Gland Pharma FY26 PAT Rises 50%; Revenue Hits ₹64,307 Mn
Gland Pharma reported a 14.5% year-on-year increase in FY26 consolidated revenue to ₹64,307 million, driven by a 22% growth in Q4. Adjusted PAT for the year surged 50% to ₹10,455 million, with Q4 adjusted PAT rising 97% to ₹3,667 million. The CDMO business grew 36% year-on-year in Q4, contributing 46% of consolidated revenues, while EBITDA margins expanded to 26% for the full year.
*this image is generated using AI for illustrative purposes only.
Gland Pharma Limited announced its audited financial results for Q4 FY26 and the full year FY26, reporting record consolidated revenues and profitability. Q4 FY26 consolidated revenue grew 22% year-on-year to ₹17,428 million, while full-year FY26 consolidated revenue rose 14.50% to ₹64,307 million. Q4 FY26 consolidated net profit rose 97% year-on-year to ₹3.7 billion, with EBITDA climbing 48% to ₹5.1 billion and EBITDA margin expanding to 29.43% from 24.39% in the same period last year. Statutory auditors Deloitte Haskins & Sells issued an unmodified opinion on the financial statements.
Consolidated Financial Performance
The following table presents key consolidated P&L metrics (₹ Mn):
| Metric: | Q4 FY26 | Q4 FY25 | YoY | Q3 FY26 | QoQ | FY26 | FY25 | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue from Operations: | 17,428 | 14,249 | 22% | 16,954 | 3% | 64,307 | 56,165 | 14% |
| Gross Profit: | 11,515 | 9,370 | 23% | 11,187 | 3% | 41,877 | 35,261 | 19% |
| Gross Profit Margin (%): | 66% | 66% | — | 66% | — | 65% | 63% | — |
| EBITDA: | 5,130 | 3,475 | 48% | 4,349 | 18% | 16,295 | 12,689 | 28% |
| EBITDA Margin (%): | 29.43% | 24.39% | — | 26% | — | 25% | 23% | — |
| Adj. EBITDA: | 5,244 | 3,475 | 51% | 4,490 | 17% | 16,826 | 12,689 | 33% |
| Adj. EBITDA Margin (%): | 30% | 24% | — | 26% | — | 26% | 23% | — |
| Adj. PBT: | 5,058 | 2,883 | 75% | 3,865 | 31% | 14,889 | 10,627 | 40% |
| Adj. PBT Margin (%): | 29% | 20% | — | 23% | — | 23% | 19% | — |
| Adj. PAT: | 3,667 | 1,865 | 97% | 2,797 | 31% | 10,455 | 6,985 | 50% |
| Adj. PAT Margin (%): | 21% | 13% | — | 16% | — | 16% | 12% | — |
Key highlights include a 36% year-on-year growth in the CDMO business, which contributed 46% of consolidated revenues in Q4 FY26. Quarterly R&D investments stood at ₹506 million (4% of base business revenue), while full-year R&D investment was ₹2,230 million (5% of base business revenue), focused primarily on complex product development and filings.
Base Business (Gland) Performance
The base business delivered strong results across all metrics, as detailed below (₹ Mn):
| Metric: | Q4 FY26 | Q4 FY25 | YoY | Q3 FY26 | QoQ | FY26 | FY25 | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue from Operations: | 12,648 | 10,332 | 22% | 11,790 | 7% | 45,613 | 41,248 | 11% |
| Gross Profit: | 7,800 | 6,280 | 24% | 7,147 | 9% | 27,662 | 23,943 | 16% |
| Gross Profit Margin (%): | 62% | 61% | — | 61% | — | 61% | 58% | — |
| Adj. EBITDA: | 5,198 | 3,954 | 31% | 4,342 | 20% | 17,163 | 14,451 | 19% |
| Adj. EBITDA Margin (%): | 41% | 38% | — | 37% | — | 38% | 35% | — |
| Adj. PAT: | 4,211 | 2,913 | 45% | 3,274 | 29% | 13,232 | 10,868 | 22% |
| Adj. PAT Margin (%): | 33% | 28% | — | 28% | — | 29% | 26% | — |
Group Financial Position
Gland Pharma's balance sheet and cash flow metrics reflect a strengthening financial position. Net worth grew to ₹1,03,580 million in FY26, up from ₹91,507 million in FY25 and ₹87,238 million in FY24. ROCE improved to 12% in FY26 from 9% in FY25, while RONW rose to 11% from 8%. Capital expenditure increased to ₹4,938 million in FY26 compared to ₹3,938 million in FY25.
| Metric: | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Worth (₹ Mn): | 1,03,580 | 91,507 | 87,238 |
| ROCE (%): | 12% | 9% | 11% |
| RONW (%): | 11% | 8% | 9% |
| Capital Expenditure (₹ Mn): | 4,938 | 3,938 | 3,975 |
| Total Cash (₹ Mn): | 33,591 | 25,562 | 18,394 |
| Net Cash (₹ Mn): | 31,157 | 22,870 | 15,197 |
| Cash Flow from Operations (₹ Mn): | 10,314 | 9,147 | 9,968 |
| Cash Conversion Cycle (days): | 164 | 172 | 173 |
Geographical Revenue Breakdown
The US market remained the largest contributor, accounting for 53% of group revenues in FY26. Europe contributed 22%, Rest of the World 17%, and Other Core Markets (Canada, Australia, and New Zealand) 4%. The following table summarises group revenue by geography (₹ Mn):
| Geography: | Q4 FY26 | Q4 FY25 | YoY | FY26 | FY25 | YoY |
|---|---|---|---|---|---|---|
| US (Group): | 9,807 | 7,918 | 24% | 34,214 | 30,387 | 13% |
| Europe (Group): | 3,814 | 2,801 | 36% | 14,035 | 10,470 | 34% |
| Other Core Markets (Group): | 588 | 601 | -2% | 2,269 | 2,021 | 12% |
| Rest of World (Group): | 2,549 | 2,404 | 6% | 11,117 | 10,800 | 3% |
In the US, new product contributions included Dalbavancin and Brimonidine, alongside uptake in base business products such as Micafungin, Rocuronium Bromide, and Daptomycin. Europe performance was supported by strong Cenexi momentum, including the ramp-up of an inactivated vaccine and a sterile ophthalmic gel at the Hérouville facility. In the Rest of the World, growth was driven by key products including Huminsulin and Rocuronium Bromide.
Cenexi Subsidiary Performance
Cenexi, Gland Pharma's European CDMO subsidiary, reported revenue of €45 million (₹4,780 million) in Q4 FY26, a 22% year-on-year increase in rupee terms. Full-year FY26 revenue stood at €182 million (₹18,693 million), up 25% year-on-year in rupee terms. EBITDA improved significantly to €1 million (₹46 million) in Q4 FY26 from €(5) million (₹(479) million) in Q4 FY25, reflecting the benefit of volume growth, contract and pricing renegotiations, and cost reduction initiatives.
| Metric: | Q4 FY26 (€ Mn) | Q4 FY26 (₹ Mn) | Q4 FY25 (€ Mn) | Q4 FY25 (₹ Mn) | YoY | FY26 (€ Mn) | FY26 (₹ Mn) | FY25 (€ Mn) | FY25 (₹ Mn) | YoY |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from Operations: | 45 | 4,780 | 43 | 3,917 | 22% | 182 | 18,693 | 164 | 14,916 | 25% |
| Gross Margin: | 35 | 3,714 | 34 | 3,089 | 20% | 139 | 14,216 | 125 | 11,318 | 26% |
| Gross Margin (%): | 78% | 78% | 79% | 79% | — | 76% | 76% | 76% | 76% | — |
| EBITDA: | 1 | 46 | (5) | (479) | — | (3) | (336) | (19) | (1,761) | — |
| EBITDA Margin (%): | 1% | 1% | -12% | -12% | — | -2% | -2% | -12% | -12% | — |
At the Fontenay facility, production ramp-up on the new ampoule filling line is progressing well, and a new high-capacity ampoule line replacement is planned for August 2026, expected to add 30 million ampoule capacity by 2027, positioning the site as the largest ampoule manufacturing facility in Europe. At Braine-l'Alleud, a new hormonal pre-filled syringe (PFS) contract was won during the quarter.
Business Updates and Pipeline
On the regulatory and pipeline front, eight ANDAs were filed and 11 were approved in Q4 FY26, bringing cumulative US ANDA filings to 388 (337 approved, 51 pending). During FY26, 31 products were launched in the US, including five in Q4 FY26 alone. The company's Ready-to-Use (RTU) infusion bag portfolio now covers 21 filed products with 18 approvals received, addressing a US market opportunity of approximately $634 million. Pen/cartridge capacity for GLP-1s and insulin analogs stands at 140 million units per annum, following the launch of Liraglutide in the US during FY26. Additionally, a complex Nano Drug Delivery System-based injectable contract in oncology was signed with a large pharma company in FY26 under the CDMO segment. Fifteen products are currently in co-development (seven 505(b)(2) and eight ANDAs), with commercialisation anticipated to begin in FY28.
Dividend and Annual General Meeting
The Board of Directors has recommended a final dividend of ₹20 per equity share (face value of ₹1 each), representing 2000%, for FY26, subject to shareholder approval at the 48th Annual General Meeting scheduled for Tuesday, August 25, 2026. The record date for determining eligibility is Tuesday, August 11, 2026.
Regulatory Disclosure
In compliance with Regulation 47 of the SEBI Listing Regulations, Gland Pharma notified the stock exchanges on May 16, 2026 that newspaper advertisements pertaining to the audited financial results for the financial year ended March 31, 2026 were published in English and Telugu newspapers. The Board approved the audited financial results at its meeting held on May 15, 2026, with the results available on the company's website at https://glandpharma.com/investors/financials and on the websites of BSE Limited and the National Stock Exchange of India Limited.
| Parameter: | Details |
|---|---|
| Regulation: | Regulation 47, SEBI Listing Regulations |
| Publication Date: | May 16, 2026 |
| Languages Published: | English and Telugu |
| Board Meeting Date: | May 15, 2026 |
| Signatory: | Srinivas Sadu, Executive Chairman |
| Compliance Officer: | Sampath Kumar Pallerlamudi |
Earnings Call Recording
Pursuant to Regulations 30 and 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Gland Pharma has informed that the Earnings Call for the quarter and financial year ended March 31, 2026 was held on May 15, 2026 at 18:30 Hrs. (IST). The audio recording of the call has been uploaded on the company's website and is accessible via the link: https://glandpharma.com/images/Q4_FY26.mp3 .
Historical Stock Returns for Gland Pharma
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.11% | -1.95% | +18.03% | +32.25% | +36.36% | -28.10% |
How will Gland Pharma's GLP-1 and insulin analog pen/cartridge capacity expansion position it competitively as global demand for weight-loss drugs like semaglutide continues to surge?
Can Cenexi sustain its EBITDA turnaround trajectory into FY27, given that the new high-capacity ampoule line replacement is only expected to be operational by August 2026?
With 15 co-development products anticipated for commercialisation from FY28 onwards, how significantly could the 505(b)(2) pipeline reshape Gland Pharma's US revenue mix and margin profile?
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