1. At a Glance – The Quarter That Shut the Trolls Up
Glenmark Pharmaceuticals just dropped a Q3 FY26 result that feels like a Bollywood redemption montage. Consolidated revenue came in at ₹39,006 mn, EBITDA at ₹8,697 mn, and PAT at ₹4,032 mn. Yes, that PAT number is chunky, and yes, it includes settlements and one-offs—but cash is cash, boss. The stock sits around ₹2,016, market cap near ₹56,889 cr, P/E ~21x, ROCE 19.4%, ROE 15.8%, and debt a very polite ₹1,224 cr.
Three-month return is positive, one-year return is spicy, and sentiment has flipped from “FDA nightmare fuel” to “okay maybe management knows what it’s doing.” India formulations are back in rhythm, the US injectable story is restarting from Monroe, Europe is behaving, and RYALTRIS is traveling the world like a diplomatic passport.
Question for you already: Is this a one-quarter sugar rush or the start of a multi-year clean-up story?
2. Introduction – Once Upon a Time in Glenmark-land
For years, Glenmark lived a double life. On one side, a serious research-led pharma company with dermatology, respiratory, and oncology muscle. On the other, a walking FDA anxiety attack with US pricing pressure, facility warnings, and investors refreshing the announcements page like day traders on expiry day.
Q3 FY26 doesn’t magically erase the past, but it does something important—it changes the tone. Settlements are largely behind, Monroe is back, Aurangabad cleared USFDA inspection with zero 483s, and the balance sheet looks like it’s been to therapy.
Add to this the AbbVie deal cash, specialty pipeline progress via Ichnos, and branded respiratory traction globally, and suddenly Glenmark doesn’t look like “that risky midcap pharma” anymore. It looks… organised. Slightly dangerous still, but organised.
Be honest—when was the last time Glenmark results didn’t give you heartburn?
3.
Business Model – WTF Do They Even Do?
Think of Glenmark as a three-headed hydra:
- India Formulations – Strong chronic play: respiratory, dermatology, cardiac, diabetes. Ranked 2nd in respiratory, 2nd in derma, 5th in cardiac. This is where brands, doctors, and MR armies matter.
- Global Generics (US, Europe, RoW) – Oral solids, injectables, respiratory devices, complex generics. Painful but scalable.
- Innovation / Specialty (Ichnos) – Oncology and autoimmune assets. High burn, high optionality, high drama.
They sell tablets, creams, inhalers, injectables, biosimilars, and dreams of blockbuster molecules. Manufacturing spans 14 facilities across 4 continents, 8 USFDA-approved, which is both a strength and a compliance headache.
Simple version: Cash today from generics + optional jackpot tomorrow from innovation.
Lazy-investor test: If you hate R&D risk, do you even belong in Glenmark?
4. Financials Overview – Numbers That Actually Matter
Quarterly Comparison (₹ mn)
| Metric | Latest Qtr (Q3 FY26) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 39,006 | 33,880 | 60,469 | 15.2% | -35.5% |
| EBITDA | 8,697 | 6,002 | 23,596 | 44.9% | -63.1% |
| PAT | 4,032 | 2,598 | 610 | 55.2% | 561% |
| EPS (₹) | 14.29 | 12.33 | 21.63 | 15.9% | -33.9% |
Annualised EPS (Q3 rule)
Average of Q1–Q3 FY26 EPS ≈ ₹37–38, broadly aligning with TTM ₹37.7.
Witty takeaway: Operationally improving, cosmetically boosted, structurally healing.
So tell me—do you adjust for one-offs, or do you just enjoy the PAT glow-up?
5. Valuation
