Glenmark Pharma Eyes 19-20% Ebitda Margin In FY26 Driven By Strong Performance Across Markets

Glenmark Pharmaceuticals is confident of achieving its FY26 guidance of 10-12% revenue growth and an Ebitda margin of 19-20%, according to its Executive Director and CFO, Anurag Mantri.

Responding to a question on achieving the Ebitda margin guidance of 19-20% in FY26, Mantri said, “Yes, surely. In terms of revenue growth, we are expecting 10% to 12% and we are on track for that. On the margin side, margins will stabilise at 23% from Q3 onwards. With all these factors across markets, we are confident of meeting our guidance.”

The company's European business has registered remarkable performance, growing at over 25% CAGR for the last three years, with a similar double-digit momentum expected from Q2 onwards. This will be supported by two new launches in the European market. 

Emerging markets are also contributing steadily, having grown at nearly 10% CAGR over the same period.

In the US, Glenmark Pharmaceuticals' business recorded a solid 9% quarter-on-quarter growth in Q1FY26. It was driven primarily by successful injectable product launches and strong partner product performance. Mantri highlighted that three additional injectable launches are planned for the second quarter of FY26.

“We expect the momentum that we have built in the US should continue in Q2 as well and the US business should do well over the next three to four years,” he said during a conversation with NDTV Profit on Monday. 

While the global picture looks bright, the company faced some challenges in the domestic market in the June quarter. The company's India business faced pressure in Q1, largely due to underperformance in its diabetes portfolio.

The leading global drug manufacturer is actively working to "revamp the portfolio" for its diabetes segment, having resolved supply chain issues to capitalise on the first wave of GLP-1 launches.

Mantri noted that supply issues affecting the diabetes portfolio have been resolved and the launch of Lirafit is helping revamp this segment. “With new launches and a focus on core areas, we are targeting a 20% CAGR growth in India,” he added.

Glenmark Pharmaceuticals reported a 0.6% rise in consolidated revenue to Rs 3,264.4 crore in Q1FY26 from Rs 3,244.2 crore in Q1FY25. Adjusted profit after tax (PAT) stood at Rs 312.9 crore, compared to Rs 340.2 crore in Q1FY25.