Reported Earnings • May 16
Full year 2026 earnings: EPS misses analyst expectations Full year 2026 results: EPS: ₹45.99 (up from ₹39.63 in FY 2025). Revenue: ₹26.1b (up 9.4% from FY 2025). Net income: ₹5.64b (up 16% from FY 2025). Profit margin: 22% (up from 20% in FY 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.9%. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Pharmaceuticals industry in India. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 07
Alivus Life Sciences Limited to Report Q4, 2026 Results on May 14, 2026 Alivus Life Sciences Limited announced that they will report Q4, 2026 results on May 14, 2026 Reported Earnings • Jan 23
Third quarter 2026 earnings: EPS and revenues exceed analyst expectations Third quarter 2026 results: EPS: ₹12.25 (up from ₹11.18 in 3Q 2025). Revenue: ₹6.73b (up 4.8% from 3Q 2025). Net income: ₹1.50b (up 9.7% from 3Q 2025). Profit margin: 22% (up from 21% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 5.3%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Pharmaceuticals industry in India. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 14
Alivus Life Sciences Limited to Report Q3, 2026 Results on Jan 22, 2026 Alivus Life Sciences Limited announced that they will report Q3, 2026 results on Jan 22, 2026 Reported Earnings • Nov 07
Second quarter 2026 earnings released: EPS: ₹10.60 (vs ₹7.78 in 2Q 2025) Second quarter 2026 results: EPS: ₹10.60 (up from ₹7.78 in 2Q 2025). Revenue: ₹6.03b (up 19% from 2Q 2025). Net income: ₹1.30b (up 36% from 2Q 2025). Profit margin: 22% (up from 19% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Pharmaceuticals industry in India. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 29
Alivus Life Sciences Limited to Report Q2, 2026 Results on Nov 06, 2025 Alivus Life Sciences Limited announced that they will report Q2, 2026 results on Nov 06, 2025 Upcoming Dividend • Aug 25
Upcoming dividend of ₹5.00 per share Eligible shareholders must have bought the stock before 01 September 2025. Payment date: 08 October 2025. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.3%). Lower than average of industry peers (0.7%). Announcement • Aug 12
Alivus Life Sciences Limited announces Annual dividend, payable on October 08, 2025 Alivus Life Sciences Limited announced Annual dividend of INR 5.0000 per share payable on October 08, 2025, ex-date on September 01, 2025 and record date on September 01, 2025. Announcement • Aug 11
Alivus Life Sciences Limited, Annual General Meeting, Sep 08, 2025 Alivus Life Sciences Limited, Annual General Meeting, Sep 08, 2025, at 15:00 Indian Standard Time. Reported Earnings • Aug 02
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: ₹9.91 (up from ₹9.10 in 1Q 2025). Revenue: ₹6.02b (up 2.2% from 1Q 2025). Net income: ₹1.22b (up 9.0% from 1Q 2025). Profit margin: 20% (up from 19% in 1Q 2025). Revenue missed analyst estimates by 6.9%. Earnings per share (EPS) also missed analyst estimates by 8.5%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Pharmaceuticals industry in India. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 24
Alivus Life Sciences Limited to Report Q1, 2026 Results on Aug 01, 2025 Alivus Life Sciences Limited announced that they will report Q1, 2026 results on Aug 01, 2025 Reported Earnings • May 16
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: ₹39.63 (up from ₹38.43 in FY 2024). Revenue: ₹24.2b (up 6.1% from FY 2024). Net income: ₹4.86b (up 3.1% from FY 2024). Profit margin: 20% (in line with FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.0%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Pharmaceuticals industry in India. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 09
Alivus Life Sciences Limited to Report Q4, 2025 Results on May 15, 2025 Alivus Life Sciences Limited announced that they will report Q4, 2025 results on May 15, 2025 Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹1,065, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 29x in the Pharmaceuticals industry in India. Total returns to shareholders of 159% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹591 per share. Announcement • Feb 27
Alivus Life Sciences Limited Announces Demise of Vijaykumar Ratilal Shah, Independent Director Alivus Life Sciences Limited reported the sad demise of Mr. Vijaykumar Ratilal Shah (DIN: 00376570), Independent Director of the Company on February 26, 2025. Mr. Vijaykumar Ratilal Shah was appointed as an Independent Director on the Board with effect from March 6, 2024. His sudden and unexpected passing away will be an irreparable loss to the Company. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹1,034, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 29x in the Pharmaceuticals industry in India. Total returns to shareholders of 122% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹591 per share. Announcement • Jan 24
Alivus Life Sciences Limited, Annual General Meeting, Jan 23, 2025 Alivus Life Sciences Limited, Annual General Meeting, Jan 23, 2025, at 12:30 Indian Standard Time. Reported Earnings • Jan 24
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: ₹11.18 (up from ₹9.69 in 3Q 2024). Revenue: ₹6.42b (up 12% from 3Q 2024). Net income: ₹1.37b (up 15% from 3Q 2024). Profit margin: 21% (in line with 3Q 2024). Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Pharmaceuticals industry in India. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 16
Alivus Life Sciences Limited to Report Q3, 2025 Results on Jan 23, 2025 Alivus Life Sciences Limited announced that they will report Q3, 2025 results on Jan 23, 2025 Price Target Changed • Nov 08
Price target increased by 10% to ₹1,139 Up from ₹1,032, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of ₹1,096. Stock is up 74% over the past year. The company is forecast to post earnings per share of ₹38.65 for next year compared to ₹38.43 last year. Reported Earnings • Oct 25
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: ₹7.78 (down from ₹9.69 in 2Q 2024). Revenue: ₹5.15b (down 13% from 2Q 2024). Net income: ₹953.2m (down 20% from 2Q 2024). Profit margin: 19% (down from 20% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 23%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Pharmaceuticals industry in India. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 17
Glenmark Life Sciences Limited to Report Q2, 2025 Results on Oct 24, 2024 Glenmark Life Sciences Limited announced that they will report Q2, 2025 results on Oct 24, 2024 Announcement • Sep 26
Glenmark Life Sciences Limited Approves Interim Dividend for the Financial Year 2023-24 Glenmark Life Sciences Limited at its 13th Annual General Meeting was held on September 25, 2024, approved to confirm the interim dividend of INR 22.50 per equity share declared by the Board on 09 October 2024, as final dividend for the financial year 2023-24. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹1,107, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 37x in the Pharmaceuticals industry in India. Total returns to shareholders of 85% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹743 per share. Price Target Changed • Sep 16
Price target increased by 9.6% to ₹1,084 Up from ₹989, the current price target is an average from 6 analysts. New target price is 16% below last closing price of ₹1,293. The company is forecast to post earnings per share of ₹41.53 for next year compared to ₹38.43 last year. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₹1,284, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 37x in the Pharmaceuticals industry in India. Total returns to shareholders of 112% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹743 per share. Announcement • Sep 03
Glenmark Life Sciences Limited, Annual General Meeting, Sep 25, 2024 Glenmark Life Sciences Limited, Annual General Meeting, Sep 25, 2024, at 15:00 Indian Standard Time. Reported Earnings • Jul 26
First quarter 2025 earnings: EPS in line with analyst expectations despite revenue beat First quarter 2025 results: EPS: ₹9.10 (down from ₹11.05 in 1Q 2024). Revenue: ₹5.94b (up 2.7% from 1Q 2024). Net income: ₹1.11b (down 18% from 1Q 2024). Profit margin: 19% (down from 23% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 10.0% growth forecast for the Pharmaceuticals industry in India. Announcement • Jul 18
Glenmark Life Sciences Limited to Report Q1, 2025 Results on Jul 25, 2024 Glenmark Life Sciences Limited announced that they will report Q1, 2025 results on Jul 25, 2024 Price Target Changed • May 25
Price target increased by 8.6% to ₹933 Up from ₹859, the current price target is an average from 5 analysts. New target price is 11% above last closing price of ₹840. The company is forecast to post earnings per share of ₹44.57 for next year compared to ₹38.43 last year. Board Change • May 15
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Additional Independent Director Kaushikbhai Patel was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 26
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ₹38.43 (up from ₹38.11 in FY 2023). Revenue: ₹23.0b (up 6.2% from FY 2023). Net income: ₹4.71b (flat on FY 2023). Profit margin: 21% (down from 22% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.5%. Earnings per share (EPS) also missed analyst estimates by 9.6%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Pharmaceuticals industry in India. Announcement • Apr 23
Glenmark Life Sciences Limited Announces Resignation of Gita Nayyar as Non-Executive, Independent Director Glenmark Life Sciences Limited announced that Ms. Gita Nayyar, has tendered her resignation as a Non-Executive, Independent Director of the Company, with effect from 22nd April, 2024. Consequently, she shall also cease to be a Member of the Nomination & Remuneration Committee of the Company. Announcement • Apr 20
Glenmark Life Sciences Limited to Report Q4, 2024 Results on Apr 25, 2024 Glenmark Life Sciences Limited announced that they will report Q4, 2024 results on Apr 25, 2024 Announcement • Mar 13
Nirma Limited completed the acquisition of 75% stake in Glenmark Life Sciences Limited (NSEI:GLS) from Glenmark Pharmaceuticals Limited (NSEI:GLENMARK) (GPL). Nirma Limited entered into a definitive agreement to acquire 75% stake in Glenmark Life Sciences Limited (NSEI:GLS) from Glenmark Pharmaceuticals Limited (NSEI:GLENMARK) (GPL) for INR 56.5 billion on September 21, 2023. Nirma Limited will acquire 75% stake in Glenmark Life Sciences (GLS), at a price of INR 615 per share for an aggregate consideration of INR 56.515 billion, subject to closing adjustments. Glenmark Pharma will own 7.84% in GLS after the divestment. GPL currently owns 101,504,950 equity shares representing 82.84% of the current issued and paid-up equity share capital of GLS. Pursuant to the transaction, Nirma Limited will make a mandatory open offer to all public shareholders of GLS. GLS will continue to operate as an independent company under the ownership of Nirma. The transaction is subject to customary conditions precedent, including receipt of regulatory, shareholder approvals, approval of Competition Commission of India, customary conditions precedent and other ancillary agreements. The Board of Directors of GLS approved the share purchase agreement om September 21, 2023. GPL expects to utilize the proceeds of the sale to repay debt and become net cash positive. Kotak Investment Banking acted as the exclusive financial advisor to Glenmark Pharma and GLS on this transaction. Rajat Sethi, Pratichi Mishra, Simran Dhir, Akshat Kulshrestha, Sumit Bansal and Divyanshu Pandey of S&R Associates acted as legal advisors to Glenmark Pharma and Trilegal acted as legal advisor to GLS. Aashutosh Sampat, Mehul Shah, Arindam Ghosh, Anisha Chand, Anshuman Sakle, Shailendra Bhandare, Abhiraj Gandhi and Deepak Kumar of Khaitan & Co. acted as legal advisors, DAM Capital Advisors Ltd. as financial advisor and KPMG as accountant to Nirma.
Nirma Limited completed the acquisition of 75% stake in Glenmark Life Sciences Limited (NSEI:GLS) from Glenmark Pharmaceuticals Limited (NSEI:GLENMARK) (GPL) on March 12, 2024. Board of Directors of the Company has appointed Hiren Karsanbhai Patel, Kaushikbhai N. Patel and VijayKumar Ratilal Shah as Additional Directors, subject to approval of the shareholders. Announcement • Mar 06
Glenmark Life Sciences Limited Announces Board Resignations, Effective March 6, 2024 Glenmark Life Sciences Limited announced that Mr. Glenn Saldanha, has tendered his resignation as the Chairman and Non-Executive Director of the Company, with effect from close of business hours on 6th March, 2024. Consequently, he shall also cease to be a Member of the Nomination & Remuneration Committee and Operations Committee of the Company. Mr. V.S. Mani, has tendered his resignation as a Non-Executive Director of the Company, with effect from close of business hours on 6th March, 2024. Consequently, he shall also cease to be a Member of the Audit Committee, CSR Committee, Risk Management Committee and Operations Committee of the Company. Mr. Sridhar Gorthi, has tendered his resignation as a Non-Executive, Independent Director of the Company, with effect from close of business hours on 6th March, 2024. Consequently, he shall also cease to be a Member of the Audit Committee, Nomination & Remuneration Committee, CSR Committee and Risk Management Committee of the Company. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹736, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 29x in the Pharmaceuticals industry in India. Total returns to shareholders of 108% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ₹454 per share. Board Change • Mar 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. Group VP, Head of Technical Operations & Whole Time Director Vinod Naik was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Jan 25
Price target increased by 17% to ₹801 Up from ₹685, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of ₹836. The company is forecast to post earnings per share of ₹42.96 for next year compared to ₹38.11 last year. Reported Earnings • Jan 24
Third quarter 2024 earnings released: EPS: ₹9.69 (vs ₹8.57 in 3Q 2023) Third quarter 2024 results: EPS: ₹9.69 (up from ₹8.57 in 3Q 2023). Revenue: ₹5.74b (up 6.2% from 3Q 2023). Net income: ₹1.19b (up 13% from 3Q 2023). Profit margin: 21% (up from 19% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Pharmaceuticals industry in India. Announcement • Jan 16
Glenmark Life Sciences Limited to Report Q3, 2024 Results on Jan 23, 2024 Glenmark Life Sciences Limited announced that they will report Q3, 2024 results on Jan 23, 2024 Reported Earnings • Oct 21
Second quarter 2024 earnings released: EPS: ₹9.69 (vs ₹8.72 in 2Q 2023) Second quarter 2024 results: EPS: ₹9.69 (up from ₹8.72 in 2Q 2023). Revenue: ₹6.01b (up 18% from 2Q 2023). Net income: ₹1.19b (up 11% from 2Q 2023). Profit margin: 20% (down from 21% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Pharmaceuticals industry in India. Announcement • Oct 14
Glenmark Life Sciences Limited to Report Q2, 2024 Results on Oct 20, 2023 Glenmark Life Sciences Limited announced that they will report Q2, 2024 results on Oct 20, 2023 Announcement • Oct 11
Glenmark Life Sciences Limited Declares Interim Equity Dividend for the Financial Year 2023-24, Payable on or After October 23, 2023 The Board of Directors of Glenmark Life Sciences Limited declared Interim Equity Dividend for the financial year 2023-24 of INR 22.50 per equity share of INR 2 each. The record date for reckoning the list of shareholders who shall be entitled to receive the said interim dividend shall be October 17, 2023. The interim dividend will be paid to such shareholders on or after October 23, 2023. Announcement • Sep 27
Glenmark Life Sciences Limited Approves Interim Dividend for the Financial Year 2022-23 Glenmark Life Sciences Limited approved at its AGM held on September 26, 2023 interim dividend of INR 21/- per equity share as final dividend for the financial year 2022-23. Announcement • Sep 22
Glenmark Pharmaceuticals Divests 75% in GLS to Nirma Glenmark Pharmaceuticals Limited (NSEI:GLENMARK) said that its board had approved the divestment of a 75% stake in its subsidiary Glenmark Life Sciences Limited (NSEI:GLS) to Nirma Limited at INR 615 a share, implying a valuation of INR 75.35 billion. The deal size is estimated to be INR 56.51 billion. Glenmark Pharma will continue to own a 7.84% stake in GLS, and pursuant to the transaction, Nirma will make a mandatory open offer to all public shareholders of GLS. Glenmark Pharma holds 82.85% in GLS. The firm was required to bring it down to at least 75% by August 2024, within three years of listing. GLS, spun off from Glenmark Pharma in 2019 to focus on the active pharmaceutical ingredients (API) business, was listed on the bourses in 2021. According to reports, other suitors like ChrysCapital and Sekhmet Pharmaventures chose to stay away from the deal due to differences over valuation. The stake sale to Nirma has been placed at a lower valuation than the current market value of the company, which stood at INR 76.83 billion as of September 21. “The generic environment has changed, and become competitive over the years. Glenmark has been focusing more on branded products. GLS was built to ensure Glenmark was vertically integrated as a generic drug maker,” Glenn Saldanha, chairman and managing director, Glenmark Pharma, told reporters. He added that they would continue to focus on dermatology, respiratory, and oncology space. “We draw 65% of our overall revenues from the branded business. The goal is to continue our presence in the branded space, both in India and other emerging markets as well as Europe,” Saldanha said. “The US generics business, which needs a vertical integration for cost benefits, we don’t want to play in that space much,” he said. The move will help Glenmark Pharma in deleveraging its balance sheet. Glenmark will be net cash positive after the deal. “The proceeds from this transaction will go into repaying debt. The net debt of Glenmark is around INR 30.00 billion or so, and gross debt is around INR 46.00 billion. We will hold this cash in the balance sheet, and our goal is to be net cash positive for the next two years. The total debt gets extinguished after the deal,” Saldanha said. Currently, Glenmark buys less than 15% of its APIs from GLS. As for GLS, it sells less than 35% of its APIs to Glenmark. “Therefore, the synergies are less, and it made sense to sell a controlling stake in GLS. We will continue to procure APIs at the same price as earlier,” Saldanha said. In April this year, the Nirma group, a detergent maker, acquired Stericon Pharma, an eye drop and contact lens maker, for around INR 3.50 billion. This acquisition will further strengthen its plans in the healthcare and pharmaceuticals space. Announcement • Sep 02
Glenmark Life Sciences Limited Proposes Final Dividend for the Financial Year 2022-2023 Glenmark Life Sciences Limited to confirm interim dividend of INR 21/- per equity share declared by the Board on 16 March 2023, as the final dividend for the financial year 2022-2023 at its AGM to be held on September 26, 2023. Announcement • Aug 25
Glenmark Life Sciences Limited, Annual General Meeting, Sep 26, 2023 Glenmark Life Sciences Limited, Annual General Meeting, Sep 26, 2023, at 15:00 Indian Standard Time. Announcement • Aug 17
ChrysCapital Still in Race to Buy Controlling Stake in Glenmark Life Sciences Private equity (PE) firm ChrysCapital said it remains firmly in the race to acquire Glenmark Pharmaceuticals Limited's (NSEI:GLENMARK) stake in Glenmark Life Sciences Limited (NSEI:GLS), with reports about detergent-to-chemicals maker Nirma closing on the deal doing the rounds."ChrysCapital continues to maintain a robust interest and active involvement in the stake bidding process of GLS," sources told ET". This engagement aligns with ChrysCapital's reputation for making strategic investments that yield long-term value for all stakeholders involved," a source added. The PE firm's interest has made the bidding process a close one. Glenmark Pharma's stake sale is a procedural requirement as per the listing guidelines, the company has stated earlier. Glenmark Pharma's shareholding in GLS, which is 83% currently, needs to come down to 75% no later than August 2024. However, sources have indicated that the company may look to sell a controlling stake in GLS. In addition to being a norm of the Securities and Exchange Board of India, the move is seen as a strategic approach to build a separate roadmap away from GLS. This regulatory requirement has prompted the stake sale, prompting several prominent entities to express their interest. Mails sent to Glenmark Pharma and ChrysCapital were yet to elicit responses at the time of publishing the story. Along with Nirma Limited and ChrysCapital, Sekhmet Sekhmet Pharmaventures Private Limited backed by PE firms PAG, CX Partners and Samara Capital also came up in the list of potential investors in the race to acquire Glenmark Pharma stake in GLS. Announcement • Aug 01
Nirma Reportedly Closes in on Glenmark's API Arm Nirma Limited (The Nirma Group) is the frontrunner to acquire Glenmark Life Sciences Limited (NSEI:GLS) (GLS), an 82.84% subsidiary of Glenmark Pharmaceuticals. The Ahmedabad-based detergents-to-cement conglomerate emerged as the sole bidder late last week, the deadline to submit firm offers for the business, said people with knowledge of the matter. Nirma is using healthcare subsidiary Aculife Healthcare Private Ltd. as the likely vehicle for the acquisition. The other contender, Sekhmet Pharmaventures, a platform backed by PAG, CX Partners and Samara Capital, did not submit a final offer after intense negotiations. ET had reported June 12 that Nirma and Sekhmet were the final contenders. GLS and Nirma Aculife didn't respond to queries. Reported Earnings • Jul 22
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: ₹11.05 (up from ₹8.87 in 1Q 2023). Revenue: ₹5.80b (up 19% from 1Q 2023). Net income: ₹1.35b (up 25% from 1Q 2023). Profit margin: 23% (up from 22% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 15%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Pharmaceuticals industry in India. Announcement • Jul 15
Nirma, Sekhmet Pharmaventures Reportedly Vie for $731 Million Glenmark Life Stake Nirma Ltd. and PAG-backed Sekhmet Pharmaventures Private Limited are among the shortlisted bidders for a controlling stake in Glenmark Life Sciences Limited (NSEI:GLS), according to people familiar with the matter. The suitors have entered the final round of bidding for a stake of about 83% in the Mumbai-listed company held by Glenmark Pharmaceuticals Limited (NSEI:GLENMARK), said the people, who asked not to be identified as the information is private. Shares of Glenmark Life rose as much as 3.8% on July 14, 2023. They were up 0.7% at 12:42 p.m. in Mumbai, valuing the controlling stake at about INR 60 billion ($731 million). Glenmark Pharma has been working with advisers to seek buyers for its stake in the unit as it looks to raise cash and cut debt, the people said. Deliberations are ongoing and the bidders may not proceed with formal offers, the people said. Representatives for Glenmark Life, Glenmark Pharma, Nirma and PAG declined to comment, while Sekhmet Pharmaventures didn’t respond to requests for comment. Announcement • Jul 14
Glenmark Life Sciences Limited to Report Q1, 2024 Results on Jul 21, 2023 Glenmark Life Sciences Limited announced that they will report Q1, 2024 results at 12:08 PM, Indian Standard Time on Jul 21, 2023 Announcement • Jun 15
Sekhmet Pharmaventures Reportedly Competes with Nirma Group to Acquire Glenmark Life Sciences Sekhmet Pharmaventures Private Limited is competing with Ahmedabad-based Nirma Limited to acquire Glenmark Life Sciences Limited (NSEI:GLS), an 82.85% subsidiary of Glenmark Pharmaceuticals Limited (NSEI:GLENMARK), as pharmacist promoter Glenn Saldanha looks to deleverage the balance sheet. ChrysCapital, another homegrown fund, is also evaluating the opportunity of teaming up with limited partners GIC Private Limited and Canada's Caisse de dépôt et placement du Québec (CDPQ), said several people aware of the matter. However, the firm is yet to take a call on the matter and might opt out before binding bids are submitted by end of June. GLS had a market cap of INR 72.32 billion at market close on June 9. The share price, which hit a 52-week high of INR 595 on June 9, 2023, has risen by nearly 52% in the last three months from INR 386 in anticipation of a transaction. Sources said the company is expecting a significant control premium of INR 700 – INR 720 per share - its listing price. That's a 22% premium to the June 9, 2023 close despite the sharp stock appreciation. This, said people directly involved, is a potential hurdle for the deal. A transaction will trigger an open offer that will allow minority shareholders to cash out. Management meetings and due diligence are ongoing. Kotak Mahindra Capital Company Limited is advisor to the transaction. GLS, Nirma and Sekhmet didn't respond to queries sent on June 10, 2023. A ChrysCapital spokesperson declined to comment. GIC also didn't respond. Announcement • Jun 14
Sekhmet, Nirma Reportedly in Fray for Glenmark's API Biz Sekhmet Pharmaventures Private Limited and Nirma Group are in competition to acquire Glenmark Life Sciences Limited (NSEI:GLS, the 82.85% subsidiary of Glenmark Pharmaceuticals. The firm will reportedly sell the API developer and manufacturer in bid to deleverage. Many sources, including ChrysCapital, are said to be looking at the opportunity, but have yet to make any binding bids. Since Glenmark's share price peaked at INR 595 last week, the company has grown in value to have a market cap of INR 72,320 million. Rising dependence on imports of APIs and bulk drugs has made it an area of interest for India's government, which is seeking to incentivise domestic production. Announcement • May 25
Nirma, 3 Private Equity Firms Reportedly in Race to Buy Glenmark Life Sciences Nirma Limited and leading private equity firms have joined the race to acquire Glenmark Life Sciences Limited (NSEI:GLS). The acquisition by chemicals-to-cement major Nirma, if successful, would be a major boost for the health-care segment of the group, on the lines of its successful entry into the cement sector following its purchase of Lafarge India’s assets for about INR 94,000 million in July 2016. It later followed up by buying Emami cement assets for INR 55,000 million in February 2020. Glenmark owns an 82.8% stake in the company, which has a market valuation of INR 63,610 million as on May 23, 2023, with its shares closing at INR 519 apiece. Besides Nirma, American private equity giants -- KKR & Co. Inc. (NYSE:KKR), Blackstone Inc. (NYSE:BX) and BPEA EQT -- are interested in buying a stake in the company, said a banking source. “All the companies have done their due diligence and offers are expected soon,” said a banker close to the development. Glenmark will use the proceeds to reduce its net debt of INR 29,040 million as of March this year. Glenmark, KKR, Blackstone, and BPEA EQT declined to comment. An e-mail sent to the Nirma group did not elicit any response until the time of going to press. Price Target Changed • May 02
Price target increased by 9.0% to ₹584 Up from ₹536, the current price target is an average from 5 analysts. New target price is 16% above last closing price of ₹504. Stock is up 4.7% over the past year. The company is forecast to post earnings per share of ₹42.51 for next year compared to ₹38.11 last year. Reported Earnings • Apr 28
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: ₹38.11 (up from ₹35.63 in FY 2022). Revenue: ₹21.9b (up 3.2% from FY 2022). Net income: ₹4.67b (up 12% from FY 2022). Profit margin: 21% (up from 20% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) also surpassed analyst estimates by 9.6%. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Pharmaceuticals industry in India. Reported Earnings • Jan 28
Third quarter 2023 earnings released: EPS: ₹8.57 (vs ₹8.65 in 3Q 2022) Third quarter 2023 results: EPS: ₹8.57. Revenue: ₹5.41b (up 3.5% from 3Q 2022). Net income: ₹1.05b (up 1.2% from 3Q 2022). Profit margin: 19% (in line with 3Q 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Pharmaceuticals industry in India. Announcement • Jan 14
Glenmark Life Sciences Limited to Report Q3, 2023 Results on Jan 27, 2023 Glenmark Life Sciences Limited announced that they will report Q3, 2023 results on Jan 27, 2023 Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Group VP, Head of Technical Operations & Whole Time Director Vinod Naik was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Group VP, Head of Technical Operations & Whole Time Director Vinod Naik was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Oct 31
Price target decreased to ₹562 Down from ₹615, the current price target is an average from 4 analysts. New target price is 32% above last closing price of ₹425. Stock is down 32% over the past year. The company is forecast to post earnings per share of ₹34.02 for next year compared to ₹35.63 last year. Reported Earnings • Oct 22
Second quarter 2023 earnings released: EPS: ₹8.72 (vs ₹9.83 in 2Q 2022) Second quarter 2023 results: EPS: ₹8.72 (down from ₹9.83 in 2Q 2022). Revenue: ₹5.19b (down 7.6% from 2Q 2022). Net income: ₹1.07b (down 7.2% from 2Q 2022). Profit margin: 21% (in line with 2Q 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Pharmaceuticals industry in India. Upcoming Dividend • Sep 08
Upcoming dividend of ₹10.50 per share Eligible shareholders must have bought the stock before 15 September 2022. Payment date: 26 October 2022. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 4.8%. Within top quartile of Indian dividend payers (1.6%). Higher than average of industry peers (1.0%). Reported Earnings • Aug 05
First quarter 2023 earnings released: EPS: ₹8.87 (vs ₹9.36 in 1Q 2022) First quarter 2023 results: EPS: ₹8.87. Revenue: ₹4.99b (down 4.9% from 1Q 2022). Net income: ₹1.09b (up 7.7% from 1Q 2022). Profit margin: 22% (up from 19% in 1Q 2022). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 19%, compared to a 13% growth forecast for the industry in India. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Gita Nayyar was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 09
Third quarter 2022 earnings: EPS in line with expectations, revenues disappoint Third quarter 2022 results: EPS: ₹8.65 (down from ₹9.71 in 3Q 2021). Revenue: ₹5.26b (up 13% from 3Q 2021). Net income: ₹1.04b (flat on 3Q 2021). Profit margin: 20% (down from 22% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.9%. Over the next year, revenue is forecast to grow 16%, compared to a 13% growth forecast for the industry in India. Recent Insider Transactions • Nov 18
Non-Executive Director recently bought ₹5.0m worth of stock On the 16th of November, Glenn Saldanha bought around 8k shares on-market at roughly ₹643 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. 
