	577	465	944	1,149	967	974
Interest Expenses (Crs)	102	119	174	176	223	257	198	176	214	237
Fixed Asset Turnover	1.99	2.16	1.81	1.60	1.52	1.42	1.54	1.69	1.57	1.32
Net Sales (Crs)	3,777	4,365	4,188	4,228	4,717	5,049	6,056	5,855	5,986	6,658
Fixed Assets (Crs)	1,896	2,020	2,317	2,635	3,105	3,561	3,932	3,472	3,802	5,052
Cash Conversion Cycle	-15.81	-15.86	0.04	-3.59	0.84	17.26	22.04	-13.39	-21.59	-21.19
Inventory Days	39.70	63.55	81.91	82.86	76.82	80.50	78.47	90.46	84.77	78.21
Days Receivable	40.91	56.18	59.85	65.16	68.83	74.07	76.52	84.97	88.49	94.32
Days Payable	96.42	136	142	152	145	137	133	189	195	194
Debt to Equity Ratio	1.03	1.13	1.15	1.17	1.16	1.13	1.02	1.05	0.87	0.70
Total Debt (Crs)	992	1,567	1,815	1,988	2,128	2,170	2,310	2,077	2,182	2,072
Shareholders Equity (Crs)	967	1,393	1,582	1,701	1,835	1,912	2,273	1,988	2,501	2,952
Free Cash Flow/Sales (%)	8.96	-0.14	-3.05	1.88	0.82	7.18	9.43	6.39	5.76	12.34
Free Cash Flow(est) (Crs)	338	-6.18	-128	79.43	38.74	362	571	374	345	822
Net Sales (Crs)	3,777	4,365	4,188	4,228	4,717	5,049	6,056	5,855	5,986	6,658
Profitability Ratios
Gross Margin (%)	65.80	68.58	68.90	67.88	65.08	62.46	61.18	65.38	65.40	66.11
Op Profit Margin (%)	22.99	26.03	20.34	18.14	15.87	13.94	20.34	22.71	19.73	18.47
Operating Profit (Crs)	903	1,164	873	813	844	786	1,267	1,393	1,227	1,287
Net Sales (Crs)	3,777	4,365	4,188	4,228	4,717	5,049	6,056	5,855	5,986	6,658
Net Profit Margin (%)	6.79	12.79	5.73	4.14	4.14	1.66	6.47	11.31	8.89	7.48
Net Profit (Crs)	256	558	240	175	195	83.61	392	662	532	498
Net Sales (Crs)	3,777	4,365	4,188	4,228	4,717	5,049	6,056	5,855	5,986	6,658
ROCE (%)	46.22	39.69	23.63	21.25	19.91	16.14	29.04	38.51	27.21	21.66
EBIT (Crs)	716	996	656	585	577	465	944	1,149	967	974
Capital Employed (Crs)	1,548	2,510	2,775	2,753	2,897	2,883	3,251	2,983	3,554	4,499
Return on Assets (%)	8.67	13.17	5.22	3.44	3.59	1.44	5.89	11.13	8.09	6.46
Net Profit (Crs)	256	558	240	175	195	83.61	392	662	532	498
Total Assets (Crs)	2,957	4,241	4,592	5,089	5,440	5,803	6,659	5,947	6,573	7,709
ROIC (%)	41.24	34.17	23.01	13.71	11.36	14.64	23.07	30.95	23.42	16.23
Op Profit after Taxes (Crs)	480	715	540	323	305	366	579	784	693	665
Invested Capital (Crs)	1,164	2,094	2,346	2,357	2,683	2,500	2,508	2,533	2,957	4,099
ROE (%)	26.51	40.09	15.17	10.29	10.63	4.37	17.25	33.32	21.27	16.87
Net Profit Margin (%)	6.79	12.79	5.73	4.14	4.14	1.66	6.47	11.31	8.89	7.48
Asset Turnover ratio	1.28	1.03	0.91	0.83	0.87	0.87	0.91	0.98	0.91	0.86
Equity Multiplier	3.06	3.05	2.90	2.99	2.96	3.04	2.93	2.99	2.63	2.61
Adjusted EPS	14.17	30.87	13.26	9.68	10.79	4.62	21.68	36.62	29.42	27.50
Valuation Ratios
P/E	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Book	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EV/EBITDA	0.91	1.23	1.99	2.34	2.61	2.78	1.55	1.40	1.55	1.57
Dividend Yield (%)	—	—	—	—	—	—	—	—	—	—

Quarterly Results

Emcure Pharmaceuticals Ltd.
Wockhardt
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Pfizer
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In Rs. Cr.	Jun'23	Sep'23	Dec'23	Mar'24	Jun'24	Sep'24	Dec'24	Mar'25
Net Sales	1,556	1,663	1,668	1,771	1,815	2,002	1,963	2,116
Operating Expenses	1,261	1,334	1,361	1,461	1,479	1,621	1,608	1,714
Increase/Decrease in Stock	-52.62	55.51	-122	-71.19	-28.76	-105	-46.03	-83.62
Raw Material	326	334	301	373	332	391	400	404
Employee Cost	309	312	332	339	350	356	367	373
Selling and Distribution Expenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Electricity, Power & Fuel Cost	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Gen_AdminExpenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Miscellaneous Expenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Profit	296	329	307	311	336	381	355	402
Other Income	14.98	1.33	15.72	12.42	23.44	35.65	3.90	4.45
Interest	52.07	58.94	60.65	65.49	58.76	46.22	31.78	39.02
PBDT	259	268	255	257	301	370	327	357
Depreciation and Amortization	67.17	70.28	84.39	90.56	93.59	96.90	96.81	96.84
Profit Before Tax	191	198	171	167	207	273	230	261
Tax	50.38	52.19	51.20	45.89	54.82	71.86	73.83	63.38
Profit After Tax	141	146	120	121	153	202	156	197
Exceptional Items	0.00	-3.13	-6.66	-0.14	0.00	0.00	0.00	-10.38
Net Profit	130	139	113	115	144	195	154	189
Quarterly Ratios
EPS	7.21	7.69	6.27	6.36	7.95	10.29	8.11	9.97
Operating Profit Margin	19.00	19.79	18.41	17.54	18.53	19.02	18.07	19.01
Net Profit Margin	9.06	8.77	7.18	6.83	8.41	10.07	7.95	9.32

Reverse DCF

Earnings

Discount Rate (%)

Terminal Multiple

5 YEAR

10 YEAR

20 YEAR

45.90%

Implied Growth Rate over a 5 year period*

16.50%

Implied Growth Rate over a 10 year period*

7.50%

Implied Growth Rate over a 20 year period*

*Implied Growth calculated using Newton-Rhapson method.

Learn how to use Reverse DCF

FAQs on Emcure Pharmaceuticals Ltd. Financials

How strong is Emcure Pharma balance sheet?

Balance sheet of Emcure Pharma is strong.
But short term working capital might become an issue for this company.

Is the debt of Emcure Pharma increasing or decreasing?

The net debt of Emcure Pharma is decreasing.
Latest net debt of Emcure Pharma is ₹566 Crs as of Mar-25.
This is less than Mar-24 when it was ₹1,608 Crs.

Is the profitablity of Emcure Pharma improving?

The profit is oscillating.
The profit of Emcure Pharma is ₹707 Crs for TTM, ₹498 Crs for Mar 2024 and ₹532 Crs for Mar 2023.

Does Emcure Pharma pay decent dividends?

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
Emcure Pharma latest dividend payout ratio is 10.91% and 3yr average dividend payout ratio is 8.63%

How has Emcure Pharma allocated its funds?

Companies resources are allocated to majorly productive assets like Plant & Machinery

View FAQ's On Shareholding

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Emcure Pharmaceuticals Ltd.

Emcure Pharmaceuticals Ltd.

Has the share price of Emcure Pharma grown faster than its competition?

Is Emcure Pharma stock expensive?

How strong is Emcure Pharma balance sheet?

Is the debt of Emcure Pharma increasing or decreasing?

Is the profitablity of Emcure Pharma improving?

Does Emcure Pharma pay decent dividends?

How has Emcure Pharma allocated its funds?

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