Emcure Pharmaceuticals delivered a strong performance in Q4 and full-year FY26, crossing the US$1 billion revenue milestone with consolidated revenue growing 16.6% year-on-year to ₹9,204 Cr, above the company's own guidance. The Board of Directors, at its meeting held on May 05, 2026, approved the audited financial results for the quarter and year ended March 31, 2026, under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Statutory auditors B S R & Co. LLP issued an Unmodified Opinion on both standalone and consolidated financial statements. Adjusted PAT (Adj. PAT) for FY26 surged over 40% to ₹1,008 Cr, while EBITDA margins improved 83 basis points to 19.4%, reflecting sustained operational efficiency and productivity gains.

Q4 FY26 & FY26 Financial Highlights

The following table presents Emcure Pharmaceuticals' key financial metrics for Q4 FY26 and full-year FY26, with year-on-year comparisons:

Adj. PAT excludes exceptional item, impact of labour code, and changes in fair value of contingent consideration.

Segment Performance

International markets were the primary growth driver in Q4 FY26, with international revenue rising 25.7% YoY to ₹1,493 Cr, contributing 60% of total revenue for the quarter. The domestic business delivered resilient performance with revenue up 5.2% YoY to ₹977 Cr, though performance was softer largely due to the Zuventus portfolio and team reorganisation. For the full year FY26, international revenue grew 22.2% YoY to ₹5,177 Cr, while domestic revenue grew 10.0% to ₹4,027 Cr, in line with the Indian Pharmaceutical Market (IPM). The following table details segment-wise revenue performance:

Europe was the standout international segment in Q4 FY26, with revenue surging 35.8% YoY to ₹538 Cr, driven by base business ramp-up, Amphotericin B launches in select markets, and the Manx integration. Emerging Markets grew 15.5% YoY to ₹556 Cr in Q4 FY26, supported by balanced growth across both ARV (Anti-Retroviral) and non-ARV segments. Canada posted 28.6% YoY growth to ₹399 Cr in Q4 FY26, backed by market share gains, new product launches, and 7+ new product approvals secured in FY26.

Management Outlook for FY27

Management expressed optimism about FY27 performance, citing strong execution and key growth drivers across business segments. Under stable conditions, the company targets low- to mid-teen revenue growth for FY27, accompanied by an EBITDA margin expansion of 75-100 basis points. However, currency headwinds remain a notable consideration, with international markets expected to face a 7% to 8% currency impact overall, while Europe is anticipated to experience a more pronounced impact of 11% to 12%.

Other Key Financial Data Points

The following table summarises Emcure Pharmaceuticals' R&D expenditure, capital expenditure (CAPEX), Return on Capital Employed (RoCE), and net debt trends:

R&D investment increased to ₹384 Cr in FY26 (4.2% of revenue), up from ₹287 Cr in FY25. CAPEX rose to ₹434 Cr in FY26 from ₹376 Cr in FY25, reflecting continued investment in capacity and capabilities. RoCE improved 170 basis points to 23.7%. Net debt increased to ₹1,054 Cr as of March 31, 2026, from ₹488 Cr as of March 31, 2025, primarily due to the Zuventus consolidation and Manx acquisition.

Dividend and Board Decisions

The Board of Directors recommended a final dividend of ₹3.60 per equity share of ₹10 each (at the rate of 36%) for the financial year ended March 31, 2026, subject to approval of members at the ensuing Annual General Meeting. Once approved, the dividend will be paid within the prescribed timeline under the Companies Act, 2013. The Board also approved the re-appointment of Dr. Mukund Gurjar (DIN: 00026843) as Whole-time Director for a further period of 1 year commencing from August 28, 2026, and the re-appointment of Mr. Satish Mehta (DIN: 00118691) as Managing Director for a further period of 5 years commencing from April 01, 2027, both subject to member approval at the ensuing Annual General Meeting. The key Board decisions are summarised below:

Strategic Highlights and Pipeline Progress

FY26 marked the first year of Emcure Pharmaceuticals' five-year strategic roadmap, with the company achieving several key milestones. The domestic business expanded its portfolio through strategic partnerships, including a tie-up with Novo Nordisk to market Poviztra®, a semaglutide brand for obesity and related comorbidities, an expanded partnership with Sanofi integrating oral anti-diabetic products Amaryl and Cetapin, and an agreement with Roche to distribute key brands for chronic kidney disease (CKD), anaemia management, and transplant care from Q1 FY27. On the R&D and pipeline front, Biosimilar Bevacizumab for wet AMD received an endorsement from CDSCO's Subject Expert Committee, and a Drug Master File (DMF) was filed for HIV treatment Lenacapavir, with product registration expected in FY27. Amphotericin B continues to be a significant near-term opportunity, with a meaningful contribution expected in FY27.

On the corporate actions front, the company completed the full consolidation of Zuventus Healthcare Limited through a minority stake buyout, making it a wholly owned subsidiary effective October 3, 2025. In Canada, Mantra Pharma Inc. acquired 100% of Cutimed Inc. for up to CAD 5.05 million (₹337.54 million) through a short-form amalgamation under Québec law, enhancing the group's Canadian dermatology and cosmetic portfolio. Regarding the Mantra Pharma contingent consideration, the former shareholders opted for redemption based on FY26 performance; the contingent consideration related to preferred shares, initially estimated at CAD 44.22 million (₹2,689.90 million), will be redeemed by July 2026 at CAD 50.23 million (₹3,357.69 million), with an incremental true-up cost of CAD 6.70 million (₹428.64 million) recognised during Q4 FY26.

Emcure Pharmaceuticals has announced that its Board of Directors, at a meeting held on Tuesday, May 05, 2026, approved the re-appointment of two key managerial figures — Dr. Mukund Gurjar as Whole-time Director and Mr. Satish Mehta as Managing Director — subject to the approval of shareholders. The decisions were made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and were based on the recommendation of the Nomination and Remuneration Committee. The Board meeting commenced at 12.42 p.m. (IST) and concluded at 2.00 p.m. (IST).

Re-appointment Details

The following table summarises the key details of the two re-appointments approved by the Board:

Both directors have been confirmed as not debarred from holding the office of Director by virtue of any SEBI order, in accordance with BSE Circular No. LIST/COMP/14/2018-19 dated June 20, 2018 and NSE Circular No. NSE/CML/2018/02 dated June 20, 2018, or any other authority.

Profile: Dr. Mukund Gurjar

Dr. Mukund Gurjar has been associated with Emcure Pharmaceuticals since July 23, 2001, and has served as Executive Director and Chief Scientific Officer of the Company. He holds a bachelor's degree in science and a master's degree in science, and qualified as a Doctor of Philosophy in the faculty of science from Nagpur University. He also holds a degree of Doctor of Philosophy from the Queen Elizabeth College, University of London. Prior to joining the Company, Dr. Gurjar worked with the National Chemical Laboratory, Pune for 24 years. He has received a certificate of appreciation in recognition of 17 years of his valued services as an editorial advisory board member for Organic Process Research & Development, American Chemical Society. Dr. Gurjar brings technical and industrial expertise to the Board and the Company. He is not related to any director on the Board of the Company.

Profile: Mr. Satish Mehta

Mr. Satish Mehta is the Managing Director & CEO of Emcure Pharmaceuticals. He is a Postgraduate in Chemistry from Pune University and holds a PGDM (Post Graduate Diploma in Management) from the Indian Institute of Management, Ahmedabad (IIM-A). He started the Company in 1981 with the purpose of providing affordable and high-quality healthcare to patients. Under his leadership, the Emcure Group has established a presence in more than 70 countries through its subsidiaries in the UK, Canada, Singapore, Brazil, and other countries. Mr. Satish Mehta is the father of Mr. Samit Satish Mehta and Mrs. Namita Vikas Thapar, both Whole-time Directors of the Company.

Regulatory Compliance

The intimation has been filed as a revised disclosure under Regulation 30 of the SEBI Listing Regulations, referencing the earlier intimation dated May 05, 2026 with reference number EPL/CS/SE/0040/2026. The disclosure was signed by Amruta Yangalwar, Company Secretary & Compliance Officer (ICSI Membership No.: A25687), on behalf of Emcure Pharmaceuticals.