Emcure international revenue rises 34.5% in Q2FY27 results

Emcure’s international revenue rose 34.5% year on year to Rs 1,665.2 crore in Q2FY27, compared with 12.0% domestic growth, making overseas operations the main contributor to the company’s Rs 550.7 crore increase in quarterly revenue. Europe, Canada and Rest of World all reported year-on-year expansion.

How much did Emcure’s international business grow in Q2FY27?

Emcure’s international business grew 34.5% year on year to Rs 1,665.2 crore in Q2FY27 from Rs 1,238.3 crore in Q2FY26. This was faster than the 24.3% rise in revenue from operations, which reached Rs 2,820.5 crore from Rs 2,269.8 crore, and the domestic business’s 12.0% growth to Rs 1,155.3 crore.

International operations added Rs 426.9 crore of the company’s Rs 550.7 crore year-on-year revenue increase in Q2FY27, while domestic operations added Rs 123.9 crore. International revenue represented 59.0% of quarterly revenue, based on the disclosed 22.3% Rest of World, 21.4% Europe and 15.3% Canada shares; domestic business represented the remaining 41.0%.

International revenue also increased 12.1% sequentially from Rs 1,485.1 crore in Q1FY27 to Rs 1,665.2 crore in Q2FY27. Domestic revenue rose 5.5% from Rs 1,095.3 crore, meaning international operations contributed Rs 180.1 crore of the Rs 240.2 crore quarter-on-quarter increase in revenue from operations.

Which Emcure international regions grew fastest in Q2FY27?

Emcure’s Rest of World, or RoW, business was the fastest-growing disclosed overseas region in Q2FY27, with revenue increasing 41.1% year on year to Rs 629.7 crore from Rs 446.3 crore. Europe followed with 36.0% growth to Rs 604.3 crore, while Canada rose 24.0% to Rs 431.2 crore. Each region exceeded domestic growth of 12.0%.

RoW also recorded the largest quarter-on-quarter increase, growing 20.7% from Rs 521.8 crore in Q1FY27. Europe rose 12.6% from Rs 536.7 crore, while Canada increased 1.0% from Rs 426.6 crore. RoW’s sequential gain of Rs 107.9 crore was larger than Europe’s Rs 67.6 crore increase and Canada’s Rs 4.6 crore increase.

For H1FY27, RoW revenue increased 42.8% to Rs 1,151.5 crore from Rs 806.4 crore in H1FY26. Europe grew 34.6% to Rs 1,141.0 crore and Canada increased 24.3% to Rs 857.8 crore, taking total international revenue to Rs 3,150.3 crore, up 34.5% from Rs 2,344.3 crore.

What drove Emcure’s Europe, Canada and RoW growth?

Emcure attributed Europe’s 36.0% Q2FY27 growth to delivery across the United Kingdom and European Union, or EU, through base-business execution and new product launches. The company said the contribution from Liposomal Amphotericin B continued to grow, while its product pipeline provides management with visibility for sustained medium-term growth.

Canada’s revenue rose 24.0% to Rs 431.2 crore through market-share gains and recent launches, according to Emcure. The company reported balanced growth across Quebec and the rest of Canada, along with a pipeline of more than 50 products and a focused first-generic strategy that management said supports medium-term growth visibility.

In RoW, Emcure said non-antiretroviral growth accelerated through launches across Latin America, the Commonwealth of Independent States, Asia and Africa. It received 20 approvals, including approvals for Liposomal Amphotericin B in Brazil and Mexico. The company also cited a strong anti-retroviral, or ARV, order book, continued scaling of the existing portfolio and a Lenacapavir filing as factors providing medium-term visibility.

How did Q2FY27 growth compare with Emcure’s profit trends?

Emcure reported earnings before interest, tax, depreciation and amortisation, or EBITDA, of Rs 574.8 crore in Q2FY27, up 30.9% from Rs 439.1 crore in Q2FY26. EBITDA grew faster than revenue from operations, and its margin rose by 103 basis points to 20.4% from 19.3%; one basis point equals one-hundredth of a percentage point.

Profit after tax increased 29.3% to Rs 325.1 crore from Rs 251.4 crore, and the profit-after-tax margin increased by 45 basis points to 11.5%. Gross profit rose 21.6% to Rs 1,678.1 crore, but gross margin declined by 131 basis points to 59.5% from 60.8%. The presentation does not assign these margin movements specifically to international operations.

In H1FY27, EBITDA rose 28.6% to Rs 1,082.8 crore and the EBITDA margin increased 79 basis points to 20.0%. Profit after tax increased 32.5% to Rs 617.6 crore, alongside 23.6% growth in revenue from operations to Rs 5,400.9 crore. International revenue grew 34.5% over the half year, while domestic revenue grew 11.1%.

What does Emcure’s revenue mix say about its domestic business?

Emcure’s domestic business remained its largest individual disclosed segment at Rs 1,155.3 crore in Q2FY27, despite international operations collectively contributing Rs 1,665.2 crore. Domestic growth improved from 10% in Q1FY27 to 12.0% in Q2FY27, while international revenue grew 34.5% in the latest quarter.

The company cited women’s health, cardio-metabolics and central nervous system products as domestic growth areas. IQVIA September 2026 data showed Q2FY27 year-on-year growth of 64% for Rosuvas EZ, 43% for Tenectase, 39% each for Orofer XT and Orofer FCM, and 18% for Vylda.

Emcure also said Zuventus and Emcutix are to be merged with the holding company under its One Emcure plan. Management described the proposed merger as an effort to simplify the group holding structure and generate synergies in backend operations and corporate functions. Management expects domestic growth to continue over the full year as its strengthened team and portfolio gain traction.

Conclusion

Emcure’s Q2FY27 result was led by international operations, which added Rs 426.9 crore to revenue year on year, compared with Rs 123.9 crore from domestic operations. RoW grew 41.1%, Europe 36.0% and Canada 24.0%, while company revenue rose 24.3% and EBITDA increased 30.9% to Rs 574.8 crore.

The next disclosed milestones to watch are execution of Europe’s product pipeline, Canada’s more than 50-product pipeline and first-generic strategy, and RoW launches, approvals and the Lenacapavir filing. Management’s planned merger of Zuventus and Emcutix with the holding company, as well as its expectation of continued domestic growth over the full year, are additional developments to monitor.