Buy Glenmark Pharmaceuticals; target of Rs 1768: KR Choksey

Buy

KR Choksey's research report on Glenmark Pharmaceuticals

Glenmark Pharma’s revenue beat our estimates due to strong growth in India and Europe. EBITDA beat our estimates due to better-thanexpected revenue and gross profit. Adj. PAT beat our estimates due to strong operating performance. We maintain our FY26E/FY27E EPS estimates at INR 61.1 and INR 68.0 respectively, reflecting our confidence in robust growth for FY26E, driven by the launch of new GLP-1 agonists in India, respiratory and injectable products in the US, and the expansion of the branded portfolio in Europe. With an expected gradual improvement in EBITDA margins, as the company is strategically positioning itself for sustainable long-term growth across key markets.

Outlook

We roll over our valuation multiple to FY27E and assign a PE multiple of 26.0x to arrive at a target price of INR 1,768 (previously: INR 1,894) and maintain our “BUY” rating.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Glenmark Pharmaceuticals - 18022025 - kr