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I-Sec maintains Reduce call on Glenmark Pharma, raises target price to Rs 1,300

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ETMarkets.comLast Updated: May 29, 2025, 09:31:00 AM IST

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Synopsis

ICICI Securities maintains a Reduce call on Glenmark Pharmaceuticals, revising the target price to Rs 1,300. The brokerage anticipates revenue, EBITDA, and PAT to grow at a CAGR of 10.3%, 15.0%, and 20.8% respectively, between FY25-27E. Slower growth in India prompts a slight reduction in revenue and EBITDA estimates for FY26/27E.

I-Sec maintains Reduce call on Glenmark Pharma, raises target price to Rs 1,300

ICICI Securities has maintained a Reduce call on Glenmark Pharmaceuticals with a revised target price of Rs 1,300 (earlier Rs 1,265). The current market price of Glenmark is Rs 1383.9. Glenmark Pharmaceuticals, incorporated in 1977, is a Mid Cap company with a market cap of Rs 39083.06 crore. Glenmark Pharma's key products/revenue segments include Pharmaceuticals, Other Operating Revenue and Sale of services for the year ending 31-Mar-2023.

Financials

For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 3267.89 crore, down -4.41 % from last quarter Total Income of Rs 3418.68 crore and down -14.81% from last year same quarter Total Income of Rs 3836.12 crore. The company has reported net profit after tax of Rs 4.38 crore in the latest quarter.

The company's top management includes Mr.Glenn Saldanha, Mrs.Cherylann Pinto, Mr.V S Mani, Mrs.B E Saldanha, Ms.Saira Ramasastry, Mrs.Vijayalakshmi Iyer, Mr.Rajesh V Desai, Mr.Dipankar Bhattacharjee. Company has Walker, Chandiok & Co.LLP as its auditors. As on 31-03-2025, the company has a total of 28 crore shares outstanding.

Investment Rationale
The stock currently trades at valuations of 23.8x FY26E and 19.3x FY27E earnings, and EV/EBITDA multiples of 14.5x FY26E and 11.9x FY27E, respectively. ICICI Securities cuts revenue and EBITDA by ~2% each for FY26/27E to factor in slower growth in India. Enhanced free cash generation and maintaining a prudent balance sheet are essential avenues to be watched out in quarters ahead. Thy expect 10.3%/15.0%/20.8% revenue/ EBITDA/PAT CAGR over FY25-27E, with EBITDA margin at 19.4% in FY27E. I-Sec maintains a REDUCE call with higher target price of Rs 1,300 (earlier Rs 1,265), based on 18x FY27E EPS (22x FY26E EPS previously). Key upside risks: Healthy launches, faster recovery in the US.

Promoter/FII Holdings
Promoters held 46.65 per cent stake in the company as of 31-Mar-2025, while FIIs owned 23.15 per cent, DIIs 14.6 per cent.

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(Disclaimer: Recommendations given in this section or any reports attached herein are authored by an external party. Views expressed are that of the respective authors/entities. These do not represent the views of Economic Times (ET). ET does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same. Please consult your financial adviser and seek independent advice.

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I-Sec maintains Reduce call on Glenmark Pharma, raises target price to Rs 1,300

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