Gland Pharma Q4 FY26 PAT Surges 97%; FY26 Results Ad Published
Gland Pharma reported record Q4 FY26 consolidated revenue of ₹17,428 million (up 22% YoY) and net profit growth of 97% YoY, with EBITDA margin expanding to 29.43%. Full-year FY26 revenue rose 14.5% to ₹64,307 million. The company published newspaper advertisements for its audited FY26 financial results in English and Telugu newspapers on May 16, 2026, per Regulation 47 of SEBI Listing Regulations, and recommended a final dividend of ₹20 per share.
*this image is generated using AI for illustrative purposes only.
Gland Pharma Limited announced its audited financial results for Q4 FY26 and 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 14.5% 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. In compliance with Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Gland Pharma published newspaper advertisements pertaining to these audited financial results in English and Telugu newspapers on May 16, 2026, as communicated to BSE Limited and the National Stock Exchange of India Limited by Company Secretary & Compliance Officer Sampath Kumar Pallerlamudi.
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.
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. The advertisement was signed by Srinivas Sadu, Executive Chairman, on behalf of the Board.
| 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 |
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.
Earnings Call Recording
Pursuant to Regulations 30 and 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Gland Pharma Limited 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 |
|---|---|---|---|---|---|
| -1.58% | -0.12% | +8.35% | +2.09% | +27.86% | -34.79% |
How might Gland Pharma's 140 million unit GLP-1 pen/cartridge capacity position it to capture market share as global demand for weight-loss drugs like semaglutide continues to surge?
With Cenexi's EBITDA still negative for full-year FY26 despite Q4 improvement, what timeline and milestones should investors watch to assess whether the European CDMO subsidiary can achieve sustainable profitability?
Given the 15 co-development products expected to commercialize from FY28 onward, how significantly could the 505(b)(2) pipeline reshape Gland Pharma's revenue mix and margin profile over the next three to five years?
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