GLENMARK · Healthcare
Glenmark Pharmaceuticals Ltd. reported revenue of ₹3,771 cr for January to March 2026, +15.8% on the year and −3.3% on the quarter. Over the last four quarters revenue comes to ₹16,983 cr, +27.5% on the four before.
Operating profit (EBITDA) was ₹763 cr, a margin of 20.2%, +300 bps on the year and −207 bps on the quarter. Over the last 8 quarters the margin has ranged from 17.2% to 39.0%, averaging 21.2%. Operating costs grew +11.6% against revenue growth of +15.8%, so more of each rupee of sales reached operating profit.
Net profit was ₹301 cr, +7,425.0% on the year and −25.3% on the quarter, with earnings per share of ₹10.68. Profit before other income, one-offs and tax grew 55.0%, so 7,370 points of the headline growth came from outside the core business. The tax rate was 22% against an average of 33% over the previous 7 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹1,361 cr, +30.1% on the four before.
On earnings per share of ₹48.26 over the last four quarters, the stock at ₹2,225.30 trades at 46.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, 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 +7,425.0% on the year; profit before other income, exceptional items and tax +55.0%.
Source: Quarterly statements
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 22.0% against 39.3% over the previous quarters, worth about ₹66.9 cr of profit.
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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹3,771 cr (+15.8% on the year) and net profit of ₹301 cr (+7,425.0% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved +55.0% on the year, against +7,425.0% for reported profit.
2 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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