1. At a Glance
Glenmark is that pharma kid in the class who doesn’t just turn up with the homework — they bring it in four languages, with charts, patents, and a side hustle in biosimilars. Withoperations in 80+ countries, three therapy obsessions (dermatology, respiratory, oncology), and a global game plan that mixes generics with specialty launches, they’ve also been busy re-structuring their corporate wardrobe and selling off a chunk of Glenmark Life Sciences to Nirma for a cool ₹5,651 crore. Oh, and they’re burning through R&D cash faster than some startups burn VC funding — ₹916 crore in 9MFY24.
2. Introduction
If Indian pharma were a cricket match, Glenmark would be that middle-order batsman who’s always on the field — sometimes hitting sixes in Europe, sometimes playing safe in India, and occasionally getting caught out in the US generics market.
The company’s14th largeststatus in India may not sound like front-page news until you notice it’s also the2nd largest in respiratory and dermatologydomestically,15th in the USby generic prescriptions, and5th in Europeamong Indian peers. Translation: they’re not just playing the home game — they’re collecting air miles.
Its golden child right now isRyaltris, a nasal spray that’s basically the poster child of their specialty portfolio, already sold in 31 countries and with approvals in another 18. Combine that with theLirafitbiosimilar launch at 70% lower therapy cost and you get the picture — Glenmark is leaning hard into differentiated products.
Also worth noting — they’ve been busy in the boardroom. Corporate restructuring has spun off innovation biologics (Ichnos Sciences), the consumer care business has been moved to a new subsidiary for ₹240 crore, and they’re gearing up to monetize innovation via alliances likeIchnos Glenmark Innovation.
3. Business Model (WTF Do They Even Do?)
Think of Glenmark as a three-course pharma meal:
- Generics– The bread and butter (and sometimes stale toast) of revenue. Tablets, injectables, respiratory devices, ointments — you name it.
- Specialty– Higher-margin products like Ryaltris, with global rollouts.
- OTC– Consumer-facing products, soon to be managed via Glenmark Consumer Care Ltd.
The therapy obsessions are:
- Respiratory– MDIs, DPIs, sprays, inhalers. Their pipeline includes generic pMDIs and nasal sprays, with multiple ANDAs filed.
- Dermatology– Creams, gels, ointments
- that keep them in the top-tier in India.
- Oncology– Still a long-term bet, with R&D money going into immunology and cancer drug development.
Manufacturing muscle?14 facilities across 4 continents, 8 USFDA-approved, with 11 in India. And they’re not shy about closing or optimizing plants if margins demand it.
4. Financials Overview
Latest Quarterly vs YoY vs QoQ
| Metric | Latest Qtr (₹ Cr) | YoY Qtr (₹ Cr) | Prev Qtr (₹ Cr) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 3,264 | 3,244 | 3,256 | 0.62% | 0.25% |
| EBITDA | 581 | 588 | 561 | -1.19% | 3.57% |
| PAT | 47 | 340 | 4 | -86.18% | 1,075% |
| EPS (₹) | 1.66 | 12.06 | 0.16 | -86.23% | 937.5% |
Commentary:YoY revenue growth is basically flat (0.6%), but profits took an express elevator down 86% thanks to one-off and operational hits. QoQ PAT looks hilariously high at +1,075% — but that’s only because last quarter’s profit was barely a coffee bill.
5. Valuation (Fair Value Range Only)
Method 1: P/E
- TTM EPS: ₹26.7
- Industry P/E: ~33.1
- FV Range (P/E 30–36) → ₹801–₹961
Method 2: EV/EBITDA
- TTM EBITDA: ₹2,344 crore
- EV/EBITDA range (18–22) → EV: ₹42,192–₹51,568 crore
- Adjusting for net debt: FV equity range → ₹39,719–₹49,095 crore → Per share: ₹1,408–₹1,738
Method 3: DCF (simplified)
- Assume FCF growth 8% for 5 years, WACC 11%, terminal growth 4% → Per share: ~₹1,500–₹1,800
Educational FV Range:₹1,400 – ₹1,750(This FV range is for educational purposes only and is not investment advice.)
6. What’s Cooking – News, Triggers, Drama
- Consumer Care Spin-off:₹240 crore transfer
