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glenmark pharmaceuticals: Glenmark Life Sciences’ IPO may ride the API wave. Challenges: scaling up and sustaining growth.

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Glenmark manufacturing plant at Dahej, Gujarat; Image courtesy: Glenmark

Synopsis

A 16% CAGR in revenue and 17% CAGR in Ebitda over the last three years, and an Ebitda margin of over 30%. Add to it a good quality-compliance record. The company’s performance has been robust. It is now looking to expand capacity, portfolio, and geographical presence, but can it sustain its run?

Active pharmaceutical ingredients (APIs) are the backbone of pharma industry. When the pandemic struck, cracks in the pharma supply chain were exposed, especially the high dependence on China for APIs and other key raw materials. This brought the not-so-glamorous API sector into the limelight. Over the last one year, API makers in India like Divi’s Laboratories, Laurus Labs, Aarti Drugs, Granules India, and Solara Active Pharma Sciences have not

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