Gland Pharma Ltd (Pharma - API & CRAMS) — fundamental analysis, earnings data, and key metrics. PE: 34.3. ROE: 7.8%. This stock is not currently in the Nifty 500 momentum outperformers list.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: Cenexi EBITDA: ₹148 million
Impact: Positive EBITDA contribution
“Performance improved through focused capacity debottlenecking, contract re-pricing to account for inflation, workforce optimization, higher utilization and deeper operational integration with Gland.”
What: GLP-1 Launch: Liraglutide
“I'm pleased to inform you that our partner has received approval for liraglutide in the U.S., and we are ready for the U.S. launch in this quarter.”
What: Oncology CDMO Contract: $25M - $30M per year
Impact: ₹80 Cr capex for dedicated line
“The expected revenues are around $25 million to $30 million per year... the commercialization will happen in third or fourth quarter of '28.”
What: Europe Revenue Growth: 54%
“So we did participate in two large tenders 60 million, 70 million ampoule tenders jointly.”
What: ANDA Approvals: 4 approvals
Impact: 9 molecules launched
“We filed nine ANDAs, received four approvals, and launched ten [nine] new products in the U.S.”
What: Consolidated Revenue growth of 22% YoY
“In Q3 FY '26, we posted robust growth in regulated markets. Revenue rose 19% in the U.S. and 54% in Europe, driven partly by 39% top line growth at Cenexi.”
What: Not Given → EUR 25 million
“For this full year FY '26 capex for the base business is expected to be around INR2,500 million and EUR25 million at Cenexi.”
Earnings deceleration risks from management commentary
Trigger: Provisioning for new labor/wage code requirements in India.
Impact: PAT impact: ₹243 million
Management view: One-time adjustment to align with regulatory requirements.
Monitor: labor
Trigger: U.S. FDA requested additional data which was submitted in January.
Management view: Offsetting potential U.S. delays with European launches where the product is already approved in 6 countries.
Monitor: regulatory
Trigger: Competitive market dynamics and aggressive pricing to gain volume.
Impact: PAT impact: Nullified by internal efficiency
Management view: Increasing batch sizes and reducing internal costs to maintain margins despite lower pricing.
Monitor: commodity
Key quotes from recent conference calls
“Yes, EUR 50 million is our target from Q3. [Previous Cenexi Revenue guidance]”
“Okay. And just an extension on Cenexi. Again, while the profit will improve, will the EUR 50 million allow us to achieve breakeven in Cenexi? ... Yes. That should be EBITDA positive, yes. [Previous Cenexi Profitability guidance]”
“That will be next 5 months, the line is actually getting delivered next week... So by second quarter, the line will be ready to take exhibit batches. [Initiative: GLP-1 and Insulin Cartridge Expansion]”
“After adjusting for an exceptional wage code related impact of INR243 million and its consequent tax effects, net profit for the quarter stood at INR2,797 million. [Risk (labor): MEDIUM]”
Headline numbers from the latest earnings call
Revenue
₹16,954 million
Why: Growth was driven by broad-based performance across businesses, including a 39% top-line increase at Cenexi and 19% growth in the U.S. market.
Revenue growth accelerated significantly from the 6% YoY growth reported in Q2 FY26.
EBITDA
₹4,490 million
Why: Profitability improved due to higher base business revenues, cost efficiency initiatives, and Cenexi reaching an EBITDA breakeven point.
Adjusted EBITDA margins expanded to 26% from 21% in the previous quarter.
PAT
₹2,797 million
Why: Net profit was impacted by an exceptional wage code related provision of INR243 million, though underlying performance remained strong.
Adjusted PAT margin stood at 16% compared to 15% in the same quarter last year.
Other Highlights
• Cenexi achieved EBITDA breakeven with ₹148 million contribution.
• U.S. revenue grew 16% YoY to ₹8,290 million.
• Cash flow from operations for 9M FY26 reached ₹6,269 million.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
US Revenue % of Base Business
50%
Why: Strategic de-risking to reduce over-dependence on a single geography.
ANDA Approvals (Quarterly)
4
Why: Timing of FDA approval cycles.
R&D as % of Revenue
5.4%
Why: Primarily focused on complex injectables and advanced delivery systems.
RTU Bags Approved
16
Why: Scaling the portfolio to address a $685 million market opportunity.
Average Capacity Utilisation
80-90%
Why: Most lines are running near peak, necessitating the ₹2,000 Cr brownfield expansion.
Cash Conversion Cycle
166 days
Why: Driven by better inventory and receivable management compared to FY25 end.
Core Development Pipeline
15 products
Why: Stable pipeline focusing on 505(b)2 filings and complex ANDAs.
Cartridge Capacity Target
140 million units
Why: Expansion to support GLP-1 and insulin CDMO opportunities.
Forward-looking targets from management for 5 years
Revenue Growth Target
15%
OPM Guidance
36%
Capex Plan
₹2000 Cr
15% CAGR
REAFFIRMED
₹2,000 crores
Brownfield expansion for BFS, ophthalmic lines, and CDMO contracts
REAFFIRMED
Guidance Changes
Cenexi Capex: Not Given → EUR 25 million
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Gland Pharma Ltd's latest quarterly results (Dec 2025) show
Gland Pharma Ltd's current PE ratio is 34.3x.
Gland Pharma Ltd's price-to-book ratio is 3.1x.
Gland Pharma Ltd's fundamental strength based on key financial ratios
Gland Pharma Ltd has a debt-to-equity ratio of N/A.
Gland Pharma Ltd's return ratios over recent years
Gland Pharma Ltd's operating cash flow is positive (FY2025).
Gland Pharma Ltd's current dividend yield is 1.00%.
Gland Pharma Ltd's shareholding pattern (Dec 2025)
Gland Pharma Ltd's promoter holding has remained stable recently.
Gland Pharma Ltd is an established outperformer with 1 weeks of consecutive Nifty 500 outperformance.
Gland Pharma Ltd has 7 key growth catalysts identified from recent earnings analysis
Gland Pharma Ltd has 3 key risks worth monitoring
In Q3 FY26, Gland Pharma Ltd's management highlighted
Gland Pharma Ltd's management has provided the following forward guidance for 5 years
Gland Pharma Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Gland Pharma Ltd may be worth studying
Gland Pharma Ltd investment thesis summary:
Gland Pharma Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
