Scope

As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI

NSE: GLENMARK· HealthCareValue · Aug 26Mid cap

Glenmark Pharmaceuticals

Turnaround: net cash, innovation royalties

Last close: ₹2,441.50; 29 Sept 2026 · reference
1D · 1M: +5.0% · −2.9%; price-only
Weight: 2.4%; 31 Jul 2026 · Aug rank 11
Thesis review: 8 Sep 2026; Why We Own, p41

Coverage owner: Research (per book); latest results Q Jun-26Screener ↗Tijori ↗NSE ↗

Analysis · industrial rules · FY21–FY26

What the numbers say

data to 30 Jun 2026

Growth

4.4

Profitability

4.7

Balance sheet

4.0

Cash conversion

3.3

Valuation

3.9

Sales16,983 cr FY26

Net Profit1,362 cr FY26

Operating margin26.9% FY26

ROCE36.3% FY26

Revenue CAGR 3y

13.6%

5y 9.2%

Net profit CAGR 3y

66.1%

5y 7.0%

Operating margin

26.9%

3y avg 14.0%

CFO / PAT, 3y

2.59x

FCF ₹-648 cr cumulative

ROCE

36.3%

3y avg 25.9%

Debt / equity

0.00x

interest cover 10.5x

Cash conversion cycle

-187 days

-111 days three years earlier

P/E

38.7x

PEG 0.6 on 3y PAT growth

Promoter holding

46.6%

FII 20.9% · DII 18.6%

Growth. Revenue compounded 13.6% a year over FY23–FY26, net profit 66.1%; the latest year grew 27.5% (profit 30.1%). · Tijori P&L, annual
Margins. Operating margin 26.9% in FY26, +13.0 pp against the prior three-year average. · Tijori P&L (OPM)
Cash conversion. Operating cash flow was 2.59x reported profit across the last three years; free cash flow of minus ₹648 cr after capex. · Tijori cash flow vs P&L
Returns on capital. ROCE 36.3% and ROE 13.0% in FY26 (three-year average ROCE 25.9%). · Tijori ratios sheet
Balance sheet. Effectively debt-free. · Tijori ratios sheet
Working capital. Cash conversion cycle shortened from -111 to -187 days over three years. · Tijori ratios sheet
Valuation. 38.7x trailing earnings, 11.7x EV/EBITDA, 5.8x book — 0.6x the three-year profit growth rate; dividend yield 0.1%. · Tijori valuation ratios at the latest price
Latest quarter. Q Jun-26: revenue 23.1% YoY, net profit 930.5% YoY; 4 of the last 4 quarters grew revenue year on year. · Tijori quarterly results

Forensic flags · Tijori

Accounting & Shareholding

Contingent Liabilities: Company does not have significant contingent liabilities
Depreciation Effect: Depreciation accounting is not leading to increase in profits
Other Income: Other income is not affecting ratios of the company
Pledge: Promoters have not pledged a significant portion of their holding
Retail Holding: Retail has been buying the stock which is usually a sign of exuberance
Promoter Holding: Promoter has not sold any shares in the last 90 days
Revenue Recognition: Company is converting accounting profit to cash

Price & Performance

Capex vs ROCE: Roce of the company has increased over the last three years
ROE: Net profit margin is responsible for roe increase over last 10 years
Share price: Share price has increased over last 10 years due to earnings
Working Capital: Working capital of the company seems to be under control
Current vs Historic Valuation: Company is trading at a discount to 3yr historic valuations
Debt: Company should not have issues servicing its debt
Sales Growth: Sales of the company has grown at a slow pace
Margin Stability: Margins of the company are volatile
ROCE Strength: Roce of the company is not consistently strong
Balance Sheet Strength: Balance sheet of the company is strong. but it might have issues paying it suppliers

Rules over the stated numbers only — CAGRs need positive start and end values, margins use the company's own OPM line, cash conversion is cumulative operating cash flow over cumulative profit for the last three fiscal years. Scores are 0–5 rule outputs, not a recommendation. Source: Tijori Finance normalised statements; Buoyant's own estimates are shown separately below and never blended in.

Cross-check

Same metric, every source · Glenmark Pharmaceuticals

Where the app shows the same metric in more than one place, this table lists each figure with its period and definition. No two sources disagree on the same period and definition; every difference below is a period or definition difference.

Metric	Source	Period	Definition	Value	Verdict
Return on equity	Tijori ratio table	FY26	net profit ÷ year-end equity (Tijori)	12.96%	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	TTM	trailing 12 months (Tijori)	12.96%
	House model (one-pager)	FY26	net profit ÷ average equity, standalone	23.60%
Net profit	Tijori P&L	FY26	consolidated, annual	₹1,362 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori P&L	TTM Jun-26	trailing 12 months	₹1,798 cr
	Tijori screener	TTM	trailing 12 months	₹1,797 cr
	House model (one-pager)	FY26	standalone, annual	₹1,362 cr
	Tijori quarterly table	Q Jun-26	single quarter	₹483 cr
P/E	Tijori screener	TTM at 2026-09-25	price ÷ trailing EPS	38.60x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori ratio table	FY26 year-end	year-end price ÷ that year's EPS	44.21x
	House model (one-pager)	FY27E	FY27E / FY28E P/E (Buoyant sheet)	38.90x
P/B	Tijori screener	at 2026-09-25	price ÷ book value per share	6.61x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
P/B	Tijori ratio table	FY26 year-end	year-end price ÷ book value	5.75x
Market cap	BSE master	2026-09-25	BSE full market cap	₹69,766 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	latest Tijori refresh	price × shares	₹69,511 cr
	House one-pager	31-Jul-26	as printed	₹61,810 cr
Promoter holding	Tijori screener	latest filing	% of shares	46.65%	One source

Tolerance for a conflict: 1.5% on the same period and definition (3% for market cap, which moves with the price date). Tijori's ratio table uses its own definitions; the quarterly table and operating metrics carry the company's reported figures; the house model is standalone and dated.

Trend

Sales and net profit, FY

₹ crore. Actuals only; the last column is a TTM where labelled. Estimates are shown separately below with an "E" and never blended into this series.

Buoyant estimates

Model table from the research book

Buoyant estimates
₹ crore / %	FY24	FY25	FY26
Revenue (₹ cr)	11,813	13,322	16,983
EBITDA (₹ cr)	1,195	2,351	4,572
Net profit (₹ cr)	-1,434	1,047	1,362
ROE (%)	-3.0	n.a.	23.6

Estimate columns (E) are in green italics.

Consolidated where reported · standalone not separately available in this source

Income statement (annual)
₹ crore unless %	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	TTM Jun-26
Sales	9,103	9,865	10,641	10,944	12,305	11,583	11,813	13,322	16,983	17,737
Operating Expenses	7,488	8,280	8,943	8,860	9,985	9,948	10,618	10,970	12,410	12,940
Raw Material	2,830	3,342	3,496	3,809	4,323	4,445	4,548	4,501	5,298	2,830
Material Cost (%)	32.55	33.28	34.06	33.08	35.04	36.30	36.84	32.18	27.60	14.10
Employee Cost	1,872	2,056	2,255	2,344	2,447	2,601	2,868	3,022	3,578	3,750
Power & Fuel Cost	137	165	174	165	201	112	124	131	134	—
Operating Profit	1,615	1,586	1,698	2,084	2,320	1,635	1,195	2,351	4,572	4,797
Other Income	91	208	160	50	167	289	840	114	461	500
OPM (%)	17.75	16.07	15.96	19.05	18.86	14.12	10.12	17.65	26.92	27.04
Depreciation and Amortisation	302	326	417	444	487	569	582	486	573	617
Interest	286	335	377	353	298	349	516	207	209	204
Profit Before Tax	1,119	1,301	1,096	1,382	1,441	240	36	1,399	1,985	2,533
Tax	315	376	320	412	448	329	1,867	352	623	735
Net Profit	804	925	776	970	942	297	-1,502	1,047	1,362	1,798
Number of shares(Crs)	28	28	28	28	28	28	28	28	28	—
Dividend Payout Ratio(%)	7.02	6.10	9.09	7.27	7.49	23.73	—	6.74	5.18	—

Consolidated where the company reports consolidated; Tijori Finance normalisation of company filings. Fiscal years end 31 March; "TTM" columns are trailing twelve months to the stated quarter. Quarterly growth is year-on-year (same quarter, prior year). Quarterly balance-sheet and cash-flow data are not disclosed and are not implied. General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA.

Ratios

Sector-appropriate ratios

Ratio	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Interest Coverage Ratio	7.28	4.92	4.89	3.90	4.92	5.83	1.69	1.07	7.76	10.51
Cash Conversion Cycle	-92.51	-43.43	-150.00	-150.00	-152.00	-123.00	-111.00	-122.00	-170.00	-187.00
Inventory Days	73.65	83.59	37.13	33.77	31.90	31.35	31.52	32.19	35.23	34.05
Days Receivable	97.29	94.95	39.24	35.43	36.01	37.24	43.76	36.38	33.06	43.78
Days Payable	263.00	222.00	227.00	219.00	220.00	192.00	186.00	190.00	238.00	265.00
Debt to Equity Ratio	1.05	0.90	0.79	0.80	0.66	0.40	0.46	0.13	0.25	0.00
Free Cash Flow/Sales (%)	-0.83	6.87	7.24	5.80	4.17	2.60	0.65	-9.83	-11.83	12.30
Free Cash Flow(est) (Crs)	-75.98	625.00	714.00	617.00	456.00	320.00	74.86	-1,162.00	-1,576.00	2,090.00
Gross Margin (%)	72.22	67.45	66.72	65.94	66.92	64.96	63.70	63.16	67.82	72.40
Op Profit Margin (%)	22.17	17.75	16.07	15.96	19.05	18.86	14.12	10.12	17.65	26.92
Net Profit Margin (%)	12.07	8.83	9.38	7.29	8.86	7.65	2.57	-12.71	7.86	8.02
ROCE (%)	23.35	17.59	18.62	15.82	17.14	18.68	10.41	19.40	22.09	36.30
ROIC (%)	20.03	14.25	13.13	11.56	13.45	13.91	-4.26	-637.00	20.07	25.95
ROE (%)	24.68	15.57	16.50	12.78	13.73	10.36	3.14	0.00	11.83	12.96
Net Profit Margin (%)	12.07	8.83	9.38	7.29	8.86	7.65	2.57	-12.71	7.86	8.02
P/E	21.83	18.51	19.69	7.49	13.51	13.25	44.14	n.m.	41.50	44.21
Price to Book	5.39	2.89	3.26	0.96	1.86	1.38	1.39	3.45	4.92	5.75
EV/EBITDA	13.44	10.71	12.11	5.15	7.80	5.93	8.48	12.95	17.83	11.73
Dividend Yield (%)	0.23	0.38	0.31	1.21	0.54	0.57	0.54	0.26	0.16	0.12

General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA. Suppressed for this preset: none.