Emcure Pharmaceuticals Ltd (EMCURE) — share price & stock analysis

Market cap

₹34,729 Cr

P/E

36.7×

ROE

20.1%

vs own history (since 2024)

63rd pctile

Book value / share

₹261

EPS (TTM)

₹49.9

10-yr median P/E

35.0×

Revenue (FY26)

₹9,204 Cr

Profit after tax (FY26)

₹941 Cr

Weinstein stage

Stage 2 (52 weeks)

Data as of

1 July 2026

4 of the 6 things we track are currently moving the right way — nearly everything is pulling in the same direction.

Where the levels actually stand: ROCE 24% — a high-quality engine; debt moderate (0.31× equity); margins mid-band. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double, and a quarter of the score comes from our earnings-recovery lens (is the profit cycle turning up off its trough?).

Earnings moved first — the price is still catching up

Since Aug 2024, earnings per share grew 80% while the stock is up 45%. The business has outrun its own share price.pricettm_eps

When profits grow faster than the price, the stock quietly gets cheaper while doing better — the market hasn’t fully caught up.

Today’s P/E of 36.7× is the middle of its own range against its own history since 2024 (63rd percentile) — neither a bargain nor a stretch, by its own standards.pe_ratio

A caveat on every valuation comparison here: the stock has only traded since 2024, and in that time its P/E has ranged 28–54× — it has never been cheap. “Middle of its range” means the middle of an expensive range.pe_ratio

Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots; between snapshots it is filled from price ÷ P/E (an exact identity), and any fill straying more than 18% from the neighbouring snapshots is dropped rather than shown. The lower panel is the P/E — what the market pays per rupee of profit; the dotted line is its long-run median (35×).

An uptrend that has held for 52 weeks

Every stock cycles through the same four seasons — a flat base (stage 1), an advance (2), a top (3), a decline (4). Right now this one is in Stage 2: advancing, 52 weeks in, confirmed.stage

The price sits above its rising 200-day average (₹1,545 today) and its strength against the index is still improving — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200

Beating NIFTY 500 for 40 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

Profits are at an all-time high

Over 7 years, sales went from ₹4,717 Cr to ₹9,204 Cr (about 10% a year), and profit from ₹209 Cr to ₹941 Cr.revenuenet_profit

Margins widened 4.4 points along the way — growth with improving economics.operating_profit

Sales grew 17% last quarter — growth every single quarter for over 2 years

Mar 26 sales were ₹2,470 Cr, up 17% on the same quarter last year.revenue

That makes 8 quarters of growth in a row — this is a trend, not a blip.revenue

Margins are holding steady

Of every ₹100 of sales, the company keeps ₹19.4 as operating profit (a year ago it kept ₹19.0).opm_pct

Profit jumped 24% — mostly from selling more

Mar 26 profit after tax was ₹244 Cr, up 24% year on year.net_profit

A caution: a meaningful slice of this jump came from income outside the core business — that is lower-quality profit and may not repeat.other_income

The profits are real — they turn into cash

Over the last 5 profitable years, the business reported ₹3,441 Cr of profit and collected ₹4,408 Cr of operating cash — about 128% conversion.operating_cash_flownet_profit

When cash tracks profit this closely, the earnings need no asterisk.

The cash cycle is stretching — more money stuck in the pipeline

One rupee now takes about 163 days to go out the door as materials and come back as collected cash — up from 145 days the year before.cash_conversion_cycle

The biggest mover: inventory sitting longer in the warehouse (224 → 237 days).inventory_days

Steady, unhurried investment

The productive asset base has gone from ₹2,247 Cr (FY19) to ₹3,420 Cr, with another ₹172 Cr of capacity under construction right now.fixed_assetscwip

The build is self-funded: the last 3 years' investing outflow (₹2,004 Cr) fits inside the operating cash the business generated (₹2,893 Cr).investing_cash_flowoperating_cash_flow

Debt is present but comfortable

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹31 — total borrowings have shrunk from ₹2,128 Cr to ₹1,558 Cr over the window.borrowings

Every ₹100 kept in the business now earns ₹24 — and the number is rising

Return on capital employed is 24.0% (a year ago: 21.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct

Rising returns on capital while growing is the rarest combination in investing — it means the new projects earn more than the old ones.roce_pct

Big money is quietly accumulating

Promoters hold 77.9%, essentially unchanged. Foreign funds own 3.4%, domestic funds 6.1%.promoters_pctfiis_pctdiis_pct

Institutions buying while the story develops is the market’s quiet vote of confidence — they meet management, you don’t.

The numbers earn a deeper study — and watch the one thing that matters

The numbers lean positive, and the price hasn’t fully caught up with the improvement.

Best thing in the data: profit rising (₹197 Cr → ₹244 Cr).net_profit

Biggest worry: free cash flow falling (₹756 Cr → ₹−249 Cr).operating_cash_flow

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data