Shares of Emcure Pharmaceuticals jumped 10% to ₹2,180.80 on Wednesday, November 4, scaling a record high after gaining 5% in the previous session. The stock has rallied 16% in just two trading sessions following the pharmaceutical company’s strong September quarter results (Q2FY27).
Robust revenue and profit growth, improving business prospects across domestic and international markets, and positive brokerage commentary have strengthened investor sentiment towards the stock.
Emcure Pharma share price: Stock rallies 67% from 52-week low
Emcure Pharma shares touched a record high of ₹2,180.80 apiece on the BSE. The stock has now gained 67% from its 52-week low of ₹1,307.50, recorded in November 2025.
The stock has delivered strong returns across time periods, rising 12% in one month, 10% in three months, 21% in six months and 64% over the past year.
Emcure Pharma Q2 results: Profit jumps 29%, revenue grows 24%
Emcure Pharmaceuticals reported a 29.3% year-on-year (YoY) increase in adjusted profit after tax (PAT) to ₹325.1 crore in Q2FY27 compared with ₹251.4 crore in the corresponding quarter last year.
Revenue from operations rose 24.3% YoY to ₹2,820.5 crore from ₹2,269.8 crore in Q2FY26. EBITDA increased 30.9% to ₹574.8 crore, against ₹439.1 crore a year ago. EBITDA margin expanded by 103 basis points to 20.4%, compared with 19.3% in the year-ago quarter.
The domestic business continued to gain traction, with revenue increasing 12% YoY to ₹1,155.3 crore from ₹1,031.4 crore. This marked the second consecutive quarter of double-digit growth, with the pace improving from 10% in Q1FY27 to 12% in Q2FY27. Meanwhile, International revenue grew at a faster pace, rising 34.5% YoY to ₹1,665.2 crore from ₹1,238.3 crore in Q2FY26.
Under its One Emcure vision, the company also plans to merge Zuventus and Emcutix with the holding company. The move aims to simplify the group’s holding structure and generate synergies across backend operations and corporate functions.
Emcure Pharma shares: Should you buy, sell or hold? What Jefferies and Kotak say
The sharp rally has brought the stock back into focus, but investors may be wondering whether it still has room to climb or if the recent gains warrant profit booking. Here is what the latest earnings performance and growth outlook indicate about its prospects.
Jefferies has maintained its Buy rating on Emcure Pharmaceuticals while increasing its target price to ₹2,500 from ₹2,320. The new target indicates an upside potential of 15% from today’s high.
The brokerage has raised its FY27 revenue growth estimate to over 20%, compared with its earlier expectation of mid-teens growth. It also expects margins to improve by 100 basis points.
The expansion of Amphotericin B across 20 European countries and the upcoming launch of Treprostinil are expected to support international growth. A recovery in the domestic business and new product approvals are additional growth drivers.
Jefferies has also raised its earnings per share estimates for FY27-FY29 by 3%-4%.
Meanwhile, Kotak Institutional Equities has retained its Buy rating with a target price of ₹2,450, implying an over 12% upside potential.
The brokerage expects FY27 sales growth to exceed 20%, compared with its earlier mid-teens estimate. It also expects margin improvement at the upper end of the company’s 75-100 basis points guidance.
Kotak sees further growth potential in the domestic business, supported by a recovery at Zuventus, new product launches and wider reach for existing medicines. International markets are also expected to remain an important growth driver.
The brokerage expects Emcure’s earnings per share to grow at an annual rate of 19% between FY26 and FY29, supported by growth across both domestic and international businesses.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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