Glenmark Q3 Results: PBT Surges 57% to ₹7.2B, EBITDA Jumps 50% Despite Profit Miss
Glenmark Pharmaceuticals delivered impressive Q3 FY26 results with profit before tax growing 57% year-on-year to ₹7.2 billion and EBITDA increasing 50% to ₹9 billion, demonstrating strong operational efficiency. While consolidated revenue grew 18% to ₹39 billion, net profit of ₹4 billion missed analyst estimates of ₹6.3 billion, impacted by exceptional items of ₹1.84 billion related to new labour code compliance.

*this image is generated using AI for illustrative purposes only.
Glenmark Pharmaceuticals Limited has announced its unaudited financial results for the third quarter and nine months ended 31st December, 2025. The pharmaceutical company's Board of Directors approved these results at a meeting held on 30th January, 2026, which commenced at 04:30 p.m. and concluded at 06:40 p.m.
Strong Profitability Growth Led by PBT Performance
The company demonstrated exceptional profitability growth during Q3 FY26, with profit before tax (PBT) reaching ₹7.20 billion compared to ₹4.60 billion in the corresponding quarter of the previous year, representing a robust 57% year-on-year growth. This strong performance was complemented by EBITDA reaching ₹9.00 billion compared to ₹6.00 billion in Q3 FY25, marking a 50% increase.
| Profitability Metrics | Q3 FY26 | Q3 FY25 | Change |
|---|---|---|---|
| Profit Before Tax | ₹7.20 billion | ₹4.60 billion | +56.52% |
| EBITDA | ₹9.00 billion | ₹6.00 billion | +50.00% |
| EBITDA Margin | 23.19% | 18.18% | +501 bps |
Financial Performance Overview
The company delivered mixed performance across its standalone and consolidated operations during the third quarter of FY26. While consolidated revenue showed strong growth and profitability metrics were impressive, net profit fell short of analyst expectations.
Consolidated Results
| Metric | Q3 FY26 | Q3 FY25 | Change | Estimates |
|---|---|---|---|---|
| Revenue from Operations | ₹39.00 billion | ₹33.00 billion | +18.18% | - |
| Net Profit After Tax | ₹4.00 billion | ₹3.50 billion | +14.29% | ₹6.30 billion |
| Basic EPS | ₹14.29 | ₹12.33 | +15.90% | - |
| Diluted EPS | ₹14.28 | ₹12.33 | +15.82% | - |
The consolidated net profit of ₹4.00 billion, while showing year-over-year growth from ₹3.50 billion, significantly missed analyst estimates of ₹6.30 billion. However, revenue performance remained robust at ₹39.00 billion compared to ₹33.00 billion in the previous year.
Standalone Results
| Metric | Q3 FY26 | Q3 FY25 | Change |
|---|---|---|---|
| Revenue from Operations | ₹23,599.35 million | ₹22,512.80 million | +4.83% |
| Net Profit After Tax | ₹2,820.66 million | ₹4,138.03 million | -31.83% |
| Basic EPS | ₹10.00 | ₹14.66 | -31.78% |
| Diluted EPS | ₹9.99 | ₹14.66 | -31.85% |
Exceptional Items Impact
The results included significant exceptional items totaling ₹1.84 billion that affected the company's performance. The company recognized ₹1,778.91 million in consolidated results and ₹1,770.73 million in standalone results towards employee benefits during Q3 FY26, following the Government of India's consolidation of multiple existing labour legislations into four unified Labour Codes effective 21st November, 2025.
| Exceptional Items | Amount |
|---|---|
| Total Exceptional Item | ₹1.84 billion |
| Consolidated Results Impact | ₹1,778.91 million |
| Standalone Results Impact | ₹1,770.73 million |
Nine Months Performance
For the nine months ended 31st December, 2025, consolidated revenue from operations reached ₹1,32,119.25 million compared to ₹1,00,655.33 million in the corresponding period of the previous year. Net profit for the nine-month period stood at ₹10,606.33 million versus ₹10,427.58 million in the previous year.
Operational Highlights
| Parameter | Details |
|---|---|
| Paid-up Equity Share Capital | ₹282.20 million |
| Outstanding ESOPs | 131,881 options |
| Board Meeting Duration | 04:30 p.m. to 06:40 p.m. |
| Results Approval Date | 30th January, 2026 |
The financial results have been prepared in accordance with Indian Accounting Standards (Ind AS) and comply with SEBI regulations. The company's statutory auditors, Walker Chandiok & Co LLP, conducted a limited review and issued an unmodified report.
Historical Stock Returns for Glenmark Pharmaceuticals
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.53% | +0.94% | +0.31% | -6.58% | +38.68% | +327.51% |


































