Glenmark Pharmaceuticals (GLENMARK) Q3 25/26 earnings summary

Executive summary

• Consolidated revenue for Q3 FY26 was INR 39,600 million, up 15.1% YoY; nine-month revenue at INR 132,119 million, up 31.3% YoY.

• Broad-based growth across India, North America, Europe, and emerging markets, with India and specialty products driving performance.

• Innovation-led growth with multiple launches in respiratory, oncology, and dermatology, including new COPD therapies and strong uptake of TEVIMBRA, BRUKINSA, and RYALTRIS.

• Unaudited financial results for Q3 and nine months ended 31 December 2025 were approved by the Board on 30 January 2026.

• Results include both standalone and consolidated financials, reflecting the performance of the parent and subsidiaries.

Financial highlights

• Q3 FY26 consolidated revenue grew 15.1% YoY to INR 39,600 million; nine-month revenue up 31.3% YoY.

• EBITDA margin for Q3 FY26 was 22.3%–23%; PAT stood at INR 4,032 million, including an exceptional item of INR 1,843 million due to new labour codes.

• Net cash position at INR 1,200 crore as of December 2025; gross debt at INR 600 crore.

• R&D expense for the quarter was INR 290 crore, with about 50% related to IGI.

• CapEx for the quarter was INR 215 crore; YTD CapEx at INR 715 crore (55% intangible, 45% tangible).

Outlook and guidance

• Strong finish to FY26 expected, with continued growth in the U.S. and India, and new respiratory launches anticipated in Q4.

• Guidance to maintain EBITDA margin at 23% on a sustainable basis; margin expansion expected from FY28 as innovative assets scale.

• Working capital cycle targeted at 115 days by March 2026; currently at 110 days.

• CapEx for FY27 expected to be INR 800 crore, focused on plant expansion and in-licensing.

• The company continues to monitor the impact of new labour codes and regulatory changes, with provisions recognized for estimated impacts.