Emcure Pharmaceuticals Limited, an Indian pharmaceutical company, develops, manufactures, and globally markets a wide range of pharmaceutical products across several major therapeutic areas.

The company has been ranked 13th in domestic sales among pharmaceutical companies in India for MAT September 2023 and 4th in market share in its covered markets for the same period. Additionally, it is the leading pharmaceutical company in gynaecology and HIV antiviral therapeutic areas for the MAT September 2023. In the six months ended September 30, 2023, and the Financial Year 2023, sales in India contributed 50.84% and 53.16% of the company’s total revenue, respectively. The company’s Domestic sales grew at a CAGR of 10.80% between September 2019 and September 2023, outperforming the Indian pharmaceutical market.

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• Well-placed to leverage our position in the domestic market.
• Demonstrated capabilities of building brands.
• Large, diversified and fast-growing product portfolio in international markets.
• Strong R&D capabilities driving differentiated portfolio of products.
• Extensive and diversified manufacturing capacity.
• Highly qualified, experienced and entrepreneurial management team and Board.

• Repayment and/ or prepayment of all or a portion of certain outstanding borrowings availed by the company; and
• General corporate purposes

The company is one of the leading pharma Company having niche products and serving global markets. It marked growth in its top lines, but bottom line posted declining trends due to higher interest and depreciation costs. Based on FY24 earnings, the issue appears fully priced. Investors may subscribe for the medium to longer term.