Emcure Pharma shares at record high! Stock soars 10% today, up 16% in 2 days: More rally ahead? Buy, sell or hold?
Shares of Emcure Pharmaceuticals jumped 10% to ₹2,180.80 on Wednesday, November 4, scaling a record high after gaining 5% in the previous session. The stock has rallied 16% in just two trading sessions following the pharmaceutical company's strong September quarter results (Q2FY27).
Robust revenue and profit growth, improving business prospects across domestic and international markets, and positive brokerage commentary have strengthened investor sentiment towards the stock.
Emcure Pharma shares touched a record high of ₹2,180.80 apiece on the BSE. The stock has now gained 67% from its 52-week low of ₹1,307.50, recorded in November 2025.
The stock has delivered strong returns across time periods, rising 12% in one month, 10% in three months, 21% in six months and 64% over the past year.
Emcure Pharmaceuticals reported a 29.3% year-on-year (YoY) increase in adjusted profit after tax (PAT) to ₹325.1 crore in Q2FY27 compared with ₹251.4 crore in the corresponding quarter last year.
Revenue from operations rose 24.3% YoY to ₹2,820.5 crore from ₹2,269.8 crore in Q2FY26. EBITDA increased 30.9% to ₹574.8 crore, against ₹439.1 crore a year ago. EBITDA margin expanded by 103 basis points to 20.4%, compared with 19.3% in the year-ago quarter.
The domestic business continued to gain traction, with revenue increasing 12% YoY to ₹1,155.3 crore from ₹1,031.4 crore. This marked the second consecutive quarter of double-digit growth, with the pace improving from 10% in Q1FY27 to 12% in Q2FY27. Meanwhile, International revenue grew at a faster pace, rising 34.5% YoY to ₹1,665.2 crore from ₹1,238.3 crore in Q2FY26.
Under its One Emcure vision, the company also plans to merge Zuventus and Emcutix with the holding company. The move aims to simplify the group's holding structure and generate synergies across backend operations and corporate functions.
The sharp rally has brought the stock back into focus, but investors may be wondering whether it still has room to climb or if the recent gains warrant profit booking. Here is what the latest earnings performance and growth outlook indicate about its prospects.
Jefferies has maintained its Buy rating on Emcure Pharmaceuticals while increasing its target price to ₹2,500 from ₹2,320. The new target indicates an upside potential of 15% from today's high.
The brokerage has raised its FY27 revenue growth estimate to over 20%, compared with its earlier expectation of mid-teens growth. It also expects margins to improve by 100 basis points.
The expansion of Amphotericin B across 20 European countries and the upcoming launch of Treprostinil are expected to support international growth. A recovery in the domestic business and new product approvals are additional growth drivers.
Jefferies has also raised its earnings per share estimates for FY27-FY29 by 3%-4%.
Meanwhile, Kotak Institutional Equities has retained its Buy rating with a target price of ₹2,450, implying an over 12% upside potential.
The brokerage expects FY27 sales growth to exceed 20%, compared with its earlier mid-teens estimate. It also expects margin improvement at the upper end of the company's 75-100 basis points guidance.
Kotak sees further growth potential in the domestic business, supported by a recovery at Zuventus, new product launches and wider reach for existing medicines. International markets are also expected to remain an important growth driver.
The brokerage expects Emcure's earnings per share to grow at an annual rate of 19% between FY26 and FY29, supported by growth across both domestic and international businesses.
Pranati Deva is a seasoned financial journalist with over a decade of experience in high-pressure newsroom environments, currently working as a Senior Sub Editor at LiveMint. Over the years, she has developed a reputation for sharp editorial judgement, a strong grasp of market dynamics, and the ability to translate complex financial developments into clear, engaging stories for a wide audience. <br><br> Her core areas of coverage include stock markets, leading listed companies, currencies, and commodities, with a particular strength in fast-paced, real-time market reporting. She is known for handling breaking market news, earnings-driven stock movements, and macroeconomic developments with speed, accuracy, and context—qualities that are essential in financial journalism. <br><br> Pranati has built a diverse and credible professional track record across some of India’s most respected news organisations, including MintGenie, CNBC-TV18, Business Standard and EconomicTimes.com. During her stints at these platforms, she produced data-driven market stories, curated and steered live blogs during volatile trading sessions, and conducted interviews with market veterans, fund managers, economists, and industry experts. Her work often combines on-ground reporting with analytical depth, helping readers make sense of daily market fluctuations and longer-term trends. An alumnus of the Symbiosis Institute of Media and Communications and Hansraj College, University of Delhi, Pranati brings a strong academic foundation to her journalism. She specialises in real-time financial reporting, with a keen focus on precision, balance, and insight, aiming to decode market movements in a way that is both informative and accessible to readers across experience levels.
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HomeMarketsEmcure Pharma shares at record high! Stock soars 10% today, up 16% in 2 days: More rally ahead? Buy, sell or hold?
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