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 rise in profit after tax (PAT) for Q3 FY26 to Rs 231 crore, while revenue from operations rose 20 per cent to Rs 2,363 crore.

 

On a sequential basis, revenue was up 4 per cent, while PAT declined nearly 8 per cent due to a one-time provisioning related to the new labour code amounting to Rs 38 crore. Employee costs rose 5.56 per cent year-on-year during the quarter.

 

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

 

 

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

 

Chronic segment therapies performed well in the Indian market for Emcure, including cardio-diabetic therapies driven by new initiatives, 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. The semaglutide patent is set to expire next month, with a slew of first-wave generic launches lined up by players such as 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 and finance at Emcure Pharmaceuticals. He added that the India-EU free trade agreement also provides an advantage to Novo Nordisk, and in turn Emcure, to import the product into India while protecting margins.

 

Semaglutide prices are expected to fall once generics enter the market, but Emcure believes it can offer a compelling value proposition. “A fully imported innovator product, 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 said.

 

With a strong focus on chronic therapies, Emcure is aiming to break into India’s top 10 pharmaceutical companies. It is currently ranked 13th in the Indian pharmaceutical market.

 

Samit Mehta, whole-time director of 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 remain a third lever the company will continue to evaluate, although valuations can sometimes be steep. “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 central nervous system, 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 a priority.

 

The company has also recently entered dermatology, where the business continues to scale up. At the same time, Emcure sees significant headroom in its existing portfolio. “Concepts like chirality, which we actively introduced in India, are gaining traction. 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 Indian pharmaceutical market and aims to plug therapy and product gaps each year to expand coverage.

 

In the near term, Emcure expects international markets to grow faster than India. “The 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 such as Canada,” Thapar said.

 

The rest-of-the-world business grew 30.7 per cent, led by strong performance in both antiretroviral (ARV) and non-ARV products. Europe continued to see strong traction led by Manx. Emcure’s European subsidiary Tillomed Laboratories had acquired the product portfolio of UK-based Manx Healthcare last April, including dossiers, marketing authorisations and intellectual property, strengthening Tillomed’s market presence in Europe.

 

Following approvals, Emcure launched liposomal amphotericin B in Italy and expanded into other Western European countries, including Germany and France, towards the end of 2025. The Canada business recorded a 12.8 per cent growth in Q3.