Company Valuation: Glenmark Pharmaceuticals Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 124,718 131,124 270,463 434,866 601,567 697,149 - -
Change - 5.14% 106.27% 60.79% 38.33% 15.89% - -
Enterprise Value (EV) 1 150,223 162,699 263,786 442,540 595,740 660,658 649,146 639,058
Change - 8.3% 62.13% 67.76% 34.62% 10.9% -1.74% -1.55%
P/E 13.2x 44.1x -18x 41.5x 44.2x 30x 25x 22.7x
PBR 1.37x 1.38x 3.45x 4.91x 5.72x 5.51x 4.57x 3.88x
PEG - -0.6x 0x -0x 1.5x 0.4x 1.2x 2.28x
Capitalization / Revenue 1.01x 1.01x 2.29x 3.26x 3.54x 4.15x 3.73x 3.35x
EV / Revenue 1.22x 1.25x 2.23x 3.32x 3.51x 3.93x 3.47x 3.07x
EV / EBITDA 6.47x 7.14x 22.1x 18.8x 13x 18.3x 15.1x 13.4x
EV / EBIT 8.19x 9.76x 43x 23.7x 14.9x 22.1x 18.1x 16.5x
EV / FCF 47.2x 923x -22.7x -28.1x 28.5x 39.7x 34.2x 29.6x
FCF Yield 2.12% 0.11% -4.41% -3.56% 3.5% 2.52% 2.92% 3.38%
Dividend per Share 2 2.5 2.5 2.5 2.5 2.5 3.82 4.02 3.75
Rate of return 0.57% 0.54% 0.26% 0.16% 0.12% 0.15% 0.16% 0.15%
EPS 2 33.4 10.53 -53.22 37.11 48.24 82.22 98.93 108.8
Distribution rate 7.49% 23.7% -4.7% 6.74% 5.18% 4.65% 4.06% 3.45%
Net sales 1 123,409 129,901 118,131 133,217 169,825 167,925 187,122 208,096
EBITDA 1 23,203 22,784 11,953 23,514 45,724 36,102 42,870 47,723
EBIT 1 18,336 16,671 6,134 18,654 39,989 29,950 35,801 38,801
Net income 1 9,936 2,972 -15,017 10,471 13,619 23,110 27,707 29,641
Net Debt 1 25,505 31,575 -6,677 7,674 -5,827 -36,491 -48,003 -58,091
Reference price 2 442.00 464.70 958.45 1,541.05 2,131.70 2,470.40 2,470.40 2,470.40
Nbr of stocks (in thousands) 282,168 282,168 282,188 282,188 282,201 282,201 - -
Announcement Date 5/27/22 5/19/23 5/24/24 5/23/25 5/29/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
36.62x6.9x23.9x0.86% 50.05B
17.64x2.21x9.97x1.47% 40.29B
27.84x3.97x16.46x0.58% 12.17B
27.43x3.33x17.26x0.92% 11.96B
18.95x3.37x11.73x3.81% 9.25B
9.61x2.22x5.73x4.5% 7.62B
30.16x3.95x18.37x0.15% 7.36B
15.8x2.07x6.71x3.19% 7.21B
Average 23.01x 3.50x 13.77x 1.94% 18.24B
Weighted average by Cap. 26.01x 4.21x 16.04x 1.47%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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