Glenmark Pharmaceuticals Limited (GLENMARK.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-44.3%

₹1,317.04

vs ₹2,365.60 price

Levered DCF

-₹509.05

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

6.63

Safe zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	44.17×	40.67×	-14.6×	-77.32×	13.25×	13.52×	7.49×	19.93×
P/B	5.72×	4.81×	3.53×	1.38×	1.37×	1.86×	0.96×	3.29×
P/S	3.54×	3.19×	2.19×	1.12×	1.01×	1.2×	0.55×	1.87×
EV / EBITDA	21.53×	18.12×	13.14×	9.47×	6.46×	7.85×	5.76×	13.84×
Gross margin	47.6%	66.1%	63.8%	62.2%	63.0%	64.8%	63.9%	64.5%
Operating margin	23.5%	31.3%	26.8%	24.1%	28.9%	27.1%	24.6%	20.7%
Net margin	8.0%	7.8%	-11.9%	2.6%	7.7%	8.9%	7.3%	9.4%
Current ratio	1.77×	1.56×	1.28×	2.1×	1.77×	1.75×	1.65×	1.67×
Debt / equity	0.06×	0.28×	0.16×	0.49×	0.44×	0.71×	0.85×	0.79×
Interest coverage	19.16×	20.2×	6.58×	8.05×	11.94×	8.41×	6.96×	6.1×
Dividend yield	0.2%	0.2%	0.4%	1.0%	0.7%	0.5%	1.2%	0.4%
Payout ratio	10.4%	6.7%	-7.8%	46.0%	9.8%	7.3%	8.8%	7.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.0%	11.8%	-19.1%	3.1%	10.4%	13.7%	12.8%	16.5%
Return on invested capital	20.1%	26.4%	-1770.2%	-7.1%	18.1%	17.0%	16.2%	14.3%
Return on assets	6.8%	6.5%	-10.5%	1.5%	5.5%	6.2%	5.3%	7.0%
Free cash flow yield	3.2%	-3.7%	-4.2%	0.1%	2.6%	2.7%	7.9%	0.5%
Earnings yield	2.3%	2.5%	-5.4%	2.3%	7.6%	7.4%	13.4%	5.0%
Enterprise value	₹595.7B	₹433.6B	₹272.9B	₹165.6B	₹150.2B	₹169.6B	₹98.8B	₹219.4B
Net debt / EBITDA	-0.21×	0.32×	-0.21×	1.97×	1.1×	1.78×	2.38×	2.21×
Cash conversion cycle (days)	94	171	52	133	109	89	83	84