Emcure Q3 results: PAT jumps 48% as India, overseas revenues surge

Pune-based Emcure Pharma posted strong Q3 FY26 results on double-digit domestic and international growth, as it eyes entry into India's top 10 drugmakers

Pune-based Emcure Pharmaceuticals posted a 48 per cent year-on-year (Y-o-Y) rise in profit after tax (PAT) for Q3FY26 to ₹231 crore, while its revenue from operations rose 20 per cent to ₹2,363 crore.

 

On a sequential basis, the revenue was up 4 per cent, while PAT was down by almost 8 per cent, thanks to a one-time provisioning on account of the labour Code (₹38 crore). Employee costs rose by 5.56 per cent Y-o-Y during the quarter under review.

 

Both the domestic and international businesses posted double-digit growth during the quarter, while domestic sales grew by 15.4 per cent, international business was up 24.5 per cent Y-o-Y.

 

Satish Mehta, chief executive officer (CEO) and managing director (MD), Emcure said, “Q3 delivered a strong performance, with all our businesses outpacing industry growth. During the period, we strengthened our India portfolio with launch of Poviztra, a biological injectable semaglutide. Our international business continues to see strong growth led by launch of our differentiated product pipeline.”

 

Chronic-segment therapies, including cardio-diabetic therapies riding on new initiatives, did well in the Indian market for Emcure, the company said. During the quarter, it launched Poviztra in partnership with Danish major Novo Nordisk.

 

Emcure said it is ‘well-positioned’ to become a key player in the fast-emerging weight management segment in India. Semaglutide patent is set to expire next month and already a slew of first-wave launches are lined up for generics led by several players, including Sun Pharma and Dr Reddy’s Laboratories.

 

“Being early gives us a clear advantage -- we can engage doctors, build awareness, and position the innovator semaglutide product, which is fully imported and backed by years of global safety and efficacy data. In a large and expanding market like India, that differentiation matters,” said Vik Thapar, president, corporate development, strategy & finance at Emcure Pharmaceuticals.

 

The EU free-trade agreement (FTA) also gives a clear advantage to Novo Nordisk, and in turn, Emcure to import the product into India while protecting margins.

 

Semaglutide prices are set to fall once the generics enter, but Emcure believes it can offer a ‘compelling value proposition’ to the market. “A fully imported innovator product, the device quality, and ease of use will continue to offer differentiation. Ultimately, pricing dynamics will play out as doctors and patients make their choices,” Thapar felt.

 

With strong focus on chronic therapies, Emcure is aiming to break into India’s top 10 pharma companies soon. Currently, it ranks 13 in the India pharma market.

 

Samit Mehta, whole-time director, Emcure, outlined the strategy: “Our organic strategy is to consistently outperform industry growth by a couple of hundred basis points. Alongside that, we have successfully augmented growth through in-licensing deals over the past few years.”

 

He added that mergers and acquisitions (M&A) remained a third lever that the company would continue to evaluate, although valuations could sometimes be quite premium. “Our aspiration is clear -- to be firmly entrenched among the top 10 pharma players in India. I won’t put a timeline on it, but it is a stated objective.”

 

Emcure’s focus spans multiple therapy areas. In chronic and super-specialty segments, the company is strengthening its presence in CNS, oncology, and nephrology, supported by both existing products and a progressing pipeline. Women’s health remains a core pillar, backed by deep engagement with the gynaecology community and a strong iron portfolio, with lifecycle management of key brands being a priority.

 

Emcure has also recently entered dermatology, where the business continues to scale up. At the same time, the company sees significant headroom in its existing portfolio. “Concepts like chirality, which we actively introduced in India, are gaining traction, and in anaemia as well, the gap between the overall market and our current share points to meaningful long-term growth. Overall, our approach is to keep building scale in our large brands while selectively adding new products -- both in-house and through licensing -- to sustain growth,” Thapar said.

 

At present Emcure covers around 60 per cent of the IPM, and aims to keep plugging in therapy and product gaps to grow this every year.

 

In the near-term, however, Emcure anticipates the international markets to grow faster than India. “Indian market is growing in high single digits, and we aim for low double-digit growth domestically. International growth is supported by upcoming launches and participation in tenders, particularly in markets like Canada,” Thapar said.

 

The RoW business grew by 30.7 per cent led by strong performance in both antiretroviral (ARV) and non-ARV products. Europe continues to see strong traction led by Manx. Last April, Emcure’s European subsidiary Tillomed Lab had acquired the product portfolio of UK-based Manx Healthcare, including dossiers, marketing authorisations, and intellectual property. This strengthened Tillomed’s market presence in Europe. Further, following approvals, Emcure launched Liposomal Amphotericin B in Italy and is expanding into other Western European countries, including Germany and France, as of late 2025.

 

Canada business saw a 12.8 per cent growth in Q3.