Whalesbook
Glenmark Pharmaceuticals missed its second-quarter earnings for fiscal year 2026, primarily due to a significant negative impact on its domestic formulation business following the Goods and Services Tax (GST) transition. The company reported its highest-ever quarterly operational loss of INR 8.7 billion after adjusting for one-time income from Abbvie and associated expenses. Motilal Oswal has reduced its earnings estimates by up to 65% for FY26 and lowered the price target to INR 2,170, citing GST impact, geopolitical uncertainties, and ongoing regulatory issues.