Glenmark Pharmaceuticals Management Guidance Tracker

12 forward-looking guidance items tracked across 3 quarters.

Margins

Q1 FY26EBITDA margin to stabilize at 23%+ from Q3 FY26Tracked

Management guided that EBITDA margin will stabilize close to 23% plus range from Q3 onwards, excluding Q2 which will be impacted by IGI deal accounting.

Q2 FY26EBITDA margin of 23% immediately, targeting 25%+Active

Post balance sheet cleanup, EBITDA margin will trend to 23% and strengthen to over 25% in coming years.

Q3 FY26EBITDA margin guidance of 23% sustainableActive

Management reiterated that the 23% EBITDA margin is sustainable and expects improvement from FY28 onwards as innovative assets scale.

Growth

Q1 FY26India business to grow 10-15% CAGR over 3-5 yearsTracked

Management expects India business to grow at 10-15% CAGR over the next 3-5 years, with secondary and reported growth converging from Q3.

Q1 FY26Europe and emerging markets to return to double-digit growth in FY26Active

Europe region expected to return to double-digit growth from Q2 onwards, and emerging markets anticipated to grow double-digit on constant currency basis in FY26.

Other

Q1 FY26Monroe facility to restart commercial manufacturing this yearTracked

Management expects to restart commercial manufacturing at the Monroe facility this year, pending FDA resolution of observations.

Q2 FY26Zero gross debt by FY26 endTracked

Management committed to fully repay all gross debt by March 2026, maintaining a net cash positive balance sheet.

Q3 FY26Gross debt zero by March 2026Active

The company targets gross debt to be zero by March 2026, supported by net cash positive position of ~₹600 crore.

Q3 FY26Net working capital days at 115 by March 2026Active

Working capital days are expected to normalize to 115 days by year-end, with current levels already at ~110 days.

Revenue

Q2 FY26India business run-rate of ₹1,150-1,200 crore from Q3 FY26Active

Management expects India formulation sales to normalize to ₹1,150-1,200 crore per quarter starting Q3 FY26, with FY27 revenue exceeding ₹4,800 crore.

Q2 FY26FY27 consolidated revenue target of ₹17,000-18,000 croreTracked

Management guided FY27 topline between ₹17,000-18,000 crore, implying ~15% growth over FY26 estimated run-rate.

Q3 FY26Flovent 44 mcg ANDA approval expected in Q4Active

Management expects USFDA approval for generic Flovent 44 mcg in Q4 FY26, which could drive US growth.