Glenmark Pharmaceuticals Ltd

Q3 FY26

Glenmark Pharmaceuticals Q3 FY26 earnings call: Revenue & Margins

Q3 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

Read6 min read

The short version

TEVIMBRA and BRUKINSA showing strong sales with massive current run rate (Page 17). - FY '28 expected to exceed $50 million collectively from new assets excluding RYALTRIS (Page 17). - India market growing strong at 19% vs market growth of 10-11%; expected to remain strong for 3-5 years with oncology and chronic respiratory driving growth (Page 17). - Europe business anticipated to grow at high single to low double digits in coming years, aided by new respiratory product launches like RYALTRIS and WINLEVI (Page 10). - Next 5 years’ growth driven by 7-8 innovative assets including Aumolertinib, Hengrui assets, RYALTRIS, WINLEVI, TEVIMBRA, BRUKINSA (Page 9). - U.S. FY '28 is expected to see significant growth driven by launches of innovative assets including Aumolertinib and Hengrui products. - EBITDA margins expected to expand beyond current guidance due to increasing branded mix, emerging market strength, and operating leverage from fixed cost base. - India business projected to sustain strong growth with a 19% growth in December vs.

From Glenmark Pharmaceuticals Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

TEVIMBRA and BRUKINSA showing strong sales with massive current run rate (Page 17).
FY '28 expected to exceed $50 million collectively from new assets excluding RYALTRIS (Page 17).
India market growing strong at 19% vs market growth of 10-11%; expected to remain strong for 3-5 years with oncology and chronic respiratory driving growth (Page 17).
Europe business anticipated to grow at high single to low double digits in coming years, aided by new respiratory product launches like RYALTRIS and WINLEVI (Page 10).
Next 5 years’ growth driven by 7-8 innovative assets including Aumolertinib, Hengrui assets, RYALTRIS, WINLEVI, TEVIMBRA, BRUKINSA (Page 9).

2 more points management made on revenue & sales performance

Profitability & Margins

FY '28 is expected to see significant growth driven by launches of innovative assets including Aumolertinib and Hengrui products.
EBITDA margins expected to expand beyond current guidance due to increasing branded mix, emerging market strength, and operating leverage from fixed cost base.
India business projected to sustain strong growth with a 19% growth in December vs. 10-11% market growth, supported by chronic respiratory and oncology launches.
Europe to grow at high single to low double digit in constant currency, supported by upcoming respiratory product launches and RYALTRIS sales.
Specialty and innovative portfolio (e.g., oncology assets like TEVIMBRA, BRUKINSA) expected to have higher gross and EBITDA margins, contributing to margin uplift from FY '28 onwards.
Capex maintained at INR800 crores annually to support commercial and R&D expansions, aiding growth trajectory.

2 more points management made on profitability & margins

See what Glenmark Pharmaceuticals Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Planned capex for the next fiscal year is around INR 700-800 crores annually.
Investments primarily go into:
Ongoing capex on plants and expanding current manufacturing lines and facilities.
Strategic in-licensing products such as the Hengrui asset.
No current in-house biologic manufacturing; biologics manufacturing is outsourced, but future developments unknown.
Capex mix: approximately 55% intangible assets (e.g., licensing, product acquisition) and 45% tangible assets (e.g., plant expansion).
Capex for the recent quarter was around INR 215 crores, with year-to-date capex at INR 715 crores.

2 more points management made on capital expenditure plans

Fundraising & Capital Structure

There is no specific mention or visibility provided on any upcoming new fundraising through debt or equity in the provided document pages.
The company remains net cash positive with around INR600 crores net cash and gross debt close to INR600 crores as of December 31, 2025.
Capex for the next fiscal year is planned around INR700-800 crores, mostly for plant expansions and in-licensing products, but no mention of raising new funds for these.

2 more points management made on fundraising & capital structure

See what Glenmark Pharmaceuticals Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The transcripts from Glenmark Pharmaceuticals Limited's Q3 FY '26 Earnings Conference Call do not explicitly mention current or expected orderbook or pending orders. However, some related operational insights include: - Glenmark expects at least 3 complex injectable filings annually from the Monroe site, with commercial production starting this quarter (Page 9). - Specialty products like RYALTRIS are growing significantly, with expectations to reach $200-250 million over 3-5 years (Page 16).

- New innovative assets like Aumolertinib and Hengrui portfolio are projected to drive meaningful revenue growth from FY '28, exceeding $50 million excluding RYALTRIS (Page 17). - The company is prepared for product launches tied to licensing deals, with milestone payments expected in Q4 or early next quarter (Page 12). No specific numbers or direct commentary on orderbook or pending orders were disclosed.

2 more points management made on order book & pipeline

Glenmark Pharmaceuticals Ltd — Quarterly revenue & net profit

Revenue Net profit

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

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

Full financials →

What Glenmark Pharma.'s management said in earlier quarters

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Frequently Asked Questions

What were Glenmark Pharmaceuticals Ltd Q3 FY26 results?

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?

Planned capex for the next fiscal year is around INR 700-800 crores annually.

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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.