Glenmark Pharmaceuticals is a global pharma company spanning India, North America, Europe and Emerging Markets, with FY26 revenue of Rs. 16,982.5 Cr and a zero-gross-debt balance sheet after the landmark ISB 2001 out-licensing deal with AbbVie. The Q2 print will speak to two things: whether the 21-22% FY27 EBITDA margin guidance holds amid geopolitical API and freight cost pressure, and the cadence of H2 launches like Aumolertinib and the US respiratory pipeline.
| Results date | November 05, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 4,018.5 Cr (+23.1% YoY) |
| Previous quarter PAT | Rs. 482.8 Cr |
| Previous quarter EBITDA margin | 20.03% |
| Market cap | Rs. 64,874.98 Cr |
| CMP | Rs. 2,298.7 |
The Board of Directors will meet on Thursday, November 5, 2026, to approve the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. The trading window for designated persons remains closed from October 1 to November 7, 2026, and reopens on November 8.
The Q2 FY27 earnings call is scheduled for November 6, 2026, from 8:30 to 9:30 am IST. Dial-in facilities are available for India, the US, the UK, Singapore and Hong Kong.
At the 48th AGM held on September 11, 2026, shareholders approved a dividend of Rs. 2.50 per share for FY26, with 99.9998% voting in favour. The record date was August 31, 2026, with payment on or after September 14, 2026.
The quarter's central question is the margin path: Q1 FY27 EBITDA margin of 20.03% already sat below the FY27 guidance of 21-22%, and external cost drivers moved against the company through the July-September window, with industry reports flagging API and packaging inflation of 30-300% and container freight up 132% versus February levels. Management had guided that geopolitical cost pressure across API, packing material and logistics would persist for at least the next two quarters, and is mitigating through product and geographical mix.
On demand, the India business (Rs. 14,321 Mn, +15.5% YoY in Q1) enters Q2 with the IPM growing at double digits — +12.1% in July and +10.7-13% in August — and Glenmark's own August IPM growth of 16% running ahead of the market. Reported YoY optics will be distorted by the Q2 FY26 base of Rs. 60,469 Mn, which included US$525 Mn of ISB 2001 income and Rs. -8,300 Mn of one-time charges, making the clean business-revenue comparison the number that matters.
North America should keep the ~US$70 Mn FY27 ISB 2001 recognition flowing at a ~US$17.5 Mn per quarter run-rate, while the US tariff regime as implemented does not touch generics in this window. Execution priorities for the next few quarters, per management, are preparing the US respiratory launches and the Aumolertinib launch in India and emerging markets starting H2, followed by Trastuzumab Rezetecan.
Margin trajectory vs the 21-22% FY27 guidance: Q1 FY27 EBITDA margin of 20.03% sits below the full-year guide, with cost pressure guided to persist.
Q2 FY27 base effect and ISB 2001 recognition: The YoY comparison is distorted by the Q2 FY26 base.
Launch and filing cadence: H2 FY27 is launch-heavy, with several near-term checkpoints.
Balance sheet, litigation and compliance: Zero gross debt and litigation phasing remain call staples.
Performance vs guidance tracking: Key FY27 targets set at the Q4 FY26 call to interrogate on this call.
No. As of the Q1 FY27 call, management confirmed only the USD 700 Mn upfront has been received, stating 'We've not got any further milestones'.
Management said API, packing material and logistics costs are impacting gross margins, with the pressure expected to persist for at least the next two quarters. The company is mitigating through better product and geographical mix while maintaining comfort with its 21-22% FY27 margin guidance.
Glenmark USA agreed to pay Humana, Inc. $15.28 Mn including interest, in two installments, resolving antitrust and consumer-protection lawsuits, with the amount fully provided for and no admission of liability. Management said litigations are largely provided for, with 1 or 2 outstanding cases to settle over the next few years and cash outflow for settled cases 'slightly lower' than INR 800 crores to INR 1,000 crores over the next three years.
Management said after Q1 FY27 that the company is 'on track to achieve our guidance as a part of Glenmark 3.0 journey', with FY27 guidance of revenue of INR 17,000-18,000 crores and EBITDA margin of 21-22%. The margin path is the item to watch, as Q1's 20.03% EBITDA margin sat below the full-year band amid guided cost pressure.
Disclaimer: This earnings preview is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.