Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Sep - Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015 - Schedule of Analyst/ Institutional Investor Meetings
Source: Bse
Glenmark Pharmaceuticals Limited (GLENMARK)
Mid CapPharma stocks · Mid cap · NSE
Glenmark Pharmaceuticals Limited is an Indian pharmaceutical company engaged in developing, manufacturing, and marketing branded and generic formulations, and active pharmaceutical ingredients globally. It focuses on therapeutic areas including respiratory, dermatology, and oncology.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result16 Aug, 01:31 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
58NeutralSMA20 -4.5% / mo · MACD − · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 30
Sector RS: 98
Sector 3M: -1.8% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
GLENMARKD candles · FIT view-3.9%Latest close ₹2210.20 on 2026-10-19
Bar
-0.9%
RSI
38
MACD hist
-11.49
52W pos
56%
2026-10-19O ₹2230.10H ₹2269.90L ₹2200.00C ₹2210.20Vol 2.9L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
GLENMARKNifty PharmaNifty 500
- GLENMARK
- -1.3%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- +4.3 pp
Chart stats
19 Oct 2026- From 52W high
- -12.9%
- 52W range position
- 56%
- ATR (14)
- 2.8%
- Volume vs 20D
- 0.45x
- Avg traded value
- ₹146 Cr
- 20D price channel
- ₹2,181.2 - ₹2,482.6
₹2,537.6
₹1,792.6 - ₹2,537.6
₹62.7
Latest completed session
20-session average
35.7% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED68
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +23.1% · PAT +927.7% YoY
Technical
Neutral58
Price trend and sector-relative-strength timing.
Valuation
Legacy model+22.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence85
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +23% YoY · PAT +928% YoY · margin expansion · +7% QoQ · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,018 Cr | +23.1% | +6.5% |
| EBITDA | ₹805 Cr | +38.6% | +5.5% |
| Operating margin | 20.0% | +200 bps | +0 bps |
| PAT | ₹483 Cr | +927.7% | +60.5% |
| PAT margin | 12.0% | +1058 bps | +404 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 20.40
- P/B
- 6.05
- EV/EBITDA
- 11.84
- Market Cap
- 63515.00Cr
Profitability
- ROE
- 23.60%
- ROCE
- 39.80%
- ROA
- 9.03%
- Dividend Y
- 0.22%
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 19.00%
- Revenue 3Y
- 14.00%
- EPS 3Y
- 61.00%
Balance Sheet
- Debt/Equity
- 0.06
- Interest Coverage
- 23.51×
- Altman Z
- 6.67
- Book Value
- 372.00
Cash Flow
- FCF Yield
- 3.48%
- FCF Positive Y
- 8/5
- OCF
- 3445.00 Cr
- EPS TTM
- 63.71
Shareholding
- Promoter Hold
- 46.65%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 61%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 17.0k+27.5% vs prev
Net Profit
₹ CrLatest: 1,362+30.1% vs prev
Return on Equity
%Latest: 13.0+9.6% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 38.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~4.7% over last month) — short-term momentum negative.
- RSI(14) at 38 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 13% off 52W high · 23% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
79
RS percentile
Stage 1 Base / Transition
1M return
-9.7%
3M return
-1.3%
6M return
-1.3%
1Y return
+21.8%
RS 1D
+1
RS 20D
+6
Sector rank
#1
Industry rank
#3
Stage evidence
- Price is within 3.0% of the 30-week proxy.
- The 30-week proxy changed +1.1% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 115.51+0.29%
RS vs Nifty 500116
Valuation & peers
U-Score 68 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 68 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · UNDERVALUEDValuation6/30
Growth21/25
Quality20/20
Balance Sheet10/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
68
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
68/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 3.5%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 22.9%.
Main drags
- Valuation is weaker at 6/30; verify the latest quarterly trend.
- Cash flow is weaker at 6/10; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
20.4
PB
6.0
EV/EBITDA
11.8
ROE
23.6%
ROCE
39.8%
FCF Yield
3.5%
Debt/Equity
0.1
MoS
+22.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
68
Previous: 68
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+22.9%
Previous: +22.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
68
68
68
68
68
68
68
68
68
68
68
68
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹730.24
-202.7% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹2,866.95
+22.9% MoS
PEG
0.67
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ALKEM
Mid
Alkem Laboratories Limited
Pharmaceuticals
match 170
51
26.3
18.9%
-15%
FAIR VALUE
GLAXO
Large
GlaxoSmithKline Pharmaceuticals Limited
Pharmaceuticals
match 162
60
40.9
45.6%
+12%
UNDERVALUED
AJANTPHARM
Large
Ajanta Pharma Limited
Pharmaceuticals
match 162
58
36.7
27.1%
+19%
FAIR VALUE
APLLTD
Mid
Alembic Pharmaceuticals Limited
Pharmaceuticals
match 162
34
21.0
13.4%
-455%
WATCHLIST
EMCURE
Large
Emcure Pharmaceuticals Limited
Pharmaceuticals
match 161
58
33.5
20.1%
+26%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T19:13:19.114Z
Management commentary snapshot
Glenmark reports Q4 FY26 consolidated revenue of Rs. 37,706 million, up 15.8% YoY, with an EBITDA margin of 20.2%. Regional businesses show strong growth, notably Europe (+21.4%) and North America (+29.4%).
The company delivered strong Q4 FY26 performance with double-digit revenue growth, supported by regional outperformance and strategic initiatives. The landmark AbbVie partnership and successful product launches validate its innovation capabilities and market execution, reinforcing the investment thesis.
Current business mix
Q4 FY26 Revenue by Geography
Latest issuer-disclosed distribution across 5 reported categories.
India27.1%
North America24.5%
Europe23.6%
Emerging Markets23.8%
Other Revenue1.0%
Growth engines
RYALTRIS® Global Momentum
RYALTRIS® commercialized in 55 markets, launched in China and Thailand in Q4 FY26, initiated commercialization in USA, with >50% secondary sales growth in FY26.
North America Generic Respiratory Franchise
Strengthened generic Respiratory franchise in the USA with first generic approval of FloVent® HFA 44 mcg and three additional Respiratory ANDAs filed.
Oncology Business Expansion
Accelerated Oncology business expansion in India and Emerging Markets through in-licensing of Trastuzumab Rezetecan and Aumolertinib, and launches of TEVIMBRA® & BRUKINSA®.
India Business Outperformance
India business delivered strong outperformance in secondary sales, growing 1.5x the IPM growth and ranking as the 2nd fastest-growing company among the top 15.
Capacity and execution
Monroe Manufacturing Facility
Monroe manufacturing facility received U.S. FDA EIR with VAI classification, enabling restart of commercial manufacturing to support future growth.
Tailwinds
Landmark AbbVie Partnership
IGI secured a landmark licensing deal with AbbVie for ISB 2001, including a USD 700 million upfront payment and potential total deal value of USD 1.925 billion.
Differentiated Product Launches
Successful launches of key generic respiratory products in the US and multiple differentiated products in India, including GLIPIQ®.
Growing Western European Markets
Strong growth in branded markets and products, particularly in Germany, the Netherlands, and Italy, contributing to Europe's 21.4% YoY growth.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The investor presentation explicitly provides year-over-year growth figures for Q4 FY26 and 12M FY26, which is standard for assessing performance in a potentially seasonal pharmaceutical business.
Sector KPIs management disclosed
Domestic Formulations Growth (India)
India business growth of 8.2% YoY in Q4 FY26, with significant outperformance compared to IPM in secondary sales.
North America Core Business Growth
North America core business growth of 7.8% in Q4 FY26. Total North America revenue grew 29.4% YoY, including deferred out-licensing income recognition for ISB 2001.
EU Business Growth
EU business growth of 21.4% YoY in Q4 FY26, driven by strong growth in branded markets/products and Western European markets.
EBITDA Margin
EBITDA at Rs. 7,626 million, with an EBITDA margin of 20.2% in Q4 FY26.
Management forward view
Strategic Priorities
Management delivered strong business performance while making meaningful progress against strategic priorities that will shape the future.
Organizational Building
Building an organization that combines the scale and resilience of a global pharmaceutical business with the scientific ambition of an innovation-driven organization.
Future Focus
Remaining focused on disciplined execution, differentiated science, and creating greater impact for patients around the world.
European Respiratory Portfolio Expansion
Planning to expand its commercial Respiratory portfolio in Europe in FY27.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| RYALTRIS® Global Sales Growth | >50% secondary sales growth in FY26, launched in China/Thailand, commercialized in USA. | Continued expansion into new markets (e.g., Brazil in FY27) and sustained sales momentum. |
| Innovative Pipeline Progress | ISB 2001 Phase 1 dose expansion progressing, WINLEVI® EU launch planned FY27, Aumolertinib launch anticipated 2H FY27. | Successful clinical trial advancements, regulatory approvals, and commercial launches of key innovative assets. |
| North America Generic Respiratory Franchise | First generic FloVent® HFA 44 mcg approval, three additional Respiratory ANDAs filed. | Further ANDA approvals, new product launches, and market share gains in the US generic respiratory segment. |
| Monroe Facility Manufacturing Ramp-up | Received U.S. FDA EIR with VAI classification, enabling restart of commercial manufacturing. | Timely resumption of commercial manufacturing and contribution to injectable and institutional business growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
85Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 98th percentile within Pharma. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
89 docs text-extracted · 18 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
98th percentile
overall median 67 · Pharma: 98th pctile, median 70 · Mid: 93rd pctile, median 76
Evidence depth
Financial-only
89 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
77
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.5%.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.06.
Trust risks
- ▸OPM spread across recent quarters is 22%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Glenmark Pharmaceuticals Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 11 Sep - Glenmark launches RYALTRIS nasal spray in Brazil after ANVISA approval.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 11 Sep - India Ratings upgrades Glenmark bank loans to IND AA+/Stable and rates additional Rs 235 crore loans.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 20 Aug - Glenmark received U.S. FDA approval for Fluticasone Propionate Nasal Spray USP 0.05 mg/spray.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.