BSE: 544210 | NSE: EMCURE | Pharmaceuticals & Drugs | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Emcure Pharmaceuticals Ltd is a good quality company.
The key valuation ratios of Emcure Pharmaceuticals Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Emcure Pharmaceuticals Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 20.2% | 26.7% | 15.2% | 18% | 18% | 11.9% | 19.4% | 21.2% | 11.2% | 10.7% | - |
| Value Creation Index ⓘ | 0.8 | 1.4 | 0.4 | 0.6 | 0.6 | 0.1 | 0.7 | 0.5 | -0.2 | -0.2 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 2,031 | 2,141 | 2,058 | 2,241 | 2,454 | 2,376 | 3,154 | 3,387 | 3,107 | 3,498 | 3,498 |
| Sales YoY Gr. | - | 5.4% | -3.9% | 8.9% | 9.5% | -3.2% | 32.8% | 7.4% | -8.3% | 12.6% | - |
| Adj EPS ⓘ | 16.8 | 17.9 | 16.5 | 13.9 | 15.7 | 9 | 22.4 | 23.1 | 7.7 | 8.1 | 8.5 |
| YoY Gr. | - | 6.9% | -8% | -15.9% | 12.8% | -42.7% | 150.2% | 2.9% | -66.6% | 5.3% | - |
| BVPS (₹) ⓘ | 47.5 | 56.8 | 67.1 | 77.1 | 97.4 | 104.4 | 126.6 | 93.8 | 101 | 105.9 | 149.6 |
| Adj Net Profit ⓘ | 303 | 324 | 298 | 251 | 283 | 162 | 406 | 418 | 140 | 147 | 161 |
| Cash Flow from Ops. ⓘ | 278 | 251 | 325 | 401 | 371 | 385 | 775 | 428 | 505 | 585 | - |
| Debt/CF from Ops. ⓘ | 2.4 | 3.9 | 3.2 | 2.8 | 3.3 | 3.1 | 2.1 | 3.7 | 3.3 | 2.4 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 6.2% | 7.4% | 3.5% | 12.6% | ||||
| Adj EPS ⓘ | -7.7% | -12.3% | -28.7% | 5.3% | ||||
| BVPSⓘ | 9.3% | 1.7% | -5.8% | 4.9% | ||||
| Share Price | - | - | - | - | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 38.2 | 34.3 | 26.4 | 19 | 17.8 | 8.8 | 19.3 | 20.8 | 7.9 | 7.8 | 6.7 |
| Op. Profit Mgn % ⓘ | 25.1 | 27.2 | 24.4 | 23.6 | 23.3 | 18 | 23.6 | 23.5 | 14.1 | 12.6 | 12.6 |
| Net Profit Mgn % ⓘ | 14.9 | 15.2 | 14.5 | 11.2 | 11.5 | 6.8 | 12.9 | 12.3 | 4.5 | 4.2 | 4.6 |
| Debt to Equity ⓘ | 0.8 | 1 | 0.9 | 0.8 | 0.7 | 0.6 | 0.7 | 0.9 | 0.9 | 0.7 | 0.1 |
| Working Cap Days ⓘ | 191 | 198 | 200 | 201 | 222 | 272 | 237 | 234 | 250 | 225 | 49 |
| Cash Conv. Cycle ⓘ | 49 | 75 | 102 | 88 | 104 | 147 | 103 | 93 | 113 | 96 | 13 |
Debt to equity has declined versus last 3 years average to 0.73
Sales growth is good in last 4 quarters at 10.08%
Return on Equity has declined versus last 3 years average to 6.70%
Sales growth has been subdued in last 3 years 3.51%
Net Profit has been subdued in last 3 years -28.71%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 8.5 | 26.4 |
| TTM Sales (₹ Cr.) | 3,498 | 6,658 |
| BVPS (₹.) ⓘ | 149.6 | 217.8 |
| Reserves (₹ Cr.) ⓘ | 2,639 | 3,929 |
| P/BV ⓘ | 8.73 | 6.00 |
| PE ⓘ | 153.56 | 49.57 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 1226.50 / 1577.50 |
| All Time Low / High (₹) | 1226.50 / 1577.50 |
| Market Cap (₹ Cr.) | 24,697 |
| Equity (₹ Cr.) | 189.1 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 43 |
| Pledged * | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,031 | 2,141 | 2,058 | 2,241 | 2,454 | 2,376 | 3,154 | 3,387 | 3,107 | 3,498 |
| Operating Expenses ⓘ | 1,521 | 1,562 | 1,575 | 1,714 | 1,883 | 1,952 | 2,410 | 2,593 | 2,669 | 3,056 |
| Manufacturing Costs | 250 | 243 | 271 | 285 | 286 | 268 | 328 | 384 | 358 | 408 |
| Material Costs | 636 | 542 | 470 | 542 | 675 | 735 | 1,131 | 1,163 | 1,087 | 1,208 |
| Employee Cost | 343 | 419 | 440 | 484 | 516 | 545 | 551 | 604 | 649 | 706 |
| Other Costs ⓘ | 292 | 359 | 395 | 403 | 406 | 404 | 400 | 442 | 574 | 733 |
| Operating Profit ⓘ | 510 | 580 | 484 | 528 | 570 | 423 | 743 | 795 | 438 | 442 |
| Operating Profit Margin (%) | 25.1% | 27.1% | 23.5% | 23.5% | 23.2% | 17.8% | 23.6% | 23.5% | 14.1% | 12.6% |
| Other Income ⓘ | 65 | 52 | 55 | 61 | 91 | 138 | 112 | 133 | 125 | 138 |
| Interest ⓘ | 78 | 114 | 101 | 88 | 127 | 137 | 123 | 145 | 167 | 166 |
| Depreciation ⓘ | 104 | 105 | 116 | 120 | 130 | 155 | 156 | 166 | 179 | 205 |
| Exceptional Items ⓘ | -174 | -54 | -98 | -38 | -35 | -44 | -18 | 0 | -6 | -9 |
| Profit Before Tax ⓘ | 219 | 358 | 224 | 342 | 370 | 225 | 557 | 616 | 212 | 200 |
| Tax ⓘ | 13 | 66 | 7 | 100 | 86 | 49 | 137 | 170 | 52 | 39 |
| Profit After Tax | 207 | 292 | 217 | 243 | 284 | 175 | 420 | 447 | 160 | 161 |
| PAT Margin (%) | 10.2% | 13.6% | 10.5% | 10.8% | 11.6% | 7.4% | 13.3% | 13.2% | 5.2% | 4.6% |
| Adjusted EPS (₹) | 11.4 | 16.2 | 12.0 | 13.4 | 15.7 | 9.7 | 23.3 | 24.7 | 8.9 | 8.9 |
| Dividend Payout Ratio (%) | 33% | 62% | 25% | 26% | 22% | 26% | 4% | 12% | 23% | 34% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 859 | 1,027 | 1,213 | 1,394 | 1,762 | 1,888 | 2,290 | 1,697 | 1,826 | 1,919 |
| Share Capital ⓘ | 45 | 181 | 181 | 181 | 181 | 181 | 181 | 181 | 181 | 181 |
| Reserves ⓘ | 814 | 846 | 1,032 | 1,213 | 1,581 | 1,707 | 2,109 | 1,516 | 1,645 | 1,738 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 542 | 767 | 839 | 918 | 986 | 1,015 | 1,306 | 1,356 | 1,408 | 1,141 |
| Long Term Debt | 253 | 403 | 453 | 408 | 442 | 454 | 646 | 512 | 601 | 438 |
| Short Term Debt | 289 | 364 | 386 | 510 | 543 | 561 | 660 | 844 | 808 | 703 |
| Trade Payables | 297 | 277 | 222 | 343 | 324 | 439 | 574 | 601 | 673 | 821 |
| Others Liabilities ⓘ | 544 | 397 | 344 | 413 | 506 | 530 | 693 | 669 | 708 | 876 |
| Total Liabilities ⓘ | 2,243 | 2,467 | 2,618 | 3,068 | 3,578 | 3,871 | 4,863 | 4,323 | 4,616 | 4,757 |
Fixed Assets | ||||||||||
| Gross Block | 1,104 | 966 | 1,100 | 1,227 | 1,563 | 1,772 | 2,024 | 2,187 | 2,487 | 2,953 |
| Accumulated Depreciation | 380 | 103 | 220 | 335 | 463 | 606 | 746 | 880 | 1,054 | 1,234 |
| Net Fixed Assetsⓘ | 724 | 863 | 880 | 892 | 1,100 | 1,166 | 1,278 | 1,307 | 1,433 | 1,718 |
| CWIP ⓘ | 74 | 72 | 288 | 469 | 406 | 326 | 192 | 239 | 253 | 106 |
| Investmentsⓘ | 228 | 294 | 298 | 305 | 311 | 408 | 864 | 563 | 690 | 684 |
| Inventories | 343 | 518 | 547 | 476 | 496 | 444 | 622 | 730 | 710 | 770 |
| Trade Receivables | 401 | 441 | 353 | 532 | 910 | 1,138 | 999 | 1,009 | 1,054 | 1,103 |
| Cash Equivalents | 32 | 28 | 27 | 54 | 29 | 39 | 261 | 48 | 141 | 32 |
| Others Assetsⓘ | 440 | 251 | 224 | 340 | 327 | 350 | 648 | 426 | 335 | 343 |
| Total Assets ⓘ | 2,243 | 2,467 | 2,618 | 3,068 | 3,578 | 3,871 | 4,863 | 4,323 | 4,616 | 4,757 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 278 | 251 | 325 | 401 | 371 | 385 | 775 | 428 | 505 | 585 |
| PBT ⓘ | 219 | 358 | 224 | 342 | 370 | 225 | 557 | 616 | 212 | 200 |
| Adjustment ⓘ | 303 | 203 | 195 | 202 | 523 | 262 | 247 | 265 | 309 | 326 |
| Changes in Working Capital ⓘ | -200 | -244 | -27 | -94 | -396 | -71 | 84 | -283 | 68 | 126 |
| Tax Paid ⓘ | -44 | -67 | -66 | -49 | -125 | -31 | -114 | -171 | -85 | -67 |
| Cash Flow From Investing Activity ⓘ | -118 | -333 | -300 | -287 | -276 | -165 | -831 | -189 | -270 | -171 |
| Capex | -172 | -279 | -312 | -283 | -287 | -98 | -98 | -184 | -280 | -243 |
| Net Investments | 140 | 0 | 0 | 0 | 1 | 8 | -6 | -26 | -2 | 0 |
| Others ⓘ | -87 | -54 | 13 | -4 | 10 | -75 | -727 | 21 | 11 | 72 |
| Cash Flow From Financing Activityⓘ | -193 | 8 | 147 | -217 | -53 | -46 | 31 | -343 | -55 | -288 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8 |
| Net Proceeds from Borrowing ⓘ | -63 | 200 | 64 | -57 | 80 | -42 | 327 | -228 | 92 | -158 |
| Interest Paid ⓘ | -79 | -74 | -92 | -89 | -129 | -123 | -119 | -131 | -142 | -154 |
| Dividend Paid ⓘ | -51 | -102 | -27 | -54 | -81 | -45 | -18 | -54 | -36 | -54 |
| Others ⓘ | 0 | -17 | 202 | -16 | 77 | 165 | -159 | 71 | 32 | 71 |
| Net Cash Flow ⓘ | -34 | -74 | 173 | -103 | 42 | 175 | -25 | -104 | 180 | 126 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 25.98 | 30.98 | 19.39 | 18.62 | 17.97 | 9.6 | 20.13 | 22.42 | 9.09 | 8.59 |
| ROCE (%) | 20.17 | 26.67 | 15.2 | 18.02 | 18.01 | 11.85 | 19.42 | 21.18 | 11.18 | 10.7 |
| Asset Turnover Ratio | 0.94 | 0.93 | 0.83 | 0.79 | 0.76 | 0.66 | 0.74 | 0.75 | 0.7 | 0.75 |
| PAT to CFO Conversion(x) | 1.34 | 0.86 | 1.5 | 1.65 | 1.31 | 2.2 | 1.85 | 0.96 | 3.16 | 3.63 | Working Capital Days |
| Receivable Days | 66 | 71 | 69 | 72 | 104 | 152 | 120 | 106 | 121 | 113 |
| Inventory Days | 60 | 72 | 93 | 83 | 70 | 70 | 60 | 71 | 85 | 77 |
| Payable Days | 179 | 194 | 194 | 191 | 180 | 189 | 163 | 185 | 214 | 226 |
The company was originally incorporated as Emcure Pharmaceuticals Private Limited as a private limited company under the provisions of the Companies Act, 1956, pursuant to a certificate of incorporation dated April 16, 1981, issued by the Registrar of Companies, Maharashtra at Bombay. The company became a deemed public company under section 43A (1A) of the Companies Act, 1956 with effect from July 1, 1993 and the word ‘Private’ was removed from the name of the company and the certificate of incorporation of the company was endorsed by the Registrar of Companies, Maharashtra at Bombay to that effect. Subsequently, the company was converted from a deemed public company into a public company upon amendment of section 43A of the Companies Act, 1956 by the Companies Amendment Act, 2000 and the name of the company was changed to ‘Emcure Pharmaceuticals Limited’, pursuant to Shareholders resolution dated August 20, 2001 and a certificate of change of name was issued by the RoC on September 18, 2001.
Emcure Pharmaceuticals is an Indian pharmaceutical company engaged in developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas. It is a research and development (R&D) driven company with a differentiated product portfolio that includes orals, injectables and biotherapeutics, which has enabled it to reach a range of target markets across many countries, with a strong presence in India, Europe and Canada. It is led by Promoters with significant experience in the pharmaceutical industry who are supported by a strong professional management team. It is focused towards pharmaceutical products used in chronic (including sub-chronic) therapeutic areas. The company also sells its portfolio of differentiated products internationally in many countries. It has established its international presence by either developing its own front-end distribution capabilities or focusing on alliances with local and multi-national companies that have an established presence in the therapeutic areas of its focus. The company is an R&D driven company and its core strength lies in its ability to research, develop and manufacture inhouse specialty pharmaceutical products for high-growth therapeutic areas, for which there is limited competition and high barriers to entry.
The company has 13 manufacturing facilities across India. Its facilities are capable of producing pharmaceutical and biopharmaceutical products across a wide range of dosage forms, including oral solids, oral liquids, injectables, including liposomal and lyophilized injectables, biotherapeutics and complex APIs, including chiral molecules, iron molecules and cytotoxic products. Further, its ability to manufacture its own APIs and formulations has allowed it to attain a significant degree of vertical integration, allowing it to source products in a cost-effective manner, ensure quality and security of availability of an essential raw material and protect its intellectual property. In particular, it has in-house manufacturing capabilities for most of its specialty products, including complex injectables, iron products, photo-chemistry products, chiral molecules and biotherapeutics.
Business area of the company
Emcure Pharmaceuticals is one of the leading Indian pharmaceutical companies engaged in developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas. The company’s core strength and competitive advantage lie in its established presence in all major therapeutic areas including Gynaecology, cardiology, blood-related, oncology, respiratory, CNS & HIV among others.
Key awards, accreditations or recognitions
Major events and milestones
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Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
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The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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