Emcure Pharmaceuticals’ domestic formulations sales growth outpaced India’s drug market in September, a trend Motilal Oswal Financial Services cited alongside its ₹2,330 target and forecast of faster earnings growth through FY28.
In a report dated Oct. 21, 2026, Motilal Oswal Financial Services (MOFSL) said the target implies 33% upside from ₹1,758, the reference share price for that calculation. It valued Emcure at 28 times 12-month forward earnings; at ₹1,758, the shares were valued at 21 times that measure.
For FY26-28E, covering the fiscal years ending March 2026 through March 2028, MOFSL projected compound annual growth rates (CAGRs) of 15.2% for revenue, 22% for earnings before interest, taxes, depreciation and amortization (EBITDA), and 26% for profit after tax. It forecast CAGRs of 12.4% for domestic formulations and 17.4% for international business. These are brokerage estimates, not company guidance.
MOFSL, citing IQVIA data, reported that Emcure’s domestic formulations sales grew 19.3% year over year in September, compared with 17.1% for the Indian Pharmaceutical Market (IPM). In August, the respective growth rates were 14.4% and 13.1%. The brokerage said Emcure had lagged the market for more than a year before posting stronger growth in those two months.
A separate figure reported by Pharmabiz from Pharmarack data put September IPM value growth at 13.5%. That differs from MOFSL’s IQVIA-based 17.1% figure; the sources offered no reconciliation. MOFSL also reported that September respiratory sales fell 16.9% year over year, while gynecology grew 34.7%, anti-infectives 25.9%, cardiac 13.8% and anti-diabetic therapies 16.4%.
MOFSL projected a 17% CAGR for Emcure’s European business over FY26-28E, citing a pipeline of more than 55 products, including complex injectables. For Canada, it reported growth rising from 18.7% in FY26 to 25% in the first quarter of FY27. It also cited a pipeline of more than 50 products, including eight near-term first-generic opportunities.
Emcure reported FY26 revenue from operations of ₹9,204 crore, up 16.6% year over year. Domestic sales rose 10% to ₹4,027 crore, while international sales increased 22.2% to ₹5,177 crore.
A BSE filing said Emcure’s board is scheduled to consider results for the quarter and half-year ended Sept. 30 on Nov. 3, 2026.
