Glenmark Pharmaceuticals Limited (GLENMARK) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Glenmark Pharmaceuticals Limited stock ₹2,198, price ₹2,671, that is 17.7% below the price, quality 70 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range ₹347.81 – ₹2,671 · fair‑value band ₹1,649 – ₹2,748 · the ₹2,671 price screens above the ₹2,198 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Glenmark Pharmaceuticals Limited, together with its subsidiaries, develops, manufactures, and sells generics, specialty medicines, and over the counter (OTC) pharmaceutical products in India, North America, Europe, and internationally.
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The company provides branded, OTC, and generic formulations in the therapeutic areas of dermatology, respiratory, oncology, immunology, pain management, hypertension, central nervous system, cardiology, diabetes, contraceptives, gynecology, gastroenterology, and anti-infective in the dosage forms of complex injectables and biologics, oral solids, liquids, topical products, and respiratory-metered dose inhaler, dry powder inhaler, and nasal sprays.
Its product pipeline includes ISB 2001, a CD38 x BCMA x CD3 TREAT trispecific T cell engager, which is in Phase 1 clinical trial for indication of relapsed/refractory multiple myeloma; ISB 2301, a NK cell engager that is in preclinical trial for solid tumors; and GRC 65327, a Cbl-b inhibitor small molecule for solid tumors.
The company's pipeline also comprises ISB 880, an IL-1RAP antagonist monoclonal antibody, which is in Phase 1 clinical trial for the treatment of hidradenitis suppurativa; and ISB 830-X8, a telazorlimab OX40 antagonist antibody that is in Phase 2 clinical trial for the treatment of atopic dermatitis.
In addition, the company offers Ryaltris nasal spray for the treatment of seasonal allergic rhinitis. The company was incorporated in 1977 and is based in Mumbai, India.
Stock analysis
Glenmark Pharmaceuticals Limited (GLENMARK) currently trades at ₹2,671, while our model-based Fair Value estimate is ₹2,198, 18% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of ₹1,626 per share, and 0 of the 26 models we run sit above the ₹2,671 price.
Bear case: the Earnings-Based group reads lowest at ₹851.26, and 26 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: ₹1,649 (bear) to ₹2,748 (bull), the price of ₹2,671 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 70/100 (solid quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Glenmark Pharmaceuticals Limited reported revenue of ₹170B in FY2026 versus ₹123B in FY2022, a compound +8.4%/yr. Reported net income was ₹13.6B in FY2026, compounding +9.7%/yr from FY2022.
Key figures
Market cap ₹754B (≈ $8.0B) Mid · P/E ratio 52.0 · P/S ratio 4.76 · EPS (TTM) ₹51.41 · Dividend yield 0.2% · Net margin 9.2% · Return on equity 14.0% · Return on assets (EBIT) 21.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (medium confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades at its 52-week high and 47% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −27% fair-value upside, at −18%, GLENMARK screens cheaper than that median.
Fair Value models
Bear₹1,649Fair Value ₹2,198Bull₹2,748
Price ₹2,671 · Downside -17.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹28.35 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.84/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+27.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.2%
Start year 2021 (pandemic). Over 10 years: +8.4% a year
Revenue growth 22 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+18.8%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ +6.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.1%
Dividend (yield on the price)0.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.7.6% vs 6.8%, steady
Pace: the 5-year rate starts in 2021 (pandemic)
⚠ Rate on operating basis: 2026 sits 103% above its own trend.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+24.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+7.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +19.9% a year for the price and +2.8% for the forecasts.
Compare Glenmark Pharmaceuticals Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Drug Manufacturers - Specialty & Generic · 551 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside−17.7% · Below median
Profitability
Return on equity (12 months)14.0% · Top 25%
Return on assets6.8% · Above median
Net margin (12 months)9.2% · Above median
Operating margin (12 months)16.1% · Above median
Growth and dividend
Revenue growth (quarter YoY)−29.7% · Bottom 25%
Dividend yield (12 months)0.2% · Bottom 25%
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
P/E (12 months)52.0× · Priciest 25%
P/B7.17× · Priciest 25%
P/S (12 months)4.76× · Priciest 25%
Price / free cash flow (fiscal year)38.8× · Pricier than median
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Is Glenmark Pharmaceuticals Limited (GLENMARK) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of ₹2,198 versus a price of ₹2,671, about 18% lower (overvalued).
What is the fair value of GLENMARK?
Our model-based fair value for Glenmark Pharmaceuticals Limited is ₹2,198 (as of Nov 7, 2026), built from audited fundamentals. The current price: ₹2,671.
What is the quality score of GLENMARK?
Glenmark Pharmaceuticals Limited has a Quality Score of 70/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Glenmark Pharmaceuticals Limited (GLENMARK)?
Our model-based price target is the fair value of ₹2,198 (as of Nov 7, 2026) from 26 valuation models. Cautious scenario ₹1,649, optimistic scenario ₹2,748. It is a calculation from audited fundamentals, not an analyst target.
What is the Glenmark Pharmaceuticals Limited stock forecast for 2026?
Our models put fair value at ₹2,198, about 18% lower versus a price of ₹2,671 (overvalued). Cautious scenario ₹1,649, optimistic scenario ₹2,748. The calculation is refreshed regularly with new filings.
What is the revenue of Glenmark Pharmaceuticals Limited (GLENMARK)?
Glenmark Pharmaceuticals Limited reported trailing-twelve-month revenue of about ₹158B (latest available figure, as of Nov 7, 2026).
Does Glenmark Pharmaceuticals Limited pay a dividend?
Glenmark Pharmaceuticals Limited currently shows a dividend yield of 0.19% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Glenmark Pharmaceuticals Limited (GLENMARK) and when is the ex-dividend date?
Glenmark Pharmaceuticals Limited pays a dividend of ₹5.00 per share a year, a dividend yield of 0.2%. The last ex-dividend date was Aug 31, 2026. A dividend has been paid every year since 2009. The payout ratio is 4.5% of earnings (on adjusted earnings, reported 9.7%). Free cash flow covers the dividend 13.76 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Glenmark Pharmaceuticals Limited (GLENMARK)?
For today's price to be fair in a discounted-cash-flow model, Glenmark Pharmaceuticals Limited would have to grow free cash flow by +24.9 % per year for five years (discount rate 10.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.2 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of GLENMARK use?
Our models discount Glenmark Pharmaceuticals Limited at 10.9 %: a base by market capitalisation (mid), damped by beta 0.27, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Glenmark Pharmaceuticals Limited that is +24.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.9 %) and the same formula as our fair value.
How much growth has Glenmark Pharmaceuticals Limited (GLENMARK) delivered so far?
Over the past 5 years revenue at Glenmark Pharmaceuticals Limited grew +9.2 % a year. The price currently implies free-cash-flow growth of +24.9 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Glenmark Pharmaceuticals Limited (GLENMARK) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into Glenmark Pharmaceuticals Limited (+24.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Glenmark Pharmaceuticals Limited (GLENMARK)?
The free-cash-flow yield on the price is 2.57 %: that much free cash flow Glenmark Pharmaceuticals Limited produces per unit of market value. When it exceeds the discount rate of our models (10.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Glenmark Pharmaceuticals Limited (GLENMARK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Glenmark Pharmaceuticals Limited it is ₹2,198 per share (as of Nov 7, 2026), against a price of ₹2,671. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Glenmark Pharmaceuticals Limited stock overvalued or undervalued in 2026?
As of Nov 7, 2026, GLENMARK trades above its calculated fair value: price ₹2,671, fair value ₹2,198, a gap of about −18% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of GLENMARK?
No. The price is what the market pays today (₹2,671); the fair value is what the company's own numbers justify (₹2,198). For Glenmark Pharmaceuticals Limited the two are ₹472.76 per share apart. That gap is exactly why we show both numbers side by side.
How much is Glenmark Pharmaceuticals Limited worth?
The market values Glenmark Pharmaceuticals Limited at about ₹754B (market capitalisation, as of Nov 7, 2026). Per share that is ₹2,671; our models calculate a fair value of ₹2,198 per share.
What do the bullish and bearish scenarios say about GLENMARK?
Our models span a range for Glenmark Pharmaceuticals Limited: cautious scenario ₹1,649, base ₹2,198, optimistic ₹2,748 per share (as of Nov 7, 2026, price ₹2,671). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GLENMARK?
Glenmark Pharmaceuticals Limited trades at a price-to-earnings ratio of 52.0 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹2,198 is built from several models across several years. Excluding one-off items of fiscal year 2026 it is 25.9 (reported for FY2026: 55.4). Median P/E at fiscal year-end, 9 fiscal years (2017 to 2026), reported earnings, FY2026 ex one-offs: 19.7. Other multiples: P/B 7.2, P/S 4.8, EV/EBITDA 24.3.
How solid is the balance sheet of Glenmark Pharmaceuticals Limited (GLENMARK)?
Balance-sheet figures for Glenmark Pharmaceuticals Limited (as of Nov 7, 2026): return on equity 14.0%. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is GLENMARK from its 52-week high?
Glenmark Pharmaceuticals Limited trades at ₹2,671, at its 52-week high of ₹2,671 and 47% above the low of ₹1,817 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of ₹2,198 is for.
Which stocks are comparable to Glenmark Pharmaceuticals Limited?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Galderma Group, Teva Pharmaceutical Industries Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Glenmark Pharmaceuticals Limited stock attractive at the current price?
The data as of Nov 7, 2026: price ₹2,671, calculated fair value ₹2,198 (−18%), Quality Score 70/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of GLENMARK calculated?
We run Glenmark Pharmaceuticals Limited through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ₹2,198 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Glenmark Pharmaceuticals Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Glenmark Pharmaceuticals Limited (GLENMARK)?
The closing price on Nov 9, 2026 was ₹2,671. Our model-based fair value is ₹2,198, about 18% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Glenmark Pharmaceuticals Limited right now?
Solid but not exceptional quality (70/100) and above fair value, neither a clear bargain nor a standout compounder. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Glenmark Pharmaceuticals Limited (GLENMARK) come from?
Earnings per share at Glenmark Pharmaceuticals Limited grew +5.8 % a year from 2015 to 2026. Broken into its drivers: revenue per share +7.2 %, EBIT margin +6.5 %, tax rate −0.3 %, residual (interest, one-offs) −7.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Glenmark Pharmaceuticals Limited
How large is the market capitalisation of Glenmark Pharmaceuticals Limited (GLENMARK)?
The market capitalisation of Glenmark Pharmaceuticals Limited is ₹754B (≈ $8.0B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Glenmark Pharmaceuticals Limited (GLENMARK)?
The price-to-sales ratio of Glenmark Pharmaceuticals Limited is 4.76 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Glenmark Pharmaceuticals Limited (GLENMARK)?
Earnings per share at Glenmark Pharmaceuticals Limited are ₹51.41 (price ÷ EPS = P/E 52.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Glenmark Pharmaceuticals Limited (GLENMARK)?
The dividend yield of Glenmark Pharmaceuticals Limited is 0.2% (payout 4.5%, on adjusted earnings, reported 9.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Glenmark Pharmaceuticals Limited (GLENMARK)?
The net margin of Glenmark Pharmaceuticals Limited is 9.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Glenmark Pharmaceuticals Limited (GLENMARK)?
The return on equity (ROE) of Glenmark Pharmaceuticals Limited is 14.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Glenmark Pharmaceuticals Limited (GLENMARK)?
On an EBIT basis the return on assets of Glenmark Pharmaceuticals Limited is 21.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Glenmark Pharmaceuticals Limited (GLENMARK)?
The operating margin of Glenmark Pharmaceuticals Limited is 16.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Glenmark Pharmaceuticals Limited (GLENMARK)?
Revenue at Glenmark Pharmaceuticals Limited is growing −29.7% versus a year earlier (3y avg +13.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Glenmark Pharmaceuticals Limited (GLENMARK)?
Earnings per share at Glenmark Pharmaceuticals Limited are growing −56.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Glenmark Pharmaceuticals Limited (GLENMARK) hold?
Glenmark Pharmaceuticals Limited holds more cash than debt, ₹5.8B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 7, 2026