Margin Tailwind Across Businesses

研报英文原文证据摘录

Margin Tailwind Across Businesses

India | Pharmaceuticals

Emcure Pharma EquityJuneResearch22, 2026

TARGET | ESTIMATE CHANGEMargin Tailwind Across Businesses

Emcure Pharma looks well-placed to achieve low to mid-teens revenue RATING BUY

growth and 75-100bps EBITDA margin expansion for FY27. Margin PRICE INR1,776.00^

expansion would be driven by higher field force productivity in India and PRICE TARGET | % TO PT INR2,100 (INR1,970) |

new launches in key global markets. R&D-backed products is sole focus for +18%

52W HIGH-LOW INR1,830.35 - INR1,230.00

LT growth. Emcure presents consistent 20% EPS Cagr over FY26-29E and

FLOAT (%) | ADV MM (USD) 18.5% | 3.58

trades at an attractive PE valuation of 29x/24x FY27/28. Increase EPS est

MARKET CAP INR336.6B | $3.6B

by 1-5%, reiterate Buy with Rs2,100 PT.

TICKER EMCURE IN

^Prior trading day's closing price unless otherwise

FY27 guidance reiterated: In our recent interaction, Emcure guided for low to mid-teens sales noted.

growth in FY27, with EBITDA margin gain of 75-100bps. It expects India growth to be better

than industry by 100-200bps, Canada growth in low to mid-teens and EU in high-teens.

FY (Mar) CHANGE TO JEFe JEF vs CONS

Strong growth levers in India: Emcure has identified multiple growth levers in India: 1) in-house 2027 2028 2027 2028

product pipeline (banking on differentiated pipeline, 5 key launches over the next 18m); 2) in- REV NM +1% NA NA

licensing for portfolio expansion; & 3) new growth areas (entered fast-growing Consumer & EPS +5% +1% NA NA

Derma segment). Emcure reaffirmed that Mar-Q's tepid growth was a blip - due to restructuring

of acquired Zuventus portfolio - and growth has already started to recover. Emcure's field force 2027 (INR) Q1 Q2 Q3 Q4 FY