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Glenmark Pharmaceuticals Ltd

Q2 FY26

Glenmark Pharmaceuticals Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹2,318

Market cap₹63.7K Cr

P/E20.4

Updated23 Aug 2026

Read4 min read

The short version

Glenmark aims for approximately 15% annual sales growth going forward. Glenmark aims for a sales growth of around 15% annually going forward (Page 11 and 19).

From Glenmark Pharmaceuticals Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Glenmark aims for approximately 15% annual sales growth going forward. (Page 11)
India business showed 17% growth recently and is expected to return to an INR1,150-1,200 crore run rate from Q3 FY '26. (Pages 6, 13)
India business revenue is projected to exceed INR4,800 crores in FY '27. (Page 6)
U.S. business continues strong growth with upcoming respiratory launches and next 3 Sole FTF/exclusive products. (Page 6)

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Profitability & Margins

Glenmark aims for a sales growth of around 15% annually going forward (Page 11 and 19).
EBITDA margin target is approximately 23% immediately, improving to around 25% in the future (Page 11 and 19).
The company expects strong free cash flow generation starting FY '27 and beyond (Page 11 and 19).
ROCE is projected to improve from 25% to 30%, with a focus on further enhancement as the portfolio becomes more innovation-driven (Page 19).
Glenmark 3.0 phase is expected to bring a robust margin trajectory and strong balance sheet with zero gross debt (Page 8 and 19).

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Capital Expenditure Plans

Glenmark has allocated capital to its subsidiary IGI for capex at about $70 million per annum for the next 3 years, totaling approximately $210-225 million.
Most of this capex allocation has been managed through intercompany flows and treasury management within Glenmark entities.
The company expects continued investment in innovation, including multi-specific antibody platforms and next-generation programs, with assets entering clinical trials over the next 5 years.
Capex spent in H1 FY'26 was around INR 500 crores.
Glenmark emphasizes prudent capital allocation going forward focused on organic growth and innovation.

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Fundraising & Capital Structure

Glenmark aims to maintain a zero gross debt balance sheet going forward, indicating no plans for future debt fundraising.
For IGI (a Glenmark subsidiary), the company has allocated $70 million per annum for the next 3 years as capital, which will be self-funded through internal resources.
Beyond 3 years, IGI might explore additional funding via:
Milestones from partnered assets,
Potential new deals for existing programs,
Possibly an IPO to raise additional funds.

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Order Book & Pipeline

The provided pages of Glenmark Pharmaceuticals' Q2 FY '26 Earnings Call transcript do not explicitly mention the current or expected order book or pending orders details. Key focuses in the transcript include: - Strong growth outlook, especially for India business with expected FY '27 revenues over INR 4,800 crores. - Business entering "Glenmark 3.0" phase emphasizing branded-led growth globally. - Restocking anticipated in India market from Q3 after distributor inventory corrections. - U.S. business growth driven by respiratory launches and in-licensed products.

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Glenmark Pharmaceuticals Ltd — Quarterly revenue & net profit

Revenue Net profit

Sep 2024Q2 FY25

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Reported quarterly figures (₹ Cr). Latest (Q3 FY26): revenue ₹3.9K Cr, net profit ₹403 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Glenmark Pharmaceuticals Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Glenmark Pharmaceuticals Ltd Q2 FY26 results?

Glenmark aims for approximately 15% annual sales growth going forward. Glenmark aims for a sales growth of around 15% annually going forward (Page 11 and 19).

What is Glenmark Pharmaceuticals Ltd share price analysis?

Glenmark Pharmaceuticals Ltd currently shows a neutral. The stock trades at a P/E of 20.4 with a market cap of ₹63,749 Cr. Investors should review the full earnings analysis for detailed insights.

Is Glenmark Pharmaceuticals Ltd planning capital expenditure?

Glenmark has allocated capital to its subsidiary IGI for capex at about $70 million per annum for the next 3 years, totaling approximately $210-225 million.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.