Emcure Pharmaceuticals crossed USD 1Bn+ in operating revenue for FY26, with revenue from operations rising 16.6% YoY to INR 92,035 Mn and profit after tax growing 33.1% to INR 9,413 Mn.

The company's investor presentation for September 2026 outlines full-year FY26 financials alongside Q1 FY27 results, detailing performance across its domestic and international segments. EBITDA expanded 21.8% to INR 17,886 Mn, with EBITDA margin improving 80 bps to 19.4%. Adjusted PAT, which excludes tax-adjusted exceptional items, labour code impact, and changes in fair value of contingent consideration, rose 40.9% to INR 10,075 Mn. Earnings per share stood at INR 48.7, up 33.8% YoY.

FY26 financial performance

The following table summarises key profit and loss metrics for FY26 versus FY25.

Return on capital employed (RoCE) improved to 23.7% in FY26 from 19.4% in FY24, a gain of 430 bps over the two-year period. Revenue has grown at a 17.6% CAGR over FY24 to FY26, while PAT has compounded at 33.6% over the same period.

Domestic and international segment breakdown

Domestic revenue for FY26 stood at INR 40,270 Mn, up 10.0% YoY, representing 44% of group revenue. International revenue grew 22.2% to INR 51,766 Mn, accounting for 56% of group revenue. Among international regions, Europe posted the strongest absolute growth, with revenue rising 25.5% to INR 18,498 Mn. Canada grew 18.7% to INR 14,869 Mn, while Rest of World expanded 21.8% to INR 18,399 Mn.

The domestic franchise is chronic-led, with chronic mix exceeding 60% in FY26 compared to approximately 46% in FY23. Complex products account for approximately 50% of India sales. The company holds the #2 rank in gynaecology by value and is ranked #13 overall in the covered market as per IQVIA Mar-26 data.

Q1 FY27 performance

In Q1 FY27, Emcure Pharmaceuticals reported revenue from operations of INR 25,804 Mn, up 22.8% YoY and 4.5% QoQ. PAT rose 36.2% YoY to INR 2,925 Mn, with PAT margin expanding 110 bps YoY to 11.3%. EBITDA grew 25.8% YoY to INR 5,080 Mn, with EBITDA margin at 19.7%.

R&D and manufacturing footprint

Emcure Pharmaceuticals operates 5 R&D facilities with 548 qualified scientists, including 48 PhD holders, and holds 220 patents. R&D investment stood at 4.2% of FY26 revenue. The company's complex product platforms include chiral molecules, iron franchise, novel drug delivery systems, niche biologics, and complex injectables, which together contribute approximately 50% of India revenue and approximately 30% of international revenue.

Manufacturing is spread across 13 facilities in India, covering orals, biotech, API, general injectables, and oncology injectables. The facilities are compliant with multiple global regulatory bodies including USFDA, Health Canada, EDQM Europe, TGA Australia, ANVISA Brazil, and SAHPRA South Africa.

Sustainability highlights

In FY26, renewable power accounted for 64.7% of total energy mix, up from 0.5% in FY23. Scope 2 GHG emissions fell 8.5% YoY, and combined Scope 1 and Scope 2 GHG emissions intensity declined 18% to 1.5 tCO2e per INR Mn. Water intensity fell 10% to 10.5. Waste recovered reached 84.3%. The company reported zero fatalities and zero data breaches in FY26. Captive solar capacity of 5.7 MW is operational, with 11.7 MW under installation.

Emcure Pharmaceuticals shareholders approved all eight resolutions proposed at its 45th Annual General Meeting held on September 21, 2026. The meeting, conducted via video conferencing, ratified the final dividend of ₹3.60 per share and confirmed key board appointments.

The consolidated voting results, filed with stock exchanges on September 23, 2026, indicate strong support for most agenda items. However, the reappointment of Mr. Satish Mehta as Managing Director and Chief Executive Officer witnessed significant opposition from public institutions, although it ultimately passed with a 94.06% majority in favour.

Voting Results Summary

The scrutinizer’s report confirms that all ordinary and special resolutions were duly approved by members with the requisite majority. The table below summarizes the key voting outcomes for major agenda items:

Board and Governance Updates

The AGM transacted several ordinary and special resolutions regarding director appointments and auditor remuneration:

• Retirement of Mr. Berjis Desai as Chairman and Non-Executive Non-Independent Director upon conclusion of the AGM.
• Reappointment of Dr. Mukund Gurjar as Whole-time Director for a further period of one year commencing August 28, 2026.
• Reappointment of Mr. Satish Mehta as Managing Director & Chief Executive Officer for a further period of five years commencing April 1, 2027.
• Appointment of Mr. Raghu Kumar as an Independent Director for a first term of three consecutive years with effect from August 6, 2026.
• Ratification of remuneration payable to the Cost Auditor for FY27.

Mr. Berjis Desai chaired the proceedings before stepping down as Chairman and Non-Executive Non-Independent Director. His retirement was formally noted and approved by the members. Ms. Amruta Yangalwar, Company Secretary and Compliance Officer, managed the meeting logistics and e-voting process.

What the Numbers Show

The voting data reveals a divergence between promoter support and institutional sentiment regarding leadership continuity. While promoters voted unanimously in favour of all resolutions, public institutions cast 51.09% of their votes against the special resolution to reappoint Mr. Satish Mehta as MD & CEO. Despite this substantial institutional dissent, the resolution passed comfortably due to the overwhelming promoter holding, which constitutes approximately 77.8% of the total shares voted on that item.

In contrast, the final dividend declaration received 100% support from all categories of shareholders, indicating no disagreement on capital return policy. The clean passage of financial statement adoption and auditor ratification further underscores stable compliance standards for FY26.