Glenmark Pharmaceuticals Limited (GLENMARK) AI Stock Analysis

• Market Cap: ₹599.25B
• Dividend Yield: 0.24%
• Average Volume (3M): 28.97K
• Price to Earnings (P/E): 56.6
• Beta (1Y): 0.67
• Revenue Growth: 30.27%
• EPS Growth: N/A
• Country: IN
• Employees: 14,989
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): 14.28
• Shares Outstanding: 282,200,800
• 10 Day Avg. Volume: 44,119
• 30 Day Avg. Volume: 28,971
• PEG Ratio: -0.26
• Price to Book (P/B): 4.81
• Price to Sales (P/S): 3.19
• P/FCF Ratio: -27.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹1,940.00
• Price Target Upside: -6.10% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 2
• EPS Forecast (FY): 100.07
• Revenue Forecast (FY): ₹173.17B

• Rating: 53 Neutral
• Price Target: ₹2,155.00 ▲(4.31% Upside)
• Action: Reiterated Date: 11/01/25
• Date: Action: Reiterated 11/01/25

Glenmark Pharmaceuticals' overall stock score is primarily influenced by financial performance challenges, including profitability volatility and liquidity concerns. The technical analysis suggests bearish momentum, and the high P/E ratio indicates overvaluation. These factors collectively contribute to a moderate stock score.

Positive Factors

Diversified Revenue Streams

Glenmark's multi-pronged model—India branded sales, international generics, manufacturing and out-licensing—reduces single-market dependency. That structural diversification supports steadier revenue and margin mix durability across 2–6 months as product and market cycles vary.

Strong Revenue Growth

Sustained ~25% revenue growth signals expanding market penetration and product uptake. Durable top-line momentum provides operating leverage potential, supports reinvestment in R&D/commercial expansion, and cushions short-term earnings volatility over the medium term.

Stable Core Operating Margins

Stable EBIT/EBITDA margins indicate efficient core operations and expense control. That operational consistency supports cash profitability at the EBITDA level, enabling predictable operational performance and funding capacity for strategic initiatives over coming quarters.

Negative Factors

Weak Cash Generation

Negative operating and free cash flow point to persistent liquidity strain, limiting the company's ability to self-fund capex, R&D or debt servicing. Over 2–6 months this raises reliance on external funding and constrains financial flexibility for strategic moves.

High Leverage

A relatively high debt burden increases financial risk and interest obligations, restricting balance sheet flexibility. In a medium-term window this can limit M&A optionality, heighten refinancing risk, and amplify earnings sensitivity to cash-flow variability.

Profitability Volatility

Volatile net margins and inconsistent net income complicate forecasting and capital allocation. Even with stable EBITDA margins, bottom-line swings reduce predictability of retained earnings and can delay or disrupt investments and deleveraging efforts over several quarters.

Glenmark Pharmaceuticals Limited Business Overview & Revenue Model

Company Description

Glenmark Pharmaceuticals Limited, together with its subsidiaries, develops, manufactures, and markets pharmaceutical products in India, North America, Latin America, Europe, and internationally. The company provides branded and generic formulations in the therapeutic areas of dermatology, respiratory, and oncology; and various active pharmaceutical ingredients. Its product pipeline includes ISB 830 (telazorlimab), an OX40 antagonist monoclonal antibody, which is in Phase 2b clinical trial for the treatment of atopic dermatitis; ISB 1302, a HER2 X CD3 beat bispecific antibody that is in Phase 1/2 clinical trial for the treatment of metastatic HER2-positive breast cancer; and ISB 1342, a CD38 X CD3 beat bispecific antibody, which is in Phase 1 clinical trial for the treatment of relapsed/refractory multiple myeloma. The company's pre-clinical stage product pipeline comprises ISB 880 for the treatment of anti-inflammatory therapy; ISB 1908 and ISB 1909 T-cell engagers for the treatment of oncology; ISB 1442, an innate immune engager for the treatment of oncology; and GRC 39815, an inhibitor of the retinoid-related orphan receptor gamma for the treatment of chronic obstructive pulmonary disorder. It also offers Ryaltris nasal spray for allergic rhinitis. The company was incorporated in 1977 and is based in Mumbai, India.

How the Company Makes Money

Glenmark Pharmaceuticals generates revenue through multiple streams, primarily from the sale of its branded generics and generic pharmaceuticals across various markets, including India, the United States, and Europe. The company leverages its extensive research and development capabilities to innovate and bring new products to market, which allows it to maintain a competitive edge. Key revenue streams include sales of prescription drugs, which contribute significantly to the company's income, along with a growing segment of over-the-counter products. Additionally, Glenmark earns revenue through the manufacture and supply of active pharmaceutical ingredients (APIs) to other pharmaceutical companies. Strategic partnerships and collaborations with global pharma companies enhance its product offerings and market reach, further contributing to its earnings. The company also invests in biosimilars and specialty pharmaceuticals, which are becoming increasingly important in its overall revenue model.

Glenmark Pharmaceuticals Limited Financial Statement Overview

Summary

Glenmark Pharmaceuticals shows strong revenue growth and stable operational efficiency, but faces challenges with profitability volatility and high leverage. The cash flow indicates liquidity concerns, suggesting a need for improved cash management.

Income Statement

Glenmark Pharmaceuticals has shown robust revenue growth over the years, with a significant increase in Total Revenue from the previous periods. However, the Net Profit Margin is volatile, impacted by inconsistent net income figures. The EBIT and EBITDA margins are stable, indicating efficient core operations despite the net income fluctuations. Overall, there is strong revenue growth with profitability challenges.

Balance Sheet

The company's debt levels are relatively high compared to its equity, as reflected in the Debt-to-Equity ratio, which poses a risk if not managed carefully. However, the Return on Equity (ROE) is moderate, and the Equity Ratio suggests a reasonable proportion of assets financed by equity. The balance sheet shows a need for improved leverage management.

Cash Flow

Glenmark's cash flow from operations is negative in recent years, highlighting potential liquidity issues. The Free Cash Flow is also negative, indicating that the company is not generating enough cash to cover its capital expenditures. The Operating Cash Flow to Net Income Ratio shows a disconnect between reported earnings and cash generation, necessitating closer management of operational cash flows.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	133.13B	133.63B	126.45B	116.56B	123.05B	109.44B
Gross Profit	79.89B	88.38B	80.66B	72.45B	77.57B	70.97B
EBITDA	19.30B	21.68B	18.30B	14.29B	19.12B	19.45B
Net Income	7.54B	10.47B	-15.02B	2.97B	9.42B	9.70B
Balance Sheet
Total Assets	0.00	160.50B	143.59B	193.72B	170.83B	156.04B
Cash, Cash Equivalents and Short-Term Investments	17.05B	17.12B	16.64B	11.73B	14.43B	11.47B
Total Debt	0.00	24.73B	12.31B	46.08B	39.62B	49.86B
Total Liabilities	-88.49B	72.00B	65.11B	95.32B	76.45B	85.39B
Stockholders Equity	88.49B	88.49B	78.48B	94.74B	90.87B	70.65B
Cash Flow
Free Cash Flow	0.00	-15.77B	-11.64B	176.29M	3.19B	3.56B
Operating Cash Flow	0.00	-8.28B	-2.65B	6.25B	11.09B	11.31B
Investing Cash Flow	0.00	20.94M	45.44B	-5.28B	-3.33B	-6.75B
Financing Cash Flow	0.00	7.87B	-39.06B	-774.56M	-5.20B	-4.42B

Glenmark Pharmaceuticals Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2065.95
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:GLENMARK, the sentiment is Positive. The current price of 2065.95 is above the 20-day moving average (MA) of 2016.26, above the 50-day MA of 2013.60, and above the 200-day MA of 1909.25, indicating a bullish trend. The MACD of 30.51 indicates Negative momentum. The RSI at 67.07 is Neutral, neither overbought nor oversold. The STOCH value of 90.54 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:GLENMARK.

Glenmark Pharmaceuticals Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AUROPHARMA	74 Outperform	₹703.55B	20.35	―	0.33%	7.33%	-3.79%
ALKEM	72 Outperform	₹666.63B	28.46	―	0.80%	9.32%	11.25%
LUPIN	72 Outperform	₹1.06T	22.62	―	0.57%	15.49%	64.37%
BIOCON	63 Neutral	₹628.87B	80.58	―	0.12%	10.62%	-66.88%
GLAXO	63 Neutral	₹429.60B	42.64	―	2.16%	4.17%	41.51%
GLENMARK	53 Neutral	₹599.25B	56.64	―	0.24%	30.27%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Glenmark Pharmaceuticals Limited Corporate Events

Glenmark to Enter $66.8 Million U.S. Sodium Phosphates Injection Market in April

Glenmark Pharmaceuticals Inc., USA, a subsidiary of Glenmark Pharmaceuticals Ltd., will launch Sodium Phosphates Injection USP in three single-dose vial strengths that are bioequivalent and therapeutically equivalent to Hospira Inc.’s reference product. Distribution is set to begin in April 2026, targeting a U.S. market that generated about $66.8 million in sales over the 12 months to December 2025.

The move deepens Glenmark’s presence in the institutional channel by adding another injectable to its U.S. hospital-focused portfolio, reinforcing its strategy of supplying quality, affordable alternatives to branded therapies. Management framed the launch as part of a broader push to expand its injectable offerings in North America, potentially enhancing its competitive position in the generic injectables segment and offering cost-effective options for healthcare providers and patients.

Glenmark Says GST Department Search Has No Material Impact on Operations

Glenmark Pharmaceuticals has disclosed that the Goods & Service Tax Department, Mumbai, conducted a search, seizure and inspection operation at its offices under Section 67 of the Maharashtra Goods and Services Tax Act, 2017. The inspection, led by the Assistant Commissioner of State Tax (Investigation – B, Mumbai), ran from January 27 to January 31, 2026, with the company stating it fully cooperated by providing all requested documents and clarifications, and noting that no official document has been issued indicating adverse findings and that the exercise has had no material impact on its financials, operations or other activities.