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Glenmark Pharmaceuticals ltd · Research view

Glenmark Pharmaceuticals ltd

NSE: GLENMARKBSE: 532296ISIN INE935A01035Face value ₹1standalone
₹2,336
+1.14% · 2026-10-01 · 52-wk ₹1,810–₹2,515
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext
StrengthTalking point

Debt reduced

Total debt is down from ₹3,877 to ₹0 over 7 years (100.0% lower); debt-to-equity moved 0.69× → 0.00×.

Importance 67 / 95 · financial health

WatchTalking point

Volatile earnings

Profit has swung sharply over 7 years (from ₹-1,434 to ₹1,362) — one year is a weak guide to the earnings power.

Importance 62 / 95 · growth

StrengthTalking point

Margins at a multi-year high

EBITDA margin of 29.6% is the widest in 7 years (prior range 17.2% to 20.2%).

Importance 62 / 95 · profitability

WatchTalking point

Stock has run ahead of the business

Over 5 years the stock returned 35.4% a year while profit compounded at 7.0% a year.

Net profit7.0%/yrShare price35.4%/yr

Importance 61 / 95 · business vs stock

Section 03 · The company

Who is this company?

Classified by the exchange under Healthcare › Healthcare › Pharmaceuticals & Biotechnology › Pharmaceuticals.

Market cap
₹65,930 cr
FY2026 revenue
₹8,440 cr
FY2026 net profit
₹−201 cr
Net worth
₹24,150 cr
Total debt
₹0 crnet cash
EPS (basic)
₹−7.12
Listed
NSE · BSE
Reporting
Ind-ASApr–Mar

Peer set used on this page: 12 pharmaceuticals.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY19 to FY26₹ crore · consolidated
₹'000 cr035810036REVENUENET PROFIT6k1,622FY197k1,355FY208k1,649FY218k1,998FY228k1,209FY238k5,167FY249k1,610FY258k-201FY26
RevenueNet profit
Watch

Profit has swung sharply over 7 years (from ₹-1,434 to ₹1,362) — one year is a weak guide to the earnings power.

Rule EARNINGS_VOLATILE

Revenue growth per year
+4.3%over 7 years
Revenue growth
−8.5%vs last year
Net profit growth
−112.5%vs last year
Change in net profit since FY19
−112%

Reported net profit grew 30.1% (FY2025 → FY2026), but pre-tax profit was ₹1,985 — a large exceptional item this year accounts for most of the gain, so the underlying trend is softer than the headline.

Revenue grew 27.5% year on year (FY2025 → FY2026).

Revenue has compounded at 8.1% a year over 7 years (₹9,865 → ₹16,983) — steady rather than rapid.

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Strength

Q1 FY27 net profit was ₹483 cr, up 927.9% from ₹47 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Strength

Q1 FY27 net profit grew 927.9% while revenue grew 23.1% vs the same quarter last year — a gap of 904.8 percentage points.

Rule QTR_PROFIT_VS_REVENUE_GROWTH

Strength

Q1 FY27 EBIT was ₹697 cr, up 46.2% from ₹477 cr a year earlier.

Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated
₹'000 cr02457001REVENUENET PROFIT3k354Q2 '253k348Q3 '253k4Q4 '253k47Q1 '266k610Q2 '264k403Q3 '264k301Q4 '264k483Q1 '27
RevenueNet profit
QuarterRevenueYoYNet profitYoYNet margin
Q2 FY253,434—354—10.3%
Q3 FY253,388+35.1%348−205.2%10.3%
Q4 FY253,256+6.3%4−100.4%0.1%
Q1 FY263,264+0.6%47−86.2%1.4%
Q2 FY266,047+76.1%610+72.2%10.1%
Q3 FY263,901+15.1%403+15.9%10.3%
Q4 FY263,771+15.8%301+6773.2%8.0%
Q1 FY274,018+23.1%483+927.9%12.0%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue
₹17,737 crTTM
EBITDA
₹5,297 crTTM
EBIT
₹4,680 crTTM
PBT
₹2,533 crTTM
Net profit
₹1,798 crTTM

C. Corporate actions

31 Aug 2026DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share
3 Oct 2025DividendInterim Dividend - Rs. - 2.5000 — ₹2.50/share
15 Sept 2025DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share
13 Sept 2024DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share
18 Sept 2023DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share
12 Sept 2022DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share
8 Sept 2021DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share
17 Sept 2020DividendDividend - Rs. - 2.5000 — ₹2.50/share
19 Sept 2019DividendDividend - Rs. - 2.0000 — ₹2.00/share
19 Sept 2018DividendDividend - Rs. - 2.0000 — ₹2.00/share
20 Sept 2017DividendDividend - Rs. - 2.0000 — ₹2.00/share
3 Aug 2016DividendDividend - Rs. - 2.0000 — ₹2.00/share
10 Sept 2015DividendDividend - Rs. - 2.0000 — ₹2.00/share
10 Jul 2014DividendDividend - Rs. - 2.0000 — ₹2.00/share
18 Jul 2013DividendDividend - Rs. - 2.0000 — ₹2.00/share
19 Jul 2012DividendDividend - Rs. - 2.0000 — ₹2.00/share
28 Jul 2011DividendDividend - Rs. - 0.4000 — ₹0.40/share
16 Sept 2010DividendDividend - Rs. - 0.4000 — ₹0.40/share
10 Sept 2009DividendDividend - Rs. - 0.4000 — ₹0.40/share
7 Nov 2007DividendInterim Dividend - Rs. - 0.7000 — ₹0.70/share
10 Sept 2007Otherother
23 Oct 2003Otherother
3 Sept 2001DividendDividend - Rs. - 4.0000 — ₹4.00/share
Section 06 · Business performance

Is it becoming more profitable?

Margins — FY19 to FY26% of revenue · consolidated
-5%0%5%10%15%20%25%30%35%40%45%50%55%60%21.9%-2.2%FY19FY20FY21FY22FY23FY24FY25FY26
EBITDA marginNet margin
Strength

EBITDA margin of 29.6% is the widest in 7 years (prior range 17.2% to 20.2%).

Rule MARGIN_AT_MULTI_YEAR_HIGH

EBITDA margin now
21.9%
8-year range
21.9–30.5%
ROE FY2026
−0.8%
ROCE FY2026
6.5%

EBITDA margin improved from 18.5% to 29.6% of revenue.

ROE rose from 12.5% to 14.1%, but reported profit this year was lifted by a large exceptional item this year (pre-tax profit was ₹1,985) — the operating return moved less than this.

Section 07 · Financial health

Is financial health improving?

Net worth — FY19 to FY26₹ crore · consolidated
₹'000 crtotal debt ≈ ₹0 across the history010203012kFY1913kFY2015kFY2117kFY2218kFY2323kFY2425kFY2524kFY26
Net worth (shareholders' funds)
Strength

Total debt is down from ₹3,877 to ₹0 over 7 years (100.0% lower); debt-to-equity moved 0.69× → 0.00×.

Rule DEBT_FELL_MULTIYEAR

Operating cash flow vs net profit₹ crore · FY21–FY26
0k2k4k6k1k2kFY211k2kFY221k1kFY23-4955kFY245892kFY25543-201FY26
Operating cash flowNet profit
Total debt
₹0 crnet cash
Operating cash flow ÷ net profit
0.37×FY2026
Free cash flow
₹266 cr
Current ratio
1.66×

Operating cash flow has matched or exceeded reported profit in 4 of the last 5 profit-making years (latest 2.53×).

Debt-to-equity fell from 0.25× to 0.00× year on year.

Section 08 · Relative position

How does it compare with peers?

Ranked against 12 pharmaceuticals (FY2026, consolidated). No peer-relative rule fired for this company.

Revenue growth

GLENMARK · 1st of 12 · set median 14.8%

GLENMARK27.5%LUPIN23.1%LAURUSLABS22.7%TORNTPHARM21.4%MANKIND17.0%ZYDUSLIFE16.8%DIVISLAB12.8%SUNPHARMA11.2%BIOCON10.9%AUROPHARMA6.1%DRREDDY3.2%CIPLA2.2%

EBITDA margin

GLENMARK · 6th of 12 · set median 28.7%

DIVISLAB37.4%SUNPHARMA33.7%ZYDUSLIFE33.1%LUPIN33.1%TORNTPHARM31.9%GLENMARK29.6%MANKIND27.8%LAURUSLABS26.9%CIPLA24.0%DRREDDY23.2%BIOCON22.4%AUROPHARMA21.8%

Return on equity

GLENMARK · 7th of 12 · set median 14.4%

LUPIN26.9%ZYDUSLIFE18.3%LAURUSLABS17.7%TORNTPHARM17.0%DIVISLAB16.2%SUNPHARMA14.7%GLENMARK14.1%MANKIND12.5%CIPLA11.7%DRREDDY11.5%AUROPHARMA9.9%BIOCON1.1%

P/E ratio

GLENMARK · 7th of 12 · set median 36.3×

LUPIN16.7×ZYDUSLIFE25.1×AUROPHARMA26.2×DRREDDY31.5×CIPLA32.4×SUNPHARMA35.8×GLENMARK36.7×MANKIND50.5×TORNTPHARM74.8×DIVISLAB84.2×LAURUSLABS98.5×BIOCON144.4×
P / E
36.7×TTM to Jun 26
P / B
6.3×latest book
P / S
3.7×TTM sales
Earnings yield
2.7%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 48.4× · P/S 3.8× · ROE 14.1%. TTM and full-year profit differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted
0k4k₹2,3362020202120222023202420252026
Watch

Over 5 years the stock returned 35.4% a year while profit compounded at 7.0% a year.

Rule STOCK_RAN_AHEAD

Business vs stock — 5-year compound annual rate
Net profit7.0%/yrShare price35.4%/yr
1-year return
+19.2%
3-year return
+173.1%
5-year return
+355.3%
From 52-wk high
−7.1%
Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg
Below₹2,352
vs 200-day avg
Above₹2,200
RSI (14)
44.2neutral
MACD histogram
-17.1
From 52-wk high
−7.1%
From 52-wk low
+29.0%
30-day volatility
27.2%ann.
6-month return
+9.6%
RSI (14) · 0–10044.2 — neutral
0305070100OVERSOLDOVERBOUGHT44.2
Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

  • Watch
    Volatile earnings
    Profit has swung sharply over 7 years (from ₹-1,434 to ₹1,362) — one year is a weak guide to the earnings power.
    EARNINGS_VOLATILE · conviction 62
  • Watch
    Stock has run ahead of the business
    Over 5 years the stock returned 35.4% a year while profit compounded at 7.0% a year.
    STOCK_RAN_AHEAD · conviction 61
  • Watch
    Reported profit carries a one-off
    FY2026 pre-tax profit includes a ₹2,266 exceptional charge (114.2% of PBT) — the underlying trend differs from the reported number.
    PROFIT_INCLUDES_EXCEPTIONALS · conviction 48
  • Watch
    Receivables stretching
    Receivable days rose from 92 to 107 — collections are slower.
    RECEIVABLE_DAYS_JUMP · conviction 46
  • Watch
    Profit growing
    Reported net profit grew 30.1% (FY2025 → FY2026), but pre-tax profit was ₹1,985 — a large exceptional item this year accounts for most of the gain, so the underlying trend is softer than the headline.
    PROFIT_GREW_YOY · conviction 40
  • Watch
    Returns improving
    ROE rose from 12.5% to 14.1%, but reported profit this year was lifted by a large exceptional item this year (pre-tax profit was ₹1,985) — the operating return moved less than this.
    ROE_IMPROVED_YOY · conviction 37
  • Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
MetricFY19FY20FY21FY22FY23FY24FY25FY26
Revenue6,3056,7137,5688,1428,2217,8919,2268,440
Total income6,7807,3197,9648,7569,2079,0599,5839,212
EBITDA1,8031,9112,2872,3032,4592,4102,6011,849
Profit before tax1,8181,5351,9442,3371,5727,0012,154−266
Net profit1,6221,3551,6491,9981,2095,1671,610−201
EPS (₹)57.548.058.570.842.8183.157.1−7.1
Net worth11,94213,22614,81016,73917,87722,97124,50424,150
Total debt3,1343,5743,6263,6703,1566576990
Operating cash flow——1,2431,2161,474−495589543
Free cash flow——1,0321,0531,601−690249266
Key ratios — consolidated
RatioFY19FY20FY21FY22FY23FY24FY25FY26
Growth
Revenue growth YoY—6.512.77.61.0-4.016.9-8.5
Profit growth YoY—-16.521.821.1-39.5327.5-68.8-112.5
Profitability
EBITDA margin %28.628.530.228.329.930.528.221.9
Net margin %23.918.520.722.813.157.016.8-2.2
Return on equity %13.610.811.812.77.025.36.8-0.8
Return on capital %11.311.112.111.011.09.99.86.5
Leverage & cash
Debt to equity0.260.270.240.220.180.030.030.00
Cash flow ÷ profit——0.750.611.22-0.100.37—
Current ratio2.251.851.961.281.201.091.471.66
Financials: BSE Integrated Filing inline XBRL (SEBI taxonomy), normalised to standard metric keys. Prices: NSE end-of-day, raw OHLC preserved; a corporate-action factor produces the adjusted series. The insight engine writes factual observations from fixed rules — it does not make recommendations. Not investment advice.