Emcure Pharmaceuticals

“So, as we head into 2H, we think we will be more in line with the industry. For the full year, I think we should probably end up closer to low-teens growth overall. So, I think the exit of FY '27, we should be at or above industry growth.”

“I think, previously, we've sort of guided what we think each of the different verticals are capable of growing at on a midterm basis. And I think management continues to stay confident in that sort of assumption.”

“So, we're fairly well placed in terms of our in-house capacities being able to cater to what we think is going to be the overall demand between Europe, Canada and the emerging markets for that product.”

“I think even on the ARV side of the Rest of World business, we've seen a strong order book. So, we're confident of obviously some of the revenue recognition related to that in the second half of the year continuing as well.”

“In India, our business grew by 12% year-on-year to INR1,155 crores in Q2.”

“Beyond prescription medicines, our Consumer Health business is also gaining traction with brands such as Bitter Drops and Galact building scale. Over time, we see this becoming an additional growth engine.”

“Revenue in the international markets grew by 34.5% year-on-year to INR1,665 crores and accounted for 59% of our total revenue.”

“The rest of world (RoW) business grew by 41% to INR630 crores.”

“And we do expect our rest of world business to continue to grow over the year, and that is going to be backed by science, technology, innovation”

“It's not really going to happen in a day, but we obviously see ourselves a long-term player in this particular market and things are happening in the right direction. It's not earth-shattering the way it was felt some time back, but we are right there.”

“Secondly, all said and done, there was this sort of push of generic-generic, but I believe that we're seeing that the demand for quality branded generics continues to be strong.”

“So, if you add this INR180 crores to a market of, say, INR25,000 crores, which is the current size of the market, I mean, at least 4% or 5% for sure is being contributed by obesity.”

“I have seen the growth of the pharma industry is 1.5x that of the economic growth that we have.”

“that's how you are showing, by and large, industry showing 14%, 15% by the way of growth.”

“EBITDA rose 31% to INR575 crores and the EBITDA margins expanded by about 100 basis points to 20.4%, driven by productivity gains and operating leverage.”

“On the profitability, gross margin for the quarter was 59.5%. Our Q-o-Q gross margin improved by about 110 basis points, driven by business and product mix.”

“Employee costs were INR435 crores, up 13%.”

“Other expenses were INR669 crores, up 20%, primarily on account of higher sales and higher R&D expenditure.”

“EBITDA was INR1,083 crores, up 28.6% with a margin of 20% and expansion of about 80 basis points.”

“Finance cost was INR36 crores, reflecting the increase in borrowings. The increased borrowings were to fund acquisition-related payouts.”

“Net debt as of September stood at INR1,317 crores, an increase of INR263 crores over March '26.”

“We remain committed to our objective of becoming net cash by the end of FY '28.”

“On 12th October, our Board approved the amalgamation of Zuventus Healthcare and Emcutix Biopharmaceuticals, both wholly owned subsidiaries into Emcure.”

“The scheme will allow for synergies in our back-end operations and corporate functions and is subject to necessary approvals, including that of NCLT.”

“During the quarter, we received over 20 product approvals, including liposomal amphotericin B in Brazil and Mexico and bevacizumab for wet AMD (wet age-related macular degeneration) in India.”

“We also received a positive recommendation from India's Subject Expert Committee for lenacapavir injection for PrEP indication.”

“As part of bringing lenacapavir to patients in rest of the world markets, we filed our dossier with WHO and U.S. FDA and look forward to progressing the reviews over the next few quarters.”

“Other income was INR16 crores compared to INR39 crores last year, primarily on account of lower foreign exchange gains.”

“In Europe, we anticipate at some point, obviously, we will face some competition.”

“Important country like U.K., it has approval in both the sites.”

“Suppose tomorrow, the Iran war flares up, the oil price is $120, $130 per barrel, the situation will turn to, I mean, much less growth.”

“And depending on the market, most of the regulatory agency audits are very recent, and they have all been closed as well.”

“in due course of time at both the sites. So, to that extent, we are in terms of risk management, fairly well covered.”

“Revenue grew by 24% year-on-year to INR2,820 crores, supported by growth across all geographies and it has increased 9% sequentially.”

“Profit after tax increased 29% to INR325 crores.”

“Our first half '27 performance also reinforces our confidence in us achieving our 5-year goals that we have defined for ourselves and creating long-term value.”

“The effective tax rate was 27%. Profit after tax was INR325 crores, up 29% with a PAT margin of 11.5%, an improvement of 45 basis points.”

“For the first half of FY '27 revenue was INR5,401 crores, up 23.6%.”