Motilal Oswal expects Emcure to deliver a revenue compound annual growth rate of 15.2% over FY26-28E, driven by stable growth across segments, with domestic formulation and international business projected to grow at a CAGR of 12.4% and 17.4%, respectively. Operating leverage and improving operational efficiencies are expected to drive Ebitda CAGR of 22% over the same period. The brokerage also highlighted that Emcure grew 19.3% YoY in Sep'26, outperforming IPM growth of 17.1% by 220bp, signaling a strengthening growth trajectory in the DF segment.
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Motilal Oswal Report
Domestic brokerage firm Motilal Oswal values Emcure Pharmaceuticals Ltd. at 28 times 12-month forward earnings to arrive at a target price of Rs 2,330. The stock is trading at an attractive 21x 12-month forward P/E.
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The brokerage reiterates Buy rating on the pharma stock, implying a potential upside of 33%, from the reports current price of Rs 1,758.
Motilal Oswal expects Emcure to deliver a revenue compound annual growth rate of 15.2% over FY26-28E, driven by stable growth across segments, with domestic formulation and international business projected to grow at a CAGR of 12.4% and 17.4%, respectively.
Operating leverage and improving operational efficiencies are expected to drive Ebitda CAGR of 22% over the same period.
The brokerage also highlighted that Emcure grew 19.3% YoY in Sep'26, outperforming IPM growth of 17.1% by 220bp, signaling a strengthening growth trajectory in the DF segment.
This followed the 14.4% YoY growth in Aug'26 vs IPM growth of 13.1%, marking a turnaround after more than 12 months of underperformance, during which the growth gap ranged from 0.1% to 10.5%.
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