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Revenue
₹3,901 Cr
verified against source
Revenue YoY
15.1%
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Glenmark delivered a strong Q3 FY26 with consolidated revenue of INR 3,960 crore, up 15.1% YoY, driven by broad-based growth across markets and currency tailwinds. India formulation grew 22.1% YoY, outperforming the IPM, while the US business (ex-outlicensing) grew 4.1%. EBITDA margin came in at 23%, in line with guidance. Management highlighted the ramp-up of innovative assets (RYALTRIS, TEVIMBRA, BRUKINSA) and the Monroe facility restart as key growth levers. Guidance for FY26 remains strong, with expectations of US respiratory approvals in Q4 and a net cash positive balance sheet. Risks include delayed US approvals and working capital normalization.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated guidance of 23% EBITDA margin on a sustainable basis, with potential upside from new product approvals.
- Targeting net working capital days of 115 by end of FY26, with current levels at ~110 days.
- Company remains on track to achieve gross debt zero by March 2026.
- Expecting FLOVENT 44 and other respiratory product approvals in Q4, which will drive US growth.
Risks flagged
- FLOVENT 44 approval is pending; any delay could impact Q4 US revenue growth.
- Analyst questioned the quantum of currency benefit; management could not quantify, indicating potential overstatement of organic growth.
- Excluding out-licensing income, gross margin was lower at 65% due to product mix; recovery depends on new approvals.
- Despite progress, working capital days remain a focus; any slippage could impact cash flow targets.
Key quotes
- RYALTRIS will be a $100 million product for us this year and continues to scale as we go forward.
- We remain confident of closing FY 26 on a strong note and foresee a good start off to our next growth journey of Glenmark 3.0 from 2027 onwards.
- The next five years continue to remain pretty exciting for Glenmark in terms of growth, performance across all the parameters.
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