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Revenue
₹3,264.4 Cr
verified against source
Revenue YoY
0.6%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
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Quarter read
What the record says.
Glenmark's Q1 FY26 consolidated revenue was INR 32,644 million, up 0.6% YoY, with India formulation growing 3.7% and North America up 8.9% QoQ to $91M. Europe declined 4% YoY but management expects double-digit growth from Q2. The India business saw secondary sales growth of 15.1% (IQVIA), significantly ahead of reported growth due to tail-end brand discontinuations. Key launches include LIRAFIT (liraglutide biosimilar) with >50% market share, and oncology brands TEVIMBRA and BRUKINSA. The IGI-AbbVie deal for ISB-2001 is expected to close in September, improving net debt to cash positive. EBITDA margin guidance of 23%+ from Q3 FY26. Risk: Monroe facility FDA observations remain unresolved, delaying commercial manufacturing and injectable filings.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided that EBITDA margin will stabilize close to 23%+ from Q3 FY26 onwards, including the impact of generic Flovent launch.
- Management expects India business to grow at 10-15% CAGR over the next three to five years, driven by branded products and new launches.
- Management anticipates Europe region returning to double-digit growth from Q2 FY26 and expects double-digit growth for full year FY26.
- Management expects emerging markets to record double-digit growth in FY26 on a constant currency basis.
Risks flagged
- The Monroe facility has five FDA observations; management is awaiting FDA response and hopes to restart commercial manufacturing this year, but timeline is uncertain.
- Glenmark USA is involved in multidistrict antitrust litigation; settled with direct purchaser class for $37.75M, but other classes remain, with no visibility on timeline.
- India reported growth of 3.7% lags secondary sales growth of 15.1% due to tail-end brand discontinuations; convergence expected only from Q3.
- Net debt increased to INR 1,500 crore due to inventory buildup for launches and one-time payments; management expects stabilization but no specific timeline.
Key quotes
- We are very confident that the India business growth will be strong. I think post-Q3, you should see the numbers play out quite significantly.
- Q3 onwards, the EBITDA margin trajectory should stabilize close to a 23% + range. 23% is what we are guiding.
- We are hoping that this year we will restart commercial manufacturing. That's our view on Monroe.
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