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Revenue
₹6,046.9 Cr
verified against source
Revenue YoY
76%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Glenmark's Q2 FY26 consolidated revenue surged 76% YoY to INR 6,047 crore, driven by the ISB 2001 out-licensing income. Excluding this, US core business grew 7.4%. India formulation sales declined 9% due to GST-driven distributor destocking, but management expects a INR 1,150-1,200 crore quarterly run-rate from Q3. The company used the deal proceeds to repay all debt, becoming net cash positive, and discontinued high-cost pre-collection practices, which temporarily increased receivables. EBITDA margin guidance is 23%, targeting 25%+ over time. FY27 revenue guidance is INR 17,000-18,000 crore. Key risks include execution on the India distribution transition and potential future litigation costs.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects India formulation sales to return to INR 1,150-1,200 crore per quarter from Q3 FY26, with FY27 revenue exceeding INR 4,800 crore.
- Management guided for FY27 consolidated revenue of INR 17,000-18,000 crore, implying ~15% growth over FY26 run-rate.
- EBITDA margin to trend towards 23% immediately and strengthen to 25%+ over time, driven by discontinuation of pre-collections and operating leverage.
- Management targets zero gross debt by March 2026, with strong free cash flow generation from H2 FY26.
Risks flagged
- The unexpected GST regime change caused a one-time reduction in distributor inventories, impacting primary sales. While management expects normalization, future regulatory changes could again disrupt the three-tier model.
- Analysts questioned the frequency of write-offs (Monroe, litigation, India). Management assured no further corrections, but past unpredictability raises concerns about controls.
- Management confirmed litigation cash outflows of slightly less than INR 800 crore over the next few years, which could pressure cash flows if not managed.
Key quotes
- Post Q2, Glenmark is entering a new phase called Glenmark 3.0. I see Glenmark in the next 5 to 10 years as a glorious phase for the firm.
- The ISB 2001 deal clearly vindicates our years of investment in innovation. With this deal and with the receipt of INR 700 million, we are able to pay down all our debt, and we're net cash positive.
- We have now made a very standard process of the provisioning norms. Going forward, I can assure you... we have now made it on a basis of principles.
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