Glenmark Q1: revenue +23% YoY, consolidated PAT ₹483 Cr on a clean, exceptional-free quarter
PAT +928.1% YoY · revenue +23.1% · margins expanding
₹4,018.48 Cr
+23.1% YoY
₹482.83 Cr
+928.1% YoY
11.82%
+10.4pp YoY
₹17.11
Glenmark's Q1 FY27 (consolidated, the primary basis) delivered revenue from operations of ₹4,018 Cr, up 23.1% YoY (from ₹3,264 Cr) and 6.6% QoQ, with net profit attributable to owners of ₹483 Cr versus just ₹47 Cr a year ago and ₹301 Cr in the March quarter. The headline PAT jump of ~928% YoY is almost entirely a base effect: the year-ago June quarter absorbed a ₹323 Cr exceptional charge (US generic-drug antitrust settlement provision), whereas this quarter carries no exceptional item at all on a consolidated basis. Adjusting both sides for one-offs, underlying growth is ~+30% in PAT and +53.6% in pre-exceptional PBT (₹643 Cr vs ₹419 Cr) — genuinely strong, but nowhere near the reported multiple.
Q1 FY-2027 vs prior quarters
The operating story is margin recovery: net margin expanded to ~12.0% from 7.6% in Q4 and 1.4% a year ago, and EBITDA margin ran near ~20%, helped by lower cost of materials consumed (₹601 Cr vs ₹732 Cr YoY) even as employee costs rose to ₹935 Cr. A note on basis: standalone PAT of ₹736 Cr (EPS ₹26.07) looks far punchier than consolidated ₹483 Cr, but the gap is an accounting artifact — standalone booked a ₹223 Cr exceptional gain on selling its Nebulizer brand portfolio to a wholly-owned subsidiary, which washes out on consolidation. Consolidated is the clean read; readers seeing the ₹736 Cr standalone figure elsewhere should not treat it as the group result.
The stock went into the print at ₹2,250, up 2.5% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 6 quarters.
Management anticipates a strong finish to FY'26, driven by anticipated U.S. respiratory approvals, particularly generic Flovent. The long-term outlook is very positive, with growth powered by a portfolio of 7-8 innovative assets in oncology and respiratory, including Aumolertinib launching in H2 FY'27. This strategic s
— This quarter: met
Against management's own framing, the print tracks its June-2026 FY27 guidance of ₹17,000–18,000 Cr revenue and 21–22% EBITDA margin — Q1's ₹4,018 Cr annualises toward the lower end, normal for a seasonally soft first quarter, and confirms the confident tone from the Feb concall (which anchored on US respiratory approvals and margin expansion). The quarter also saw concrete US traction cited in the prior outlook: RYALTRIS nasal spray won US pediatric approval (Jul 21), and Glenmark's US arm launched Sugammadex (a ~$1.6B market, Jul 28) and Olanzapine injection (Jul 6). The one blemish is 6 USFDA observations at the Goa facility (Jun 30), a compliance watch-item given how much of the growth thesis rides on US launches. No specific Street quarterly consensus was published ahead of the print; the read is against full-year guidance rather than a poll estimate.
W1
FY27 guidance of ₹17,000–18,000 Cr revenue and 21–22% EBITDA margin — Q1 rev ₹4,018 Cr and ~20% EBITDA margin sit at the lower band; watch H2 ramp
W2
Aumolertinib launch guided for H2 FY27 — revenue contribution and timing to confirm the innovation-pipeline thesis
W3
Resolution of the 6 USFDA observations at the Goa facility (Jun 30, 2026) — unresolved, it risks the US launch cadence driving growth
Source in ₹ million, ÷10 to Crore. Consolidated Q1FY27 has NO exceptional item (clean); consolidated PAT ₹482.83 Cr incl. tiny NCI (owners ₹482.92 Cr). Standalone PAT ₹735.64 Cr is inflated by a ₹223 Cr exceptional GAIN on transfer of Nebulizer brands/IP to wholly-owned sub Glenmark Healthcare (intra-group, eliminates on consolidation). Year-ago Q1FY26 consolidated carried a ₹323.2 Cr exceptional LOSS (US antitrust settlement provision) — the base that inflates reported PAT growth.