Emcure international revenue rises 34.5% to 59% of sales

Emcure Pharmaceuticals Limited reported international revenue of Rs 1,665.2 crore in the quarter ended September 30, 2026, up 34.5% year-on-year and equal to 59.0% of consolidated revenue, compared with 12.0% domestic growth. Europe, Canada and Rest of World each grew, while total revenue from operations reached Rs 2,820.5 crore.

How much did Emcure’s international business grow in Q2 FY27?

In Q2 FY27, the second quarter of financial year 2027, Emcure’s international business grew 34.5% year-on-year to Rs 1,665.2 crore from Rs 1,238.3 crore in Q2 FY26. The increase of Rs 426.9 crore exceeded the domestic revenue increase of Rs 123.9 crore, as domestic sales rose 12.0% to Rs 1,155.3 crore from Rs 1,031.4 crore.

International revenue represented 59.0% of Emcure’s Rs 2,820.5 crore revenue from operations in the quarter, leaving domestic operations at 41.0%. Total revenue grew 24.3% from Rs 2,269.8 crore in Q2 FY26, meaning overseas sales accounted for the larger portion of both the quarterly revenue base and its year-on-year increase.

Which international regions drove Emcure’s Q2 growth?

Rest of World was Emcure’s fastest-growing international region in Q2 FY27, rising 41.1% year-on-year to Rs 629.7 crore from Rs 446.3 crore. The company attributed the result to continued performance in its antiretroviral, or ARV, business, accelerating non-ARV growth, new launches and portfolio expansion across Latin America, the Commonwealth of Independent States, Asia and Africa.

Europe grew 36.0% to Rs 604.3 crore from Rs 444.4 crore, with Emcure citing delivery in the United Kingdom and continental Europe and the continued scale-up of Liposomal Amphotericin B. Canada expanded 24.0% to Rs 431.2 crore from Rs 347.6 crore, driven by base-business growth and recent launches. Rest of World supplied the highest regional growth rate, while Europe was the second-largest international contributor by quarterly revenue.

How did international sales compare with Q1 and first-half FY27?

Emcure’s international sales increased 12.1% sequentially from Rs 1,485.1 crore in Q1 FY27, the first quarter of financial year 2027, to Rs 1,665.2 crore in Q2 FY27. Rest of World grew 20.7% quarter-on-quarter from Rs 521.8 crore, Europe rose 12.6% from Rs 536.7 crore, and Canada increased 1.0% from Rs 426.6 crore.

For the first half, or H1, of FY27, international revenue was Rs 3,150.3 crore, up 34.5% from Rs 2,344.3 crore in H1 FY26. Rest of World rose 42.8% to Rs 1,151.5 crore, Europe gained 34.6% to Rs 1,141.0 crore and Canada increased 24.3% to Rs 857.8 crore. Domestic revenue for the half year grew 11.1% to Rs 2,250.6 crore, so international growth was nearly three times the domestic rate in Q2 and more than three times the rate in H1.

What products and launches supported Emcure’s overseas sales?

Emcure said the international increase reflected continued expansion of its base business and new launches across Europe, Canada and Rest of World. In Europe, the company specifically identified Liposomal Amphotericin B as a contributor to scale-up, while in Canada it cited recent launches alongside base-business growth.

The company reported more than 20 product approvals across developed and emerging markets during the period. Liposomal Amphotericin B was approved in Brazil and Mexico, while Emcure filed a dossier for Lenacapavir injection with the World Health Organization and the United States Food and Drug Administration. These filings and approvals describe pipeline and regulatory activity, but the release does not quantify their individual revenue contribution in Q2 FY27.

How did international growth fit into Emcure’s overall Q2 results?

Emcure’s overall Q2 FY27 revenue from operations grew 24.3% to Rs 2,820.5 crore, while earnings before interest, tax, depreciation and amortisation, or EBITDA, rose 30.9% to Rs 574.8 crore. EBITDA margin increased by 103 basis points to 20.4% from 19.3%, and profit after tax increased 29.3% to Rs 325.1 crore.

The company’s gross margin declined by 131 basis points year-on-year to 59.5%, as material cost rose 28.4% to Rs 1,142.4 crore, faster than revenue. Nevertheless, employee costs increased 13.0% to Rs 434.7 crore and other expenses rose 20.1% to Rs 668.6 crore, both below revenue growth, alongside the reported EBITDA-margin expansion. Management said productivity gains and operating leverage drove the margin movement.

Conclusion

Emcure’s Q2 FY27 performance shows that international operations were the principal revenue-growth contributor: overseas revenue grew 34.5% to Rs 1,665.2 crore and made up 59.0% of total revenue, against Rs 1,155.3 crore of domestic sales growing 12.0%. Rest of World, Europe and Canada all expanded, with Rest of World posting the highest rate at 41.1%.

The next disclosed milestone is management’s expectation that business momentum will sustain into H2 FY27. Readers can also watch the commercial progress of new launches and approvals, including Liposomal Amphotericin B in Brazil and Mexico, and the regulatory path for the Lenacapavir injection dossiers filed with the World Health Organization and the United States Food and Drug Administration.