Glenmark Pharmaceuticals Limited (GLENMARK)

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Glenmark Pharmaceuticals Limited (GLENMARK) · mywealthgrid

About

Glenmark manufactures pharmaceuticals across domestic and international markets. ₹65,425 Cr market cap, ₹1.5–4 Cr quarterly revenues place it mid-large-cap pharma. Profitability volatile (-11.57% to 39.02% OPM); zero ROE flags structural issues.

Founded: 1977
Face value: ₹1

Market cap

₹65,781 Cr

P/E

44.0×

P/B

6.3×

Dividend yield

0.3%

ROE

ROCE

37.8%

Debt / equity

OPM

26.9%

EPS (TTM)

₹53.0

Book value

₹372.5

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Standalone profitability collapsed: Sep 2025 (-₹739 Cr, -11.57% OPM) and Mar 2026 (-₹73.9 Cr, 1.47% OPM) posted losses; sustainability of recovery unclear without understanding loss drivers.
Zero ROE amid stated profits: Prior period losses eroded retained earnings or accounting adjustments masked true capital position; verify earnings quality.
Valuation assumes recovery: PE 43.72 prices in sustained profitability; if standalone losses recur, downside risk is substantial.
Margin volatility signals exposure: OPM swung 50+ points (-11.57% to 39.02%) across quarters, signaling vulnerability to cost, pricing, or regulatory shifts; identify drivers.

Generated analysis · source review pending

Growth drivers

Larger unit maintained OPM above 20% all four recent quarters (20.03%–39.02%); if smaller unit stabilizes to >20%, group operating profit would inflect materially.
Standalone recovery to ₹282 Cr profit level (Dec 2025, 21.01% OPM) would meaningfully lift group profitability given two-unit structure and fixed overhead burden.
Dividend history (regular since Sep 2022) plus zero debt show cash generation sufficient to sustain capital returns; verify if current profit levels are repeatable.
EPS stabilization (recent range ₹-26.19 to ₹26.07) to mid-range levels would suggest significant valuation reset potential from current PE 43.72.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹2,331.0-4.5%1Y

Quick read

rule-based

Pros

+High return on capital employed of 23.9%
+Healthy operating margin of 26.9%
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 21.4×

Cons

−Low return on equity of -1.6% (3-yr avg)
−Profit declined 84.1% a year over the last 5 years
−Modest revenue growth of 9.2% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

58/100

Business quality: 75
Growth: 58

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 50 NIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Torrent Pharmaceuticals LimitedTORNTPHARMTORNTPHARM	₹1,61,325 Cr	₹1,76,123 Cr	₹15,723 Cr	₹5,191 Cr	32.6%	₹2,181 Cr	15.3%	14.5%	27.1%	163
Zydus Lifesciences LimitedZYDUSLIFEZYDUSLIFE	₹1,14,284 Cr	₹1,26,053 Cr	₹28,592 Cr	₹8,316 Cr	31.2%	₹4,513 Cr	18.9%	23.4%	19.7%	212
Laurus Labs LimitedLAURUSLABSLAURUSLABS	₹1,07,176 Cr	₹1,09,573 Cr	₹7,270 Cr	₹2,034 Cr	26.1%	₹1,093 Cr	13.1%	21.3%	18.2%	263
Mankind Pharma LimitedMANKINDMANKIND	₹1,04,696 Cr	₹1,11,007 Cr	₹14,738 Cr	₹3,827 Cr	25.3%	₹2,068 Cr	13.6%	14.2%	12.5%	117
Aurobindo Pharma LimitedAUROPHARMAAUROPHARMA	₹97,389 Cr	₹1,05,065 Cr	₹34,935 Cr	₹7,085 Cr	20.3%	₹3,713 Cr	10.4%	14.7%	9.9%	252
Lupin LimitedLUPINLUPIN	₹92,866 Cr	₹98,777 Cr	₹29,967 Cr	₹9,538 Cr	31.5%	₹5,529 Cr	19.2%	34.2%	26.9%	181
Glenmark Pharmaceuticals LimitedGLENMARKGLENMARK	₹65,781 Cr	₹65,781 Cr	₹17,737 Cr	₹4,797 Cr	26.9%	₹1,496 Cr	8%	37.8%	0%	83
Alkem Laboratories LimitedALKEMALKEM	₹62,431 Cr	₹64,055 Cr	₹15,081 Cr	₹3,032 Cr	20.4%	₹2,158 Cr	16%	21.5%	17.8%	152
Biocon LimitedBIOCONBIOCON	₹60,413 Cr	₹75,238 Cr	₹17,321 Cr	₹3,536 Cr	20.4%	₹495 Cr	2.2%	3.9%	1.4%	85
Abbott India LimitedABBOTINDIAABBOTINDIA	₹56,901 Cr	—	₹4,310 Cr	₹921 Cr	27.3%	₹691 Cr	22.4%	44.1%	34.5%	110
Ipca Laboratories LimitedIPCALABIPCALAB	₹49,299 Cr	₹50,003 Cr	₹10,126 Cr	₹2,232 Cr	20.5%	₹1,310 Cr	12.3%	17.8%	15.2%	308
Gland Pharma LimitedGLANDGLAND	₹47,428 Cr	₹47,671 Cr	₹6,725 Cr	₹1,751 Cr	25.3%	₹1,129 Cr	16%	14.8%	10.5%	255

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	7,650	9,186	9,103	9,865	10,641	10,944	12,305	12,990	11,813	13,322	16,983
COGS	2,303	3,074	3,039	3,362	3,699	3,699	4,385	4,537	4,413	4,353	4,747
Gross profit	5,347	6,112	6,065	6,503	6,942	7,245	7,920	8,453	7,400	8,968	12,235
	4,144	4,339	4,449	4,917	5,244	5,161	5,599	6,175	6,204	6,617	7,663
	1,203	1,772	1,615	1,586	1,698	2,084	2,320	2,278	1,195	2,351	4,572
OPM %	15.7%	19.3%	17.8%	16.1%	16%	19.1%	18.9%	17.5%	10.1%	17.7%	26.9%
Depreciation	—	—	302	326	417	444	487	611	582	486	573
Interest	179	237	286	335	377	353	298	350	516	207	209
	101	—	91	375	192	95	-94	-449	336	-259	-1,805
Profit before tax	1,044	1,491	1,119	1,301	1,096	1,382	1,441	868	434	1,399	1,985
Tax	301	383	315	376	320	412	448	491	1,867	352	623
Tax %	28.8%	25.7%	28.2%	28.9%	29.2%	29.8%	31.1%	56.5%	430.4%	25.2%	31.4%
	743	1,109	804	925	776	970	994	377	-1,434	1,047	1,362
PAT margin %	9.7%	12.1%	8.8%	9.4%	7.3%	8.9%	8.1%	2.9%	-12.1%	7.9%	8%
EPS (₹)	—	—	28.5	32.8	27.5	34.4	33.4	10.5	-53.2	37.1	48.3
EPS adjusted (₹)	—	—	—	—	—	34.4	33.4	13.4	-53.2	37.1	0
	—	—	7%	6.1%	9.1%	7.3%	7.5%	23.7%	—	6.7%	10.4%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	28	28	28	28	28	28
Reserves	7,036	9,058	9,446	7,820	8,821	10,484
Minority interest	—	351	365	—	—	—
	4,687	3,670	4,348	991	2,194	0
	3,852	3,975	5,185	5,520	5,006	9,396
Total equity & liabilities	15,604	17,083	19,372	14,359	16,050	19,908
	4,864	5,638	6,202	4,210	4,487	5,915
CWIP	1,218	921	1,115	419	542	428
Investments	25	50	45	790	56	42
	9,497	10,474	12,009	8,939	10,964	13,523
Total assets	15,604	17,083	19,372	14,359	16,050	19,908

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	65.9%	65.2%	66.2%	64.4%	65.1%	62.6%	67.3%	72%
EBITDA margin %	16.1%	16%	19.1%	18.9%	17.5%	10.1%	17.7%	26.9%
EBIT margin %	12.8%	12%	15%	14.9%	12.8%	5.2%	14%	23.5%
PAT margin %	9.4%	7.3%	8.9%	8.1%	2.9%	-12.1%	7.9%	8%
Working capital
Receivable days	—	—	86	92	115	57	92	107
Inventory days	—	—	225	208	240	208	254	264
Payable days	—	—	221	190	192	210	216	288
NWC days	—	—	90	110	162	56	129	83
Leverage
Current ratio	—	—	1.75	1.77	1.96	1.28	1.56	1.77
Debt to EBITDA	—	—	2.25	1.58	1.91	0.83	0.93	0
Debt to equity	—	—	0.66	0.4	0.46	0.13	0.25	0
Interest coverage	4.4	3.8	4.8	6.7	5.7	2.8	9.6	21.4
Asset turnover	—	—	0.7	0.72	0.67	0.82	0.83	0.85
Return ratios
Return on assets %	—	—	6.2%	5.8%	1.9%	-10%	6.5%	6.8%
Return on capital employed %	—	—	14.8%	16.8%	14.8%	12.7%	21.3%	37.8%
Return on equity %	—	—	13.7%	10.9%	4%	-18.3%	11.8%	13%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	46.65%	46.65%	46.64%	46.65%	46.65%	46.65%	46.65%	46.65%	46.65%	46.65%	46.65%	46.65%
	24.8%	23.71%	21.38%	20.98%	23.05%	23.51%	23.16%	20.62%	20.73%	19.2%	20.34%	20.89%
	10.32%	10.92%	13.36%	13.92%	13.21%	13.85%	14.6%	17.64%	18.61%	20.09%	19.29%	18.6%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0.04%	0.04%	0.04%	0.04%
	18.23%	18.72%	18.62%	18.45%	17.09%	15.99%	15.59%	15.09%	13.97%	14.02%	13.68%	13.82%
No. of shareholders	—	—	—	—	—	—	—	—	1,98,789	2,01,584	1,96,105	2,11,418

Promoter holding up 0 percentage points since Sep 2023.

26 deals · 19 Sept 2022 – 11 Jul 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
11 Jul 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	15,10,591	₹2,171.67	₹328.05 Cr
11 Jul 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	15,10,591	₹2,173.31	₹328.30 Cr
25 Mar 2025	UBS AG	Block	NSE	Sell	2,64,465	₹1,492.65	₹39.48 Cr
25 Mar 2025	INTEGRATED CORE STRATEGIES (ASIA) PTE. LTD.	Block	NSE	Buy	2,64,465	₹1,492.65	₹39.48 Cr
23 Jan 2025	UBS AG	Block	NSE	Buy	6,71,394	₹1,510.00	₹101.38 Cr
23 Jan 2025	UBS PRINCIPAL CAPITAL ASIA LIMITED	Block	NSE	Sell	6,71,394	₹1,510.00	₹101.38 Cr
25 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	3,02,621	₹397.90	₹12.04 Cr
25 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	3,02,621	₹397.90	₹12.04 Cr
25 Oct 2022	ISHARES MSCI INDIA SMALL-CAP ETF	Block	BSE	Buy	39,265	₹397.90	₹1.56 Cr
25 Oct 2022	ISHARES INDIA SC MAURITIUS COMPANY	Block	BSE	Sell	39,265	₹397.90	₹1.56 Cr

1–10 of 26

1 / 3

Mr. GLENN MARIO SALDANHAExecutive Director-Chairperson related to Promoter-CEO-MD
Mrs. BLANCHE ELIZABETH SALDANHANon-Executive - Non Independent Director
Mrs. CHERYLANN MARIA PINTOExecutive Director
Ms. SAIRA RAMASASTRYNon-Executive - Independent Director
Mr. DIPANKAR BHATTACHARJEENon-Executive - Independent Director
Mrs. VIJAYALAKSHMI RAJARAM IYERNon-Executive - Independent Director
Mr. PRADEEP KUMAR SINHANon-Executive - Independent Director
Mr. ANURAG MANTRIExecutive Director
Ms. PATRICIA ANDREWSNon-Executive - Independent Director
Ms. Rashmi KhandelwalCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹2,328.6 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹2,359.4	-40.5	-1.7%	₹2,359.4	28,675	-442	2,805	375
23 Nov 2026	₹2,368.6	-39.4	-1.6%	₹2,368.6	80	+10	27	375
29 Dec 2026	₹2,415.2	-62.6	-2.5%	₹2,365.4	1	+1	1	375

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 19 fund houses

Held by these funds

2.31%

of the company's equity

All mutual funds

16.76%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

97 schemes · 19 fund houses

		Shares
Arbitrage FundNEW	SBI Mutual Fund	11.76 L	291.65	0.62%	0.417%	—
Arbitrage Fund	Nippon India Mutual Fund	7.02 L	174.19	0.99%	0.249%	-72,375
MID CAP FUND	Tata Mutual Fund	6 L	148.8	2.38%	0.213%	-0
Arbitrage Fund	Axis Mutual Fund	4.17 L	103.51	0.98%	0.148%	-0
Multicap Fund	Axis Mutual Fund	3.86 L	95.68	0.8%	0.137%	-0
Large & Mid Cap Fund	Axis Mutual Fund	3.25 L	80.56	0.47%	0.115%	-0
Nifty Pharma ETF	Nippon India Mutual Fund	2.62 L	64.91	3.69%	0.093%	+4,458
India Manufacturing Fund	Axis Mutual Fund	2.61 L	64.85	1.12%	0.093%	-23,382

1–8 of 97

1 / 13

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

141 announcementsExport CSV

28 Sept 2026, 6:09 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

Loading announcements…

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	65.9%	65.2%	66.2%	64.4%	65.1%	62.6%	67.3%	72%
EBITDA margin %	16.1%	16%	19.1%	18.9%	17.5%	10.1%	17.7%	26.9%
EBIT margin %	12.8%	12%	15%	14.9%	12.8%	5.2%	14%	23.5%
PAT margin %	9.4%	7.3%	8.9%	8.1%	2.9%	-12.1%	7.9%	8%
Working capital
Receivable days	—	—	86	92	115	57	92	107
Inventory days	—	—	225	208	240	208	254	264
Payable days	—	—	221	190	192	210	216	288
NWC days	—	—	90	110	162	56	129	83
Leverage
Current ratio	—	—	1.75	1.77	1.96	1.28	1.56	1.77
Debt to EBITDA	—	—	2.25	1.58	1.91	0.83	0.93	0
Debt to equity	—	—	0.66	0.4	0.46	0.13	0.25	0
Interest coverage	4.4	3.8	4.8	6.7	5.7	2.8	9.6	21.4
Asset turnover	—	—	0.7	0.72	0.67	0.82	0.83	0.85
Return ratios
Return on assets %	—	—	6.2%	5.8%	1.9%	-10%	6.5%	6.8%
Return on capital employed %	—	—	14.8%	16.8%	14.8%	12.7%	21.3%	37.8%
Return on equity %	—	—	13.7%	10.9%	4%	-18.3%	11.8%	13%

39

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
1	0	0	₹340.0	2,000	₹3.7	18	+11	11
0	0	0	₹0.0	2,040	₹0.0	0	0	0
0	0	0	₹0.0	2,080	₹6.4	4	+4	4
0	0	0	₹0.0	2,100	₹7.6	25	+11	24
0	0	0	₹0.0	2,120	₹10.8	0	0	3
0	0	0	₹0.0	2,140	₹9.9	35	+17	17
0	0	0	₹0.0	2,160	₹11.6	49	+7	18
0	0	0	₹0.0	2,180	₹13.8	97	+11	44

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
28 Sept 2026, 6:09 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
21 Sept 2026, 2:58 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
11 Sept 2026, 6:57 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
11 Sept 2026, 6:54 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
11 Sept 2026, 8:50 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
11 Sept 2026, 8:45 am	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
21 Aug 2026, 8:52 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
20 Aug 2026, 8:53 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	355	657	1,648	1,131	1,109	625	-265	-828	3,445
	-1,546	-712	-1,013	-675	-333	-528	4,369	2	-1,283
	1,223	543	-469	-442	-520	-77	-3,906	787	-2,709
Net cash flow	32	199	177	14	255	19	198	-38	-547
Free cash flow	11	—	—	356	319	18	-1,164	-1,577	2,087
CFO / Operating profit %	29.5%	37.1%	102%	54.3%	47.8%	27.5%	-22.2%	-35.2%	75.3%

Glenmark Pharmaceuticals Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Events

Announcements

Announcements

3

Annual reports

Credit ratings

Investor Presentation and earnings call

20

1

39

Compounded sales growth

Compounded profit growth

Return on equity

Glenmark Pharmaceuticals Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Futures3

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends20

Board meetings1

Option chain39

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

3

20

1

39