In , Glenmark Pharmaceuticals Ltd (Pharma - Formulators) is outperforming Nifty 500 with +23.7% relative strength. Fundamentals: Weak. On a 12-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: FDA Status: VAI for Monroe
Impact: Breakeven in 4 years
“In November 2025, Glenmark announced that it had received the EIR from the U.S. FDA for its foundation manufacturing facility in Monroe... with a voluntary action indicated, or VAI status.”
What: Ryaltris Sales: $100 million
Impact: Targeting $200-250M
“RYALTRIS will be a $100 million product for us this year and continue to scale as we go forward.”
What: Gross Debt: INR 100 Cr
Impact: Zero debt by March 2026
“We continue to remain net cash positive and are on track to beat the target that goes debt 0 by March '26.”
What: Innovative Assets: 7-8 products
Impact: Margin expansion to 25%
“Oncology assets, the gross margins are significantly higher than where we are today... I would anticipate a lot of this will start playing up from FY '28.”
What: EM Growth: 8.4%
Impact: 20% CAGR target
“If you see on a 5-year basis, it's north of 20%, very clearly, CAGR [for Emerging Markets].”
What: India formulation growth of 22.1% YoY
“Sales for the formulation business in India for the third quarter of FY '26 was INR12,986 million... recording a Y-o-Y growth of 22.1%.”
Earnings deceleration risks from management commentary
Trigger: Global currency fluctuations impacting the conversion of international revenue to INR.
Impact: PAT impact: INR 7.3 Cr exceptional item
Management view: Natural hedge through global operations and monitoring of exceptional items.
Monitor: fx
Trigger: Regional conflicts and economic instability in parts of Latin America and MEA.
Management view: Diversification across multiple markets to mitigate single-region exposure.
Monitor: geopolitical
Trigger: Historical US FDA compliance issues at specific Indian manufacturing sites.
Management view: Tech transferring products to US CMOs and focusing filings on Aurangabad and Monroe.
Monitor: regulatory
Key quotes from recent conference calls
“From Q3 onwards, we should get back to INR1,150 crores to INR1,200 crore run rate for our India business. [Previous India Revenue Run-rate guidance]”
“Glenmark 3.0 will be immediately impactful as our EBITDA margin will trend towards 23% and strengthen further over a period of time. [Previous EBITDA Margin guidance]”
“23% EBITDA margin moving up to 25% in the years ahead... as we move towards a more innovative-led driven portfolio. [Initiative: Glenmark 3.0]”
“With this positive development, the company will restart manufacturing at the Monroe site... you can anticipate we will sell about 3 products. [Initiative: Monroe Facility Restart]”
Headline numbers from the latest earnings call
Revenue
INR 39,006 million
Why: Growth was driven by broad-based performance across most markets, particularly India and Europe, despite geopolitical uncertainties.
Revenue normalized following the massive one-time out-licensing income from the ISB 2001 deal in Q2.
Other Highlights
• India formulation business grew 22.1% YoY to INR 12,986 million.
• Net cash positive status maintained with a target to be gross debt zero by March 2026.
• Received EIR from US FDA for Monroe facility with VAI status.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
India Revenue % of Total
33.3%
Why: Strong secondary sales and outperformance of the IPM.
North America Revenue
INR 9,706 million
Why: Core business growth excluding out-licensing income.
Total R&D Expense
INR 290 Cr
Why: Approximately 50% of spend is related to IGI (Ichnos Glenmark Innovation).
ANDAs Pending Approval
53
Why: Steady pipeline awaiting FDA action.
Ryaltris Annual Sales
$100 million
Why: Robust performance in value and unit market share globally.
Net Working Capital Days
110 days
Why: Improved factoring and vendor financing initiatives.
Gross Debt
INR 100 Cr
Why: Repayment using IGI deal proceeds.
Monroe Facility FDA Status
VAI
Why: Successful re-inspection by US FDA.
Forward-looking targets from management for FY27
OPM Guidance
23%
Capex Plan
₹800 Cr
INR 17,000 - 18,000 Cr for FY27
REAFFIRMED
INR 800 Cr
Ongoing plant maintenance, line expansions, and in-licensing products.
Guidance Changes
Net Working Capital Days: 115 days → 110 days
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +15% | +3% | Stable |
| PAT (Net Profit) | +16% | +2% | Stable |
| OPM | 22.0% | +400 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Glenmark Pharmaceuticals Ltd's latest quarterly results (Dec 2025) show
Glenmark Pharmaceuticals Ltd's profit is growing with an stable trend.
Glenmark Pharmaceuticals Ltd's revenue growth trend is stable.
Glenmark Pharmaceuticals Ltd's operating margin is volatile.
Glenmark Pharmaceuticals Ltd's long-term compounding rates
Glenmark Pharmaceuticals Ltd's earnings growth is stable with mixed signals on a sequential basis.
Glenmark Pharmaceuticals Ltd's trailing twelve month (TTM) performance
Glenmark Pharmaceuticals Ltd appears overvalued based on our fair value analysis.
Glenmark Pharmaceuticals Ltd's current PE ratio is 25.1x.
Glenmark Pharmaceuticals Ltd's current PE is 25.1x.
Glenmark Pharmaceuticals Ltd's price-to-book ratio is 7.1x.
Glenmark Pharmaceuticals Ltd is rated Weak with a fundamental score of 33.45/100. This score is calculated from objective financial metrics
Glenmark Pharmaceuticals Ltd has a debt-to-equity ratio of N/A.
Glenmark Pharmaceuticals Ltd's return ratios over recent years
Glenmark Pharmaceuticals Ltd's operating cash flow is negative (FY2025).
Glenmark Pharmaceuticals Ltd's current dividend yield is 0.10%.
Glenmark Pharmaceuticals Ltd's shareholding pattern (Mar 2026)
Glenmark Pharmaceuticals Ltd's promoter holding has remained stable recently.
Glenmark Pharmaceuticals Ltd has been outperforming Nifty 500 for 12 consecutive weeks, indicating strong sustained outperformance.
Glenmark Pharmaceuticals Ltd is an established outperformer with 12 weeks of consecutive Nifty 500 outperformance.
Glenmark Pharmaceuticals Ltd has 6 key growth catalysts identified from recent earnings analysis
Glenmark Pharmaceuticals Ltd has 3 key risks worth monitoring
In Q3 FY26, Glenmark Pharmaceuticals Ltd's management highlighted
Glenmark Pharmaceuticals Ltd's management has provided the following forward guidance for FY27
Glenmark Pharmaceuticals Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Glenmark Pharmaceuticals Ltd may be worth studying
Glenmark Pharmaceuticals Ltd investment thesis summary:
Glenmark Pharmaceuticals Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
