HSBC has maintained its buy rating on Glenmark Pharma while trimming its target price to ₹2,110, noting that the company’s second-quarter performance was unusually distorted by an upfront payment received under the ISB 2001 agreement and disruptions in India business. The brokerage said the focus now shifts to whether management can execute on its stated priorities following a quarter in which the company “kitchen-sank” its working capital and operational issues.
HSBC highlighted that the start of commercial supplies from the Monroe facility will be a key catalyst to watch, as it could materially influence Glenmark’s growth trajectory in the coming quarters. The brokerage added that consistent delivery on management’s goals will determine how quickly the company can stabilise performance after the one-off impact in Q2FY26.
Disclaimer: The views above are those of HSBC. Business Upturn does not endorse them. Please consult a financial advisor before making investment decisions.
