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Glenmark Pharmaceuticals

GLENMARK NSE
₹2,504.70 +96.70 (+4.02%)
P/E
39.31
View as Markdown
MCP
Close 4 Nov 2026 ₹2,504.70 +694.30 +38.4% 1Y
Start ₹1,810.40

Key Fundamentals

MidcapPharmaceuticals & BiotechnologyHealthcare

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
39.80%
Debt to Equity
0.06
EPS (TTM)
₹63.71
Book Value
₹372.47
Market Cap
—
P/E (TTM)
39.31
P/B
6.72
ROE
23.60%
Dividend Yield
0.21%
EBITDA
₹5,033 Cr
52W High
₹2,537.60
52W Low
₹1,801.40
Day Range
₹2,380.10 – ₹2,516.80
Volume
7,17,669

Peer Comparison

Healthcare › Pharmaceuticals

Glenmark Pharmaceuticals peer comparison
Sun Pharma
₹1,773.4038.81₹4,29,049 Cr4.770.90%16.00%20.50%₹61,631 Cr₹10,987 Cr
Divis Laboratories
₹10,037.5091.10₹2,65,269 Cr15.900.30%16.50%22.00%₹11,230 Cr₹2,925 Cr
Torrent Pharmaceuticals
₹4,738.5078.61₹1,77,061 Cr9.810.82%27.40%15.20%₹17,400 Cr₹2,099 Cr
Zydus Life Science
₹1,188.1026.44₹1,25,446 Cr4.370.08%21.20%21.10%₹28,592 Cr₹4,593 Cr
Laurus Labs
₹2,323.80114.81₹1,25,228 Cr20.720.04%18.30%17.80%₹7,270 Cr₹1,090 Cr
Dr Reddys Laboratories
₹1,374.0035.59₹1,14,543 Cr2.960.58%11.20%13.00%₹33,228 Cr₹3,184 Cr
Cipla
₹1,402.0033.59₹1,12,454 Cr3.200.93%11.60%15.50%₹28,324 Cr₹3,356 Cr
Glenmark Pharmaceuticals (this company)
₹2,504.7039.31₹67,652 Cr6.720.21%23.60%39.80%₹17,737 Cr₹1,797 Cr
Median 8 companies₹2,048.6039.06₹1,25,337 Cr5.740.44%17.40%19.15%₹23,031 Cr₹3,055 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

55 Good

Data confidence 100/100

Category scores

Quality
56
Good
Returns, margins, earnings quality 22% weight
Valuation
64
Good
Cheap vs sector & own history 24% weight
Growth
92
Strong
Sales & profit trajectory 9% weight
Financial Health
55
Average
Solvency, leverage, coverage 9% weight
Momentum
31
Poor
Trend strength, vol-adjusted 12% weight
Ownership
46
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish4213
OscillatorsBearish423
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
67.49
Neutral
MACD (12,26,9)
16.88
Bullish
SMA (50)
2,362.39
Bullish
SMA (200)
2,229.16
Bullish

As of

Analyst Rating

Based on 8 analysts
BUY75%

6 of 8 analysts rate Buy, 2 Hold, 0 Sell.

As of

BUY
6
75%
HOLD
2
25%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+8.43%
5Y+9.19%
3Y+13.61%
1Y+27.48%
TTM+32.94%

Net profit

Net profit growth by window
10Y+6.25%
5Y+7.02%
3Y+53.44%
1Y+30.09%
TTM+138.65%

Operating cash flow

Operating cash flow growth by window
10Y+25.87%
5Y+24.95%
3Y+76.65%
1YTurned positive
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+7.92 pp
5Y+7.88 pp
3Y+12.80 pp
1Y+9.27 pp
TTM+9.48 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹9,079 Cr
Mar 2018₹9,074 Cr
Mar 2019₹9,865 Cr
Mar 2020₹10,641 Cr
Mar 2021₹10,944 Cr
Mar 2022₹12,305 Cr
Mar 2023₹11,583 Cr
Mar 2024₹11,813 Cr
Mar 2025₹13,322 Cr
Mar 2026₹16,983 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹1,109 Cr
Mar 2018₹804 Cr
Mar 2019₹925 Cr
Mar 2020₹776 Cr
Mar 2021₹970 Cr
Mar 2022₹994 Cr
Mar 2023₹377 Cr
Mar 2024−₹1,434 Cr
Mar 2025₹1,047 Cr
Mar 2026₹1,362 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹3,491 Cr −30.6% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk medium

Glenmark Pharmaceuticals trades at ₹2,408 as of 2026-11-03 with a market cap of ₹67,311 crore and a PE of 37.8x. The company has shown strong recent profit growth of 134% TTM and is nearly debt-free with a debt-to-equity ratio of 0.06, but faces headwinds from deteriorating working capital efficiency and a low 3-year average ROE of -3%.

Bull Case 8
  • TTM profit growth of 134% signals a sharp earnings acceleration, supported by a 61% compounded profit CAGR over the last 3 years
  • The company is virtually debt-free with a debt-to-equity ratio of just 0.06, providing significant financial flexibility
  • 5-year compounded profit CAGR of 19.4% demonstrates sustained earnings momentum beyond near-term fluctuations
  • TTM sales growth of 33% shows a meaningful revenue step-up compared to the 5-year sales CAGR of 9%
  • Stock has delivered a 5-year CAGR of 33% and a 3-year CAGR of 41%, reflecting strong shareholder value creation over medium-term horizons
  • Last year ROE improved sharply to 24% compared to the 5-year average of 2%, indicating a structural improvement in return profile
  • ROCE stands at 16.21% as of 2026-11-03, suggesting reasonable capital efficiency for a pharmaceutical company
  • 10-year compounded profit CAGR of 12% and sales CAGR of 8% demonstrate long-term business durability through cycles
Bear Case 7
  • PE of 37.8x is elevated for a pharma company, requiring sustained high earnings growth to justify the valuation
  • 3-year average ROE of -3% indicates the recent profitability improvement may not yet be structurally entrenched
  • Debtor days have increased from 85.2 to 107 days, pointing to slower collections and potential revenue quality concerns
  • Working capital days have nearly doubled from 41.2 to 80.5 days, tying up more capital in operations and pressuring free cash flow
  • 5-year compounded sales CAGR of only 9% suggests limited top-line pricing power or volume growth on a sustained basis
  • Price-to-book ratio of 6.46x is rich, implying the market is pricing in substantial future value creation beyond current book value
  • Dividend yield of just 0.21% offers negligible income return, making the stock almost entirely a capital appreciation play

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

AI News Digest

9h ago

TL;DR: Glenmark is expanding its US dermatology portfolio with the launch of Adapalene Gel pump packs, tapping into a ~$45.8M annual market. No notable headwinds emerged in the period reviewed. With only one data point available, the near-term outlook hinges on broader pipeline updates and quarterly earnings for a clearer directional read.

Positives 1
  • Adapalene Gel US launch Oct 06

    Glenmark Therapeutics Inc. USA launched Adapalene Gel USP 0.1% in new pump packs in the US, targeting the Differin equivalent market valued at approximately $45.8 million annually.

Quarterly Results

₹ Cr
GLENMARK quarterly results, ₹ crore
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
−63.55
−331
−1,214
340
354
348
4
47
610
403
301
483
EPS (₹)
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

Profit & Loss

₹ Cr
GLENMARK profit and loss, annual, ₹ crore
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 (₹)
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%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
7%
10%
—

Balance Sheet

₹ Cr
GLENMARK balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
GLENMARK cash flow, annual, ₹ crore
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

Ratios

GLENMARK financial ratios, annual
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

Log in to view Glenmark Pharmaceuticals insights

70 extracted metrics across FY00–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 46.65%
  • FIIs 21.51%
  • DIIs 17.64%
  • Public 10.44%
  • Others 3.73%
  • Government 0.04%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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.
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 PE ratio of Glenmark Pharmaceuticals Ltd?
Glenmark Pharmaceuticals Ltd trades at a PE ratio of 39.31 as of 4 Nov 2026, on earnings per share of ₹63.71, 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 ₹1,801.4 and ₹2,537.6 as of 4 Nov 2026.
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 23.60%. 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.

Website glenmarkpharma.com
CEO Mr. Glenn Mario Saldanha
Employees 15,800
Listed 7 Feb 2000
Face Value ₹1

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