NSE: GLAND · BSE: 543245
GLAND PHARMA LIMITED
Makes complex injectable pharmaceutical products for global markets, with a growing contract development and manufacturing (CDMO) business that accounted for 46% of consolidated revenues in FY26 and grew 28% year-over-year. The base injectables/generics business covers the balance of revenue; the company launched 31 products in the US in FY26, including 5 in Q4 alone, and recently won USFDA approval for Sugammadex Injection. The European CDMO arm, Cenexi, returned to EBITDA positive in Q4 FY26, delivering EUR 182 million in FY26 revenue (+11% YoY). Operations span six domestic plants in India and four international plants, and 88.44% of revenue comes from exports across around 60 countries. The biggest cost line is materials and consumables at 34.8% of revenue, followed by employee costs at 25.3%, with capex planned at INR 500 crore in FY27 and INR 2,000 crore over the next five years. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. CDMO services (46%), Generic injectables (base business). Asset-heavy sterile injectables manufacturer with growing CDMO services and R&D spend of around 5% of base-business revenue.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,401 | 3,625 | 5,665 | 5,617 | 6,431 |
| EBITDA (ex other income) | 1,510 | 968 | 1,333 | 1,269 | 1,605 |
| margin % | 34.3 | 26.7 | 23.5 | 22.6 | 25.0 |
| Owners' profit | 1,212 | 781 | 772 | 699 | 1,027 |
| EPS, as reported (₹) | 73.81 | 47.44 | 46.90 | 42.40 | 62.35 |
| ROE % · ROCE % | 16.9 · 22.4 | 9.8 · 13.2 | 8.9 · 12.5 | 7.6 · 11.4 | 9.9 · 13.7 |
| Debt / equity (x) | 0.00 | 0.00 | 0.04 | 0.03 | 0.02 |
| Cash from operations | 791 | 364 | 997 | 915 | 1,031 |
| Capex | (511) | (221) | (390) | (385) | (491) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,406 | 1,384 | 1,425 | 1,506 | 1,487 | 1,695 | 1,743 | 1,800 |
| Profit before tax | 257 | 299 | 288 | 313 | 284 | 362 | 506 | 435 |
| Net profit | 164 | 205 | 187 | 215 | 184 | 261 | 367 | 317 |
| EPS (₹) | 9.93 | 12.42 | 11.32 | 13.08 | 11.15 | 15.87 | 22.26 | 19.23 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,20,165 | 34.8 | 5.01 | 22.5 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,51,896 | 86.3 | 15.03 | 65.0 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,56,538 | 73.9 | 8.90 | 38.9 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,17,055 | 26.1 | 3.96 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| LAURUS LABS LIMITED | 1,15,722 | 105.7 | 21.31 | 64.4 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 1,09,385 | 33.9 | 2.86 | 14.6 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,09,060 | 32.3 | 3.16 | 16.7 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,03,353 | 50.6 | 6.24 | 28.4 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 43.1 | 30.1 | 109 of 158 | 31% |
| P/B | 4.7 | 3.0 | 112 of 163 | 32% |
| ROCE | 13.4 | 10.8 | 75 of 183 | 59% |
| ROE | 9.9 | 9.8 | 83 of 166 | 50% |
| Debt / Equity | 0.0 | 0.2 | 54 of 166 | 68% |
| EBITDA margin | 30.6 | 17.5 | 32 of 165 | 81% |
| Revenue growth | 19.6 | 16.3 | 72 of 161 | 55% |
| Profit growth | 47.1 | 30.9 | 66 of 158 | 59% |
| Market cap | 48691 | 810 | 16 of 181 | 92% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · USFDA closes Dundigal inspection with four procedural observations | regulatory legal | high | — | — |
| 21 Oct 2026 · Gland Pharma schedules Q2 FY27 earnings call | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Gland Pharma to approve September 2026 quarterly results | results | low | — | — |
| 12 Oct 2026 · Quarterly dematerialisation certificate filed with exchanges | compliance | minimal | — | — |
| 7 Oct 2026 · Postal ballot notice for appointment of new director | compliance | minimal | — | — |
| 6 Oct 2026 · Postal Ballot for Appointment of Xingli Wang as Non-Executive Director | management changes | medium | — | — |
| 1 Oct 2026 · Board approves USD 21M US expansion investment and director reshuffle | management changes | medium | — | — |
| 1 Oct 2026 · Gland Pharma invests USD 21 million in US unit, JV with Fosun arm | strategic transactions | high | — | — |
| 1 Oct 2026 · Gland Pharma board approves USD 21M US expansion via Novelstar investment | strategic transactions | medium | — | — |
| 1 Oct 2026 · Promoter Fosun Pharma sells 6% stake in Gland Pharma via open market | ownership changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.