Emcure Pharmaceuticals Limited · NSE:EMCURE
Emcure Pharmaceuticals — Investor Presentation (September 2026)
43 slides from Emcure Pharmaceuticals's investor presentation, Sep 25, 2026
Slide 1: Intimation under Regulation 30 – Investor Presentation
Emcure Ref: EPL/CS/SE/0085/2026 Date: September 25, 2026 To, National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G, P J Towers, Bandra Kurla Complex, Bandra (East), Dalal Street, Mumbai – 400 051 Mumbai- 400 001 Script Symbol: EMCURE Scrip Code/Symbol: 544210/ EMCURE Dear
Slide 2: Complex Science. Disciplined Execution. Compounding Value.
Complex Science. Disciplined Execution. Compounding Value. Investor Presentation September 2026 USD 1Bn+ +16.6% 33.1% Operating Revenue Revenue growth PAT Growth (FY26) FY26 FY26 ▲120 bps YoY 1
Slide 3: Disclaimer
Disclaimer Except for the historical information contained herein, statements in this presentation and the subsequent discussions may constitute “forward-looking statements.” These statements are based on Emcure Pharmaceuticals Limited’s current expectations, assumptions, and projections about futur
Slide 4: Contents
Contents I Company Overview 4 A diversified pharmaceutical company II India Business 9 Scaled, chronic-led domestic franchise III International Business 22 Europe, Canada and RoW IV Research & Development 27 Differentiated R&D platforms V Manufacturing 30 Compliant, complex manufacturing scale VI Su
Slide 5: Company Overview
Company Overview A diversified pharma company with scale in India and differentiated international businesses I 4
Slide 6: A Diversified Pharma Company With Scale in India and Differentiated International Businesses
A Diversified Pharma Company With Scale in India and Differentiated International Businesses USD 1Bn+ 44%/ 56% 10/32 19/20 Scale Revenue from Operations Domestic/ International Split Brand families with revenue > Top Brands ranked top 3 in (FY26)@ (FY26) INR 1,000/500 Mn* their category #2 #13 #9 ~5
Slide 7: Our Journey: 1981 to 2026
Our Journey: 1981 to 2026 1981 1995 2001/02 2006 2007 Emcure Pharmaceuticals Started focusing on Indian Incorporated Gennova and Blackstone’s first investment in Launched first biosimilar of incorporated domestic branded generics Zuventus India; began limited EM sales Tenecteplase 2024 2020 2015 201
Slide 8: Profitable Growth Delivering Stronger Returns
Profitable Growth Delivering Stronger Returns A diversified growth platform with earnings growth ahead of revenue 1. Strong top-line growth… ▲ 17.6% CAGR over FY24–FY26 2. …Driving Operational Leverage… +90 bps margin gain Revenue (INR Mn) and YoY growth (%) EBITDA* (INR Mn) and margin (%) 19.4% 92,
Slide 9: Three Strategic Priorities Underpin the FY26-FY30 Growth Aspiration
Three Strategic Priorities Underpin the FY26-FY30 Growth Aspiration 01 Deepen the Domestic Franchise 02 Scale differentiated international portfolios 03 Translate Differentiated R&D platforms into Commercial launches Strengthening the India business through: Expanding international through calibrate
Slide 10: India Business
India Business A scaled India franchise with rising chronic exposure and multiple growth vectors II 9
Slide 11: A Chronic-Led Franchise Positioned for Acceleration
A Chronic-Led Franchise Positioned for Acceleration Brand leadership, increasing chronic exposure and science-led approach create multiple independent growth vectors. DOMESTIC REVENUE CHRONIC MIX# BRAND LEADERSHIP SCALE ANCHORS MR STRENGTH INR 40,270 Mn 60%+* 19/20 ~50% 4,000+ +10.0% YoY ~46% in FY2
Slide 12: A Diversified India Portfolio
A Diversified India Portfolio THERAPY MIX* PORTFOLIO BREADTH Women’s health* Cardio-metabolics 15.1% 19.1% #2 rank • 8.3% share Chirality, diabetes and obesity Strong Iron Franchise 4.5% CNS Specialty 4.8% Stroke, epilepsy, pain, psychiatry Oncology, Nephrology, Transplant 6.1% 17.9% Anti-infectives
Slide 13: 19/20 Top Brands Are Among the Top 3 in Their Category
19/20 Top Brands (> INR 500 Mn) Are Among the Top 3 in Their Category Value market share (MS) and Rank FY26* GYNAECOLOGY CARDIOLOGY ANTI-DIABETIC VITAMINS RESPIRATORY OROFER-XT CLEXANE AMARYL M BEVON@ MAXTRA 4.5% | #7 22.2% | #2 27.5% | #1 38.8% | #1 12.2% | #2 VYLDA# OROFER FCM METPURE-XL 5.0% | #6
Slide 14: Focus on Execution
Focus on Execution Priority franchises, productivity and differentiated launches are the principal India growth levers EXECUTION PRIORITIES Priority Raise field-force Differentiated franchises effectiveness portfolio FOCUS PRODUCTIVITY PIPELINE Women’s health Stronger Coverage IN-HOUSE + STRATEGIC P
Slide 15: Anaemia Leadership Provides a Platform to Expand Across Women's Health
Anaemia Leadership Provides a Platform to Expand Across the Women’s Health Continuum Lifecycle coverage across women’s health #2 India Gynaecology 8.3% Market share Orofer rank Anaemia care Flagship anaemia franchise Orofer flagship Menstrual health Cycle and bleeding • 50%+ of women and 25% of men
Slide 16: A Differentiated Chirality-led Portfolio Supports Deeper Cardiovascular Coverage
A Differentiated Chirality-led Portfolio Supports Deeper Cardiovascular Coverage PORTFOLIO | WHAT WE BRING EXECUTION & STRATEGY | HOW WE SCALE A differentiated chiral foundation within a comprehensive COVERAGE 01 cardiovascular portfolio Strong dedicated chronic teams CHIRAL CORE A 1,000+ strong fie
Slide 17: Established Diabetes Brands and the Semaglutide Partnership
Established Diabetes Brands and the Semaglutide Partnership Broaden the Metabolic Franchise PORTFOLIO | WHAT WE BRING EXECUTION & STRATEGY | HOW WE SCALE Leveraging partnerships to address portfolio whitespaces REACH 01 Strong geographic access ORAL BASE A 1,000+ strong field force deepens presence
Slide 18: Tenectase Provides a Differentiated Anchor For Expansion in Neuroscience
Tenectase Provides a Differentiated Anchor For Expansion in Neuroscience A stroke-led anchor brand with portfolio across epilepsy, neuropathic pain, psychiatry and sleep & wakefulness. A N C H O R B R A N D | A C U T E ST R O K E C A R E NEUROLOGY & EPILEPSY NEUROPATHIC PAIN Tenectase Tenecteplase f
Slide 19: A Focused Portfolio in High-Value Super Specialist Therapies
A Focused Portfolio in High-Value Super Specialist Therapies PORTFOLIO | WHAT WE BRING EXECUTION & STRATEGY | HOW WE SCALE Focused oncology, renal and transplant portfolios FOCUS 01 diversify India growth Target high-value therapies THERAPY FOCUS Oncology, Renal and Transplant anchor the super- spec
Slide 20: Bevon and Maxtra Provide Complementary Nutrition and Acute-care Anchors
Bevon and Maxtra Provide Complementary Nutrition and Acute-care Anchors ANCHOR BRAND | NUTRITION ANCHOR BRAND | COUGH & COLD Bevon Maxtra #2 > 1,000 Mn+ #1 > 1,000 Mn+ Rank in Category Brand Size Rank in Category Brand Size PAEDIATRICIAN REACH FORMAT INNOVATION PORTFOLIO EXTENSION Dedicated paediatr
Slide 21: Consumer Wellness and Dermatology Provide Option Value
Consumer Wellness and Dermatology Provide Option Value in Large, Fast-growing Categories Large addressable markets diversify domestic growth. 01 | CONSUMER WELLNESS (OTC) 02 | DERMATOLOGY USD 12 Bn TAM USD 1.8+ Bn TAM Market growing at 13% CAGR* Industry growing at ~12-15%# DIRECT-TO- EARLY TRACTION
Slide 22: Six Priorities to Take India Growth Beyond the Current Base
Six Priorities to Take India Growth Beyond the Current Base Chronic mix, leadership depth and partnerships extend the execution agenda PRIORITY FOCUS AREA 01 Portfolio Advancement Scaling priority portfolios across women’s health, cardio-metabolics, CNS, super-specialty 02 ◎ Chronic-Led Growth Incre
Slide 23: International Business
International Business Three regional businesses, delivering broad-based growth III 22
Slide 24: Regulated-Market Businesses (ex US)
Regulated-Market Businesses (ex US) FY26 INTERNATIONAL REVENUE INR 51,766 Mn +22.2% ~30% 80+ 900+ 56% of group revenue YOY GROWTH COMPLEX MIX COUNTRIES PRODUCTS LAUNCHED THREE REGIONAL BUSINESSES EUROPE CANADA REST OF WORLD +25.5% +18.7% +21.8% YOY GROWTH YOY GROWTH YOY GROWTH INR 18,498 Mn INR 14,8
Slide 25: Complex Injectables and 55+ Products Pipeline provide Europe's Growth Runway
Complex Injectables and 55+ Products Pipeline provide Europe’s Growth Runway Revenue growth (INR Mn) EUROPE GENERICS NEAR-TERM COMPLEX PIPELINE MARKET INJECTABLES USD 70Bn+# USD 1Bn+ 55+ 18,498 Large addressable market Priority opportunity Products under development 14,738 14,111 Growth drivers Comp
Slide 26: Front-End Strength and Strong Product Pipeline
Front-End Strength and Strong Product Pipeline Revenue growth (INR Mn) MARKET POSITION PIPELINE FIRST-GENERICS Top 10 50+ 8 14,869 Generic player in Canada Products under Near-term opportunities 12,520 development 9,225 Competitive positioning FY24 FY25 FY26 #1 Indian pharma by Rx# Pan-Canadian fron
Slide 27: Non-ARV Launches and ARV Scale Drive RoW Growth
Non-ARV Launches and ARV Scale Drive RoW Growth Revenue growth (INR Mn) Differentiated ARV FY26 NEXT 2 YEARS near-term pipeline OPPORTUNITY 18,399 USD 2Bn+ USD 1.5 Bn+ 80+ 140+ 15,105 TAM Africa and LATAM TAM Presence in countries Dossiers planned 11,807 Business Mix FY24 FY25 FY26 NON-ARV Product-l
Slide 28: Research & Development
R&D Differentiated R&D platforms supporting India and International launches IV 27
Slide 29: R&D Platforms Translate Scientific Capabilities into Commercial Opportunities
R&D Platforms Translate Scientific Capabilities into Commercial Opportunities 5 4.2%# 548 48 220 R&D Facilities R&D investment Qualified Scientists PhD Holders Patents PROVEN DELIVERY — CHIRAL, IRON, COMPLEX FORMULATIONS & BIOTHERAPEUTICS (~50% of India and ~30% of international revenue from complex
Slide 30: Pipeline Assets are Concentrated in Defined Therapeutic Areas and Differentiated Platforms
Pipeline Assets are Concentrated in Defined Therapeutic Areas and Differentiated Platforms Novel Drug Delivery Long-Acting Injectables Antibody-Drug Biologics Complex Injectables System (NDDS) (LAI) Conjugates (ADC) Therapeutic Area Next 24 Months Pipeline Medium to Long-Term Pipeline Metabolics Sem
Slide 31: Manufacturing
Manufacturing Compliant, complex-manufacturing scale supporting India and International businesses V 30
Slide 32: Manufacturing Scale and Complex-Product Capabilities Enable Global Execution
Manufacturing Scale and Complex-Product Capabilities Enable Global Execution Map for illustrative purpose only 13 5 2 Core manufacturing Manufacturing facilities levers Across India Execution focus Manufacturing value creation 1 01 Compliance 1 2 1 Maintain inspection readiness and consistent qualit
Slide 33: Sustainability
Sustainability Responsible growth through cleaner energy, lower emissions and safer operations VI 32
Slide 34: Renewable-energy Adoption and Operating-efficiency Initiatives Reduced Key Environmental Intensities
Renewable-energy Adoption and Operating-efficiency Initiatives Reduced Key Environmental Intensities in FY26 FY26: renewables at 64.7% of energy, Scope 2 emissions –8.5%, water intensity –10%; no fatalities or data breaches. 64.7% 8.5% 84.3% Zero Renewable power in total energy mix Scope 2 GHG emiss
Slide 35: Governance & Leadership
Governance & Leadership A founder-led board with deep pharma, science and governance experience VII 34
Slide 36: Our Board of Directors
Our Board of Directors Experienced leadership guiding disciplined execution Mr. Satish Mehta Mr. Samit Mehta Dr. Mukund Gurjar Mrs. Namita Thapar Mr. Sunil Mehta Chairman, Managing Director & CEO Whole-time Director & COO Whole-time Director Whole-time Director Whole-time Director Founder; has led E
Slide 37: Leadership Team
Leadership Team Executing the strategy across markets and functions Mr. Sanjay Mehta Mr. Tajuddin Shaikh Mr. Vikas Thapar President – Emerging Markets Chief Financial Officer President – Corporate Development, Strategy & Finance With Emcure since 1989; built the emerging-markets footprint Nearly two
Slide 38: Appendix
Appendix Financials FY26 and Q1 FY27 VIII 37
Slide 39: P&L Summary
P&L Summary In INR Mn, except percentage Particulars FY26 FY25 YoY Revenue from Operations 92,035 78,960 16.6% Domestic 40,270 36,597 10.0% International 51,766 42,363 22.2% RoW 18,399 15,105 21.8% Europe 18,498 14,738 25.5% Canada 14,869 12,520 18.7% Gross Profit 55,465 47,490 16.8% Gross Profit Ma
Slide 40: Balance Sheet Summary
Balance Sheet Summary In INR Mn, Equity & Liabilities (INR Mn) Mar 31, 2026 Mar 31, 2025 Assets (INR Mn) Mar 31, 2026 Mar 31, 2025 Shareholder’s Funds 49,500 44,462 Non-Current Assets 40,004 36,769 Share Capital 1,896 1,895 PP&E, CWIP and ROU assets 24,908 24,271 Reserves & Surplus 47,604 42,567 Goo
Slide 41: Cash Flow Statement – FY26
Cash Flow Statement – FY26 In INR Mn, Particulars (INR Mn) FY26 FY25 Profit before tax 12,871 9,713 Depreciation & amortisation 4,150 3,841 Changes in fair value of contingent consideration 429 — Finance cost 1,437 1,758 Income tax paid (3,681) (2,469) Increase in net working capital (5,301) (4,243)
Slide 42: P&L Summary – Q1 FY27
P&L Summary – Q1 FY27 In INR Mn, except percentage Particulars Q1 FY27 Q1 FY26 YoY % Q4 FY26 QoQ % Revenue from Operations 25,804 21,005 22.8% 24,697 4.5% Domestic 10,953 9,935 10.2% 9,772 12.1% International 14,851 11,070 34.2% 14,925 -0.5% RoW 5,218 3,603 44.8% 5,557 -6.1% EU 5,367 4,042 32.8% 5,3
Slide 43: For further information
For further information Institutional investors and analysts can contact: Saurabh Paliwal Investor.Relations@emcure.com Registered Office Plot No. P-1 & P-2, IT-BT Park, Phase II, M.I.D.C., Hinjawadi, Pune – 411 057 Maharashtra, India Website: www.emcure.com 42
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