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
Where the price sits
52-week range, house target and street targets
52w low ₹1,81052w high ₹2,515
- Reference close₹2,442
- ICICI Securities · HOLD₹2,100
Range from reference closes; street targets from the PDFs on file (Research & documents). Internal target is never shown to prospects.
Investment case and valuation
Approved model, 8 Sep 2026 review
₹2,452
Price (2026-09-07)
38.9x / 27.5x
FY27E / FY28E P/E (Buoyant sheet)
14.7%
FY27E ROE (Buoyant sheet)
22.2x
Trailing P/E
6.6x
Price / book
38%
EPS CAGR FY26–28E
TTM PE of 22.2x is flattered by the FY26 ISB 2001 licensing income; on MOSL FY27E EPS the stock is ~32x vs the 20-25x brokers use as target multiples. 5-year average PE not sourced (unverified). EV/EBITDA 15.0x; dividend yield 0.2%.
- Model date
- 8 Sep 2026 (prices 7–8 Sep 2026)
- Horizon
- 12 months (bank pages: Sep-2027 roll-forward)
- Audience
- Internal — the book's guardrail: do not quote a target to a client; quote the thesis and the risk
- Reviewer · version
- Investment Committee framework · v1 (book)
Current vs history
Trailing multiples, FY-end
| Ratio | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 21.8x | 18.5x | 19.7x | 7.5x | 13.5x | 13.3x | 44.1x | n.m. | 41.5x | 44.2x |
| Price to Book | 5.4x | 2.9x | 3.3x | 1.0x | 1.9x | 1.4x | 1.4x | 3.5x | 4.9x | 5.8x |
Tijori FY-end multiples on reported earnings/book; compatible definitions across years, but not the same basis as Buoyant's forward P/E on internal EPS.
UnavailableScenario lab disabled. Needs an approved forward EPS and forward P/E for Glenmark Pharmaceuticals plus a reference price. Missing inputs are not substituted.