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Glenmark Pharma Financials Unaffected by GST Search
1 Feb
Summary
- GST search and seizure operations occurred at Glenmark offices between Jan 27-31, 2026.
- Glenmark states no material impact on financials or operations from the GST inspection.
- Company's Q3 revenue grew 15.1% to ₹3,900.6 crore, with EBITDA up 44.9%.
Glenmark Pharma is currently cooperating with an investigation by the Goods & Services Tax Department, Mumbai. The search and seizure operations took place at the company's offices between January 27, 2026, and January 31, 2026. Glenmark has stated that it has provided all requested documentation and clarifications.
The company has emphasized that there have been no official findings of adverse issues. Glenmark maintains that this inspection will not have any material impact on its financials, operations, or overall business activities. The company's stock will be a point of focus following this announcement.
In parallel, Glenmark announced improved financial results for the December quarter. Revenue surged by 15.1% year-over-year to ₹3,900.6 crore. The company also saw a significant 44.9% increase in its Earnings before Interest, Tax, Depreciation, and Amortization (EBITDA), reaching ₹869.7 crore.
This quarterly performance was bolstered by strong growth in the India and North America segments, which grew by 22% and 24% respectively. The company's EBITDA margin expanded to 22.3% from 17.7% in the previous year.
