Glenmark Pharmaceuticals Ltd (GLENMARK)

Healthcare · Pharmaceuticals · NSE · Updated 13 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹2,416.9 ↑ 13.43% (1Y)

🎯 Key Takeaways

Glenmark Pharmaceuticals is in a phase of steady growth with improving profitability and disciplined capital structure, supported by consistent promoter holding and rising institutional interest. The company demonstrates strong returns on capital and margins, though its P/E ratio suggests market expectations are priced in.
Revenue grew 6.6% QoQ to ₹4,018 in Q1FY27.
⚠️ Margin volatility is evident, with OPM dropping sharply from 36.7% in Sep 2025 to 15.7% in Jun 2026, potentially due to pricing pressure, input cost i

Market Cap

₹68,205

P/E Ratio

37.9

P/B Ratio

7.71

ROE

20.3%

ROCE

24.8%

Debt/Equity

0.25

Div Yield

0.10%

Promoter

46.6%

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📖 The Story

Glenmark Pharmaceuticals is in a phase of steady growth with improving profitability and disciplined capital structure, supported by consistent promoter holding and rising institutional interest. The company demonstrates strong returns on capital and margins, though its P/E ratio suggests market expectations are priced in. Management is focused on operational execution and shareholder returns, with no visible signs of distress or aggressive expansion.

📰 What's Happening

In Q1 FY2027, Glenmark scheduled an earnings call for results ended June 30, 2026, signaling ongoing investor engagement around quarterly performance. At its 48th AGM on September 11, 2026, shareholders will vote on approving FY2025-26 financials, declaring a dividend of INR 2.50 per share, and reappointing Non-Executive Director Mrs. Blanche Saldanha, a long-standing promoter-linked figure. Additionally, the company allotted 23,863 shares under its ESOP 2016, increasing paid-up capital and total shares to Rs. 28,22,24,672, which dilutes existing shareholders proportionally. Digital access to the AGM notice and annual report has also been mandated for shareholders without registered emails.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	6,047	3,901	3,771	4,018
Operating Profit	2,218	715	615	632
OPM %	36.7%	18.3%	16.3%	15.7%
Net Profit	610	403	301	483
EPS	₹21.63	₹14.29	₹10.68	₹17.11

The company's financial trajectory shows improving operational performance, with revenue rising from ₹3,901 crore in Dec 2025 to ₹4,018 crore in Jun 2026, while operating profit margin held firm at 15.7% despite scale. Net profit surged to ₹483 crore in Q1 FY2027 from ₹301 crore in Mar 2026, and EPS rose to ₹17.11, indicating stronger bottom-line execution. However, margins were significantly higher in Sep 2025 (36.7%) due to one-off factors, suggesting volatility in profitability. The trend from Dec 2025 to Jun 2026 reflects stabilization after a high-margin quarter, with consistent revenue and margin expansion supporting earnings growth.

🔮 Management Outlook & What's Next

Management has not provided forward guidance in the latest filings beyond operational updates and dividend plans. The scheduled earnings call for Q1 FY2027 results indicates an intent to communicate performance updates, but no explicit commentary on future revenue, margin, or growth expectations was disclosed. The focus remains on routine governance, shareholder returns, and compliance, with no strategic shifts or outlook statements beyond the dividend declaration and AGM agenda.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	28	28	28	28
Reserves	8,417	8,821	9,554	10,484
Borrowings	1,711	2,194	1,224	594
Total Liabilities	15,165	16,050	19,002	19,908
Fixed Assets	3,155	4,780	3,399	3,890
Investments	45	56	42	42
Total Assets	15,165	16,050	19,002	19,908

The balance sheet reflects a stable and conservative capital structure, with equity remaining flat at ₹28 crore while reserves grew from ₹8,821 crore in Mar 2025 to ₹10,484 crore in Mar 2026, indicating strong retained earnings. Borrowings declined from ₹2,194 crore to ₹594 crore over the same period, suggesting active deleveraging. Total assets increased to ₹19,908 crore, supporting growth without aggressive financing. This trajectory points to a strategy of internal fund generation and capital efficiency, with minimal reliance on external debt.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	-828
Investing	+2
Financing	+787
Net Cash Flow	-38

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	46.6%	46.6%	46.6%	46.6%
FII	20.7%	19.2%	20.3%	20.9%
DII	18.6%	20.1%	19.3%	18.6%
Public	10.8%	10.8%	10.3%	10.6%
# Shareholders	1,98,789	2,01,584	1,96,105	2,11,418

Promoter holding remains stable at 46.65% across all quarters, signaling confidence and continuity. Institutional investor (FII) shareholding rose from 19.2% in Q3FY26 to 20.89% in Q1FY27, indicating accumulation. DII holdings increased from 18.61% to 18.61% to 19.29% to 20.09%, reflecting growing domestic institutional interest. The rising number of shareholders (from 1,96,105 to 2,11,418) and stable promoter stake suggest broadening retail participation without dilution of control.

⚖️ Peer Comparison — Pharmaceuticals

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
SUNPHARMA	4.42 L Cr	36.5	18.7%	14.6%	0.05
DIVISLAB	2.48 L Cr	84.6	23.0%	17.4%	0.00
TORNTPHARM	1.89 L Cr	79.4	15.1%	25.7%	1.76
ZYDUSLIFE	1.12 L Cr	24.9	16.8%	16.6%	0.43
CIPLA	1.10 L Cr	32.7	13.2%	9.8%	0.01
LAURUSLABS	1.06 L Cr	97.3	20.8%	20.6%	0.45
DRREDDY	96,906	30.0	10.1%	8.4%	0.17
AUROPHARMA	96,402	26.2	12.8%	9.8%	0.20
LUPIN	95,836	16.9	27.9%	24.7%	0.26
MANKIND	94,039	46.0	13.9%	12.7%	0.38

🔗 Peer Stock Analyses

SUNPHARMA DIVISLAB TORNTPHARM ZYDUSLIFE CIPLA

⚠️ Risk Factors

1. Margin volatility is evident, with OPM dropping sharply from 36.7% in Sep 2025 to 15.7% in Jun 2026, potentially due to pricing pressure, input cost increases, or product mix shifts, which could impact sustainability of profitability. 2. High reliance on international markets exposes the company to foreign exchange volatility and geopolitical risks, particularly in regulated markets like the US and Europe. 3. The company’s ESOP dilution increases share count and could pressure EPS growth over time, even if absolute profits rise. 4. Despite strong ROE and ROCE, the elevated P/E of 39.1 suggests market pricing may already reflect optimism, leaving limited upside if execution falters.

📋 Recent Filings

🧠 Analyst's Read

Glenmark Pharmaceuticals demonstrates consistent financial discipline, stable governance, and growing institutional confidence, with improving profitability and a resilient balance sheet. However, investors should monitor margin trends closely, especially given the sharp decline from a high-base quarter, and assess whether the current valuation fully reflects execution risks in a competitive global pharmaceutical landscape.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-13.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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