1. At a Glance
Imagine you’re watching a pharma thriller — one where the company starts the quarter with lawsuits, sells its subsidiary, then lands a $700 million licensing deal with AbbVie. Welcome to Glenmark Pharmaceuticals Ltd, where the medicine cabinet has more drama than Netflix.
As of November 2025, the company’s market cap stands at₹51,944 crore, trading at₹1,844/share, with aP/E of 20.7x— lower than theindustry average of 31.1x. The latest Q2FY26 consolidated revenue came in at₹60,469 million (₹6,046.9 crore), withEBITDA at ₹23,596 million (₹2,359.6 crore)and a profit surge that would make even Dr. Reddy’s Labs raise an eyebrow: quarterly profit of ₹1,535 crore, up333% YoY.
Return on capital employed (ROCE) sits pretty at19.4%, and the company recently declared an interim dividend of ₹2.50. Debt? Barely ₹1,224 crore, with aDebt-to-Equity ratio of 0.13, meaning Glenmark’s balance sheet has been hitting the gym.
In short: Glenmark’s fiscal story is that of a once-sleepy generics maker that turned into a global research-led chaos orchestra — with patents, divestments, and a Hollywood-level plot twist every quarter.
2. Introduction
If the Indian pharma industry were a Bollywood movie, Glenmark would be that underdog scientist who discovers a miracle drug, gets sued in the U.S., wins European approvals, and walks away richer than before — all in one song sequence.
Founded in 1977 and led by the Saldanha family, Glenmark is now a multinational beast with operations in80+ countries, 14 manufacturing facilities, and an R&D budget that could finance a small Marvel movie —₹916 crorespent in 9MFY24 alone.
The stock has been through its share of drama — from the dull, patent-losing generics era to a fresh new narrative built aroundrespiratory,dermatology, andoncology. Its specialty drugRYALTRIS, now approved in over 70 countries, is the poster child of this transformation.
After divesting75% of Glenmark Life Sciences to Nirma for ₹5,651 crore, the company freed up capital, fixed its debt metrics, and focused on innovation. The cherry on top? A$700 million upfront payment from AbbViein September 2025 for ISB 2001, a bispecific antibody for cancer.
Who knew selling APIs to Nirma would finance a biotech dream?
3. Business Model – WTF Do They Even Do?
Glenmark runs a three-pronged business model — kind of like a balanced Indian thali: some generic rice, spicy specialty curries, and a research dessert.
a) Generics:The bread-and-butter business that sells affordable versions of branded drugs across markets like the U.S., India, and Europe. This segment includes oral solids, injectables, and inhalers. It’s a stable cash generator — a pharmaceutical comfort food, if you will.
b) Specialty & OTC:The fancy side of Glenmark — where products likeRYALTRIS(for allergic rhinitis) andLirafit(India’s first biosimilar of liraglutide) steal the show. Specialty now accounts for a growing chunk of revenue, and RYALTRIS alone has been commercialized in31 countrieswith approvals in 18 more.
c) Innovation via Ichnos Sciences (USA):The mad scientist lab of the group. Focused on biologics and oncology, Ichnos is where molecules like ISB 2001 were born — later monetized in blockbuster deals like theAbbVie $700M upfront + milestone potential.
The reorganization split Glenmark into three clear entities:
- Glenmark Pharmaceuticals Ltd– global generics & specialty business.
- Ichnos Sciences Inc.– U.S.-based biotech innovation arm.
- Glenmark Consumer Care Ltd.– OTC & personal care spin-off.
Basically, it’s like Glenmark cloned itself into three, and now all three are doing their own corporate PhDs.
4. Financials Overview
| Metric (₹ Cr) | Latest Qtr (Q2FY26) | Same Qtr Last Year (Q2FY25) | Previous Qtr (Q1FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 6,047 | 3,434 | 3,256 | 76.1% | 85.8% |
| EBITDA | 2,359 | 602 | 581 | 292% | 305% |
| PAT | 1,535 | 354 | 47 | 333% | 3165% |
| EPS (₹) | 21.63 | 12.55 | 1.66 | 72% | 1,202% |
Commentary:The numbers look less like a pharma statement and more like a crypto bull run. Revenue almost doubled, PAT quadrupled, and EBITDA margin touched39%, thanks to the AbbVie licensing deal and operational leverage. Glenmark basically turned R&D expenses into an income stream — the corporate version of selling your homework
for $700 million.
5. Valuation Discussion – Fair Value Range Only
Let’s take the calculator for a joyride.
a) P/E Method:
- EPS (TTM): ₹35.8
- Industry P/E: 31.1
- Current P/E: 20.7
If Glenmark trades at 25–30x (considering improving profitability and the AbbVie cash inflow):Fair Value Range = ₹895–₹1,074 (base)× (25–30)/20.7 →₹2,200–₹2,650/share.
b) EV/EBITDA Method:
- EV = ₹50,478 Cr
- EBITDA = ₹4,101 Cr
- EV/EBITDA = 11.6x
If re-rated to 13–14x (sector median), fair EV ≈ ₹53,313–₹57,414 Cr →Fair Value per share ≈ ₹2,250–₹2,450.
c) DCF (Simplified):Assume 10% growth for 5 years, WACC 10%, terminal growth 3%. Fair value works out to roughly₹2,100–₹2,400.
Fair Value Range: ₹2,100 – ₹2,500/share
Disclaimer: This fair value range is for educational purposes only and is not investment advice.
6. What’s Cooking – News, Triggers, Drama
If Glenmark were a soap opera, this quarter’s episodes would feature licensing deals, EU drug approvals, and courtroom drama.
- AbbVie Deal (Sept 2025):Glenmark’s subsidiary Ichnos Glenmark Innovation licensed ISB 2001 for a$700M upfront, plus up to$1.093B in milestones. That’s like selling one molecule and buying a small island.
- EU Approval (Nov 2025):TheEuropean Commission approved Winlevi(clascoterone 10 mg/g cream) for acne, to be commercialized in15 EU countries. Dermatologists everywhere rejoice.
- China Expansion (Nov 2025):NMPA approvedRYALTRISfor allergic rhinitis; Grand Pharma to handle commercialization.
- Legal Settlements (Aug–Nov 2025):Resolved U.S. Zetia/Vytorin antitrust suits with payments totaling$48.75M. Basically, a fine for showing up late to capitalism.
- Consumer Care Spin-off (Aug 2025):Transferred its consumer business (₹514.7 crore turnover) toGlenmark Consumer Care Ltdvalued at ₹240 crore.
So yeah, this quarter had everything: cash infusion, expansion, divestment, lawsuits — only missing a dance number.
7. Balance Sheet
| (₹ Cr) | Mar 2023 | Mar 2024 | Sep 2025 |
|---|---|---|---|
| Total Assets | 19,329 | 14,358 | 19,002 |
| Net Worth (Equity + Reserves) | 9,474 | 7,848 | 9,582 |
| Borrowings | 4,627 | 1,231 | 1,224 |
| Other Liabilities | 5,228 | 5,279 | 8,196 |
| Total Liabilities | 19,329 | 14,358 | 19,002 |
Funny Balance Sheet Bullets:
- Borrowings dropped from ₹4,627 crore to ₹1,224 crore — that’s what happens when AbbVie pays your bills.
- Reserves have bulked up like a bodybuilder on dividend steroids.
- Other
