New Delhi: In an indication of how FIIs have used Indian markets to cash in on the IPO-mania, global private equity giant Bain Capital has almost completed its multi-phase exit strategy from Pune-based drugmaker Emcure Pharmaceuticals Limited. Through its specialized investment vehicle BC Investments IV Ltd, the PE giant booked substantial gains after the company chose to hold on to its investments during Emcure’s IPO in 2024.
Bain had invested ₹700 crore in the Namita Thapar-led company in 2013. Emcure has been a strong performer, with its Return on Capital Employed (RoCE) being in the range of 23.7%-24% and a Return on Equity (RoE) of 20.1% currently. Though it has a high debt of ₹1,054 crore, the company has shown strong revenue growth for its gynaecology, HIV, cardiovascular and other drug sectors.
Since its IPO in 2024, Emcure Pharmaceuticals has seen its shares rise almost 29% encouraged by the company’s consistent financial performance. Bain Capital aimed to exit Emcure Pharmaceuticals after its IPO, and has been gradually trimming its stake since. In November 2025, it sold a 2.4% stake for ₹563 crore followed by another 0.95% stake sale worth Rs.289 crore in April 2026.
On Tuesday, June 9, Bain Capital offloaded almost its entire stake in Emcure, with Kotak Mahindra Mutual Fund buying the almost 1.89% stake in the company.
For Bain Capital, this represents a strong conviction in India’s growth story, where FIIs are increasingly cashing out while DIIs take over. This playbook has repeated well over the past few years, with FIIs cashing in on the surge in IPOs to repatriate gains back to their parent operations.
Though Emcure Pharmaceuticals continues to hold a promising growth story, India is losing on valuable foreign exchange at the cost of growth. For domestic companies, shifting focus from expansion to innovation is the only way to ensure genuine capital appreciation for PM Modi’s Viksit Bharat 2040 vision.
