Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,748.00 last close on 23 Oct 2026 −0.57%
Research updated
Glenmark Pharmaceuticals Ltd.
NSE: GLENMARKHealthcareDrug Manufacturers - Specialty & Generic
- Last close
- ₹2,166.60
- Day change
- −₹31.90 (−1.45%)vs
- Market cap
- ₹64,432 crIndian rupees
- Research updated
- 1 report
Follow Glenmark Pharmaceuticals
Create an account, then follow this company for weekday briefs. You will return to Glenmark Pharmaceuticals after signing in.
About Glenmark Pharmaceuticals
Glenmark Pharmaceuticals Ltd. is a global pharmaceutical company that focuses on developing and marketing innovative medicine. With a robust portfolio of both generic and branded pharmaceuticals, Glenmark addresses a wide range of therapeutic areas including dermatology, respiratory, cardiology, and oncology. As part of its commitment to advancing healthcare, the company invests heavily in research and development, operating multiple R&D centers around the world. Glenmark Pharmaceuticals also places significant emphasis on emerging markets, expanding its reach across Asia, Africa, and Latin America. This strategic focus enhances its market presence and contributes to its role as a key player in the global healthcare industry. Founded in India, Glenmark has established a comprehensive distribution network that enables efficient supply chain management, ensuring accessibility of medicines. Glenmark’s continual innovation in drug formulation and delivery systems positions it as a pivotal company in the pharmaceutical sector, contributing to the global efforts of improving patient care and outcomes. Through strategic partnerships and adaptive market strategies, Glenmark Pharmaceuticals remains integral to addressing the dynamic needs of modern healthcare systems.
- Sector
- Healthcare
- Industry
- Drug Manufacturers - Specialty & Generic
- Listing
- NSE: GLENMARK
- Next results
- Chief executive
- Mr. Glenn Mario Saldanha
- Employees
- 16,946
- Headquarters
- Mumbai, India
- ISIN
- INE935A01035
- Website
- glenmarkpharma.com
Public research · Report of
Business model & financial foundation
Glenmark Pharmaceuticals (NSE: GLENMARK), Pharmaceuticals - branded formulations, generics, specialty and innovative medicines: revenue of ₹16,983 crore in FY26 (+27.5% on FY25), an EBITDA margin of 26.9%, net profit of ₹1,362 crore and net cash of ₹1,176 crore.
- Revenue, FY26 (₹ crore)
- 16,983
- consolidated
- Revenue growth, FY26
- +27.5%
- on FY25
- EBITDA margin, FY26
- 26.9%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 1,362
- to owners
- Return on equity, FY26
- 14.1%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,176
- Company reported net debt / (cash), scorecard
- Market capitalisation (₹ crore)
- 69,467
- at the close of 13 Oct 2026
Company profile
Glenmark is a research-led global pharmaceutical group manufacturing and marketing branded formulations, generics and specialty medicines across India, North America, Europe and Emerging Markets, with focus therapies including dermatology, respiratory and cardiac care. Its consolidated subsidiaries include Glenmark Holding SA, US and European operating companies, Glenmark Consumer Care, Ichnos Glenmark Innovation Inc. and IGI Therapeutics SA. IGI develops innovative biologics and licensed ISB2001 to AbbVie; it remains within the group, not demerged. The separate Glenmark Life Sciences majority-stake disposal in March2024 changed historical consolidation comparability.
| Item | Value |
|---|---|
| Legal name | Glenmark Pharmaceuticals Limited |
| Exchange and ticker | NSE: GLENMARK; BSE: 532296 |
| ISIN | INE935A01035 |
| CIN | L24299MH1977PLC019982 |
| Sector | Healthcare |
| Industry | Pharmaceuticals - branded formulations, generics, specialty and innovative medicines |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co. LLP (since 2025-09-26) |
| Market capitalisation | ₹69,467 crore (13 Oct 2026) |
| Shares outstanding | 28.22 crore shares (FY26) |
| Price | ₹2,283 (close, 13 Oct 2026) |
| 52-week range | ₹1,793 - ₹2,538 (to 13 Oct 2026) |
| Website | https://glenmarkpharma.com/ |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Glenmark Holding S. A. | 100% | Swiss holding subsidiary; holds international operating companies and IGI USA. |
| Glenmark Pharmaceuticals Inc. | 100% | US formulations/generics operating subsidiary held through Glenmark Holding SA. |
| Glenmark Pharmaceuticals S.R.O. | 100% | Czech pharmaceutical operating subsidiary held through Glenmark Holding SA. |
| Ichnos Glenmark Innovation Inc. | 100% | US innovation/biotechnology subsidiary, formerly Ichnos Sciences Inc.; held through Glenmark Holding SA. |
| IGI Therapeutics SA | 100% | Swiss innovation subsidiary, formerly Ichnos Sciences SA; held by IGI USA and licenses ISB2001 to AbbVie. |
| Glenmark Consumer Care Limited | 100% | Indian consumer-care subsidiary from23May2025; intragroup consumer business transfer completed1Nov2025. |
| Glenmark Pharmaceuticals Europe Ltd. | 100% | UK pharmaceutical subsidiary directly held by GPL. |
Selected subsidiaries; holding percentages are effective group ownership at31Mar2026, not necessarily direct GPL stakes. IGI remains consolidated; no IGI demerger asserted. GLS was divested/deconsolidated inMar2024 and is not an IGI disposal. Parent:null means no corporate parent identified here; promoter Saldanha Family Trust is an equity shareholder.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 46.65% | 46.65% | 46.65% | 46.65% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 20.73% | 19.20% | 20.35% | 20.89% |
| Domestic institutions | 18.61% | 20.09% | 19.28% | 18.60% |
| of which mutual funds | 16.31% | 17.86% | 16.80% | 16.76% |
| Retail | 7.78% | 7.85% | 7.63% | 7.91% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Glenmark Pharmaceuticals (NSE: GLENMARK) sells branded formulations in India (dermatology #2, respiratory #3, cardiac #4 by IQVIA; IPM rank 13, MAT share 2.37% at Jun 2026), generics and branded specialty in North America (Ryaltris, sold direct in the US from 1 Apr 2026), branded generics in Europe (Winlevi launched Jun 2026) and Emerging Markets (Russia, LatAm, Asia). Innovation sits in Ichnos Glenmark Innovation (IGI); ISB 2001 was out-licensed to AbbVie on 10 Jul 2025 for USD 700m upfront (received Sep 2025), up to USD 1,225m of milestones and tiered royalties. About 4,500 cr of the upfront was booked in Q2 FY26 revenue (North America) and ~1,500 cr deferred, now released at USD 17.5m a quarter. FY26 consolidated revenue 16,982.5 cr; FY25 13,321.7 cr. The 75% stake in Glenmark Life Sciences (Alivus) was sold to Nirma in 2024, so FY24 continuing figures exclude it.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| India | 3,724 | 21.9% |
| North America | 7,139 | 42.0% |
| Europe | 3,101 | 18.3% |
| Emerging Markets / formerly Rest of the World | 2,941 | 17.3% |
| Other Revenue (management regional bridge) | 78.6 | 0.5% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Sun Pharmaceutical Industries (SUNPHARMA) | India branded formulations and global specialty/innovation comparator. |
| Cipla (CIPLA) | India branded formulations, respiratory franchises and US complex generics. |
| Dr. Reddy's Laboratories (DRREDDY) | Global generics, India brands and differentiated-product development. |
| Lupin (LUPIN) | India chronic franchises and US generics/respiratory exposure. |
| Zydus Lifesciences (ZYDUSLIFE) | India formulations, US generics and innovation pipeline. |
| Torrent Pharmaceuticals (TORNTPHARM) | Domestic chronic branded formulations and international formulations. |
| Alkem Laboratories (ALKEM) | India prescription brands and US generic operations. |
| Aurobindo Pharma (AUROPHARMA) | US/Europe generic manufacturing exposure; less comparable India brand mix. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 12,174 | 11,432 | 11,813 | 13,322 | 16,983 |
| Cost of revenue (vendor classification) * | 4,778 | 4,587 | 4,879 | 4,757 | 5,114 |
| Other operating costs (vendor classification) * | 2,560 | 2,593 | 2,668 | 3,009 | 3,480 |
| EBITDA (vendor classification) * | 2,493 | 1,973 | 2,100 | 2,468 | 5,057 |
| EBIT * | 1,739 | 588.9 | 552.5 | 1,606 | 2,193 |
| Finance costs | 298.1 | 349.0 | 516.0 | 207.1 | 208.7 |
| Profit before tax, continuing operations | 1,441 | 239.8 | 36.5 | 1,399 | 1,985 |
| Current and deferred tax expense, continuing | 447.6 | 329.4 | 1,867 | 352.1 | 622.8 |
| Profit for period including NCI, continuing | 993.7 | 377.4 | -1,831 | 1,047 | 1,362 |
| Diluted EPS, continuing (₹) | 33.37 | 10.53 | -67.30 | 37.11 | 48.24 |
| Other income | 840.0 | 113.7 | 460.6 | ||
| Materials, traded goods and inventory changes | 4,413 | 4,353 | 4,747 | ||
| Employee benefits expense | 2,868 | 3,022 | 3,578 | ||
| Other expenses | 3,336 | 3,595 | 4,085 | ||
| Operating EBITDA excluding other income | 1,195 | 2,351 | 4,572 | ||
| Depreciation, amortisation and impairment | 581.9 | 486.0 | 573.5 | ||
| Exceptional gain / (charge) | -901.0 | -372.8 | -2,266 | ||
| Profit after tax from discontinued operations | 397.3 | n.d. | n.d. | ||
| Profit attributable to non-controlling interests | 68.1 | 0.05 | 0.10 | ||
| Profit attributable to owners, continuing | -1,899 | 1,047 | 1,362 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 9,438 | 9,839 | 7,848 | 8,849 | 10,512 |
| Bank borrowings excluding lease liabilities | 3,962 | 4,608 | 990.6 | 2,194 | 0.00 |
| Cash and cash equivalents | 1,411 | 1,159 | 1,658 | 1,676 | 1,175 |
| Trade receivables | 3,101 | 3,665 | 1,858 | 3,342 | 4,963 |
| Inventories | 2,500 | 2,374 | 2,513 | 3,029 | 3,431 |
| Trade payables | 2,289 | 2,000 | 2,536 | 3,051 | 3,744 |
| Net property, plant and equipment * | 249.1 | 3,904 | 3,118 | 3,319 | 3,890 |
| Capital work in progress * | 962.9 | 1,092 | 449.7 | 568.5 | 454.2 |
| Total assets * | 17,083 | 19,372 | 14,359 | 16,050 | 19,908 |
| Current plus noncurrent lease liabilities | 240.3 | 278.5 | 593.5 | ||
| Other current bank balances | 1.19 | 29.5 | 1.55 | ||
| Noncurrent investments, not liquid investments | 789.7 | 56.4 | 42.4 | ||
| Company reported net debt / (cash), scorecard | -667.7 | 489.0 | -1,176 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net operating cash flow after tax | 1,270 | 727.2 | -265.4 | -827.6 | 3,445 |
| Free cash flow (vendor definition) * | 318.5 | 17.6 | -1,164 | -1,577 | 2,087 |
| Dividends paid (the provider's sign: an outflow is negative) * | -92.7 | -136.6 | -117.8 | -70.4 | -141.0 |
| Cash capital expenditure, positive outflow | 788.5 | 550.5 | 898.4 | 750.7 | 1,358 |
| CFO less positive-outflow cash capex | -1,164 | -1,578 | 2,087 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued fully paid shares at year end | 28.22 | 28.22 | 28.22 | 28.22 | 28.22 |
| Profit for year, continuing plus discontinued incl NCI | -1,434 | ||||
| Profit to owners, continuing plus discontinued | -1,502 | ||||
| Diluted EPS, continuing plus discontinued (₹) | -53.22 | ||||
| Note37 net debt cash-only, excluding leases | -667.7 | 518.5 | -1,175 | ||
| Bank plus lease debt less cash equivalents | -427.3 | 797.0 | -581.2 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,434 | 3,388 | 3,256 | 3,264 | 6,047 | 3,901 | 3,771 | 4,018 |
| Cost of revenue (vendor classification) * | 1,070 | 1,084 | 1,493 | 1,016 | 1,265 | 1,295 | 1,172 | 1,246 |
| Other operating costs (vendor classification) * | 975.2 | 914.6 | -1,320 | 905.6 | 1,337 | 894.4 | 948.3 | 1,033 |
| EBITDA (vendor classification) * | 641.3 | 631.4 | 199.9 | 607.0 | 2,560 | 914.2 | 951.7 | 870.6 |
| EBIT * | 521.1 | 508.6 | 74.7 | 153.8 | 1,034 | 575.4 | 430.4 | 697.4 |
| Finance costs | 48.5 | 52.3 | 66.7 | 58.2 | 66.5 | 41.4 | 42.6 | 54.0 |
| Profit before tax, continuing operations | 472.6 | 456.3 | 7.97 | 95.6 | 967.4 | 534.0 | 387.8 | 643.4 |
| Current and deferred tax expense | 118.1 | 108.3 | 3.59 | 48.6 | 357.0 | 130.8 | 86.4 | 160.6 |
| Profit for period including NCI | 354.5 | 348.0 | 4.38 | 47.0 | 610.4 | 403.2 | 301.3 | 482.8 |
| Diluted EPS (₹) | 12.55 | 12.33 | 0.16 | 1.66 | 21.62 | 14.28 | 10.68 | 17.11 |
| Other income | 39.4 | 31.1 | 11.7 | 26.4 | 200.6 | 44.5 | 189.1 | 65.8 |
| Materials, traded goods and inventory changes | 1,070 | 1,084 | 1,089 | 1,016 | 1,265 | 1,295 | 1,172 | 1,246 |
| Employee benefits expense | 786.6 | 788.5 | 736.6 | 762.8 | 1,086 | 841.4 | 887.4 | 934.7 |
| Other expenses | 975.2 | 914.6 | 869.7 | 905.6 | 1,337 | 894.4 | 948.3 | 1,033 |
| Operating EBITDA excluding other income | 601.9 | 600.2 | 561.0 | 580.5 | 2,360 | 869.7 | 762.6 | 804.8 |
| Depreciation, amortisation and impairment | 120.3 | 122.7 | 125.2 | 129.9 | 141.2 | 154.4 | 147.9 | 173.2 |
| Exceptional gain / (charge) | 0.00 | 0.00 | -372.8 | -323.2 | -1,385 | -184.3 | -373.4 | 0.00 |
| Profit attributable to non-controlling interests | 0.27 | 0.07 | -0.27 | 0.10 | 0.08 | 0.02 | -0.10 | -0.10 |
| Profit attributable to owners | 354.2 | 348.0 | 4.65 | 46.9 | 610.4 | 403.2 | 301.4 | 482.9 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 12.7% | -6.1% | 3.3% | 12.8% | 27.5% |
| EBITDA margin | 10.1% | 17.7% | 26.9% | ||
| Net margin | -16.1% | 7.9% | 8.0% | ||
| Return on equity | -21.5% | 12.5% | 14.1% | ||
| Return on capital employed | 13.7% | 4.2% | 4.7% | 16.2% | 20.4% |
| Return on assets | -11.3% | 6.9% | 7.6% | ||
| Net debt (₹ crore) | -667.7 | 489.0 | -1,176 | ||
| Net debt / EBITDA | -0.56x | 0.21x | -0.26x | ||
| Interest cover | 5.83x | 1.69x | 1.07x | 7.76x | 10.5x |
| Asset turnover | 0.74x | 0.63x | 0.70x | 0.88x | 0.94x |
| Receivable days | 93 | 117 | 57 | 92 | 107 |
| Inventory days (on revenue) | 75 | 76 | 78 | 83 | 74 |
| Payable days (on revenue) | 69 | 64 | 78 | 84 | 80 |
| Cash conversion | 0.14x | -0.79x | 2.53x | ||
| Capex intensity | 6.5% | 4.8% | 7.6% | 5.6% | 8.0% |
| Free cash flow (₹ crore) | 481.7 | 176.7 | -1,164 | -1,578 | 2,087 |
| Dividend payout | -6.2% | 6.7% | 10.4% | ||
| EPS, diluted (₹) | 33.37 | 10.53 | -67.30 | 37.11 | 48.24 |
| Book value per share (₹) | 334.5 | 348.7 | 278.1 | 313.6 | 372.5 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company reported net debt / (cash), scorecard; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS, continuing).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Glenmark Pharmaceuticals includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Glenmark Pharmaceuticals
- Research reportLatest
Same sector
More research in Healthcare
Divi's Laboratories Ltd.
NSE: DIVISLAB
Healthcare · Drug Manufacturers - Specialty & Generic
₹8,950.00 last close on 23 Oct 2026 −2.31%Research updated
Torrent Pharmaceuticals Ltd.
NSE: TORNTPHARM
Healthcare · Drug Manufacturers - Specialty & Generic
₹4,524.40 last close on 23 Oct 2026 −1.97%Research updated
Apollo Hospitals Enterprise Ltd.
NSE: APOLLOHOSP
Healthcare · Medical Care Facilities
₹7,730.00 last close on 23 Oct 2026 +1.65%Research updated
Lenskart Solutions Limited
NSE: LENSKART
Healthcare · Medical Instruments & Supplies
₹626.45 last close on 23 Oct 2026 −1.23%Research updated
Zydus Lifesciences Ltd.
NSE: ZYDUSLIFE
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,129.40 last close on 23 Oct 2026 −0.49%Research updated
Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.