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Motilal Oswal Report
Glenmark Pharmaceuticals Ltd. shares could remain in focus after Motilal Oswal Financial Services reiterated its 'Buy' rating on the stock with a target price of Rs 2,570, implying an upside potential of around 15% from the current market price.
The brokerage believes strong momentum in the company's India and North America businesses, coupled with a growing respiratory portfolio and product pipeline, will support earnings growth over the next few years.
The brokerage noted that Glenmark reported a largely in-line revenue performance for the June quarter, with revenue rising 23.1% year-on-year to Rs 4,019 crore. Ebitda increased 38.6% YoY to RS 805 crore, while profit after tax climbed 53.8% YoY to RS 483 crore. However, Ebitda and PAT came in slightly below MOFSL's estimates.
Valuation and View
Following a strategic course correction, Glenmark Pharma has returned to its superior growth path in India. It continues to strengthen the respiratory franchise in the US through commercial launches while building its product pipeline. USFDA compliance and the injectable product portfolio from the Monroe site are expected to provide additional growth levers going forward.
Supported by a low base of FY26, we build in a PAT of Rs 2,100 crore/Rs 2,500 crore for FY27/FY28, compared to Rs 570 crore in FY26. Reiterate Buy.
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