Sector Alpha Week of 2026-09-11
Not SEBI Registered !! Not Investment advice !!
Sector Alpha — machine-written from the numbers · Data as of 2026-09-11

Glenmark Pharmaceuticals Ltd

GLENMARK
Pharma - Formulators

Glenmark Pharmaceuticals Ltd's earnings have outrun its stock. EPS grew +30.0% in a year against a +13.4% price move.

Biggest watch item: margins are the best this company has ever printed — every ratio flatters at record profitability, so the whole story leans on margins holding.

The price is in a confirmed uptrend (66 weeks in) while the P/E sits at the 63rd percentile of its own 11-year range. Underneath, the last four quarters read improving — profit +927.7% year on year, and 116% of the last 3 years' profit arrived as cash. What settles it: the next one or two quarters of delivery.

Stage
Mixed
partial read
Price
₹2,419
+13.4% 1Y
P/E
21.9×
63rd pctile
of its own 11-year range
Revenue (Jun 26)
₹4,018 Cr
+23.1% YoY
Profit (Jun 26)
₹483 Cr
+927.7% YoY
Operating margin
20.0%
+2.0 pp YoY
ROCE
40%
FY26
ROIC
29.9%
vs WACC 12.0% → +17.9 pp
Cash conversion
116%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Glenmark Pharmaceuticals Ltd trades at ₹2,419, in a confirmed uptrend and 66 weeks into that stage. That is +11.2% against its own 200-day average. It sits at 86% of a 52-week range of ₹1,812 to ₹2,515. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 5 straight weeks.

Today the stock is in a confirmed uptrend — week 66 of stage 2, confirmed. At ₹2,419 it trades +11.2% versus its 200-day average and sits at 86% of its 52-week range (₹1,812–₹2,515).

Sep 26: ₹2,419 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+11.2% versus the 200-day line, week 66 of stage 2
Price50-day avg200-day avg
S2S3S2₹2,668₹2,113₹1,558₹1,002₹447₹2,419₹2,176Sep 23Jun 24Mar 25Jan 26Sep 26
S2S3S2₹2,668₹2,113₹1,558₹1,002₹447₹2,419₹2,176Sep 23Mar 25Sep 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (556 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Feb 16Sep 26

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +228% while the NIFTY 500 moved +273% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 5 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Glenmark Pharmaceuticals Ltd trades at 21.9× P/E, mid-range by its own standards (63rd percentile). Its long-run median P/E is 18.9×, measured across 10.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 21.9× is mid-range by its own standards (63rd percentile), against a long-run median of 18.9× measured over 10.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 21.9× vs a 18.9× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.6-year window; loss-period spikes above 45× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
mid-range by its own standards (63rd percentile)
P/EMedianEPS (TTM) (quarterly)
48.0×₹11937.4×₹89.526.7×₹59.716.0×₹29.85.4×₹0.0×21.90×₹110Feb 16Jun 18Nov 20Mar 23Sep 26
48.0×₹11937.4×₹89.526.7×₹59.716.0×₹29.85.4×₹0.0×21.90×₹110Feb 16Nov 20Sep 26
PEG 1.11 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Last 20 quarters.
above 1.0, the multiple already banks the growth
PEGPEG = 1.0
1.8×1.5×1.1×0.8×0.5××1.11×Q1 FY22Q1 FY23Q2 FY24Q3 FY25Q4 FY26
1.8×1.5×1.1×0.8×0.5××1.11×Q1 FY22Q2 FY24Q4 FY26
P/E
21.9×
63rd percentile of 11y
PEG
1.36
as reported

Why the multiple sits where it does: over the past year annual EPS moved +30.0% against a +13.4% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +35.8%/yr price move, ~+25.2%/yr came from earnings growth and ~+10.6 pp from the multiple (expanding); over 10y, of the +10.4%/yr price move, ~+14.7%/yr came from earnings growth and ~−4.3 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

03 · What the price assumes

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 13 June 2026 price, Glenmark Pharmaceuticals Ltd was paying for profit growth of about 23.8% a year. Profit itself has compounded 6.2% a year over the past 10 years. Today the market pays 21.9× P/E, the 63rd percentile of its own 11-year range.

What the two numbers say together. The multiple is unremarkable against its own past, and the growth the price is paying for is far above what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

04 · Stage: Mixed

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Glenmark Pharmaceuticals Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE holding at 18.6% — the per-curve reads carry the story. The read is built from 12 quarters across 3 curves, on partial evidence.

Growth, year by year: revenue +27.5% in FY26, profit +30.1% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
30%300%20%139%11%−22%1.1%−183%−8.6%−344%%%27.5%30.1%FY16FY21FY26
30%300%20%139%11%−22%1.1%−183%−8.6%−344%%%27.5%30.1%FY16FY21FY26
Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Where the trailing-twelve-month history is short, the curve falls back to single-quarter year-on-year growth — noisier, and the classifier smooths and caps base-effect spikes before reading. Base-effect spikes shown pinned (▲). A missing point means that reading is not held for the quarter.
the trajectory the stage is read from · revenue accelerating
RevenueProfitEPS
36%348%25%174%15%0.0%3.8%−174%−6.8%−348%%%32.9%300%138.6%Sep 23Dec 24Jun 26
36%348%25%174%15%0.0%3.8%−174%−6.8%−348%%%32.9%300%138.6%Sep 23Dec 24Jun 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
20%14%8.2%2.1%−4.0%%18.6%Sep 23Mar 24Dec 24Sep 25Jun 26
20%14%8.2%2.1%−4.0%%18.6%Sep 23Dec 24Jun 26
Revenue growth
Flat
latest +32.9% · span −3.9% to +32.9%
Profit growth
Rising
latest +927.7% · span −100.0% to +100.0%
ROCE
Steady high
latest 18.6% · span −2.3%–18.6%

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+27.5%+13.6%+9.2%+8.4%
Profit+30.1%+53.4%+7.0%+6.2%
EPS+30.0%+66.1%+7.0%+6.2%
Share price+13.4%+46.0%+35.8%+10.4%
Revenue YoY (Jun 26)
+23.1%
latest quarter vs a year ago
Profit YoY (Jun 26)
+927.7%
latest quarter vs a year ago
Revenue 10y
8.4%
long-run compound pace
05 · 4-Factor Sector Score

4-Factor Sector Score

71.1/100 — rank 2 of 44 in Pharma - Formulators · 100% evidence confidence

Glenmark Pharmaceuticals Ltd scores 71.1 out of 100 against the 44 companies it is compared with in Pharma - Formulators, ranking 2. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 30.8 + 18.2 + 12.4 + 9.7 = 71.1. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

06 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Glenmark Pharmaceuticals Ltd reported ₹4,018 Cr of revenue in the Jun 26 quarter, +23.1% year on year. That is the 10th straight quarter of year-on-year growth. Over 10 years it has compounded at 8.4% a year. The last full year, FY26, came in at ₹16,983 Cr. The last four reported quarters add to ₹17,737 Cr.

FY26 revenue came in at ₹16,983 Cr (+27.5% on the year), capping 10 years at 8.4% compound. The latest quarter (Jun 26) printed ₹4,018 Cr, +23.1% year on year — the 10th consecutive quarter of year-over-year growth.

FY26 revenue ₹16,983 Cr (+27.5% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
8.4% a year over 10 years
RevenueYoY growth
18.3k30%13.8k20%9.2k11%4.6k1.1%0−8.6%₹ Cr%₹16,98327.5%FY16FY21FY26
18.3k30%13.8k20%9.2k11%4.6k1.1%0−8.6%₹ Cr%₹16,98327.5%FY16FY21FY26
Jun 26: ₹4,018 Cr (+23.1% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
10th straight quarter of growth
Revenue (quarterly)YoY growth
6.5k84%4.9k56%3.3k29%1.6k0.0%0−27%₹ Cr%₹4,01823.1%Sep 23Dec 24Jun 26
6.5k84%4.9k56%3.3k29%1.6k0.0%0−27%₹ Cr%₹4,01823.1%Sep 23Dec 24Jun 26

Pace check: the last four quarters averaged +32.5% growth against the decade's 8.4% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +32.9% over the last 4 quarters against +21.5%/yr over the last 8 — accelerating.

07 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Glenmark Pharmaceuticals Ltd's operating margin is 20.0% in the Jun 26 quarter, +2.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 10.0% to 27.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 20.0%, +2.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0%–27.0%, and FY26's 27.0% is the top of that band — a record year.

Why the margin moved: operating margin went +2.3 pp year on year while gross margin went +0.1 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

FY26: 27.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
the widest a 10.0–27.0% band over 13 years
operating marginYoY change (pp)
28%10%23%6.1%19%2.0%14%−2.1%8.6%−6.1%%%27%9%FY14FY20FY26
28%10%23%6.1%19%2.0%14%−2.1%8.6%−6.1%%%27%9%FY14FY20FY26
Jun 26: 20.0% operating margin (+2.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
43%30%29%16%16%1.5%1.9%−13%−12%−27%%%20%2%Sep 23Dec 24Jun 26
43%30%29%16%16%1.5%1.9%−13%−12%−27%%%20%2%Sep 23Dec 24Jun 26
08 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Glenmark Pharmaceuticals Ltd earned ₹483 Cr of net profit in the Jun 26 quarter, +927.7% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹1,362 Cr. The 10-year compound rate is 6.2%. That is 12.0% of the quarter's revenue. The same quarter a year earlier earned ₹47.0 Cr.

Jun 26 profit was ₹483 Cr, +927.7% year on year — the 4th consecutive quarter of growth. On the full year, FY26 printed ₹1,362 Cr (+30.1%), and the 10-year compound rate is 6.2%.

FY26 profit ₹1,362 Cr (+30.1% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
6.2% a year over 10 years
Net profitYoY growth
1.6k314%775101%−36−112%−847−326%−1.7k−539%₹ Cr%₹1,36230.1%FY16FY21FY26
1.6k314%775101%−36−112%−847−326%−1.7k−539%₹ Cr%₹1,36230.1%FY16FY21FY26
Jun 26: ₹483 Cr (+927.7% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
4th straight quarter of growth
Net profit (quarterly)YoY growth
7568,036%2275,821%−3023,606%−8311,390%−1.4k−825%₹ Cr%₹483927.7%Sep 23Dec 24Jun 26
7568,036%2275,821%−3023,606%−8311,390%−1.4k−825%₹ Cr%₹483927.7%Sep 23Dec 24Jun 26

Why profit moved: revenue contributed +23.1% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +2,110.2% vs revenue +32.5%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

09 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 116% of Glenmark Pharmaceuticals Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹3,445 Cr of operating cash against ₹1,362 Cr of profit. After ₹2,075 Cr of capital spending, ₹1,370 Cr was left as free cash.

FY26: operating cash of ₹3,445 Cr against reported profit of ₹1,362 Cr, leaving free cash of ₹1,370 Cr after ₹2,075 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 116% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹3,445 Cr vs profit ₹1,362 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution.
116% of 3-year profit arrived as cash
Operating cashNet profitFree cash
3.9k2.4k841−670−2.2k₹ Cr₹3,445₹1,362₹1,370FY16FY21FY26
3.9k2.4k841−670−2.2k₹ Cr₹3,445₹1,362₹1,370FY16FY21FY26
FY26: CFO = 253% of profit (three-year rate 116%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash.
Conversion100%
280%183%87%−9.3%−106%%253%FY16FY21FY26
280%183%87%−9.3%−106%%253%FY16FY21FY26

Why conversion sits at 116%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

10 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Glenmark Pharmaceuticals Ltd's cash conversion cycle runs 83 days in FY26, down from 90 days in FY21. Capital spending ran ₹1,853 Cr over the last 3 years. At FY26 sales of ₹16,983 Cr each day of that cycle holds about ₹46.5 Cr, so roughly ₹3,862 Cr sits inside the business at any moment.

FY26: debtors at 107 days, inventory at 264 days — roughly 8.7 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 83 days, tighter than FY21's 90.

The full loop: cash goes out to suppliers and production on day 0; stock waits 264 days to sell; customers pay about 107 days after that; and suppliers themselves are paid at 288 days — netting out to the 83-day cycle.

In money terms: at FY26 sales of ₹16,983 Cr, each day of the cycle holds about ₹46.5 Cr — so the 83-day loop keeps roughly ₹3,862 Cr sitting inside the business at any moment.

FY26: a 83-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
−7 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
40930119486−22days83d264d107d288dFY14FY17FY20FY23FY26
40930119486−22days83d264d107d288dFY14FY20FY26

On the investment side: capital spending of ₹1,853 Cr over the last 3 fiscal years against ₹1,641 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹909 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹2,075 Cr, work-in-progress ₹909 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
steady investment
CapexWork-in-progress
2.3k1.4k459−479−1.4k₹ Cr₹2,075₹909FY16FY18FY21FY23FY26
2.3k1.4k459−479−1.4k₹ Cr₹2,075₹909FY16FY21FY26

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

11 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Glenmark Pharmaceuticals Ltd earns a ROCE of 40% in FY26. That is up from a trough of 10% in FY23. Return on invested capital clears the cost of that capital by +17.9 percentage points, so growth here adds value rather than only size. The wiring behind it is 8.0% net margin on 0.85× asset turns.

FY26 ROCE is 40%, recovered from a FY23 trough of 10% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 8.0% net margin × 0.85× asset turns × 1.89× balance-sheet leverage ≈ 12.9% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 29.9% − 12.0% = a +17.9 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

FY26: ROCE 40% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 13-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY23's 10%
ROCEROIC (annual)WACC
99%−116%−331%−545%−760%%40%28%FY14FY20FY26
99%−116%−331%−545%−760%%40%28%FY14FY20FY26
Q4 FY26: ROCE 29.6% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
34%19%2.9%−13%−29%%29.6%27.7%Q4 FY23Q2 FY25Q4 FY26
34%19%2.9%−13%−29%%29.6%27.7%Q4 FY23Q2 FY25Q4 FY26
12 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Glenmark Pharmaceuticals Ltd carries total debt of ₹594 Cr against shareholder equity of ₹10,512 Cr as of Mar 26, a debt-to-equity of 0.06 — effectively unlevered. On the annual view that ratio went from 0.42 in FY22 to 0.06 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹594 Cr against shareholder equity of ₹10,512 Cr — a debt-to-equity of 0.06. On the annual view, debt-to-equity went from 0.42 (FY22) to 0.06 (FY26). The returns on this page are earned, not borrowed.

FY26: debt ₹594 Cr at 0.06× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
5.0k0.5×3.7k0.4×2.5k0.3×1.2k0.1×00.0×₹ Cr×₹5940.06×FY22FY24FY26
5.0k0.5×3.7k0.4×2.5k0.3×1.2k0.1×00.0×₹ Cr×₹5940.06×FY22FY24FY26
Mar 26: debt ₹594 Cr, debt-to-equity 0.06 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
5.6k0.6×4.2k0.4×2.8k0.3×1.4k0.2×00.0×₹ Cr×₹5940.06×Jun 23Sep 24Mar 26
5.6k0.6×4.2k0.4×2.8k0.3×1.4k0.2×00.0×₹ Cr×₹5940.06×Jun 23Sep 24Mar 26
13 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 4.7 points of Glenmark Pharmaceuticals Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 18.6% of the company. Foreign institutions moved −0.1 points over the same window, to 20.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +4.7 points over 8 quarters to 18.6%; Foreign institutions: −0.1 points over 8 quarters to 20.9%; Promoters: +0.0 points over 8 quarters to 46.6%.

Why the register moved: domestic institutions drove it (+4.7 points) — steady accumulation by institutions reading the same numbers this page reads.

Fiscal-year ends: promoters +0.0 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
49%40%30%20%11%%46.6%20.4%19.3%13.7%Mar 24Mar 25Mar 26
49%40%30%20%11%%46.6%20.4%19.3%13.7%Mar 24Mar 25Mar 26
Domestic institutions added 4.7 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
50%39%28%17%6.1%%46.6%20.9%18.6%13.8%Jun 23Dec 24Jun 26
50%39%28%17%6.1%%46.6%20.9%18.6%13.8%Jun 23Dec 24Jun 26
14 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Glenmark Pharmaceuticals Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

15 · Related companies · Pharma - Formulators
CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Kwality Pharmaceuticals Ltd539997 73.7/100Favorable setup82% evidence LEADER 31.1/35 Revenue 37.9% · PAT 88.4% · OPM change 3 pp 95% evidence 17.8/25 ROCE 24.1% · OPM 25% 76% evidence 6.2/20 P/E 46.3× · PEG — 50% evidence 18.6/20 RS sector 72.7% · RS bench 113.3% · 1Y 288.3%12 of 12 weeks ahead 100% evidence
Exact sum: 31.1 + 17.8 + 6.2 + 18.6 = 73.7 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2Glenmark Pharmaceuticals Ltdthis pageGLENMARK 71.1/100Favorable setup100% evidence TURNING 30.8/35 Revenue 32.9% · PAT 100% · OPM change 2 pp 100% evidence 18.2/25 ROCE 39.8% · OPM 20% 100% evidence 12.4/20 P/E 21.9× · PEG 1.43 100% evidence 9.7/20 RS sector -11.1% · RS bench 15.2% · 1Y 17.9%3 of 12 weeks ahead 100% evidence
Exact sum: 30.8 + 18.2 + 12.4 + 9.7 = 71.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3Bliss GVS Pharma LtdBLISSGVS 69.5/100Favorable setup82% evidence LEADER 29.0/35 Revenue 20.6% · PAT 25.7% · OPM change 7 pp 95% evidence 14.8/25 ROCE 16.9% · OPM 27% 76% evidence 6.0/20 P/E 55.7× · PEG — 50% evidence 19.7/20 RS sector 102.4% · RS bench 147.9% · 1Y 362.4%12 of 12 weeks ahead 100% evidence
Exact sum: 29 + 14.8 + 6 + 19.7 = 69.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4Ipca Laboratories LtdIPCALAB 67.9/100Favorable setup82% evidence BREAKING OUT 26.3/35 Revenue 10.6% · PAT 68% · OPM change 6 pp 95% evidence 15.8/25 ROCE 17% · OPM 24% 76% evidence 11.0/20 P/E 36.4× · PEG — 50% evidence 14.8/20 RS sector -0.6% · RS bench 28.3% · 1Y 47.5%10 of 12 weeks ahead 100% evidence
Exact sum: 26.3 + 15.8 + 11 + 14.8 = 67.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5Lupin LtdLUPIN 66.8/100Favorable setup93% evidence ASLEEP 29.6/35 Revenue 28.2% · PAT 49.2% · OPM change 2 pp 100% evidence 19.3/25 ROCE 29.9% · OPM 30% 100% evidence 16.3/20 P/E 16.1× · PEG 0.54 65% evidence 1.6/20 RS sector -26.2% · RS bench -4% · 1Y 7.8%0 of 12 weeks ahead 100% evidence
Exact sum: 29.6 + 19.3 + 16.3 + 1.6 = 66.8 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -26.2% and the one-year return is 7.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
6Emcure Pharmaceuticals LtdEMCURE 66.3/100Favorable setup75% evidence LEADER 27.3/35 Revenue 18.4% · PAT 32.2% · OPM change 1 pp 95% evidence 18.2/25 ROCE 24% · OPM 21% 76% evidence 9.9/20 P/E 36.4× · PEG — 15% evidence 10.9/20 RS sector -2.5% · RS bench 25.5% · 1Y 44.2%10 of 12 weeks ahead 100% evidence
Exact sum: 27.3 + 18.2 + 9.9 + 10.9 = 66.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7Corona Remedies LtdCORONA 65.2/100Favorable setup73% evidence BREAKING OUT 23.0/35 Revenue 18% · PAT 19.3% · OPM change 2 pp 100% evidence 20.4/25 ROCE 33.3% · OPM 22% 100% evidence 11.8/20 P/E 64.4× · PEG 1.18 65% evidence 10.0/20 RS sector — · RS bench — · 1Y —12 of 12 weeks ahead 0% evidence
Exact sum: 23 + 20.4 + 11.8 + 10 = 65.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8Fredun Pharmaceuticals LtdFREDUN 64.9/100Mixed-positive evidence74% evidence 26.7/35 Revenue 91.5% · PAT 100% · OPM change 0 pp 95% evidence 13.0/25 ROCE 21.3% · OPM 14% 95% evidence 9.3/20 P/E 53.3× · PEG — 15% evidence 15.9/20 RS sector 24.1% · RS bench 96.2% · 1Y 9.2%4 of 12 weeks ahead 70% evidence
Exact sum: 26.7 + 13 + 9.3 + 15.9 = 64.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9Accent Microcell LtdACCENTMIC 64.5/100Mixed-positive evidence63% evidence LEADER 17.5/35 Revenue — · PAT — · OPM change -1 pp 26% evidence 18.9/25 ROCE 24.9% · OPM 16% 95% evidence 8.7/20 P/E 39.7× · PEG — 50% evidence 19.4/20 RS sector 44.8% · RS bench 83.4% · 1Y 160.1%12 of 12 weeks ahead 100% evidence
Exact sum: 17.5 + 18.9 + 8.7 + 19.4 = 64.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10Caplin Point Laboratories LtdCAPLIPOINT 61.8/100Mixed-positive evidence100% evidence LEADER 19.0/35 Revenue 15% · PAT 19.6% · OPM change 0 pp 100% evidence 17.7/25 ROCE 24.2% · OPM 35% 100% evidence 9.4/20 P/E 31.5× · PEG 1.52 100% evidence 15.7/20 RS sector 5.8% · RS bench 36.1% · 1Y 28.8%12 of 12 weeks ahead 100% evidence
Exact sum: 19 + 17.7 + 9.4 + 15.7 = 61.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11Rubicon Research LtdRUBICON 57.6/100Mixed-positive evidence73% evidence BREAKING OUT 24.1/35 Revenue 46.8% · PAT 91.4% · OPM change 2 pp 100% evidence 17.9/25 ROCE 28.4% · OPM 24% 100% evidence 5.6/20 P/E 105× · PEG 2.63 65% evidence 10.0/20 RS sector — · RS bench — · 1Y —12 of 12 weeks ahead 0% evidence
Exact sum: 24.1 + 17.9 + 5.6 + 10 = 57.6 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
12Marksans Pharma LtdMARKSANS 57.4/100Mixed-positive evidence87% evidence BREAKING OUT 25.8/35 Revenue 19.6% · PAT 48% · OPM change 9 pp 100% evidence 15.8/25 ROCE 18.8% · OPM 25% 100% evidence 6.3/20 P/E 28.9× · PEG 2.85 65% evidence 9.5/20 RS sector -18.1% · RS bench 58.3% · 1Y 95%11 of 11 weeks ahead 70% evidence
Exact sum: 25.8 + 15.8 + 6.3 + 9.5 = 57.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13Ajanta Pharma LtdAJANTPHARM 56.3/100Mixed-positive evidence100% evidence BREAKING OUT 21.3/35 Revenue 20.2% · PAT 22.2% · OPM change -1 pp 100% evidence 19.6/25 ROCE 34.5% · OPM 26% 100% evidence 5.5/20 P/E 38.9× · PEG 2.31 100% evidence 9.9/20 RS sector -5.3% · RS bench 22.1% · 1Y 35.2%11 of 12 weeks ahead 100% evidence
Exact sum: 21.3 + 19.6 + 5.5 + 9.9 = 56.3 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
14Strides Pharma Science LtdSTAR 55.9/100Mixed-positive evidence75% evidence TURNING 20.6/35 Revenue 8.1% · PAT 79.1% · OPM change -1 pp 95% evidence 13.3/25 ROCE 18.3% · OPM 18% 76% evidence 11.2/20 P/E 18.8× · PEG — 15% evidence 10.8/20 RS sector -4.1% · RS bench 24% · 1Y 32.9%4 of 12 weeks ahead 100% evidence
Exact sum: 20.6 + 13.3 + 11.2 + 10.8 = 55.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15Wockhardt LtdWOCKPHARMA 54.3/100Mixed-positive evidence74% evidence TURNING 24.9/35 Revenue 18.4% · PAT 100% · OPM change 11 pp 74% evidence 5.3/25 ROCE 7.5% · OPM 21% 100% evidence 8.8/20 P/E 88.8× · PEG — 15% evidence 15.3/20 RS sector 10.9% · RS bench 42% · 1Y 47.4%11 of 12 weeks ahead 100% evidence
Exact sum: 24.9 + 5.3 + 8.8 + 15.3 = 54.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16RPG Life Sciences LtdRPGLIFE 52.6/100Mixed-positive evidence93% evidence LEADER 11.9/35 Revenue 11.9% · PAT -34.1% · OPM change 1 pp 100% evidence 17.5/25 ROCE 25.7% · OPM 22% 100% evidence 11.1/20 P/E 38.2× · PEG 1.43 65% evidence 12.1/20 RS sector -8.1% · RS bench 19.1% · 1Y 13.5%11 of 12 weeks ahead 100% evidence
Exact sum: 11.9 + 17.5 + 11.1 + 12.1 = 52.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17ERIS Lifesciences LtdERIS 52.6/100Mixed-positive evidence76% evidence BASING 20.4/35 Revenue 9.6% · PAT 62.2% · OPM change -2 pp 95% evidence 14.3/25 ROCE 14.1% · OPM 34% 76% evidence 11.9/20 P/E 28.6× · PEG — 50% evidence 6.0/20 RS sector -13.8% · RS bench -5% · 1Y -21.6%0 of 10 weeks ahead 70% evidence
Exact sum: 20.4 + 14.3 + 11.9 + 6 = 52.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18Akums Drugs & Pharmaceuticals LtdAKUMS 51.3/100Mixed-positive evidence75% evidence LEADER 13.2/35 Revenue 9.2% · PAT -15.8% · OPM change 2 pp 95% evidence 10.9/25 ROCE 14.9% · OPM 15% 76% evidence 9.6/20 P/E 40× · PEG — 15% evidence 17.6/20 RS sector 15.9% · RS bench 48% · 1Y 68.7%12 of 12 weeks ahead 100% evidence
Exact sum: 13.2 + 10.9 + 9.6 + 17.6 = 51.3 · Decision use: Price leads the evidence: RS versus the benchmark is 48%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
19Suven Life Sciences LtdSUVEN 51.0/100Mixed-positive evidence67% evidence LEADER 19.8/35 Revenue 25% · PAT -80% · OPM change -997 pp 74% evidence 2.2/25 ROCE -79.5% · OPM — 84% evidence 10.0/20 P/E — · PEG — 0% evidence 19.0/20 RS sector 29.3% · RS bench 63% · 1Y 60%12 of 12 weeks ahead 100% evidence
Exact sum: 19.8 + 2.2 + 10 + 19 = 51 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20Zydus Lifesciences LtdZYDUSLIFE 49.3/100Mixed-negative evidence100% evidence FADING 11.9/35 Revenue 21.1% · PAT -2.5% · OPM change -8 pp 100% evidence 16.7/25 ROCE 21.1% · OPM 24% 100% evidence 13.7/20 P/E 22.9× · PEG 1.23 100% evidence 7.0/20 RS sector -11.7% · RS bench 14.3% · 1Y 10.4%9 of 12 weeks ahead 100% evidence
Exact sum: 11.9 + 16.7 + 13.7 + 7 = 49.3 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
21J B Chemicals & Pharmaceuticals LtdJBCHEPHARM 47.1/100Mixed-negative evidence96% evidence 10.6/35 Revenue 5.9% · PAT 7.4% · OPM change -2 pp 88% evidence 20.6/25 ROCE 25.4% · OPM 22% 100% evidence 3.9/20 P/E 53.8× · PEG 2.34 100% evidence 12.0/20 RS sector -0.3% · RS bench 23.5% · 1Y 40.2%3 of 4 weeks ahead to 2026-07-19 100% evidence
Exact sum: 10.6 + 20.6 + 3.9 + 12 = 47.1 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
22Lincoln Pharmaceuticals LtdLINCOLN 46.8/100Mixed-negative evidence87% evidence ASLEEP 15.1/35 Revenue 10% · PAT 11.5% · OPM change 0 pp 95% evidence 15.3/25 ROCE 16.3% · OPM 15% 95% evidence 10.8/20 P/E 13× · PEG — 50% evidence 5.6/20 RS sector -15.1% · RS bench 9.9% · 1Y 11.6%0 of 12 weeks ahead 100% evidence
Exact sum: 15.1 + 15.3 + 10.8 + 5.6 = 46.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
23Alkem Laboratories LtdALKEM 45.1/100Mixed-negative evidence82% evidence ASLEEP 14.6/35 Revenue 13.4% · PAT -5.5% · OPM change -2 pp 95% evidence 17.4/25 ROCE 21.2% · OPM 20% 76% evidence 11.6/20 P/E 26.8× · PEG — 50% evidence 1.5/20 RS sector -28.5% · RS bench -6.5% · 1Y -4.6%1 of 12 weeks ahead 100% evidence
Exact sum: 14.6 + 17.4 + 11.6 + 1.5 = 45.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
24Aurobindo Pharma LtdAUROPHARMA 44.8/100Mixed-negative evidence100% evidence LEADER 16.5/35 Revenue 9.1% · PAT 9.5% · OPM change 1 pp 100% evidence 12.3/25 ROCE 12.9% · OPM 21% 100% evidence 4.8/20 P/E 25.6× · PEG 2.67 100% evidence 11.2/20 RS sector -1.3% · RS bench 26.9% · 1Y 60.9%10 of 12 weeks ahead 100% evidence
Exact sum: 16.5 + 12.3 + 4.8 + 11.2 = 44.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
25Sun Pharmaceutical Industries LtdSUNPHARMA 44.2/100Mixed-negative evidence100% evidence TURNING 16.9/35 Revenue 11.4% · PAT 16.5% · OPM change -2 pp 100% evidence 17.3/25 ROCE 20.5% · OPM 29% 100% evidence 4.3/20 P/E 35× · PEG 3.8 100% evidence 5.7/20 RS sector -19.4% · RS bench 4.7% · 1Y 15.5%6 of 12 weeks ahead 100% evidence
Exact sum: 16.9 + 17.3 + 4.3 + 5.7 = 44.2 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
26Kilitch Drugs (India) LtdKILITCH 44.1/100Mixed-negative evidence87% evidence FADING 13.9/35 Revenue 14% · PAT 9.3% · OPM change -1 pp 95% evidence 9.2/25 ROCE 13.4% · OPM 6.5% 95% evidence 14.2/20 P/E 21.6× · PEG — 50% evidence 6.8/20 RS sector -15.6% · RS bench 10% · 1Y 0.6%8 of 12 weeks ahead 100% evidence
Exact sum: 13.9 + 9.2 + 14.2 + 6.8 = 44.1 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
27Gufic BioSciences LtdGUFICBIO 44.0/100Mixed-negative evidence94% evidence BREAKING OUT 23.1/35 Revenue 16.6% · PAT 17.7% · OPM change 3 pp 100% evidence 9.8/25 ROCE 12.3% · OPM 18% 100% evidence 2.3/20 P/E 58× · PEG 4.78 100% evidence 8.8/20 RS sector -18.4% · RS bench 26.1% · 1Y 19.2%11 of 11 weeks ahead 70% evidence
Exact sum: 23.1 + 9.8 + 2.3 + 8.8 = 44 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
28Alembic Pharmaceuticals LtdAPLLTD 43.7/100Mixed-negative evidence94% evidence BREAKING OUT 16.4/35 Revenue 14.1% · PAT 14.6% · OPM change -1 pp 100% evidence 8.4/25 ROCE 12.6% · OPM 15% 100% evidence 12.5/20 P/E 21.4× · PEG 1.74 100% evidence 6.4/20 RS sector -24.1% · RS bench 1.5% · 1Y -14.3%4 of 11 weeks ahead 70% evidence
Exact sum: 16.4 + 8.4 + 12.5 + 6.4 = 43.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
29Amrutanjan Health Care LtdAMRUTANJAN 43.2/100Mixed-negative evidence87% evidence BASING 13.2/35 Revenue 10.7% · PAT -1.1% · OPM change -2.9 pp 95% evidence 14.9/25 ROCE 24.8% · OPM 6.1% 95% evidence 14.3/20 P/E 22.8× · PEG — 50% evidence 0.8/20 RS sector -37.2% · RS bench -17% · 1Y -36.1%0 of 12 weeks ahead 100% evidence
Exact sum: 13.2 + 14.9 + 14.3 + 0.8 = 43.2 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
30Mankind Pharma LtdMANKIND 42.9/100Mixed-negative evidence100% evidence BASING 16.8/35 Revenue 14.2% · PAT 8% · OPM change 2 pp 100% evidence 13.8/25 ROCE 13.5% · OPM 26% 100% evidence 8.2/20 P/E 44.2× · PEG 2.81 100% evidence 4.1/20 RS sector -22.9% · RS bench 0.4% · 1Y -10.6%6 of 12 weeks ahead 100% evidence
Exact sum: 16.8 + 13.8 + 8.2 + 4.1 = 42.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
31FDC LtdFDC 41.9/100Mixed-negative evidence94% evidence ASLEEP 12.8/35 Revenue 3.5% · PAT 8.2% · OPM change -1 pp 100% evidence 12.9/25 ROCE 15.4% · OPM 21% 100% evidence 11.9/20 P/E 18× · PEG 2 100% evidence 4.3/20 RS sector -25.1% · RS bench -11.7% · 1Y -27.5%4 of 10 weeks ahead 70% evidence
Exact sum: 12.8 + 12.9 + 11.9 + 4.3 = 41.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
32Indoco Remedies LtdINDOCO 40.7/100Thin evidence · provisional58% evidence TURNING 20.2/35 Revenue 11.9% · PAT 100% · OPM change 5 pp 71% evidence 4.4/25 ROCE 1% · OPM 9% 76% evidence 10.0/20 P/E — · PEG — 0% evidence 6.1/20 RS sector -32.2% · RS bench 14.2% · 1Y -3.8%7 of 10 weeks ahead 70% evidence
Exact sum: 20.2 + 4.4 + 10 + 6.1 = 40.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
33Zim Laboratories LtdZIMLAB 39.9/100Mixed-negative evidence79% evidence LEADER 9.6/35 Revenue 7.5% · PAT -60.6% · OPM change -3.3 pp 71% evidence 6.1/25 ROCE 4.8% · OPM 2.6% 95% evidence 5.8/20 P/E 202× · PEG — 50% evidence 18.4/20 RS sector 25.7% · RS bench 59.5% · 1Y 87.3%11 of 12 weeks ahead 100% evidence
Exact sum: 9.6 + 6.1 + 5.8 + 18.4 = 39.9 · Decision use: Price leads the evidence: RS versus the benchmark is 59.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
34Torrent Pharmaceuticals LtdTORNTPHARM 39.8/100Mixed-negative evidence100% evidence BREAKING OUT 16.6/35 Revenue 32.9% · PAT 7.7% · OPM change 2 pp 100% evidence 14.2/25 ROCE 15.2% · OPM 34% 100% evidence 0.8/20 P/E 84.6× · PEG 5.11 100% evidence 8.2/20 RS sector -7.4% · RS bench 19.5% · 1Y 39%10 of 12 weeks ahead 100% evidence
Exact sum: 16.6 + 14.2 + 0.8 + 8.2 = 39.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
35Bafna Pharmaceuticals LtdBAFNAPH 39.8/100Mixed-negative evidence60% evidence TURNING 11.5/35 Revenue -3.1% · PAT -5.8% · OPM change -11.3 pp 95% evidence 7.3/25 ROCE 11.9% · OPM 3.4% 76% evidence 8.7/20 P/E 91.5× · PEG — 15% evidence 12.3/20 RS sector — · RS bench 84.4% · 1Y —3 of 3 weeks ahead 25% evidence
Exact sum: 11.5 + 7.3 + 8.7 + 12.3 = 39.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
36Bajaj Healthcare LtdBAJAJHCARE 37.8/100Mixed-negative evidence87% evidence BREAKING OUT 9.8/35 Revenue 12.3% · PAT -59.1% · OPM change 1 pp 95% evidence 10.3/25 ROCE 11.5% · OPM 17% 95% evidence 11.9/20 P/E 20× · PEG — 50% evidence 5.8/20 RS sector -29.8% · RS bench -7.1% · 1Y -22.5%5 of 12 weeks ahead 100% evidence
Exact sum: 9.8 + 10.3 + 11.9 + 5.8 = 37.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
37Natco Pharma LtdNATCOPHARM 37.3/100Mixed-negative evidence100% evidence ASLEEP 3.0/35 Revenue -20.8% · PAT -32.5% · OPM change -18 pp 100% evidence 14.1/25 ROCE 17.4% · OPM 25% 100% evidence 19.1/20 P/E 12.8× · PEG 0.76 100% evidence 1.1/20 RS sector -31.6% · RS bench -10.9% · 1Y -4.4%0 of 12 weeks ahead 100% evidence
Exact sum: 3 + 14.1 + 19.1 + 1.1 = 37.3 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
38Biocon LtdBIOCON 36.2/100Mixed-negative evidence100% evidence ASLEEP 13.3/35 Revenue 9.8% · PAT -36.4% · OPM change 1 pp 100% evidence 7.7/25 ROCE 3.6% · OPM 20% 100% evidence 11.5/20 P/E 87.5× · PEG 0.82 100% evidence 3.7/20 RS sector -22.1% · RS bench 1.3% · 1Y 7.4%6 of 12 weeks ahead 100% evidence
Exact sum: 13.3 + 7.7 + 11.5 + 3.7 = 36.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
39Bharat Parenterals LtdBPLPHARMA 35.8/100Thin evidence · provisional58% evidence 12.3/35 Revenue -11.2% · PAT 16% · OPM change -2.8 pp 71% evidence 4.1/25 ROCE -1.9% · OPM 9.1% 76% evidence 10.0/20 P/E — · PEG — 0% evidence 9.4/20 RS sector -12.8% · RS bench 24.2% · 1Y 10.6%1 of 12 weeks ahead 70% evidence
Exact sum: 12.3 + 4.1 + 10 + 9.4 = 35.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
40Cipla LtdCIPLA 32.6/100Adverse evidence100% evidence BASING 4.6/35 Revenue 1.8% · PAT -37.7% · OPM change -9 pp 100% evidence 12.3/25 ROCE 15.5% · OPM 17% 100% evidence 12.0/20 P/E 30.8× · PEG 1.25 100% evidence 3.7/20 RS sector -25.3% · RS bench -2.3% · 1Y -12.1%5 of 12 weeks ahead 100% evidence
Exact sum: 4.6 + 12.3 + 12 + 3.7 = 32.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
41Dr Reddys Laboratories LtdDRREDDY 30.1/100Adverse evidence100% evidence BASING 3.7/35 Revenue -0.9% · PAT -44.6% · OPM change -14 pp 100% evidence 11.7/25 ROCE 13% · OPM 11% 100% evidence 13.3/20 P/E 30.2× · PEG 1.15 100% evidence 1.4/20 RS sector -28% · RS bench -5.9% · 1Y -8.1%1 of 12 weeks ahead 100% evidence
Exact sum: 3.7 + 11.7 + 13.3 + 1.4 = 30.1 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
42Influx Healthtech LtdINFLUX 59.8/100Thin evidence · provisional50% evidence TURNING 19.3/35 Revenue — · PAT — · OPM change -1 pp 26% evidence 20.8/25 ROCE 40% · OPM 19% 95% evidence 10.3/20 P/E 30.5× · PEG — 15% evidence 9.4/20 RS sector -9.8% · RS bench 16% · 1Y 43.4%10 of 12 weeks ahead 70% evidence
Exact sum: 19.3 + 20.8 + 10.3 + 9.4 = 59.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
43Syncom Healthcare LtdSYNCOM 49.7/100Thin evidence · provisional31% evidence 17.1/35 Revenue -69.4% · PAT 63.5% · OPM change — 16% evidence 6.9/25 ROCE -20.2% · OPM -225.7% 46% evidence 10.0/20 P/E — · PEG — 0% evidence 15.7/20 RS sector 29.1% · RS bench 45.7% · 1Y —9 of 12 weeks ahead to 2021-06-30 70% evidence
Exact sum: 17.1 + 6.9 + 10 + 15.7 = 49.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
44Sai Parenterals LtdSAIPARENT 37.4/100Thin evidence · provisional38% evidence ASLEEP 13.7/35 Revenue — · PAT — · OPM change -1 pp 32% evidence 5.1/25 ROCE 5.3% · OPM 13.2% 95% evidence 8.6/20 P/E 111× · PEG — 15% evidence 10.0/20 RS sector — · RS bench — · 1Y —6 of 9 weeks ahead 0% evidence
Exact sum: 13.7 + 5.1 + 8.6 + 10 = 37.4 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

16 · Frequently asked questions

Frequently asked questions

What is Glenmark Pharmaceuticals Ltd's share price today?

Glenmark Pharmaceuticals Ltd trades at ₹2,419, +13.4% over the past year. The company is valued at ₹68,276 Cr. The stock sits at 86% of its 52-week range of ₹1,812–₹2,515, +11.2% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 66 weeks in. — as of 11 September 2026.

What were Glenmark Pharmaceuticals Ltd's latest quarterly results?

Glenmark Pharmaceuticals Ltd reported revenue of ₹4,018 Cr and net profit of ₹483 Cr for the Jun 26 quarter. Revenue rose 23.1% and profit rose 927.7% year on year. Earnings per share were ₹17.11. The operating margin was 20.0%, 2.0 pp higher than a year earlier. — as of 11 September 2026.

What is Glenmark Pharmaceuticals Ltd's revenue?

Glenmark Pharmaceuticals Ltd reported revenue of ₹4,018 Cr in the Jun 26 quarter, +23.1% year on year. For the full FY26 fiscal year, revenue was ₹16,983 Cr (+27.5%). Over the last 10 years revenue compounded at 8.4% a year. — as of 11 September 2026.

What is Glenmark Pharmaceuticals Ltd's profit?

Glenmark Pharmaceuticals Ltd earned ₹483 Cr of net profit in the Jun 26 quarter, +927.7% year on year — the 4th straight quarter of growth. Full-year FY26 profit was ₹1,362 Cr. The operating margin ran 20.0% in the latest quarter. — as of 11 September 2026.

What is Glenmark Pharmaceuticals Ltd's market cap?

Glenmark Pharmaceuticals Ltd's market capitalisation is ₹68,276 Cr at a share price of ₹2,419. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.

What is Glenmark Pharmaceuticals Ltd's P/E ratio?

Glenmark Pharmaceuticals Ltd trades at a P/E of 21.9×, at the 63rd percentile of its own 11-year range, against a long-run median of 18.9×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.

Does Glenmark Pharmaceuticals Ltd pay a dividend?

Yes — Glenmark Pharmaceuticals Ltd's dividend payout was 10% of profit in FY26, and it recorded a payout in 11 of its last 13 reported fiscal years. One of those years shows a negative ratio because profit itself was negative. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.

Is Glenmark Pharmaceuticals Ltd overvalued?

On its own history, Glenmark Pharmaceuticals Ltd looks mid-range: its P/E of 21.9× sits at the 63rd percentile of its 11-year range (long-run median 18.9×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 11 September 2026.

Is Glenmark Pharmaceuticals Ltd growing?

Yes — Glenmark Pharmaceuticals Ltd is growing: latest-quarter revenue +23.1% year on year, profit +927.7%, and the margin +2.0 pp at 20.0%. The 10-year compound rates are 8.4% (revenue) and 6.2% (profit). The earnings engine currently reads: improving — as of 11 September 2026.

How is Glenmark Pharmaceuticals Ltd performing?

Glenmark Pharmaceuticals Ltd is in a confirmed uptrend, 66 weeks in. Its latest quarter's revenue rose 23.1% and profit rose 927.7% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 5 weeks. This describes what the data did, not a rating. — as of 11 September 2026.

What stage is Glenmark Pharmaceuticals Ltd in?

Mixed — no clean majority across the growth curves, ROCE holding at 18.6% — the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth +32.9% latest, profit growth +927.7% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.

Is Glenmark Pharmaceuticals Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 66 of stage 2), trading +11.2% versus its 200-day average and at 86% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.

Is Glenmark Pharmaceuticals Ltd beating the market?

On recent form, yes — Glenmark Pharmaceuticals Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 5 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.5 years the stock moved +228% against the NIFTY 500's +273% — behind the index over the full window. — as of 11 September 2026.

Will Glenmark Pharmaceuticals Ltd's share price go up?

This page publishes no price forecast for Glenmark Pharmaceuticals Ltd. What it measures instead: the share price is ₹2,419, the price is in a confirmed uptrend 66 weeks in. Its P/E of 21.9× sits at the 63rd percentile of its own 11-year range. — as of 11 September 2026.

Who owns Glenmark Pharmaceuticals Ltd?

Promoters hold 46.6% of Glenmark Pharmaceuticals Ltd, foreign institutions 20.9%, domestic institutions 18.6% and the public 13.8% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 4.7 points over 8 quarters. — as of 11 September 2026.

Does Glenmark Pharmaceuticals Ltd have too much debt?

No — Glenmark Pharmaceuticals Ltd's debt-to-equity is 0.06, and operating profit covers the interest bill 22×. FY26 borrowings were ₹594 Cr against equity of ₹10,512 Cr. The returns on this page are earned, not borrowed — as of 11 September 2026.

What is Glenmark Pharmaceuticals Ltd's capex?

Glenmark Pharmaceuticals Ltd spent ₹1,853 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹2,075 Cr, with ₹909 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.

What is Glenmark Pharmaceuticals Ltd's cash flow?

Glenmark Pharmaceuticals Ltd generated ₹3,445 Cr of operating cash flow in FY26 and ₹1,370 Cr of free cash flow after ₹2,075 Cr of capital spending. Reported profit that year was ₹1,362 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 11 September 2026.

Is Glenmark Pharmaceuticals Ltd's profit real cash?

Yes — over the last 3 fiscal years, 116% of Glenmark Pharmaceuticals Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹3,445 Cr against reported profit of ₹1,362 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 11 September 2026.

Where is Glenmark Pharmaceuticals Ltd in its business cycle?

Glenmark Pharmaceuticals Ltd's FY26 operating margin was 27.0%, against a 13-year band of 10.0%–27.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 20.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.

What growth does Glenmark Pharmaceuticals Ltd's price assume?

At its price on 13 June 2026, Glenmark Pharmaceuticals Ltd was priced for profit growth of about 23.8% a year. Profit itself has compounded 6.2% a year over the past 10 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.

What could break the Glenmark Pharmaceuticals Ltd story?

Biggest watch item: margins are the best this company has ever printed — every ratio flatters at record profitability, so the whole story leans on margins holding. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.

Is Glenmark Pharmaceuticals Ltd a stock worth studying right now?

This is not investment advice. The machine read: Glenmark Pharmaceuticals Ltd's earnings have outrun its stock. EPS grew +30.0% in a year against a +13.4% price move. The sharpest open question: the next one or two quarters of delivery. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.

Sector Alpha — machine-written from the numbers · Data as of 2026-09-11. Every chart on this page is drawn by deterministic code from the raw series — no forecasts, no price opinions, and nothing here is investment advice.

Not SEBI Registered !! Not Investment advice !!

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