1. Opening Hook
While half of Dalal Street was still arguing whether GLP-1 drugs are a bubble or a religion, Emcure quietly walked in holding a Novo Nordisk handshake and its highest-ever quarterly profit. Q2 FY26 wasn’t about survival, restructuring, or “challenging macro conditions.” It was about execution—boring, consistent, and annoyingly effective.
Domestic growth beat the industry, Europe fired on all cylinders, Canada kept humming, and PAT grew faster than revenue. And then, just to keep analysts awake, management casually dropped a semaglutide partnership and reminded everyone that India has 25 crore overweight people waiting in line.
Margins didn’t explode, debt ticked up briefly, and guidance stayed calm. No chest-thumping, no panic. Just a company slowly moving from “good” to “dangerously relevant.”
Read on. The obesity story is just the headline—the real story is underneath.
2. At a Glance
- Revenue up 13.4% YoY – Growth without theatrics, the best kind.
- PAT jumped 25% to ₹251 cr – Highest ever, CFO smiled politely.
- EBITDA margin at 19.3% – Margins creeping up like a disciplined gym routine.
- Domestic growth at 10.6% – Still beating the industry, quietly.
- Europe up 22.7% – Amphotericin B doing the heavy lifting.
- Net debt at ₹837 cr – Zuventus cheque written, panic avoided.
3. Management’s Key Commentary
“We delivered our highest-ever quarterly profits.”
(Translation: Yes, we noticed too 😏)
“We partnered with Novo Nordisk for a second brand of semaglutide.”
(Early mover advantage unlocked before the generic stampede 🧠)
“India has over 250 million obese or overweight people.”
(That’s not a TAM slide, that’s a demographic reality.)
“Domestic business grew faster than the industry.”
(Outrunning peers without breaking a sweat.)
“Europe grew 22%, led by Amphotericin B.”
(Anti-fungal is the new growth hormone.)
“Base margins will improve by 150 basis points.”
(Not explosive, but stubbornly upward 📈)
“FY26 guidance remains intact.”
(No drama, no backtracking—rare these days.)
4. Numbers Decoded
Metric Q2 FY26 Q2 FY25 YoY
------------------------------------------------------------
Revenue (₹ cr) 2,270 2,002 +13%
EBITDA (₹ cr) 439 381 +15%
EBITDA Margin 19.3% 19.0% +30 bps
PAT (₹ cr) 251 202