Glenmark Pharmaceuticals Ltd logo

Glenmark Pharmaceuticals Ltd

GLENMARK NSE

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]

AI Verdict: HOLD Confidence: 5%

Glenmark has delivered exceptional profit growth of 76% CAGR over 3 years and strong stock returns of 52% CAGR over 3 years, but trades at an elevated PE of 44.6x with weak historical ROE of -1% over 3 years and deteriorating working capital efficiency. The risk-reward is balanced at current levels.

Key Fundamentals

MidcapPharmaceuticalsHealthcare
Market Cap
₹61,489 Cr
Volatility
Moderate
P/E Ratio
44.64
EBITDA
₹2,035 Cr
Return on Equity
3.84%
Debt to Equity
0.22
Book Value
₹372.5
EPS
₹0
52W High
₹2,474
52W Low
₹1,674.6

Technical Indicators

Key Insights

Strengths

4
  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 25.7% 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 -0.77% 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
24.38% ↗
Net Income Growth
24.94% ↗
Cash Flow Change
-211.78% ↘
ROE
-150.71% ↘
ROCE
146.21% ↗
EBITDA Margin (Avg.)
-35.42% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
HOLD
Risk medium

Glenmark has delivered exceptional profit growth of 76% CAGR over 3 years and strong stock returns of 52% CAGR over 3 years, but trades at an elevated PE of 44.6x with weak historical ROE of -1% over 3 years and deteriorating working capital efficiency. The risk-reward is balanced at current levels.

Bull Case 8
  • Compounded profit growth of 76% CAGR over 3 years and 124% TTM growth signals a strong earnings recovery
  • Company is almost debt-free, having significantly reduced leverage, improving balance sheet resilience
  • Stock CAGR of 52% over 3 years reflects sustained re-rating driven by operational turnaround
  • TTM sales growth of 27% marks a sharp acceleration versus the 5-year CAGR of 9%, suggesting improving demand traction
  • Last year ROE surged to 30% from a 3-year average of -1%, indicating a structural profitability inflection
  • 77.78% of analyst ratings are Buy with zero Sell ratings out of 9 total coverage initiations
  • 5-year profit CAGR of 25.7% demonstrates sustained earnings compounding beyond just a single-year spike
  • Company is expected to deliver a good upcoming quarter per consensus expectations
Bear Case 8
  • PE ratio of 44.6x is expensive for a pharma company with only 9% sales CAGR over 5 years, leaving limited margin of safety
  • 3-year average ROE of -1% indicates prolonged period of shareholder value destruction despite recent recovery
  • Debtor days increased from 85.2 to 107 days, signalling deteriorating receivables quality and potential collection risk
  • Working capital days nearly doubled from 41.2 to 80.5 days, tying up more capital in operations and pressuring free cash flow
  • 5-year compounded sales growth of only 9% is below industry peers, raising questions about sustainable top-line momentum
  • Dividend yield of just 0.12% offers negligible income return, making investors entirely dependent on capital appreciation
  • 10-year stock CAGR of 11% suggests the bulk of returns are recent and may reflect mean-reversion risk at elevated levels
  • Price-to-book ratio of 5.78x is steep for a company with historically inconsistent return on equity

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

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Positives 5
  • FY26 PAT surges 30% YoY Jun 1

    FY26 PAT rose 30.1% to ₹13,620 million with consolidated revenue growing 27.5% to ₹169,825 million. Q4 EBITDA jumped to ₹9.4b with margin improving to 25% from 17.23% YoY.

  • Targets 13-15% revenue CAGR Jun 9

    Glenmark outlined FY26-30 strategy targeting 13-15% revenue CAGR, with FY27 revenue target of ₹17,000-18,000 Cr and 21-22% EBITDA margin. HSBC maintains Buy with ₹2,575 target price.

  • Methylene Blue launched in US Jun 17

    Glenmark launched Methylene Blue Injection USP 50 mg/10 mL in the US market, bioequivalent to ProvayBlue Injection.

  • Lacosamide Injection US launch Jun 5

    Glenmark launched Lacosamide Injection USP in the US, a therapeutic equivalent to UCB's Vimpat Injection, expanding its US generics portfolio.

  • Winlevi® cream enters Europe Jun 11

    Glenmark launched Winlevi® Cream for acne in major European markets, its first New Chemical Entity launch in Europe, strengthening its dermatology portfolio.

Neutral 3
  • Nebulizer brands transfer ₹223 Cr May 29

    Glenmark approved transferring its nebulizer brands/IP portfolio to subsidiary Glenmark Healthcare Limited for ₹223 Cr, expected to close by June 30, 2026.

  • New Company Secretary appointed May 29

    Ms. Rashmi Khandelwal appointed as Company Secretary & Compliance Officer effective May 30, 2026, replacing Mr. Harish Kuber who retired early.

  • Annual Investor Day hosted May 29

    Glenmark hosted its Annual Investor Day 2026 on June 9, 2026 in Mumbai covering financial and operational performance.

TL;DR: Glenmark is firing on all cylinders with strong FY26 financials (30% PAT growth, 27.5% revenue growth) and an aggressive US launch pipeline across generics. The company's medium-term guidance of 13-15% revenue CAGR and European expansion with Winlevi® signal sustained momentum. No material headwinds are visible in recent news, though execution on the ambitious FY27 targets and US respiratory launches in H2 will be key to watch.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
3,001
3,036
3,207
2,507
3,063
3,244
3,434
3,388
3,256
3,264
6,047
3,901
3,771
Expenses
2,603
2,599
2,745
2,715
2,559
2,656
2,832
2,787
2,695
2,684
3,687
3,031
3,008
Operating Profit
398
437
462
-209
504
588
602
600
561
581
2,360
870
763
OPM %
13%
14%
14%
-8%
16%
18%
18%
18%
17%
18%
39%
22%
20%
Other Income
-696
-32
-205
87
351
31
39
31
-361
-297
-1,184
-140
-184
Interest
109
112
121
134
149
40
48
52
67
58
66
41
43
Depreciation
135
142
141
147
151
118
120
123
125
130
141
154
148
PBT
-542
151
-6
-403
555
462
473
456
8
96
967
534
388
Tax %
-26%
-14%
997%
-18%
319%
26%
25%
24%
45%
51%
37%
24%
22%
Net Profit
-403
173
-62
-331
-1,214
340
354
348
4
47
610
403
301
EPS in Rs
-15.18
5.31
-2.9
-12.45
-43.17
12.06
12.55
12.33
0.16
1.66
21.63
14.29
10.68
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
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
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
OPM %
18%
19%
22%
18%
16%
16%
19%
19%
14%
10%
18%
27%
Other Income
-180
20
-44
89
375
191
95
-101
-10
336
-259
-1,805
Interest
190
179
237
286
335
377
353
298
349
516
207
209
Depreciation
300
234
264
302
326
417
444
487
569
582
486
573
PBT
544
1,044
1,491
1,119
1,301
1,096
1,382
1,441
707
434
1,399
1,985
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
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
Div. Payout %
26%
8%
5%
7%
6%
9%
7%
7%
24%
-5%
7%
5%
Figures in ₹ Crores

Balance Sheet

  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
8,802
Total Liabilities
8,309
10,193
11,764
12,595
13,289
14,668
15,575
17,052
19,371
14,358
15,991
19,908
Fixed Assets
2,015
2,594
2,755
3,030
3,670
5,029
5,129
5,887
5,422
4,210
4,487
6,396
CWIP
477
543
708
1,122
1,399
1,222
1,382
1,010
1,190
662
835
428
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
13,042
Total Assets
8,309
10,193
11,764
12,595
13,289
14,668
15,575
17,052
19,371
14,358
15,991
19,908
Figures in ₹ Crores

Cash Flow

  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
-1,283
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
-547
Free Cash Flow
-56
-544
-76
625
712
616
456
320
75
-1,162
-1,575
2,090
CFO/OP
66
57
67
124
111
109
79
72
77
65
-6
92
Figures in ₹ Crores

Ratios

  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
216
288
Cash Conversion Cycle
8
61
152
113
85
84
90
110
147
56
129
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%

Shareholding Pattern

As of Mar 2026
Promoters 46.65%
FIIs 20.34%
DIIs 19.29%
Public 10.32%
Others 3.36%
Government 0.04%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
46.63%
46.63%
46.65%
46.65%
46.65%
46.65%
46.65%
46.65%
46.65%
46.65%
46.65%
46.65%
46.64%
46.65%
46.65%
46.65%
46.65%
46.65%
46.65%
46.65%
46.65%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
24.80%
23.71%
21.38%
20.98%
23.05%
23.51%
23.16%
20.62%
20.73%
19.20%
20.34%
DIIs
3.82%
4.94%
5.09%
7.08%
6.62%
6.01%
10.64%
10.69%
10.41%
9.11%
10.32%
10.92%
13.36%
13.92%
13.21%
13.85%
14.60%
17.64%
18.61%
20.09%
19.29%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
Public
15.92%
14.43%
16.02%
15.88%
15.88%
16.32%
16.47%
16.72%
16.90%
15.20%
14.83%
14.77%
14.83%
14.58%
13.61%
12.65%
12.32%
11.69%
10.81%
10.77%
10.32%
Others
33.63%
34.00%
32.25%
30.40%
30.86%
31.02%
26.21%
25.91%
26.01%
29.01%
3.37%
3.92%
3.75%
3.83%
3.45%
3.31%
3.24%
3.37%
3.16%
3.26%
3.36%
No. of Shareholders
2,50,849
2,75,801
3,29,870
3,17,383
3,10,516
3,12,473
3,13,540
3,00,106
2,85,461
2,36,908
2,32,685
2,09,931
1,99,451
1,92,630
1,93,949
1,95,059
1,92,724
1,90,210
1,98,789
2,01,584
1,96,105

Documents

1
Concall - Jan 2019 Jan 2019
2
Concall - Jun 2026 Jun 2026
3
Concall - May 2026 May 2026
4
Concall - Jan 2016 Jan 2016
5
Concall - Jul 2016 Jul 2016

Frequently Asked Questions about Glenmark Pharmaceuticals Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: GLENMARK and BSE: 532296. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Glenmark Pharmaceuticals Ltd belong to?
Glenmark Pharmaceuticals Ltd operates in the Healthcare sector within the Pharmaceuticals & Biotechnology industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Glenmark Pharmaceuticals Ltd?
Glenmark Pharmaceuticals Ltd has a market capitalisation of approximately ₹61488.73 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Glenmark Pharmaceuticals Ltd?
The Price-to-Earnings (PE) ratio of Glenmark Pharmaceuticals Ltd is 44.64. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Glenmark Pharmaceuticals Ltd?
Over the past 52 weeks, Glenmark Pharmaceuticals Ltd has traded between a low of ₹1,674.6 and a high of ₹2,474. This range helps investors understand the stock's price volatility and recent trading levels.
Does Glenmark Pharmaceuticals Ltd pay dividends?
Yes, Glenmark Pharmaceuticals Ltd has a dividend yield of 0.11%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Glenmark Pharmaceuticals Ltd?
Glenmark Pharmaceuticals Ltd has a Return on Equity (ROE) of 3.84%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Glenmark Pharmaceuticals Ltd on Tapetide?
On Tapetide, you can view Glenmark Pharmaceuticals Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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