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Glenmark Pharmaceuticals Q2 FY27 results: net profit down 56.8% to ₹263.83 crore, revenue down 31.3%
Glenmark Pharmaceuticals Limited reported Q2 FY27 consolidated revenue of ₹4,157 crore, down 31.3% from ₹6,047 crore in Q2 FY26. EBITDA fell 67.2% to ₹773.57 crore, while profit after tax declined 56.8% to ₹263.83 crore and basic EPS was ₹9.35.
Key points
- Q2 FY27 consolidated revenue was ₹4,157 crore, down 31.3% from ₹6,047 crore in Q2 FY26 and up 3.4% from ₹4,018 crore in Q1 FY27.
- EBITDA was ₹773.57 crore, with an 18.6% margin, against ₹2,360 crore and a 39.0% margin in Q2 FY26.
- Profit after tax was ₹263.83 crore, down 56.8% from ₹610.43 crore, while basic EPS fell to ₹9.35 from ₹21.63.
- The quarter included an exceptional charge of ₹283.88 crore, compared with ₹1,385 crore in Q2 FY26; Q1 FY27 had no exceptional item.
- H1 FY27 revenue was ₹8,088.82 crore, down 13.1% from ₹9,311.31 crore, while PAT rose 13.6% to ₹746.66 crore.
How did Glenmark Pharmaceuticals perform in Q2 FY27?
Glenmark Pharmaceuticals’ consolidated revenue for Q2 FY27 was ₹4,157 crore, down ₹1,890 crore or 31.3% from ₹6,047 crore in Q2 FY26. Against Q1 FY27, revenue rose ₹138.61 crore or 3.4% from ₹4,018 crore. On the standalone basis, revenue was ₹2,475.82 crore and profit after tax was ₹434.89 crore.
EBITDA was ₹773.57 crore in Q2 FY27, down ₹1,586 crore or 67.2% from ₹2,360 crore in Q2 FY26 and down ₹31.23 crore or 3.9% from ₹804.80 crore in Q1 FY27. The EBITDA margin was 18.6%, compared with 39.0% a year earlier and 20.0% in the previous quarter, declines of 20.4 percentage points and 1.4 percentage points, respectively.
Profit before tax fell 65.0% to ₹338.29 crore from ₹967.40 crore in Q2 FY26, while profit after tax fell 56.8% to ₹263.83 crore from ₹610.43 crore. PAT margin was 6.3%, down 3.8 percentage points from 10.1%. Basic EPS declined to ₹9.35 from ₹21.63; against Q1 FY27, PAT fell ₹219 crore and EPS fell ₹7.76.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 4,157 | 4,018 | 6,047 | −31.3% | +3.4% |
| Other income | 92.78 | 65.76 | 200.63 | −53.8% | +41.1% |
| Total expenses | 3,628 | 3,441 | 3,895 | −6.9% | +5.4% |
| EBITDA | 773.57 | 804.80 | 2,360 | −67.2% | −3.9% |
| EBITDA margin | 18.6% | 20.0% | 39.0% | −20.4 pp | −1.4 pp |
| Profit before tax | 338.29 | 643.39 | 967.40 | −65.0% | −47.4% |
| Tax | 74.46 | 160.56 | 356.97 | −79.1% | −53.6% |
| Net profit | 263.83 | 482.83 | 610.43 | −56.8% | −45.4% |
| EPS (₹) | 9.35 | 17.11 | 21.63 | −56.8% | −45.4% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Glenmark Pharmaceuticals' costs and profit?
Total expenses were ₹3,627.71 crore in Q2 FY27, down ₹267.27 crore or 6.9% from ₹3,894.98 crore in Q2 FY26. Cost of materials consumed rose ₹115.38 crore or 16.0% to ₹837.88 crore, employee cost fell ₹58.62 crore or 5.4% to ₹1,027.64 crore, and finance costs fell ₹2.69 crore or 4.0% to ₹63.77 crore.
Depreciation rose ₹39.22 crore or 27.8% to ₹180.42 crore, while other expenses fell ₹286.21 crore or 21.4% to ₹1,050.35 crore. Other income was lower by ₹107.85 crore or 53.8% at ₹92.78 crore, and tax expense was lower by ₹282.51 crore or 79.1% at ₹74.46 crore.
An exceptional charge of ₹283.88 crore was reported in Q2 FY27, compared with an exceptional charge of ₹1,385 crore in Q2 FY26. Q1 FY27 had no exceptional item. The filing does not state a reason for the year-on-year decline in EBITDA and profit beyond the reported figures and deferred out-licensing income recognition in North America.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 837.88 | 722.50 | +115.38 | +16.0% |
| Employee cost | 1,028 | 1,086 | −58.62 | −5.4% |
| Finance costs | 63.77 | 66.46 | −2.69 | −4.0% |
| Depreciation | 180.42 | 141.20 | +39.22 | +27.8% |
| Other expenses | 1,050 | 1,337 | −286.21 | −21.4% |
| Total expenses | 3,628 | 3,895 | −267.27 | −6.9% |
| Other income | 92.78 | 200.63 | −107.85 | −53.8% |
| Tax | 74.46 | 356.97 | −282.51 | −79.1% |
| Exceptional items | −283.88 (charge) | −1,385 (charge) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
H1 FY27 consolidated revenue was ₹8,088.82 crore, down ₹1,222.49 crore or 13.1% from ₹9,311.31 crore in H1 FY26. Total income fell 12.6% to ₹8,334.12 crore from ₹9,538.38 crore, while profit before tax declined 7.6% to ₹981.68 crore from ₹1,062.98 crore.
H1 FY27 PAT was ₹746.66 crore, up ₹89.26 crore or 13.6% from ₹657.40 crore in H1 FY26. Basic EPS increased to ₹26.46 from ₹23.29. Management said H1 revenue fell 11.2% on the reported consolidated basis despite approximately 18% like-for-like growth.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 8,089 | 9,311 | −13.1% |
| Profit before tax | 981.68 | 1,063 | −7.6% |
| Net profit | 746.66 | 657.40 | +13.6% |
| EPS (₹) | 26.46 | 23.29 | +13.6% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹21,400.26 crore, against ₹19,907.88 crore at 31 March 2026, while total equity was ₹11,212.07 crore against ₹10,511.79 crore. Borrowings were ₹866.54 crore, against no borrowings at the previous balance-sheet date, and cash was ₹1,289.93 crore against ₹1,174.71 crore.
Inventories rose to ₹3,746.19 crore from ₹3,430.78 crore, trade receivables to ₹5,493.74 crore from ₹4,963.35 crore, and trade payables to ₹4,011.14 crore from ₹3,743.87 crore. H1 FY27 operating cash flow was an outflow of ₹203.32 crore, compared with an inflow of ₹2,835.57 crore in H1 FY26.
Investing cash flow was an outflow of ₹326.36 crore in H1 FY27 against an outflow of ₹502.0 crore a year earlier. Financing cash flow was an inflow of ₹601.95 crore compared with an outflow of ₹1,490.42 crore, while capital expenditure was ₹375.16 crore against ₹500.29 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 21,400 | 19,908 |
| Total equity | 11,212 | 10,512 |
| Borrowings | 866.54 | 0 |
| Cash and equivalents | 1,290 | 1,175 |
| Inventories | 3,746 | 3,431 |
| Trade receivables | 5,494 | 4,963 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −203.32 | 2,836 |
| Cash from investing | −326.36 | −502 |
| Cash from financing | 601.95 | −1,490 |
| Capital expenditure | 375.16 | 500.29 |
Source: Company's results filing (XBRL).
How has Glenmark Pharmaceuticals done over the last 8 quarters?
Revenue rose from ₹3,770.59 crore in Q4 FY26 to ₹4,018.48 crore in Q1 FY27 and ₹4,157.09 crore in Q2 FY27. The recent direction was upward, although Q2 FY27 revenue remained below the ₹6,046.87 crore recorded in Q2 FY26.
Profit after tax fell from ₹482.83 crore in Q1 FY27 to ₹263.83 crore in Q2 FY27. The recent quarterly peak was ₹610.43 crore in Q2 FY26, while the trough was ₹4.38 crore in Q4 FY25. EBITDA margin declined from 20.0% in Q1 FY27 to 18.6% in Q2 FY27, after reaching 39.0% in Q2 FY26.
What else did the company announce?
On 5 November 2026, the board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the limited review report. The company filed the results, an investor presentation and a press release with management discussion and analysis on the same day.
The filings do not announce a dividend, fund raise or appointment. A board meeting notice filed on 23 October 2026 had stated that the meeting would consider and approve the results for the quarter and half year ended 30 September 2026.
What did Glenmark Pharmaceuticals' management say?
Management said it remained on track to deliver FY27 guidance, supported by growth in India, recovery in North America through multiple launches and performance across Emerging Markets. It said the first launch from the partnered innovative oncology pipeline was expected by the end of FY27, while 10 RYALTRIS market launches were expected in upcoming quarters.
Management expected the first commercial launch of AUMOLERTINIB during H2 FY27 and said RYALTRIS was commercialised in 58 markets after its Brazil launch. It also intended to submit an IND application for ISB 2301 by the end of the year and expected the ongoing Phase II HS study of LAD191 to read out in 2027.
Management reported approximately 20% like-for-like consolidated revenue growth for Q2 FY27, including approximately 14% India formulation growth, approximately 31% North America core business growth and 33.2% Emerging Markets growth. It noted that reported North America revenue included deferred ISB 2001 out-licensing income recognition, making headline and core trends different.
How did other Pharmaceuticals companies do?
Among 69 Pharmaceuticals companies compared for the quarter, the median revenue growth was 18.9%. Five peers grew slower than Glenmark Pharmaceuticals and 64 grew faster than the company. Among the 64 peers used for the profit comparison, 47 reported higher profit.
| Glenmark Pharmaceuticals revenue growth (YoY) | −31.3% |
|---|---|
| Median of 69 other Pharmaceuticals companies | +18.9% |
| Companies with slower revenue growth than Glenmark Pharmaceuticals | 5 of 69 |
| Companies with faster revenue growth than Glenmark Pharmaceuticals | 64 of 69 |
| Companies whose net profit rose | 47 of 64 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Glenmark Pharmaceuticals' revenue in Q2 FY27?
Revenue from operations was ₹4,157 crore, down 31.3% from ₹6,047 crore in Q2 FY26 (consolidated).
Did Glenmark Pharmaceuticals make a profit in Q2 FY27?
Yes. Net profit was ₹263.83 crore, against a net profit of ₹610.43 crore in Q2 FY26.
What was Glenmark Pharmaceuticals' EPS in Q2 FY27?
Basic earnings per share were ₹9.35, against ₹21.63 in Q2 FY26.
When did Glenmark Pharmaceuticals announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for To Consider And Approve The Unaudited Financial Results Of Glenmark Pharmaceuticals Limited ('The Company') For The Quarter And Half Year Ended September 30, 2026 (BSE, 23 October 2026) · PDF
- Results-Financial Results For September 30, 2026 (BSE, 5 November 2026) · PDF
- Announcement under Regulation 30 (LODR)-Press Release / Media Release (BSE, 5 November 2026) · PDF
- The investor presentation (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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