Glenmark Pharmaceuticals Limited

BSE

GLENMARK

Stock

Yield per half year: +50.07%
Dividend yield: 0%

Reporting Glenmark Pharmaceuticals Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
Capitalization, bln ₹				203.3								599.55	599.55	401.42	71.73
Revenue, bln ₹				91.86	91.03	98.65	106.41	109.44	123.05	115.83	118.13	133.22	133.22	119.93	4.01
Net profit, bln ₹				9.16	7.74	9.25	7.76	9.7	9.42	2.97	-15.02	10.47	10.47	3.51	1.54
EV, bln ₹				239.97		217.28	97.78	162.81	150.21	160.26		439.77	439.77	202.17	35.08
EBIT, bln ₹	11.06	7.83	11.81	14.6	13.16	12.6	12.98	17.16	18.4					14.86	6.93
EBITDA, bln ₹					17.06	21.39	18.91	21.79	22.26	18.29			18.29	20.53	-3.08
OIBDA, bln ₹							24.3	28.94	28.63	18.32				25.05	-6.82
Book value, bln ₹				49.39	55.89	56.05	60.71	70.65	90.87	94.74	78.48	88.49	88.49	84.65	4.61
FCF, bln ₹					6.03	0.87	4.61	3.56	3.19	0.1763	-11.64	-15.77	-15.77	-4.0967	-234.67
Operating Cash Flow, bln ₹				6.57	16.48	13.24	13.92	11.31	11.09	6.26	-4.57	-8.28	-8.28	3.16	-193.95
Operating profit, bln ₹				14.6	12.61	14.27	13.15	16.85	15.79	3	-2.88	14.93	14.93	9.54	-2.39
Operating expenses, bln ₹				76.03	76.8	86.66	91.15	90.9	103.34	110.58	110.22	112.8	112.8	105.57	4.41
CAPEX, bln ₹				7.49	10.45	12.37	9.31	7.75	7.9	6.08	9.15	7.51	7.51	7.68	-0.63

	2017Q4	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	Average for 5 quarters	CAGR 5
Capitalization, bln ₹	164.97																							164.97	0.00
Revenue, bln ₹														34.64	115.83	30.36	32.07	24.6	30.16	32.23	34.34	33.88	32.56	32.63	1.54
Net profit, bln ₹														2.73	2.97	1.5	-0.8195	-3.51	-12.18	3.4	3.54	3.48	0.0465	-0.3427	-132.84
EV, bln ₹							162.81		166.34		150.21		136.8		153.1		259.74						439.77	227.92	23.97
EBIT, bln ₹	2.1	3.56	3.34	3.41	3.65	5.24							4.66	4.58	4.58	4.77								4.77	-1.86
EBITDA, bln ₹							5.32	6.32	5.77	5.29	4.88	6.15	7.19	7.31	-2.35	6								4.86	-0.49
Book value, bln ₹						64.95	70.65		86.61		90.87		95.73		94.74		93.27		78.48		84.46		88.49	87.89	-1.36
Operating Cash Flow, bln ₹						4.24	11.31		5.42		11.09		2.02		6.26		2.96		-4.57		-7.83		-8.28	-2.2920	-205.75
Operating profit, bln ₹														4.92	3	2.43	-0.0459	-3.56	3.71	4.7	4.82	4.77	0.63	3.73	-29.86
Operating expenses, bln ₹														29.34	28.42	28.6	28.4	28.16	26.45	27.53	29.19	28.24	27.84	27.85	1.03
CAPEX, bln ₹						4.16	7.75		3.49		7.9		3.3		6.08		4.11		9.15		2.47		7.51	5.86	4.32

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
Cash, bln ₹				10.56	12.33	9.36	11.1	11.38	14.11	11.59	16.58	16.76	16.76	14.08	8.05
Short-Term Investments ₹		0.1077			1.79	1.97	0.6966	0.764	0.3288	1.3	0.1213	0.9197	0.9197	0.6868	3.78
Long-Term Investments ₹	0.1837	0.1712	0.2816	0.2433										0.2200	7.28
Accounts Receivable ₹				30.56	30.43	28.28	24.09	25.72	31.01	36.65	18.58	33.42	33.42	29.08	5.38
Total Current Assets ₹				68.75	69.89	66.97	68.04	73.6	82.82	84.24	74.28	92.95	92.95	81.58	4.78
Net assets, bln ₹				27.45	28.89	33.32	40.68	41.76	46.12	41.95	35.37	38.61	38.61	40.76	-1.56
Assets, bln ₹				122.12	130.21	132.96	146.85	156.04	170.83	193.72	143.59	160.5	160.5	164.94	0.57
Short-Term Debt ₹				1.87	2.95	3.03	4.43	5.13	3.7	3.5	8.33	16.81	16.81	7.49	26.79
Long-Term Debt ₹				45.36	41.42	35.74	40.43	38.89	27.72	40.29	1.52	6.99	6.99	23.08	-29.05
Liabilities, bln ₹				72.73	74.32	76.9	86.14	85.39	79.97	98.98	65.11	72	72	80.29	-3.35
Net debt, bln ₹					34.06	35.12	37.58	35.49	22.6	29.05		5.18	5.18	25.98	-32.72
Debt, bln ₹				47.24	44.37	38.77	44.86	44.02	31.42	43.79	9.85	23.8	23.8	30.58	-11.57
Interest Income ₹			1.71	2.19	2.77	3.1	3.58	3.34	1.51	3.49				3.00	2.40
Interest Expense, bln ₹						3.35	3.77	3.53	2.98	3.5	5.16	2.07	2.07	3.45	-10.12
Net interest income, bln ₹				-2.19	-2.77	-3.32	-3.73	-3.5	-2.89	-3.5			3.49	-3.3880	1.06
Goodwill ₹	0.602	0.5797	0.5748	0.4789	0.521	0.5474	0.529	0.5801	0.6002	0.7362				0.5986	6.11
Cost of production, bln ₹				30.22	35.52	39.29	42.09	43.27	49.79	42.58	50.03	43.53	43.53	45.84	0.12
Inventory ₹				21.39	20.31	22.52	21.36	22.77	25	23.74	27.21	30.29	30.29	25.80	5.87

	2017Q1	2017Q3	2019Q1	2019Q3	2020Q1	2020Q3	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	Average for 5 quarters	CAGR 5
Cash, bln ₹						8.87	11.38		14.29		14.11		12.39		11.59		11.23		16.58		18.19		16.76	14.87	7.66
Short-Term Investments ₹						1.41	1.44		1.09		1.13		1.65		1.3		2.26		1.74		2.2		0.6245	1.62	-13.64
Long-Term Investments ₹	0.2433	0.5273																						0.3853	47.22
Accounts Receivable ₹						26.48	25.72		28.1		31.01		33.28		47.44		32.01		18.58		28.63		33.42	32.02	-6.77
Total Current Assets ₹						69.8	73.6		80.73		82.82		89.59		84.24		86.43		74.28		90.33		92.95	85.65	1.99
Net assets, bln ₹						40.73	41.76		43.37		46.12		49.03		41.95		43.26		35.37		35.5		38.61	38.94	-1.65
Assets, bln ₹						150.92	156.04		166.13		170.83		180.31		193.72		200.06		143.59		152.35		160.5	170.04	-3.69
Short-Term Debt ₹			3.03	4.15	4.43	3.63	5.13								4.96		10.44		9.91		15.62		16.81	11.55	27.65
Long-Term Debt ₹						25.96	38.89		24.05		25.72		35.28		40.29		40.43		1.52		1.4		6.99	18.13	-29.55
Liabilities, bln ₹						85.96	85.39		79.52		79.97		84.58		98.98		106.79		65.11		67.9		72	82.16	-6.17
Net debt, bln ₹							35.49		21.59		22.6		27.15		29.05		37.98						5.18	24.39	-25.52
Debt, bln ₹	92.6	87.45	38.77	35.19	44.86	29.59	44.02		26.3														23.8	33.71	-11.91
Interest Income ₹								0.756	0.6895	0.667	0.8686	0.5999	0.8307	0.9727	3.49	1.12	1.21							1.52	7.81
Interest Expense, bln ₹														0.9727	1.09	1.12	1.21	1.34	1.49	0.3958	0.4848	0.5229	0.6671	0.7121	-14.85
Net interest income, bln ₹									-0.6895	-0.667	-0.7742	-0.5999	-0.8307	-0.9727	-1.09	-1.12	-1.21	-1.34						-1.1465	6.62
Goodwill ₹			0.5474	0.5254	0.529	0.5582	0.5801		0.5904		0.6002		0.5609		0.7362		0.6895							0.6354	3.15
Cost of production, bln ₹														11.66	42.58	11.88	11.98	10.32	14.61	11.1	10.7	10.84	10.89	11.63	-5.71
Inventory ₹						22.03	22.77		25.31		25		28.65		23.74		26.5		25.13		28.4		30.29	26.81	4.99

Share

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
EPS	41.17	28.08	31.6	27.49	34.38	33.37	10.53	-53.22	37.11	37.11	12.43	1.54
Share price	595.05	692.25	347.5	493.2	528.3	424.5	854	1608.85	2124.65	2124.65	1108.06	32.09
Number of shares, mln	282.35		282.17	282.17	282.17	282.17	282.17	282.19	282.19	282.19	282.18	0.00
FCF/share			3.08	16.34	12.63	11.29	0.6248	-41.24	-55.89	-55.89	-14.5170	-234.64

	2017Q4	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	2025Q1	2025Q2	2025Q3	Average for 5 quarters	CAGR 5
EPS		6.82	9.23	9.66	10.53	7.15	-2.9	-12.45	-43.17	12.55	0.1648			-9.1610	-156.35
Share price		412.4	381.7	417.08	422.15	583.33	770.57	789.04			1464.1	1669.7	2130.7	1364.82	22.56
Number of shares, mln	282.35													282.35	0.00

	Average for 5 quarters	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
ROE, %			18.54	13.85	16.5	12.78	13.73	11.66	3.14	-19.13	11.83	11.83	22.89	4.25	-2.93
ROA, %			7.5	5.95	6.96	5.28	6.22	5.76	1.53	-10.46	6.52	6.52	13.61	1.91	0.95
ROIC, %		10.2	10.18	8.4	10.47	8	9.07	8.82	3	-16.2		-16.2	19.42	2.54	-215.16
ROS, %			9.97	8.5	9.38	7.29	8.86	7.65	2.57	-12.71	7.86	7.86	17.70	2.85	-2.37
ROCE, %	26.1	27.65	29.56	23.54	22.48	21.39	24.29	14.85			0	0	4.81	21.31	-8.80
EBIT margin						12.2	15.68	14.95			0	0	4.20	14.28	7.01
EBITDA margin				18.75	21.68	17.77	19.91	18.09	15.79		13.73	13.73	22.84	17.06	-5.03
Net margin			9.97	8.5	9.38	7.29	8.86	7.65	2.57	-12.71	7.86	7.86	17.70	2.85	-2.37
Operational efficiency, %			15.9	13.85	14.47	12.36	15.4	12.83	2.59	-2.43	11.2	11.2	17.50	7.92	-6.17
FCF yield, %											-2.63	-2.63	2.22	-2.6300	0.00

	2017Q1	2017Q3	2019Q1	2019Q3	2020Q1	2020Q3	2021Q1	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
ROE, %						3.6	3.31	2.97		1.71		2.72		3.89		-1.74		-15.52		4.19		0.0525			22.89	-1.8255	-57.73
ROA, %						1.55	1.5	1.55		0.9107		1.44		3.07		-0.8192		-8.48		2.32		0.029			13.61	-0.7760	-60.64
ROIC, %			2.72	2.72	2.74	2.48	2.65															0.6687			19.42	2.25	-24.47
ROS, %															4.94	-2.55	-14.28	-40.39	10.56	10.32	10.27	0.1428	-12.91	7.86	17.70	3.14	-5.30
ROCE, %	2.35	6.07		6.04	5.61	8.07						4.87		3.35											4.81	5.59	-11.12
EBIT margin															15.7										4.20	15.70	0.00
EBITDA margin								18.34	16.66	16.17	22.14	21.3	21.09	-2.03	19.76								15.72	13.73	22.84	13.65	-8.23
Net margin													7.87	2.57	4.94	-2.55	-14.28	-40.39	10.56	10.32	10.27	0.1428			17.70	-1.8194	-132.34
Operational efficiency, %															8.01	-0.1432	-14.46	12.29	14.59	14.03	14.1	1.93	5.42	11.2	17.50	9.34	-4.41

Coefficients

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
P/E	22.19		19.69	7.76	13.12	13.55	44.14		57.26	57.26	47.92	27.17	49.14
P/BV	4.12		3.25	0.9917	1.8	1.4	1.38	3.42	6.78	6.78	7.65	2.96	30.37
P/S	2.21		1.85	0.5657	1.16	1.04	1.13	2.27	4.5	4.5	5.59	2.02	31.14
P/FCF							1253.83	-18.99	-38.01	-38.01	212.14	398.94	-131.18
E/P	0.0451						0.0134	-0.0679	0.0175	0.0175	0.04	0.0020	-21.07
EV/EBIT				7.53	9.49	8.16		0	0	0	10.64	8.39	2.71
EV/EBITDA			10.16	5.17	7.47	6.75	8.76			8.37	16.19	7.66	-2.92
EV/S	2.61			0.9189	1.49	1.22	1.38	1.32	3.3	3.3	5.03	1.74	17.24
EV/FCF				21.21	45.67	47.16	909.04	-13.16	-27.88	-27.88	207.42	192.17	-190.60
Debt/EBITDA		2.6	1.81	2.37	2.02	1.41	2.39	2.53	1.3	1.3	1.40	1.93	-8.44
Netdebt/Ebitda		2	1.64	1.99	1.63	1.02	1.59	1.59	0.2834	0.2834	1.13	1.22	-29.52
Debt/Ratio	0.3868	0.3407	0.2916	0.3055	0.2821	0.1839	0.2261	0.0686	0.1483	0.1483	0.14	0.1818	-12.07
Debt/Equity	0.9563	0.7938	0.6916	0.7389	0.6231	0.3458	0.4622	0.1255	0.8137	0.8137	0.91	0.4741	5.48
Debt/Net Income	5.16	5.73	4.19	5.78	4.54	3.34	14.73	-0.656	2.27	2.27	6.82	4.84	-12.94
PEG									-1.46	-1.46	0.82	-1.4600	0.00
Beta							1.13	0.7727	-1.69	-1.69	0.31	0.0709	-214.36
Altman Index							3.22	3.87	10.32	10.32	9.45	5.80	47.44

	2017Q1	2017Q3	2017Q4	2019Q1	2019Q3	2020Q1	2020Q3	2021Q1	2021Q3	2022Q1	2022Q3	2023Q1	2023Q3	2024Q1	2024Q3	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
P/E			176.52					54.44	29.45	19.72	26.36	22.24			-49.92	-46.16			47.92	-5.5520	-218.54
P/BV			3.03					1.8	1.67	1.4	1.15	1.31	2.38	3.42	5.59	4.91			7.65	3.52	30.25
P/S			7.49					4.45	2.41	1.41	1.71	0.8293	1.5	1.51	4.89	3.37			5.59	2.42	32.37
P/FCF																	-18.99	-38.01	212.14	-28.5000	41.48
E/P			0.0057														-0.0679	0.0175	0.04	-0.0149	45.34
EV/EBITDA										6.75	5.57	8.37							16.19	6.90	7.43
EV/S													8.1			13.51	1.32	3.3	5.03	6.56	-20.11
EV/FCF																	-13.16	-27.88	207.42	-20.5200	45.55
Debt/EBITDA							5.65	8.28									2.53	1.3	1.40	4.44	-30.74
Netdebt/Ebitda								6.67	3.74	4.63	3.78	-12.36					1.59	0.2834	1.13	-0.4153	-42.80
Debt/Ratio	0.7583	0.6721		0.2916	0.2544	0.3055	0.196	0.2821								0.1483	0.3222	0.1483	0.14	0.2194	-5.42
Debt/Equity	1.87	1.6		0.6916	0.5969	0.7389	0.4555	0.6231								0.269	0.8297	0.8137	0.91	0.5982	12.30
Debt/Net Income	493.03	42.8		20.44	13.77	20.36	12.64	18.82								511.92	-3.08	2.27	6.82	108.51	-29.07
PEG																	-1.04	-1.46	0.82	-1.2500	18.48
Beta																1.21	1.22	-1.69	0.31	0.2467	-211.78
Altman Index																3.81	3.81	10.32	9.45	5.98	39.40

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
Dividend payout, bln	0.6785	0.6781	0.6788	0.6788	0.6855	0.7045	1.37	1.18	0.7044		0.7044		0.9289	0.55
Dividend	2	2	2	2	2.5	2.5	5	2.5	2.5		0		3.00	0.00
Dividend yield, %	0.2375	0.2778	0.3369	0.4135	0.6218	0.4612	1.35	0.3304	0.1441		0	0.80	0.5815	-25.35
Dividends / profit, %		7.4	8.77	7.34	8.83	7.26	9.84	45.96	-4.69	6.73	6.73	31.39	13.02	-1.50
Dividend coverage ratio						10.47	6.89	2.52	-21.32	14.86	14.86	86.71	2.68	7.25

	2014Q3	2015Q3	2016Q3	2017Q3	2018Q3	2019Q3	2020Q3	2021Q1	2021Q3	2022Q1	2022Q3	2023Q1	2023Q3	2024Q1	2024Q3	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
Dividend payout, bln							0.0014	0.7045	0.707	0.927	0.2208	1.37	0.00094	1.18	6.0E-5	0.7044				0.6511	-12.46
Dividend	2	2	2	2	2	2	2.5		2.5		5		2.5							2.90	4.56
Dividend yield, %	0.2973	0.1892	0.2315	0.3117	0.3257	0.4997	0.5447		0.4343		1.31		0.3244						0.80	0.6226	-8.28
Dividends / profit, %							0.0611	30.12	27.44	59.58	8.48	45.96	-0.1147	-9.67	0.0017	1514.88			31.39	310.21	101.19
Dividend coverage ratio														-10.35	59035.67	0.066	-12.75	14.86	86.71	11805.50	-207.50

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IFRS

Reporting Annual Quarterly

	2020	2021	2022	2023	2024	2025	LTM	CAGR 5
CAPEX/Revenue, %	8.75	7.08	6.42	5.25	7.74	5.64	5.64	-4.45
Staff, people				15 556	15 556			0.00

	2024Q1	2024Q3	2025Q1	CAGR 5
CAPEX/Revenue, %	30.33	7.18	23.06	-8.73

	CAGR 5