**Market Brief: Glenmark Pharmaceuticals Q3 FY26 Performance** **Overview** Glenmark Pharmaceuticals has delivered a robust financial performance for the third quarter ended December 31, 2025 (Q3 FY26). The company reported double-digit growth across key metrics, driven by domestic strength and a revitalized North American business. Operational efficiency significantly boosted profitability, while a critical regulatory clearance in the US signals resolved supply chain bottlenecks. **Financial Highlights** The company posted a **16% year-on-year (YoY)** rise in consolidated net profit, reaching **₹403 crore**. Consolidated revenue grew **15% YoY** to approximately **₹3,900 crore**, reflecting broad-based gains across geographies. Operational performance improved sharply, with **EBITDA surging 45%** to **₹869 crore**. Consequently, EBITDA margins expanded to **22.3%**, a substantial improvement from the previous year, underscoring successful cost control measures and a superior product mix. **Segment Performance** * **India Business:** Domestic formulations remained the primary growth engine, recording a **22% YoY increase** in revenue to **₹1,298 crore**. The segment continues to outperform the wider market, driven by volume growth in chronic therapies and new launches. * **North America:** Revenue from this key geography jumped **24.2% YoY** to **₹970 crore**. While this figure was aided by one-time out-licensing income from the **ISB 2001** asset, the core business grew steadily at **4.1%**, indicating stabilizing demand and improved pricing power. * **Europe & Emerging Markets:** European operations grew **9.1%** to **₹796 crore**, supported by seasonal respiratory demand. The Emerging Markets segment (including Russia and LatAm) rose **8.4%** to **₹811 crore**. **Regulatory Breakthrough** A significant positive development during the quarter was the regulatory clearance for the manufacturing facility in **Monroe, North Carolina**. The US FDA classified the facility as **Voluntary Action Indicated (VAI)**, effectively clearing the path to restart commercial manufacturing. This resolution is expected to unblock supply constraints and accelerate product approvals for the US market in upcoming quarters. **Market Reaction** Investor sentiment remained buoyant following the results. The stock gained approximately **2%** in recent trading, hovering around the **₹2,026** level on the NSE. With a market capitalization now standing at **₹56,889 crore**, the street has positively priced in the margin expansion and the resolution of regulatory overhangs. **Outlook** Management has reiterated its focus on the innovative portfolio, including key assets like **Ryaltris** (respiratory) and **Winlevi** (dermatology). With the Monroe facility back online and the India business delivering consistent volume-led growth, the company remains on track to meet its near-term guidance for FY26.