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Investing.com - Jefferies raised its price target on Emcure Pharmaceuticals Limited (EMCURE:IN) to INR1,610.00 from INR1,400.00 on Thursday, while maintaining a Buy rating following the company’s first-quarter results.
The pharmaceutical company’s Q1 performance exceeded Jefferies’ estimates, with Europe and Rest of World markets driving the revenue beat. Management has maintained its fiscal year 2026 guidance of 150 basis points EBITDA margin expansion.
According to Jefferies, the projected margin improvement will be driven by better gross margins and operational efficiency. The firm noted that Emcure’s domestic business is expected to continue delivering growth that outpaces the Indian Pharmaceutical (TADAWUL:2070) Market.
Jefferies highlighted that Emcure believes it has multiple complex products in its pipeline that will drive growth in developed markets. Despite the positive outlook, the investment firm reduced its FY27/28 earnings per share estimates by 2-4% due to higher interest costs related to the Zuventus acquisition.
The new price target of INR1,610 represents an increase of 15% from the previous target of INR1,400, reflecting Jefferies’ continued confidence in Emcure’s business fundamentals despite the minor earnings forecast adjustment.
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