Reaffirmation of Credit Ratings by CARE Ratings Limited

Emcure Ref: EPL/CS/SE/0078/2026 Date: September 01, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G, P J Towers, Bandra Kurla Complex, Bandra (East), Dalal Street, Mumbai – 400 051 Mumbai- 400 001 Script Symbol: EMCURE Scrip Code/Symbol: 544210/ EMCURE Dear Sir/Madam, Subject: Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Reaffirmation of Credit Ratings Pursuant to Regulation 30 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we hereby inform that CARE Ratings Limited (“CARE”), has reaffirmed its ratings on the bank facilities of Emcure Pharmaceuticals Limited (“the Company”), vide its press release (enclosed herewith) as received by the Company on September 01, 2026, as under: Facilities Amount Rating Rating Action (Rs. in Crores) 785.00 Long-term bank facilities (Enhanced from CARE AA; Stable Reaffirmed 557.50) 1,563.00 Long-term / Short-term bank CARE AA; Stable / (Enhanced from Reaffirmed facilities CARE A1+ 1,348.00) Short-term bank facilities 52.00 CARE A1+ Reaffirmed You are requested to take the above information on your records. Thanking you, For Emcure Pharmaceuticals Limited Amruta Yangalwar Company Secretary & Compliance Officer ICSI Membership Number: A25687 Emcure Pharmaceuticals Limited Registered Office: Plot No. P-1 & P-2, IT-BT Park, Phase-II, M.I.D.C., Hinjawadi, Pune - 411057, Maharashtra, India Phone Nos.: +91 20 – 35070033/ 35070000 Fax No.: +91 20 3507 0060 E-mail: corporate@emcure.com Website: www.emcure.com CIN: L24231PN1981PLC024251 Press Release Emcure Pharmaceuticals Limited August 31, 2026 Name of the Rating Facilities/Instruments Amount (₹ crore) Rating2 Regulator1 Action 1,563.00 Long-term / Short-term bank CARE AA; Stable / RBI (Enhanced from Reaffirmed facilities CARE A1+ 1,348.00) RBI 785.00 Long-term bank facilities CARE AA; Stable Reaffirmed (Enhanced from 557.50) Short-term bank facilities RBI 52.00 CARE A1+ Reaffirmed Details of instruments/facilities in Annexure-1. Rationale and key rating drivers Reaffirmation of ratings assigned to bank facilities of Emcure Pharmaceuticals Limited (hereinafter referred to as Emcure) continues to factor in the company’s healthy business risk profile, geographically diversified revenue base, leadership position across key therapeutic segments, accredited manufacturing facilities, experienced management team, and well-established research and development (R&D) capabilities. Emcure reported revenue of ~₹9,322 crore in FY26, registering a year-on-year (YoY) growth of ~18%, primarily driven by strong performance across international markets, including Europe, Canada, and Emerging Markets (EM). The company also reported an improvement in profitability, with the profit before interest, lease rentals, depreciation and taxation (PBILDT) margin increasing to 20.0% in FY26 from 18.7% in FY25, supported by productivity enhancement initiatives, scaling up of in-house products, favourable operating leverage and an improved product mix. In FY26, the company continued to strengthen its portfolio through strategic partnerships and differentiated product offerings. Key initiatives included partnerships with Novo Nordisk for Poviztra® (semaglutide), expansion of the Sanofi partnership through the integration of Amaryl and Cetapin brands, and an agreement with Roche for nephrology, anaemia management, and transplant care products. Emcure also advanced its differentiated pipeline across complex injectables, biosimilars and anti-viral therapies, with key developments in Liposomal Amphotericin B, Lenacapavir, and biosimilar Bevacizumab. Ratings continue to derive strength from Emcure’s comfortable capital structure and debt coverage indicators, despite the increase in debt levels in FY26. CARE Ratings Limited (CareEdge Ratings) also takes note of Emcure’s recent acquisition of an additional 12.05% stake in Gennova Biopharmaceuticals Limited (Gennova), making Gennova a wholly owned subsidiary. The all-cash acquisition was completed in July 2026 for an aggregate consideration of ~₹232 crore. Tthe company has divested its mRNA business for a lump-sum cash consideration of ~₹140 crore, in line with Gennova’s strategic decision to sharpen its focus on biologics, including biosimilars and adjacent technology platforms and exit vaccine development activities. However, ratings remain constrained by the inherent regulatory risks associated with the pharmaceutical industry across the geographies in which Emcure operates, exposure to foreign exchange fluctuations, and intense competition in the domestic and international pharmaceutical markets. Rating sensitivities: Factors likely to lead to rating actions Positive factors • Significant growth in total operating income (TOI) and improvement in PBILDT margin above 22% on a sustained basis. • Significant improvement in financial risk profile with net debt to PBILDT below 0.50x on a sustained basis. Negative factors • Deterioration in the capital structure because of incremental debt or direct/indirect support extended to group companies leading to net debt to PBILDT of 1.50x at consolidated level. • PBILDT margin falling below 15% on a sustained basis. • Regulatory action against Emcure or its group companies, significantly impairing the group’s credit profile. 1SEBI: Securities and Exchange Board of India; RBI: Reserve Bank of India; MCA: Ministry of Corporate Affairs; IRDAI: Insurance Regulatory and Development Authority of India; PFRDA: Pension Fund Regulatory and Development Authority 2Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd. Press Release Analytical approach: Consolidated CareEdge Ratings has considered consolidated financials of Emcure including its subsidiaries considering similar line of business and management. Majority subsidiaries of Emcure are engaged in trading and marketing products manufactured by Emcure and other companies across geographies. As a result of similar line of business and inter group transactions, consolidated view has been considered. Consolidated subsidiaries are mentioned in Annexure-5. Outlook: Stable The stable outlook reflects CareEdge Rating’s expectation that the company will continue to benefit from established track record and diversified product profile in the near term. Detailed description of key rating drivers Key strengths Consistent increase in scale of operations and improving margins Emcure reported revenue of ~₹9,322 crore in FY26, reflecting a YoY increase of 18%, driven by strong performance across international markets and steady growth in the domestic business. International revenues grew by 22% YoY to ₹5,177 crore, led by growth across Europe (26%), Emerging Markets (22%) and Canada (19%). Growth was supported by market share gains, new product launches, healthy Antiretroviral (ARV) order execution, portfolio expansion and benefits from the integration of the Manx portfolio. Domestic revenues increased by 10% YoY to ₹4,027 crore, broadly in line with industry growth, led by the cardiac, central nervous system (CNS), and oncology segments. Operating profitability improved in FY26, with PBILDT increasing by 26% YoY to ~₹1,865 crore. Consequently, the PBILDT margin improved to 20.0% in FY26 from 18.7% in FY25, supported by productivity enhancement initiatives, scaling up of in-house products, favourable operating leverage and an improved product mix. The company sustained its profitability levels in Q1FY27, with the PBILDT margin remaining at 20.0% (Q1FY26: 20.0%), reflecting continued benefits from productivity gains and operating leverage. Going forward, Emcure's diversified geographic presence, increasing contribution from differentiated and complex products, strategic in-licensing partnerships and healthy [Showing first 8,000 characters — download PDF for full document]