India · Delayed Price · Currency is INR Glenmark Pharmaceuticals Earnings Call Transcripts
Fiscal Year 2026
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Q3 FY 2026 saw 15.1% YoY revenue growth, strong performance in India, North America, and Europe, and robust expansion of innovative assets. Margin profile remained healthy at 23%, with net cash position and working capital targets on track. Growth outlook is positive, driven by new launches and specialty products.
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Q2 FY26 revenue grew 76% year-over-year, driven by strong North America and Europe performance, while India sales were temporarily impacted by GST-related inventory adjustments. The company is now net cash positive, has repaid all debt, and expects double-digit growth, higher margins, and robust free cash flow in the coming years.
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Q1 FY2026 saw modest consolidated revenue growth, strong India and North America performance, and robust launches in oncology and diabetes. Gross margin remains strong at 68-69%, with EBITDA margin expected to stabilize at 23%+ from Q3. Net debt stands at INR 1,500 crore.
Fiscal Year 2025
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Q4 FY2025 revenue grew 6.3% YoY, with strong Europe and ROW performance offsetting North America weakness. FY2026 guidance targets 10%-12% revenue growth, 19%-20% EBITDA margin, and INR 300-400 crore free cash flow, with key launches and R&D efficiency as drivers.
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Q3 FY25 revenue grew 35.1% YoY, with strong India and Europe performance and robust launches in key therapeutic areas. U.S. business expects major growth from FY26, while Ryaltris and innovative assets drive future prospects. EBITDA margin guidance remains on track, adjusted for currency.
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Q2 FY25 saw 7.1% revenue growth year-over-year, led by strong India and Europe performance, while North America and ROW declined. EBITDA margin is on track for 19% for FY25, with new launches and regulatory progress expected to drive future growth.
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Q1 FY25 saw 6.9% YOY revenue growth, led by strong India and Europe performance, with adjusted EBITDA margin at 18.8%. US recovery is expected in H2, driven by respiratory launches, while R&D spend and working capital are guided to remain stable.