GLENMARK
Mid CapGlenmark Pharmaceuticals Limited
Pharma
Glenmark Pharmaceuticals Limited is an Indian pharmaceutical company engaged in developing, manufacturing, and marketing branded and generic formulations, and active pharmaceutical ingredients globally. It focuses on therapeutic areas including respiratory, dermatology, and oncology.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 90/100Rev +16% YoY · PAT +7425% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,771 Cr | +15.8% | -3.3% |
| EBITDA | ₹763 Cr | +36.0% | -12.3% |
| Operating margin | 20.0% | +300 bps | -200 bps |
| PAT | ₹301 Cr | +7425.0% | -25.3% |
| PAT margin | 8.0% | +786 bps | -235 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Glenmark reports Q4 FY26 consolidated revenue of Rs. 37,706 million, up 15.8% YoY, with an EBITDA margin of 20.2%. Regional businesses show strong growth, notably Europe (+21.4%) and North America (+29.4%).
The company delivered strong Q4 FY26 performance with double-digit revenue growth, supported by regional outperformance and strategic initiatives. The landmark AbbVie partnership and successful product launches validate its innovation capabilities and market execution, reinforcing the investment thesis.
Q4 FY26 Revenue by Geography
Latest issuer-disclosed distribution across 5 reported categories.
RYALTRIS® Global Momentum
RYALTRIS® commercialized in 55 markets, launched in China and Thailand in Q4 FY26, initiated commercialization in USA, with >50% secondary sales growth in FY26.
North America Generic Respiratory Franchise
Strengthened generic Respiratory franchise in the USA with first generic approval of FloVent® HFA 44 mcg and three additional Respiratory ANDAs filed.
Oncology Business Expansion
Accelerated Oncology business expansion in India and Emerging Markets through in-licensing of Trastuzumab Rezetecan and Aumolertinib, and launches of TEVIMBRA® & BRUKINSA®.
India Business Outperformance
India business delivered strong outperformance in secondary sales, growing 1.5x the IPM growth and ranking as the 2nd fastest-growing company among the top 15.
Monroe Manufacturing Facility
Monroe manufacturing facility received U.S. FDA EIR with VAI classification, enabling restart of commercial manufacturing to support future growth.
Landmark AbbVie Partnership
IGI secured a landmark licensing deal with AbbVie for ISB 2001, including a USD 700 million upfront payment and potential total deal value of USD 1.925 billion.
Differentiated Product Launches
Successful launches of key generic respiratory products in the US and multiple differentiated products in India, including GLIPIQ®.
Growing Western European Markets
Strong growth in branded markets and products, particularly in Germany, the Netherlands, and Italy, contributing to Europe's 21.4% YoY growth.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The investor presentation explicitly provides year-over-year growth figures for Q4 FY26 and 12M FY26, which is standard for assessing performance in a potentially seasonal pharmaceutical business.
Domestic Formulations Growth (India)
India business growth of 8.2% YoY in Q4 FY26, with significant outperformance compared to IPM in secondary sales.
North America Core Business Growth
North America core business growth of 7.8% in Q4 FY26. Total North America revenue grew 29.4% YoY, including deferred out-licensing income recognition for ISB 2001.
EU Business Growth
EU business growth of 21.4% YoY in Q4 FY26, driven by strong growth in branded markets/products and Western European markets.
EBITDA Margin
EBITDA at Rs. 7,626 million, with an EBITDA margin of 20.2% in Q4 FY26.
Strategic Priorities
Management delivered strong business performance while making meaningful progress against strategic priorities that will shape the future.
Organizational Building
Building an organization that combines the scale and resilience of a global pharmaceutical business with the scientific ambition of an innovation-driven organization.
Future Focus
Remaining focused on disciplined execution, differentiated science, and creating greater impact for patients around the world.
European Respiratory Portfolio Expansion
Planning to expand its commercial Respiratory portfolio in Europe in FY27.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| RYALTRIS® Global Sales Growth | >50% secondary sales growth in FY26, launched in China/Thailand, commercialized in USA. | Continued expansion into new markets (e.g., Brazil in FY27) and sustained sales momentum. |
| Innovative Pipeline Progress | ISB 2001 Phase 1 dose expansion progressing, WINLEVI® EU launch planned FY27, Aumolertinib launch anticipated 2H FY27. | Successful clinical trial advancements, regulatory approvals, and commercial launches of key innovative assets. |
| North America Generic Respiratory Franchise | First generic FloVent® HFA 44 mcg approval, three additional Respiratory ANDAs filed. | Further ANDA approvals, new product launches, and market share gains in the US generic respiratory segment. |
| Monroe Facility Manufacturing Ramp-up | Received U.S. FDA EIR with VAI classification, enabling restart of commercial manufacturing. | Timely resumption of commercial manufacturing and contribution to injectable and institutional business growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +11.9% / mo
Technical chart
GLENMARKdaily · 3Y+21.6%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 43. Wait for confirmation.
- SMA20 falling (~1.8% over last month) — short-term momentum negative.
- RSI(14) at 43 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 11% off 52W high · 22% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.5%.
- Piotroski is strong at 8/9.
- Quality contributes 20/20 to the score.
Main drags
- Fair-value margin of safety is negative at -9.0%.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
- Cash flow is weaker at 6/10; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 97th percentile of the scored universe and 95th percentile within Pharma. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 95th pctile, median 70 · Mid: 88th pctile, median 76
92 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.5%.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.06.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
- ▸OPM spread across recent quarters is 22%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 20.80
- P/B
- 5.85
- EV/EBITDA
- 12.05
- Market Cap
- 61421.00Cr
Profitability
- ROE
- 30.50%
- ROCE
- 39.80%
- ROA
- 6.84%
- Dividend Y
- 0.11%
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 26.00%
- Revenue 3Y
- 14.00%
- EPS 3Y
- 76.00%
Balance Sheet
- Debt/Equity
- 0.06
- Interest Coverage
- 21.88×
- Altman Z
- 6.46
- Book Value
- 372.00
Cash Flow
- FCF Yield
- 3.52%
- FCF Positive Y
- 8/5
- OCF
- 3445.00 Cr
- EPS TTM
- 48.26
Shareholding
- Promoter Hold
- 46.65%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 66%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.