Emcure Pharmaceuticals share price hit 10% upper circuit in early trade on Wednesday, after the company reported its Q2 results. The pharma stock rallied as much as 10% to reach a fresh 52-week high of Rs 2,180.80 apiece on the BSE.
With today's gains Emcure Pharmaceuticals shares extended rally to the fourth consecutive trading session. The stock has gained 16.5% in four sessions.
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The company reported its earnings for the September quarter on November 3, with double-digit revenue growth and operating profit.
Emcure Pharmaceuticals' net profit in Q2FY27 rose 29.31% to Rs 325.06 crore from Rs 251.37 crore in the year-ago period. Revenue from operations during the quarter grew 24.2% year-on-year (YoY) to Rs 2,820 crore.
EBITDA in September quarter increased 23.5% to Rs 587.3 crore, while margin remained flat at 21%.
Emcure Pharma Q2 results were broadly in line with the Street estimates.
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Brokerage firm Elara Securities raised its FY27E-FY29E core EPS estimates by 5-9%. It noted that the company's organic growth in the domestic business improved to 11% YoY. International business delivered strong growth as well. Canada and Europe businesses were up 15% and 25% respectively in constant currency. RoW business grew 41% YoY.
Emcure's management raised its FY27 growth guidance to ~20% from mid-teens and indicated that it will achieve the upper end of its 70-100 bps margin expansion guidance.
Elara Securities maintained its ‘Accumulate' rating on Emcure Pharma shares and raised target price to Rs 2,158, which is 24.5x FY29E core P/E plus cash per share.
Slowdown in domestic growth, increased competition in key international products and regulatory issues at manufacturing sites are key risks, it said.
At 9:45 AM, Emcure Pharmaceuticals share price was trading 7.70% higher at Rs 2,135.30 apiece on the BSE.
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