Emcure Pharmaceuticals Limited (EMCURE) Fair Value & Analysis
Healthcare · IN · Market cap ₹361B (≈ $3.8B) · ISIN INE168P01015
What is Emcure Pharmaceuticals Limited really worth?
A solid business, but trading 89% above our fair value of ₹1,019.
As of Aug 20, 2026, the fair value of Emcure Pharmaceuticals Limited is ₹1,019 per share against a price of ₹1,929, so the fair value sits 47% below the price. A model estimate blended from multiple valuation models, recalculated regularly.
Strengths
Risks
Fair value as of: Aug 20, 2026
From 24 valuation models · updated 17 days ago
Share price −1.6% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (₹1,340). The favourable scenario is already priced in.
- The model range is unusually wide (₹492.52 to ₹1,340). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (2 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.
How to read this chart
26‑month range ₹903.93 – ₹2,009 · fair‑value band ₹492.52 – ₹1,340 · the ₹1,929 price screens above the ₹1,019 fair value. Dashed = 300-day average. As of Aug 20, 2026.
Analysis
Emcure Pharmaceuticals Limited (EMCURE) currently trades at ₹1,929, while our model-based Fair Value estimate is ₹1,019, implying the stock looks roughly 89.4% overvalued today. The Quality Score stands at 58/100 (solid quality), in the Healthcare sector. Bull case: the DCF Models group reads highest at a median of ₹1,155 per share, and 0 of the 24 models we run sit above the ₹1,929 price. Bear case: the Asset-Based group reads lowest at ₹174.85, and 24 of the 24 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Emcure Pharmaceuticals Limited generated revenue of ₹96.8B at a net margin of 10.4%. Revenue grew 22.8% year over year. It earns a return on equity of 19.6%. Net debt stands at ₹10.7B. Fundamentals as of Aug 20, 2026
Our scenario range runs from ₹492.52 (bear case) to ₹1,340 (bull case); at ₹1,929, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 6% below its 52-week high and 53% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −45% fair-value upside, at −47%, EMCURE screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹23.28 per share, which is 2.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 24 models by family
Widest divergence: DCF Models (₹1,155) versus Asset-Based (₹174.85). Highest evidence: FCF DCF (71).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 57 · Market factors (momentum, volatility) 78
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Emcure Pharmaceuticals Limited engages in the developing, manufacturing, and marketing pharmaceutical products worldwide.
Full company description
Emcure Pharmaceuticals Limited engages in the developing, manufacturing, and marketing pharmaceutical products worldwide. It offers products in various therapeutic areas, such as gynecology, cardiovascular, anti-infectives, HIV antivirals, respiratory, gastrointestinal, pain and analgesics, blood related, oncology/anti-neoplastics, anti-diabetic, hormones, neurology/central nervous system, dermatology, and other areas, as well as vitamins, minerals, and nutrients. The company also develops products across various platforms, including chiral molecules, complex APIs, orals, iron products, photo-chemistry products, liposomal and lyophilized injectables, high potency drugs, biotherapeutics, and novel drug delivery systems. It provides its products under Orofer, Bevon, Maxtra, Zostum, Metpure, and Eslo brand names. Emcure Pharmaceuticals Limited was incorporated in 1981 and is based in Pune, India.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Emcure Pharmaceuticals Limited reported revenue of ₹92.0B in FY2026 versus ₹57.7B in FY2022, a compound +12.4%/yr. Reported net income was ₹9.2B in FY2026, compounding +8.7%/yr from FY2022.
EMCURE screens 89% overvalued. Compare with Merck KGaA →
Peer Group
Drug Manufacturers - Specialty & Generic · 609 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Drug Manufacturers - Specialty & Generic median · lower = cheaper
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Drug Manufacturers - Specialty & Generic stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Merck KGaA MRK | €140.25 | €106.48 | −24% |
| Takeda Pharmaceutical Company TAK | $18.03 | $11.11 | −38% |
| Jiangsu Hengrui Pharmaceuticals Co 600276 | ¥53.76 | ¥25.94 | −52% |
| Sun Pharmaceutical Industries Limited SUNPHARMA | ₹1,899 | ₹989.50 | −48% |
| Galderma Group GALD | CHF 178.55 | CHF 55.07 | −69% |
| Haleon plc HLN | $10.11 | $7.64 | −24% |
| Teva Pharmaceutical Industries Limited TEVA | $36.05 | $15.33 | −57% |
| Sandoz Group SDZ | CHF 70.66 | CHF 39.21 | −45% |
| Zoetis Inc ZTS | $77.10 | $104.88 | +36% |
| Hansoh Pharmaceutical Group 3692 | HK$35.12 | HK$16.18 | −54% |
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