GLENMARK · Healthcare
Glenmark Pharmaceuticals Ltd. reported revenue of ₹4,018 cr for April to June 2026, +23.1% on the year and +6.5% on the quarter. That is faster than this quarter has grown in recent years (+3.7% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹17,737 cr, +32.9% on the four before.
Operating profit (EBITDA) was ₹805 cr, a margin of 20.0%, +223 bps on the year and −20 bps on the quarter. Over the last 8 quarters the margin has ranged from 17.2% to 39.0%, averaging 21.5%. Operating costs grew +19.8% against revenue growth of +23.1%, so more of each rupee of sales reached operating profit.
Net profit was ₹483 cr, +927.7% on the year and +60.5% on the quarter, with earnings per share of ₹17.11. Profit before other income, one-offs and tax grew 46.8%, so 881 points of the headline growth came from outside the core business. The tax rate was 25% against an average of 32% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹1,797 cr, +138.6% on the four before.
On earnings per share of ₹63.71 over the last four quarters, the stock at ₹2,225.30 trades at 34.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +927.7% on the year; profit before other income, exceptional items and tax +46.8%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,207 cr | ₹2,507 cr | ₹3,063 cr | ₹3,244 cr | ₹3,434 cr | ₹3,388 cr | ₹3,256 cr | ₹3,264 cr | ₹6,047 cr | ₹3,901 cr | ₹3,771 cr | ₹4,018 cr |
| YoY | — | — | — | +7% | +7% | +35% | +6% | +1% | +76% | +15% | +16% | +23% |
| EBITDA margin | 14.4% | −8.3% | 16.5% | 18.1% | 17.5% | 17.7% | 17.2% | 17.8% | 39.0% | 22.3% | 20.2% | 20.0% |
| Other income, % of PBT | — | — | 63% | 7% | 8% | 7% | −4,513% | −309% | −122% | −26% | −47% | 10% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | — | — | — | 26% | 25% | 24% | 45% | 51% | 37% | 24% | 22% | 25% |
| Net profit | −₹62.0 cr | −₹331 cr | −₹1,214 cr | ₹340 cr | ₹354 cr | ₹348 cr | ₹4.0 cr | ₹47.0 cr | ₹610 cr | ₹403 cr | ₹301 cr | ₹483 cr |
| YoY | — | — | — | +97% | — | — | — | −86% | +72% | +16% | +7,425% | +928% |
| Core profit YoY | — | — | — | +136% | +118% | — | +81% | −9% | +396% | +59% | +55% | +47% |
| EPS | −₹2.90 | −₹12.45 | −₹43.17 | ₹12.06 | ₹12.55 | ₹12.33 | ₹0.16 | ₹1.66 | ₹21.63 | ₹14.29 | ₹10.68 | ₹17.11 |
| Flags | · | · | 1 | 1 | 1 | 1 | 1 | ✓ | ✓ | 1 | 2 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Glenmark Pharmaceuticals Ltd. reported revenue of ₹4,018 cr (+23.1% on the year) and net profit of ₹483 cr (+927.7% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +46.8% on the year, against +927.7% for reported profit.
1 check raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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