Glenmark Pharmaceuticals logo

Glenmark Pharmaceuticals

GLENMARK NSE

Key Fundamentals

MidcapPharmaceuticalsHealthcare
Market Cap
₹66,091 Cr
Volatility
Moderate
P/E Ratio
36.59
EBITDA
₹5,033 Cr
Return on Equity
12.96%
Debt to Equity
0.06
Book Value
₹372.47
EPS
₹0
52W High
₹2,537.6
52W Low
₹1,792.6

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

3
  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 19.4% CAGR over last 5 years

Weaknesses

4
  • The company has delivered a poor sales growth of 9.19% over past five years.
  • Company has a low return on equity of -3.28% over last 3 years.
  • Debtor days have increased from 85.2 to 107 days.
  • Working capital days have increased from 41.2 days to 80.5 days

Growth Rate

Revenue Growth
29.83% higher than 3Y
Net Income Growth
30.07% lower than 3Y
Cash Flow Change
516%
ROE
9.55% higher than 3Y
ROCE
1.76% lower than 3Y
EBITDA Margin (Avg.)
57.22% lower than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

Glenmark Pharmaceuticals has a market capitalisation of about Rs 67,469 Cr. It trades at a P/E of 38.3x and a P/B of 6.56x. Over the trailing twelve months, sales grew 33% and profit grew 134%, and last year's ROE was 24%. The longer record is weaker: ROE averaged -3% over 3 years, 5-year sales CAGR was 9.19%, and working capital days nearly doubled from 41.2 to 80.5. The company is now almost debt free after reducing its borrowings. The TTM jump appears to be partly helped by the upfront payment from the AbbVie licensing deal for ISB 2001, so how much of it will last is an open question.

Bull Case 7
  • Trailing twelve-month profit grew 134% and TTM sales grew 33%. Both are far above the 10-year averages of 12% for profit and 8% for sales, which shows strong recent momentum in earnings.
  • Last year's ROE recovered to 24%, up from a 3-year average of -3%. This suggests the losses from the restructuring and impairment years are now behind the company.
  • The company has cut its debt and is described as almost debt free. That is a big change from its historically leveraged balance sheet, and it lowers interest costs and financial risk.
  • Profit grew at a 61% CAGR over 3 years and a 19.4% CAGR over 5 years. Profit has grown much faster than sales, which points to better margins and operating leverage.
  • Sales grew at a 14% CAGR over 3 years, faster than the 9% 5-year rate and the 8% 10-year rate. Revenue growth has picked up in recent years.
  • Glenmark's innovation arm, Ichnos Glenmark Innovation, licensed ISB 2001 to AbbVie for a $700 million upfront payment plus milestones. This external deal supports the value of its innovative pipeline and brought in cash.
  • The stock returned a 45% CAGR over 3 years and a 36% CAGR over 5 years. The market has been recognising the operational turnaround.
Bear Case 8
  • The stock trades at a P/E of 38.3x and a P/B of 6.56x. Implied earnings are about Rs 1,760 Cr against a book value of about Rs 10,285 Cr, so the valuation leaves little room if growth slows.
  • The 134% TTM profit growth likely includes the one-time upfront licensing income from AbbVie. That makes the base hard to beat, and core earnings may be lower than the headline figures suggest.
  • ROE averaged -3.28% over 3 years and just 2% over 5 years. The 24% last year stands against a long record of poor capital efficiency, with a 10-year average of 7%.
  • Working capital days rose from 41.2 to 80.5, nearly double. More cash is now tied up in operations, which could weigh on free cash flow.
  • Debtor days went up from 85.2 to 107. The company is taking longer to collect from customers, which can signal stretched credit terms or weaker collections.
  • Sales grew at only 9.19% a year over 5 years and 8% over 10 years. The underlying business has grown modestly, and the 33% TTM figure may not be representative.
  • The dividend yield is 0.21%, so shareholders get very little income while holding a stock valued at 38.3x earnings.
  • The stock's 10-year CAGR is only 10%, much lower than its 36% over 5 years. Its long-term returns have been uneven, and past sharp swings in sentiment around US FDA compliance and leverage could return.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Positives 2
  • US FDA EIR for Goa plant Sep 23

    Glenmark received an Establishment Inspection Report from the U.S. FDA for its Goa manufacturing facility with Voluntary Action Indicated (VAI) status. This means no significant objectionable conditions were found, which reduces regulatory risk for US supplies from the site.

  • RYALTRIS launched in Brazil Sep 11

    Following ANVISA approval, Glenmark launched RYALTRIS Nasal Spray in Brazil to treat allergic rhinitis symptoms in adults and adolescents. The launch adds to the global footprint of its main branded respiratory product.

Neutral 4
  • ₹37.28 crore block trade Sep 23

    About 1,50,735 shares changed hands on the NSE at ₹2,473.00 per share, worth ₹37.28 crore in total. This was a real-time trade-scan signal, not a confirmed exchange disclosure, so the buyer and seller are unknown.

  • AGM approves ₹2.50 dividend Sep 11

    At the 48th AGM, shareholders approved the FY26 financials and a ₹2.50 per share dividend. Mrs. Blanche Saldanha was reappointed as a Non-Executive Director.

  • Analyst meet on Sep 29 Sep 21

    Glenmark will meet analysts and institutional investors in Mumbai on September 29, 2026, at the PL Capital Emerging Titans 2026 Conference. Management's commentary there could shape near-term sentiment.

  • Trading window closed for Q2FY27 Sep 28

    The trading window is closed from October 1, 2026, until 48 hours after the Q2FY27 results are declared. This is a routine compliance step ahead of earnings.

TL;DR: The recent news on Glenmark is mostly good, led by a clean VAI outcome from the US FDA for its Goa facility and the launch of RYALTRIS in Brazil. None of these articles points to a new headwind, and the ₹37.28 crore block trade and AGM approvals are routine. Overall the trend looks steady to improving, but this news set says nothing about margins, pricing pressure in the US, or other facilities. The next triggers to watch are management's comments at the September 29 analyst meet and the Q2FY27 results.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
3,036
3,207
2,507
3,063
3,244
3,434
3,388
3,256
3,264
6,047
3,901
3,771
4,018
Expenses
2,599
2,745
2,715
2,559
2,656
2,832
2,787
2,695
2,684
3,687
3,031
3,008
3,214
Operating Profit
437
462
-209
504
588
602
600
561
581
2,360
870
763
805
OPM %
14%
14%
-8%
16%
18%
18%
18%
17%
18%
39%
22%
20%
20%
Other Income
-32
-205
87
351
31
39
31
-361
-297
-1,184
-140
-184
66
Interest
112
121
134
149
40
48
52
67
58
66
41
43
54
Depreciation
142
141
147
151
118
120
123
125
130
141
154
148
173
PBT
151
-6
-403
555
462
473
456
8
96
967
534
388
643
Tax %
-14%
997%
-18%
319%
26%
25%
24%
45%
51%
37%
24%
22%
25%
Net Profit
173
-62
-331
-1,214
340
354
348
4
47
610
403
301
483
EPS in Rs
5.31
-2.9
-12.45
-43.17
12.06
12.55
12.33
0.16
1.66
21.63
14.29
10.68
17.11
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
6,563
7,562
9,079
9,074
9,865
10,641
10,944
12,305
11,583
11,813
13,322
16,983
17,737
Expenses
5,348
6,125
7,043
7,457
8,280
8,942
8,860
9,978
9,948
10,618
10,970
12,410
12,940
Operating Profit
1,214
1,437
2,037
1,617
1,586
1,699
2,084
2,327
1,635
1,195
2,351
4,572
4,797
OPM %
18%
19%
22%
18%
16%
16%
19%
19%
14%
10%
18%
27%
27%
Other Income
-180
20
-44
89
375
191
95
-101
-10
336
-259
-1,805
-1,443
Interest
190
179
237
286
335
377
353
298
349
516
207
209
204
Depreciation
300
234
264
302
326
417
444
487
569
582
486
573
617
PBT
544
1,044
1,491
1,119
1,301
1,096
1,382
1,441
707
434
1,399
1,985
2,533
Tax %
61%
29%
26%
28%
29%
29%
30%
31%
47%
430%
25%
31%
—
Net Profit
209
743
1,109
804
925
776
970
994
377
-1,434
1,047
1,362
1,798
EPS in Rs
7.72
26.33
39.29
28.49
32.78
27.5
34.38
33.37
10.53
-53.22
37.11
48.26
63.71
Div. Payout %
26%
8%
5%
7%
6%
9%
7%
7%
24%
-5%
7%
10%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
27
28
28
28
28
28
28
28
28
28
28
28
Reserves
1,756
3,601
4,464
5,135
5,577
6,042
7,036
9,058
9,446
7,820
8,821
10,484
Borrowings
3,800
3,988
4,724
4,639
4,449
4,869
4,986
3,962
4,608
1,231
2,473
594
Other Liabilities
2,726
2,575
2,548
2,793
3,235
3,729
3,524
4,003
5,289
5,279
4,669
8,801
Total Liabilities
8,309
10,193
11,764
12,595
13,289
14,668
15,575
17,052
19,371
14,358
15,991
19,907
Fixed Assets
2,015
2,594
2,755
3,030
3,670
5,029
5,129
5,887
5,422
4,210
4,487
5,915
CWIP
477
543
708
1,122
1,399
1,222
1,382
1,010
1,190
662
835
909
Investments
17
17
16
15
30
25
25
50
45
790
56
42
Other Assets
5,799
7,039
8,285
8,429
8,190
8,393
9,040
10,105
12,715
8,697
10,613
13,041
Total Assets
8,309
10,193
11,764
12,595
13,289
14,668
15,575
17,052
19,371
14,358
15,991
19,907
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
482
345
657
1,648
1,324
1,392
1,131
1,109
625
-265
-828
3,445
Investing
-712
-950
-1,001
-1,003
-883
-774
-662
-316
-515
4,387
58
-1,237
Financing
199
699
543
-468
-739
-445
-442
-520
-77
-3,906
787
-2,709
Net Cash Flow
-31
93
199
177
-297
174
28
272
32
215
17
-501
Free Cash Flow
-56
-544
-76
625
712
616
456
320
75
-1,162
-1,576
2,090
CFO/OP
66
57
67
124
111
109
79
72
77
65
-6
92
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
140
120
97
94
81
83
86
92
115
57
92
107
Inventory Days
247
249
299
244
244
211
230
208
203
208
254
264
Days Payable
379
308
243
225
241
210
226
190
172
210
256
288
Cash Conversion Cycle
8
61
152
113
85
84
90
110
147
56
90
83
Working Capital Days
47
51
125
99
64
54
67
65
141
-2
44
81
ROCE %
16%
19%
21%
15%
15%
14%
15%
16%
10%
12%
19%
40%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others3.21%Govt.0.04%Promot.46.65%Public10.60%DIIs18.60%FIIs20.89%As ofJun 2026

Documents

Frequently Asked Questions about Glenmark Pharmaceuticals

What does Glenmark Pharmaceuticals Ltd do?
Glenmark Pharmaceuticals Ltd is a global research-led pharmaceutical company with presence across generics, Specialty and OTC business with operations in over 80 countries.[1]
Where is Glenmark Pharmaceuticals Ltd (GLENMARK) listed?
Glenmark Pharmaceuticals Ltd trades as GLENMARK on the NSE and under code 532296 on the BSE.
Which sector does Glenmark Pharmaceuticals Ltd belong to?
Glenmark Pharmaceuticals Ltd is classified under the Healthcare sector, in the Pharmaceuticals industry.
What is the market capitalisation of Glenmark Pharmaceuticals Ltd?
Glenmark Pharmaceuticals Ltd has a market capitalisation of ₹66,091 Cr, which places it in the Large Cap band.
What is the PE ratio of Glenmark Pharmaceuticals Ltd?
Glenmark Pharmaceuticals Ltd trades at a PE ratio of 36.59, on earnings per share of ₹0, against a book value of ₹372.47 per share.
What is the 52-week high and low of Glenmark Pharmaceuticals Ltd?
Over the last 52 weeks Glenmark Pharmaceuticals Ltd has traded between ₹1,792.6 and ₹2,537.6.
Does Glenmark Pharmaceuticals Ltd pay dividends?
Glenmark Pharmaceuticals Ltd has a dividend yield of 0.21%.
What is the Return on Equity (ROE) of Glenmark Pharmaceuticals Ltd?
Glenmark Pharmaceuticals Ltd reported a return on equity of 12.96%. Its debt-to-equity ratio is 0.06.

Company Information

Glenmark Pharmaceuticals Ltd is a global research-led pharmaceutical company with presence across generics, Specialty and OTC business with operations in over 80 countries.[1]

Website glenmarkpharma.com
CEO Mr. Glenn Mario Saldanha
Employees 15,800
Listed 2000-02-07
Face Value ₹ 1
Issued Size 28,22,00,809

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