NSE: GLENMARK · BSE: 532296
GLENMARK PHARMACEUTICALS
Develops, manufactures and sells branded and generic pharmaceutical formulations across India, North America, Europe and emerging markets. FY26 consolidated revenue of Rs 16,982.51 crore grew 27.5% YoY, driven heavily by North America jumping 136.6% YoY on recognition of an AbbVie licensing deal for ISB 2001 worth USD 700 million upfront and potential USD 1.925 billion total. India revenue fell 17% YoY to Rs 37,237 million, while Europe and Emerging Markets posted 21.4% and 13.7% growth respectively. The portfolio spans branded speciality products such as RYALTRIS nasal spray and WINLEVI, plus a US generics pipeline that launched 13 products in FY26 and 9 in Q1 FY27, including the first generic FloVent HFA with 180-day exclusivity. Manufacturing includes a Goa facility inspected by the US FDA in June 2026 with six procedural observations and a Monroe facility classified VAI after inspection. R&D spend in Q1 FY27 was Rs 2,494 million. Cost structure is led by other operating expenses at 24.1% of revenue, employee costs at 21.1% and materials at 17.4%, with capex at 8.0% of revenue. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. North America, India formulations, Europe, Emerging Markets, Licensing and out-licensing income. Global branded and generic pharmaceuticals with R&D-driven licensing, injectables and speciality launches.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 12,305 | 12,990 | 11,813 | 13,322 | 16,983 |
| EBITDA (ex other income) | 2,059 | 1,513 | 294 | 1,979 | 2,306 |
| margin % | 16.7 | 11.6 | 2.5 | 14.9 | 13.6 |
| Owners' profit | 942 | 0 | (1,502) | 1,047 | 0 |
| EPS, as reported (₹) | 33.37 | 10.53 | (53.22) | 37.11 | 48.26 |
| ROE % · ROCE % | 10.5 · 14.0 | 3.8 · 8.5 | (18.3) · 6.5 | 11.8 · 15.9 | 13.0 · 16.2 |
| Debt / equity (x) | 0.39 | 0.44 | 0.13 | 0.25 | 0.00 |
| Cash from operations | 1,109 | 625 | (265) | (828) | 3,445 |
| Capex | (790) | (608) | (898) | (750) | (1,358) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,434 | 3,388 | 3,256 | 3,264 | 6,047 | 3,901 | 3,771 | 4,018 |
| Profit before tax | 473 | 456 | 8 | 96 | 967 | 534 | 388 | 643 |
| Net profit | 354 | 348 | 4 | 47 | 610 | 403 | 301 | 483 |
| EPS (₹) | 12.55 | 12.33 | 0.16 | 1.66 | 21.63 | 14.29 | 10.68 | 17.11 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 36.1 | 30.8 | 94 of 158 | 41% |
| P/B | 6.2 | 3.1 | 131 of 163 | 20% |
| ROCE | 14.7 | 10.8 | 68 of 183 | 63% |
| ROE | 13.0 | 9.8 | 56 of 166 | 67% |
| Debt / Equity | 0.0 | 0.2 | 1 of 166 | 79% |
| EBITDA margin | 21.7 | 17.5 | 68 of 165 | 59% |
| Revenue growth | 23.1 | 16.3 | 62 of 161 | 62% |
| Profit growth | 927.9 | 30.9 | 8 of 158 | 96% |
| Market cap | 64906 | 806 | 11 of 181 | 94% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Glenmark schedules Q2 FY2027 earnings call for November 6, 2026 | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Glenmark board to meet Nov 5 to consider Q2 FY26 results | results | low | — | — |
| 6 Oct 2026 · Glenmark USA launches Adapalene Gel 0.1% OTC in new pump packs | compliance | low | — | — |
| 28 Sept 2026 · Trading window closure for Q2 FY26-27 results | compliance | minimal | — | — |
| 23 Sept 2026 · Glenmark gets FDA VAI classification for Goa facility | compliance | low | — | — |
| 21 Sept 2026 · Glenmark Pharma to attend PL Capital Emerging Titans Conference on Sep 29 | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Glenmark 48th AGM: All resolutions passed, dividend of Rs 2.50/share declared | board shareholder meetings | medium | — | — |
| 11 Sept 2026 · Glenmark launches RYALTRIS allergy nasal spray in Brazil | compliance | medium | — | — |
| 11 Sept 2026 · Glenmark Pharma bank loan rating upgraded to IND AA+ with Stable outlook | credit debt | medium | — | — |
| 21 Aug 2026 · Glenmark's US arm launches Calcium Gluconate Injection in US market | business updates | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.