Gland Pharma Ltd
GLANDGland Pharma Ltd's earnings have outrun its stock. EPS grew +47.1% in a year against a +44.6% price move.
The sharpest disagreement: Domestic institutions moved −2.4 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced.
The price is in a confirmed uptrend (17 weeks in) while the P/E sits at the 68th percentile of its own 5-year range. Underneath, the last four quarters read improving — profit +47.4% year on year, and 118% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Gland Pharma Ltd trades at ₹2,922, in a confirmed uptrend and 17 weeks into that stage. That is +30.8% against its own 200-day average. It sits at 96% of a 52-week range of ₹1,627 to ₹2,970. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 25 straight weeks.
Today the stock is in a confirmed uptrend — week 17 of stage 2, confirmed. At ₹2,922 it trades +30.8% versus its 200-day average and sits at 96% of its 52-week range (₹1,627–₹2,970).
Against the market, two honest reads. Cumulative: over the last 5.8 years the stock moved +38% while the NIFTY 500 moved +111% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 25 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
Gland Pharma Ltd's story is not scored yet against the markers our research file set on 22 August 2026. Where it sits in its own cycle: EARLY_EXPANSION. Our fortnightly research layers last read it on 22 August 2026.
Our read, 22 August 2026. The CDMO and complex-injectable shift is converting into reported growth, but delayed project timing, a CEO search and expanding working capital keep the stock a monitored execution story.
From the numbers. Trailing and normalized valuation point to a similar middle-of-cycle conclusion because normalized OPM of 29.4% is close to current OPM of 27.2%.
From the price. Price stage 2, week 17 — above its 200-day line, relative strength rising.
From the research. The CDMO and complex-injectable shift is converting into reported growth, but delayed project timing, a CEO search and expanding working capital keep the stock a monitored execution story.
🚨 Where they disagree. This week's cycle snapshot places PE close to its median. The deterministic normalized read is also near the middle of history, with normalized PE of 38.1x versus trailing PE of 40.5x.
What is proven. The CDMO and complex-injectable shift is converting into reported growth, but delayed project timing, a CEO search and expanding working capital keep the stock a monitored execution story.
What is not proven yet. The thesis breaks if FY27 revenue growth falls below the 15% constant-currency framework while Cenexi profitability, vial-line approval and contract conversion fail to offset inventory-led cash absorption.
🚨 What would change our mind. The thesis breaks if FY27 revenue growth falls below the 15% constant-currency framework while Cenexi profitability, vial-line approval and contract conversion fail to offset inventory-led cash absorption.
Layer 1 read, 22 August 2026 — KEEP. Bottom of its own returns cycle with profit accelerating four quarters running — admitted on delivery, not discount. Gland makes sterile injectable medicines and increasingly manufactures them for other drug companies. Profit fell hard in 2024 and is now recovering fast: revenue 1,800 crore rupees and profit 317 crore rupees in the June quarter, up 19.5% and 47.4% on a year earlier, with margin at 27% against 24%. What separates it from the rest of this batch is that the cash matches the profit — the company generated 1.18 rupees of operating cash for every rupee of reported profit over three years — and it is doing this while return on capital, at 15.1%, is still near the bottom of its own historical 12-to-28 range, so the recovery has room. The catch is the price: at 40.6 times earnings there is…
What would change Layer 1’s mind. Constant-currency revenue growth printing below 15% in the September 2026 quarter while Cenexi's margin stays under 5% — the two together mean the growth framework management RAISED in August (from the 12-13% guided in May) was optimism, and with a 40.6 multiple and no margin of safety there is nothing to absorb the disappointment. A second, slower trigger: operating cash falling below reported profit for a full year while inventory days climb again — that would turn the capacity build from…
Layer 2 read, 22 August 2026 — ADVANCE. Gland's CDMO shift is already in revenue and cash, despite a risky sector capacity wave. June 2026 revenue rose to Rs 1,800 crore and profit to Rs 317 crore, while management says CDMO is already 50% of group revenue. The sector calls Gland the clean mid-history expression, but capex +28.02% and CWIP +19.7% make the supply flood a real forward risk.
What would change Layer 2’s mind. Flip to DROP if FY27 constant-currency revenue growth falls below 15% while the vial line remains unapproved and another Gland commercial project date moves beyond 2029.
Layer 3 read, 22 August 2026 — DEPLOY. The CEO gap is closing and no new regulatory damage offsets the already-delivering CDMO shift. CDMO revenue is already 50% of group revenue and grew 20% year on year, so the thesis does not rely only on future capacity. L3’s targeted search found that Deepak Sapra is due to join as CEO on 16 Nov 2026, directly mitigating Timeline R3. The remaining caution is delivery timing: GP3-GP6 record launch, project and capex changes, so management remains WATCHLIST rather than PASS.
What would change Layer 3’s mind. Constant-currency revenue growth below 15% in the Sep 2026 quarter would flip DEPLOY to BENCH because it would miss the current framework without valuation protection.
CIO read, 22 August 2026 — BENCH. NOT ADMITTED (incoming, benched) · forward-asymmetry 36/100 · CLEAR_NO_CONTEST. The operating recovery is real, but the share price rose 64.5% in four months and ran ahead of the EPS curve. Judged EPS growth of 18.0% falls short of the model-implied 23.6%, leaving a derived -5.6-point gap.
The test written in advance. The thesis breaks if FY27 revenue growth falls below the 15% constant-currency framework while Cenexi profitability, vial-line approval and contract conversion fail to offset inventory-led cash absorption. — the thesis as written as stated by the next result.
What the company does. Reported revenue and profit are ahead of the comparable quarter, while the latest margin eased from the preceding quarter. Management has raised its medium-term growth framing and is building capacity around CDMO, sterile injectables and European manufacturing. Valuation is around the historical middle rather than at a trough, so approvals, cash conversion and contract timing matter more than a multiple rerating.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| CDMO mix and contract conversion | HIGH | — | CDMO and B2B activity support the current growth base, with sterile-injectable transfers creating a later revenue runway. | Customer filings, technology transfers or site approvals delay commercial launches beyond management’s revised timetable. |
| Cenexi utilization and European… | HIGH | — | Cenexi profitability and site modernization can lift contribution if release delays and utilization improve as planned. | Quality releases remain delayed or modernization disrupts output without a compensating utilization gain. |
| US launch basket and B2B demand | MEDIUM | — | US revenue growth was led by recent launches, existing-product volumes and contracted demand. | Launch volumes fail to persist or generic competition offsets contracted demand. |
🚨 What the surface reading misses. The surface reading is: Q1 FY27 revenue and PAT were higher than the comparable quarter. The research reads it further: Revenue growth was accompanied by PAT growth, although OPM eased sequentially from 29% to 27%, so the quarter does not establish uninterrupted margin expansion.
🚨 What the surface reading misses. The surface reading is: The calculated YoY comparison shows revenue and PAT growth. The research reads it further: PAT growth exceeded revenue growth, while OPM improved from 24% in Jun 2025 to 27% in Jun 2026; sequential OPM and PAT were below Mar 2026.
Lever 1 · Operating leverage — BUILDING. CDMO and B2B activity support the current growth base, with sterile-injectable transfers creating a later revenue runway. What proves it keeps working: CDMO mix and contract conversion. It stops working if Customer filings, technology transfers or site approvals delay commercial launches beyond management’s revised timetable.
Lever 2 · Value-added mix — BUILDING. Cenexi profitability and site modernization can lift contribution if release delays and utilization improve as planned. What proves it keeps working: Cenexi utilization and European manufacturing. It stops working if Quality releases remain delayed or modernization disrupts output without a compensating utilization gain.
Lever 3 · Management change — BUILDING. US revenue growth was led by recent launches, existing-product volumes and contracted demand. What proves it keeps working: US launch basket and B2B demand. It stops working if Launch volumes fail to persist or generic competition offsets contracted demand.
Sources: our stock research file (22 August 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Gland Pharma Ltd reported ₹1,800 Cr of revenue in the Jun 26 quarter, +19.5% year on year. That is the 5th straight quarter of year-on-year growth. Over 6 years it has compounded at 16.0% a year. The last full year, FY26, came in at ₹6,431 Cr. The last four reported quarters add to ₹6,725 Cr.
FY26 revenue came in at ₹6,431 Cr (+14.5% on the year), capping 6 years at 16.0% compound. The latest quarter (Jun 26) printed ₹1,800 Cr, +19.5% year on year — the 5th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +17.5% growth against the decade's 16.0% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +17.5% over the last 4 quarters against +7.2%/yr over the last 8 — accelerating; TTM profit +46.4% vs +25.0%/yr — accelerating.
FY26-Q4. revenue ₹1,743 Cr and profit ₹367 Cr as reported.
FY27-Q1. revenue ₹1,800 Cr and profit ₹317 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Gland Pharma Ltd's operating margin is 27.0% in the Jun 26 quarter, +3.0 percentage points against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 23.0% to 38.0%. The current quarter sits inside that band.
Why this happened. Management reported CDMO revenue of Rs 8,915 million, up 20% YoY and 50% of group revenue. The sterile-injectable agreement spans 55 SKUs across three sites, with launches from CY2029. Higher-complexity manufacturing improves economics only when transfers convert into commercial launches.
The latest quarter's operating margin is 27.0%, +3.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 23.0%–38.0%.
Why the margin moved: operating margin went +2.8 pp year on year while gross margin went −0.1 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
FY26-Q4. revenue ₹1,743 Cr and profit ₹367 Cr as reported.
FY27-Q1. revenue ₹1,800 Cr and profit ₹317 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Gland Pharma Ltd earned ₹317 Cr of net profit in the Jun 26 quarter, +47.4% year on year. It is the 5th consecutive quarter of growth. Full-year FY26 profit was ₹1,027 Cr. The 6-year compound rate is 4.8%. That is 17.6% of the quarter's revenue. The same quarter a year earlier earned ₹215 Cr.
Jun 26 profit was ₹317 Cr, +47.4% year on year — the 5th consecutive quarter of growth. On the full year, FY26 printed ₹1,027 Cr (+46.9%), and the 6-year compound rate is 4.8%.
Why profit moved: revenue contributed +19.5% and the margin +3.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +45.8% vs revenue +17.5%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
FY26-Q4. revenue ₹1,743 Cr and profit ₹367 Cr as reported.
FY27-Q1. revenue ₹1,800 Cr and profit ₹317 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 118% of Gland Pharma Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹1,031 Cr of operating cash against ₹1,027 Cr of profit. After ₹960 Cr of capital spending, ₹71.0 Cr was left as free cash.
FY26: operating cash of ₹1,031 Cr against reported profit of ₹1,027 Cr, leaving free cash of ₹71.0 Cr after ₹960 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 118% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 118%: the cash cycle tightened 31 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.
Router verdict: the bigger cash user is investment — capital spending ran 3.7× depreciation over three years, so the next section's job is to check what that build-out is buying.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Gland Pharma Ltd's cash conversion cycle runs 255 days in FY26, down from 286 days in FY21. Capital spending ran ₹4,233 Cr over the last 3 years. At FY26 sales of ₹6,431 Cr each day of that cycle holds about ₹17.6 Cr, so roughly ₹4,493 Cr sits inside the business at any moment.
FY26: debtors at 107 days, inventory at 284 days — roughly 9.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 255 days, tighter than FY21's 286.
The full loop: cash goes out to suppliers and production on day 0; stock waits 284 days to sell; customers pay about 107 days after that; and suppliers themselves are paid at 136 days — netting out to the 255-day cycle.
In money terms: at FY26 sales of ₹6,431 Cr, each day of the cycle holds about ₹17.6 Cr — so the 255-day loop keeps roughly ₹4,493 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹4,233 Cr over the last 3 fiscal years against ₹1,147 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹342 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Gland Pharma Ltd earns a ROCE of 15% in FY26. That is up from a trough of 12% in FY25. Return on invested capital clears the cost of that capital by +0.7 percentage points, so growth here adds value rather than only size. The wiring behind it is 16.0% net margin on 0.52× asset turns.
FY26 ROCE is 15%, recovered from a FY25 trough of 12% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 16.0% net margin × 0.52× asset turns × 1.20× balance-sheet leverage ≈ 10.0% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.
The capstone test — ROIC − WACC: 12.7% − 12.0% = a +0.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Gland Pharma Ltd carries total debt of ₹284 Cr against shareholder equity of ₹10,358 Cr as of Mar 26, a debt-to-equity of 0.03 — effectively unlevered. On the annual view that ratio went from 0.00 in FY22 to 0.03 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹284 Cr against shareholder equity of ₹10,358 Cr — a debt-to-equity of 0.03. On the annual view, debt-to-equity went from 0.00 (FY22) to 0.03 (FY26). The returns on this page are earned, not borrowed.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions cut 2.4 points of Gland Pharma Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 30.4% of the company. Foreign institutions moved +1.9 points over the same window, to 8.7%. The register is read on the four disclosed classes only; nothing is inferred between filings.
Why this happened. Management reported US revenue of Rs 9,810 million, up 32% YoY, driven by recent CDMO launches and existing-product volumes. Dalbavancin faces competition but has contracted demand. Continued volume conversion, rather than a single launch print, is required.
The register over the last two years — Domestic institutions: −2.4 points over 8 quarters to 30.4%; Foreign institutions: +1.9 points over 8 quarters to 8.7%; Promoters: −0.1 points over 8 quarters to 51.8%.
Why the register moved: rotation — foreign institutions +1.9 points against domestic institutions −2.4 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Gland Pharma Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Gland Pharma Ltd trades at 42.1× P/E, mid-range by its own standards (68th percentile). Its long-run median P/E is 38.8×, measured across 5.3 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 42.1× is mid-range by its own standards (68th percentile), against a long-run median of 38.8× measured over 5.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +47.1% against a +44.6% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the −5.5%/yr price move, ~+2.7%/yr came from earnings growth and ~−8.2 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Gland Pharma Ltd reads as mixed on its fundamental arc. Mixed — the growth curves are steadily positive, but ROCE at 14.6% is below the 15% bar this page requires to call it Consistent. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +14.5% | +21.1% | +13.2% | — |
| Profit | +46.9% | +9.6% | +0.6% | — |
| EPS | +47.1% | +9.6% | +0.5% | — |
| Share price | +44.6% | +20.0% | −5.5% | — |
4-Factor Sector Score
69.7/100 — rank 5 of 24 in Pharma - API & CRAMS · 100% evidence confidence
Gland Pharma Ltd scores 69.7 out of 100 against the 24 companies it is compared with in Pharma - API & CRAMS, ranking 5. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 26.4 + 13.9 + 14.2 + 15.2 = 69.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Said versus delivered
What Gland Pharma Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
CDMO Project Commercialization Timeline Moved to 2029 · 10 August 2026. In Jan 2026, management said the new CDMO project was expected to commercialize in the third or fourth quarter of FY28, or by the end of 2028. In Aug 2026, management stated that the NGDS project would be in 2028 but commercialization would occur in 2029, indicating a material timeline shift without an explanation for the delay.
Gland CEO Vacancy Without Explanation · 15 May 2026. Mr. Shyamakant Giri served as CEO and delivered detailed operational commentary in both the Nov 2025 and Jan 2026 earnings calls. In the May 2026 call, no Gland CEO is named in the management roster and, when asked, management disclosed they are actively searching for a replacement with a CDMO and biotech background, offering no explanation for when or why the position became vacant. This is a material governance concern with direct implications for execution credibility and investor confidence.
Biologics CDMO Expansion Plan Quietly Abandoned · 15 May 2026. Both the Nov 2025 and Jan 2026 calls presented the expansion of biologics CDMO capacity from 8 KL to 23 KL as a stated strategic priority, with Jan 2026 explicitly noting a Greenfield build was planned at Shamirpet with active customer discussions underway. The May 2026 call materially contradicts this by characterizing biologics as a slow-burn strategy where no significant investment has yet been placed, representing an unexplained and material strategic retreat from a previously committed initiative.
🚨 FY27 Consolidated Growth Guidance Below Prior Mid-Teens Commitment · 15 May 2026. The Nov 2025 call explicitly stated confidence in achieving mid-teens consolidated revenue growth in coming couple of years, a statement that directly covers FY27. The May 2026 call now guides FY27 consolidated growth at 12-13% on a constant currency basis, which is materially below the approximately 15% mid-teens level previously communicated, and no clear explanation has been provided in the latest call for this downward revision.
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Neuland Laboratories LtdNEULANDLAB | 81.2/100Sector-leading setup100% evidence | LEADER | 33.6/35 Revenue 78.3% · PAT 100% · OPM change 23 pp 100% evidence | 19.9/25 ROCE 26.5% · OPM 35% 100% evidence | 12.0/20 P/E 60.7× · PEG 1.05 100% evidence | 15.7/20 RS sector 7.5% · RS bench 44.6% · 1Y 62.8%12 of 12 weeks ahead 100% evidence |
| Exact sum: 33.6 + 19.9 + 12 + 15.7 = 81.2 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Acutaas Chemicals LtdACUTAAS | 77.3/100Favorable setup76% evidence | 31.9/35 Revenue 41% · PAT 100% · OPM change 9 pp 95% evidence | 20.1/25 ROCE 31.6% · OPM 34% 76% evidence | 9.3/20 P/E 71.7× · PEG — 50% evidence | 16.0/20 RS sector 86.5% · RS bench 43.7% · 1Y 129.5%5 of 8 weeks ahead 70% evidence | |
| Exact sum: 31.9 + 20.1 + 9.3 + 16 = 77.3 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 3IOL Chemicals & Pharmaceuticals LtdIOLCP | 73.0/100Favorable setup100% evidence | LEADER | 28.5/35 Revenue 18.5% · PAT 60% · OPM change 3 pp 100% evidence | 12.5/25 ROCE 11.3% · OPM 14% 100% evidence | 13.8/20 P/E 32.3× · PEG 0.66 100% evidence | 18.2/20 RS sector 37.2% · RS bench 81.2% · 1Y 100.5%12 of 12 weeks ahead 100% evidence |
| Exact sum: 28.5 + 12.5 + 13.8 + 18.2 = 73 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Laurus Labs LtdLAURUSLABS | 71.2/100Favorable setup93% evidence | LEADER | 32.2/35 Revenue 22.6% · PAT 100% · OPM change 8 pp 100% evidence | 18.2/25 ROCE 17.8% · OPM 32% 100% evidence | 5.3/20 P/E 97.3× · PEG 3.33 65% evidence | 15.5/20 RS sector 22.2% · RS bench 63.4% · 1Y 123.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 32.2 + 18.2 + 5.3 + 15.5 = 71.2 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 5Gland Pharma Ltdthis pageGLAND | 69.7/100Favorable setup100% evidence | LEADER | 26.4/35 Revenue 17.6% · PAT 46.4% · OPM change 3 pp 100% evidence | 13.9/25 ROCE 15.1% · OPM 27% 100% evidence | 14.2/20 P/E 42.1× · PEG 1.45 100% evidence | 15.2/20 RS sector 8.2% · RS bench 45.5% · 1Y 54.4%12 of 12 weeks ahead 100% evidence |
| Exact sum: 26.4 + 13.9 + 14.2 + 15.2 = 69.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Divis Laboratories LtdDIVISLAB | 65.4/100Favorable setup100% evidence | LEADER | 26.5/35 Revenue 16.4% · PAT 26.8% · OPM change 11 pp 100% evidence | 19.1/25 ROCE 22% · OPM 41% 100% evidence | 3.5/20 P/E 83.1× · PEG 3.45 100% evidence | 16.3/20 RS sector 3.2% · RS bench 39.9% · 1Y 55.1%11 of 12 weeks ahead 100% evidence |
| Exact sum: 26.5 + 19.1 + 3.5 + 16.3 = 65.4 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 7Shilpa Medicare LtdSHILPAMED | 63.1/100Mixed-positive evidence100% evidence | LEADER | 27.6/35 Revenue 28% · PAT 100% · OPM change 1 pp 100% evidence | 10.3/25 ROCE 10.9% · OPM 29% 100% evidence | 5.6/20 P/E 66.1× · PEG 6.86 100% evidence | 19.6/20 RS sector 60.8% · RS bench 111.5% · 1Y 127.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 27.6 + 10.3 + 5.6 + 19.6 = 63.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Sai Life Sciences LtdSAILIFE | 62.9/100Mixed-positive evidence93% evidence | LEADER | 27.2/35 Revenue 17.6% · PAT 48% · OPM change 3 pp 100% evidence | 16.6/25 ROCE 19.6% · OPM 27% 100% evidence | 4.9/20 P/E 91.6× · PEG 3.46 65% evidence | 14.2/20 RS sector 12.7% · RS bench 51.7% · 1Y 84.2%12 of 12 weeks ahead 100% evidence |
| Exact sum: 27.2 + 16.6 + 4.9 + 14.2 = 62.9 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 9Granules India LtdGRANULES | 62.4/100Mixed-positive evidence100% evidence | LEADER | 26.4/35 Revenue 24.8% · PAT 38.1% · OPM change 3 pp 100% evidence | 15.8/25 ROCE 15.5% · OPM 23% 100% evidence | 10.4/20 P/E 34.7× · PEG 1.27 100% evidence | 9.8/20 RS sector 1.7% · RS bench 37.1% · 1Y 77.8%11 of 12 weeks ahead 100% evidence |
| Exact sum: 26.4 + 15.8 + 10.4 + 9.8 = 62.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Windlas Biotech LtdWINDLAS | 53.5/100Mixed-positive evidence77% evidence | BREAKING OUT | 16.7/35 Revenue 18.8% · PAT 9.8% · OPM change -2 pp 83% evidence | 14.5/25 ROCE 15.9% · OPM 11% 95% evidence | 11.5/20 P/E 35.1× · PEG — 50% evidence | 10.8/20 RS sector -1.8% · RS bench 34.7% · 1Y 13.7%5 of 10 weeks ahead 70% evidence |
| Exact sum: 16.7 + 14.5 + 11.5 + 10.8 = 53.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11Anthem Biosciences LtdANTHEM | 53.0/100Mixed-positive evidence77% evidence | BREAKING OUT | 12.7/35 Revenue -2.1% · PAT 14.1% · OPM change 1 pp 100% evidence | 22.0/25 ROCE 30.4% · OPM 36% 100% evidence | 9.2/20 P/E 89.3× · PEG — 15% evidence | 9.1/20 RS sector -4.6% · RS bench 29.4% · 1Y 13.4%7 of 12 weeks ahead 70% evidence |
| Exact sum: 12.7 + 22 + 9.2 + 9.1 = 53 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12SMS Pharmaceuticals LtdSMSPHARMA | 48.7/100Mixed-negative evidence100% evidence | TURNING | 19.1/35 Revenue 10.2% · PAT 41.7% · OPM change 0 pp 100% evidence | 11.3/25 ROCE 13.3% · OPM 20% 100% evidence | 10.3/20 P/E 42.4× · PEG 1.53 100% evidence | 8.0/20 RS sector -2.8% · RS bench 32.7% · 1Y 96.2%2 of 12 weeks ahead 100% evidence |
| Exact sum: 19.1 + 11.3 + 10.3 + 8 = 48.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Morepen Laboratories LtdMOREPENLAB | 48.5/100Mixed-negative evidence94% evidence | BREAKING OUT | 20.3/35 Revenue 9.5% · PAT 51.6% · OPM change 8 pp 100% evidence | 8.5/25 ROCE 8.1% · OPM 14% 100% evidence | 9.7/20 P/E 54× · PEG 1.68 100% evidence | 10.0/20 RS sector -16.2% · RS bench 130.1% · 1Y 134.8%10 of 10 weeks ahead 70% evidence |
| Exact sum: 20.3 + 8.5 + 9.7 + 10 = 48.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Blue Jet Healthcare LtdBLUEJET | 46.5/100Mixed-negative evidence94% evidence | BREAKING OUT | 5.8/35 Revenue -27.5% · PAT -34.6% · OPM change -1 pp 100% evidence | 21.0/25 ROCE 26.1% · OPM 33% 100% evidence | 13.8/20 P/E 45.8× · PEG 1.39 100% evidence | 5.9/20 RS sector -39.2% · RS bench 12% · 1Y -23.6%10 of 10 weeks ahead 70% evidence |
| Exact sum: 5.8 + 21 + 13.8 + 5.9 = 46.5 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 15Supriya Lifescience LtdSUPRIYA | 45.3/100Mixed-negative evidence100% evidence | FADING | 16.1/35 Revenue 28.2% · PAT 11.2% · OPM change -11 pp 100% evidence | 17.1/25 ROCE 25.2% · OPM 25% 100% evidence | 6.9/20 P/E 36.5× · PEG 3.11 100% evidence | 5.2/20 RS sector -11.2% · RS bench 20.4% · 1Y 38.4%8 of 12 weeks ahead 100% evidence |
| Exact sum: 16.1 + 17.1 + 6.9 + 5.2 = 45.3 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 16Concord Biotech LtdCONCORDBIO | 37.8/100Mixed-negative evidence94% evidence | BREAKING OUT | 9.2/35 Revenue -6.7% · PAT -23.3% · OPM change 2 pp 100% evidence | 14.9/25 ROCE 17.1% · OPM 32% 100% evidence | 6.7/20 P/E 56.7× · PEG 5.67 100% evidence | 7.0/20 RS sector -23.6% · RS bench 16.4% · 1Y -9.2%10 of 10 weeks ahead 70% evidence |
| Exact sum: 9.2 + 14.9 + 6.7 + 7 = 37.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17Jubilant Pharmova LtdJUBLPHARMA | 37.6/100Mixed-negative evidence93% evidence | TURNING | 11.8/35 Revenue 16.3% · PAT -23% · OPM change -4 pp 100% evidence | 6.8/25 ROCE 9% · OPM 11% 100% evidence | 13.9/20 P/E 42.1× · PEG 1.17 65% evidence | 5.1/20 RS sector -23% · RS bench 5.6% · 1Y -4.2%4 of 12 weeks ahead 100% evidence |
| Exact sum: 11.8 + 6.8 + 13.9 + 5.1 = 37.6 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 18Piramal Pharma LtdPPLPHARMA | 35.2/100Mixed-negative evidence71% evidence | LEADER | 13.0/35 Revenue 0.8% · PAT -80% · OPM change 3 pp 74% evidence | 1.4/25 ROCE 2.5% · OPM 9% 100% evidence | 10.0/20 P/E — · PEG — 0% evidence | 10.8/20 RS sector -10.9% · RS bench 21.1% · 1Y 5.3%12 of 12 weeks ahead 100% evidence |
| Exact sum: 13 + 1.4 + 10 + 10.8 = 35.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 19Solara Active Pharma Sciences LtdSOLARA | 34.7/100Adverse evidence83% evidence | TURNING | 7.9/35 Revenue 15.6% · PAT -80% · OPM change -2 pp 100% evidence | 3.8/25 ROCE 4.9% · OPM 16% 100% evidence | 8.5/20 P/E 843× · PEG — 15% evidence | 14.5/20 RS sector 1.9% · RS bench 38.7% · 1Y 12.7%8 of 12 weeks ahead 100% evidence |
| Exact sum: 7.9 + 3.8 + 8.5 + 14.5 = 34.7 · Decision use: Price leads the evidence: RS versus the benchmark is 38.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 20Hikal LtdHIKAL | 33.0/100Adverse evidence81% evidence | BREAKING OUT | 11.6/35 Revenue -5.4% · PAT -80% · OPM change 2.6 pp 74% evidence | 4.3/25 ROCE 3.5% · OPM 9.2% 100% evidence | 7.4/20 P/E 65.4× · PEG — 50% evidence | 9.7/20 RS sector -21.7% · RS bench 6.9% · 1Y -14.2%8 of 12 weeks ahead 100% evidence |
| Exact sum: 11.6 + 4.3 + 7.4 + 9.7 = 33 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 21OneSource Specialty Pharma LtdONESOURCE | 27.5/100Adverse evidence71% evidence | BASING | 11.3/35 Revenue 4.3% · PAT -80% · OPM change 0 pp 74% evidence | 3.3/25 ROCE 0.6% · OPM 27% 100% evidence | 10.0/20 P/E — · PEG — 0% evidence | 2.9/20 RS sector -27.3% · RS bench -0.8% · 1Y -15%3 of 12 weeks ahead 100% evidence |
| Exact sum: 11.3 + 3.3 + 10 + 2.9 = 27.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 22Syngene International LtdSYNGENE | 23.6/100Adverse evidence100% evidence | BASING | 6.7/35 Revenue -3.4% · PAT -56.4% · OPM change -11.3 pp 100% evidence | 8.6/25 ROCE 10% · OPM 12.3% 100% evidence | 8.1/20 P/E 52.2× · PEG 7.87 100% evidence | 0.2/20 RS sector -44.2% · RS bench -22.8% · 1Y -41%1 of 12 weeks ahead 100% evidence |
| Exact sum: 6.7 + 8.6 + 8.1 + 0.2 = 23.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 23Dishman Carbogen Amcis LtdDCAL | 22.1/100Adverse evidence87% evidence | ASLEEP | 7.0/35 Revenue 0.2% · PAT -80% · OPM change -11 pp 100% evidence | 4.8/25 ROCE 3.1% · OPM 9% 100% evidence | 6.4/20 P/E 145× · PEG 2.65 65% evidence | 3.9/20 RS sector -31% · RS bench -18.6% · 1Y -39.5%3 of 10 weeks ahead 70% evidence |
| Exact sum: 7 + 4.8 + 6.4 + 3.9 = 22.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 24Cohance Lifesciences LtdCOHANCE | 20.6/100Adverse evidence82% evidence | BREAKING OUT | 3.0/35 Revenue -19.8% · PAT -80% · OPM change -19.7 pp 95% evidence | 6.8/25 ROCE 5.8% · OPM 0.3% 76% evidence | 5.5/20 P/E 156× · PEG — 50% evidence | 5.3/20 RS sector -33.4% · RS bench -9.2% · 1Y -52.3%6 of 12 weeks ahead 100% evidence |
| Exact sum: 3 + 6.8 + 5.5 + 5.3 = 20.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Gland Pharma Ltd's share price today?
Gland Pharma Ltd trades at ₹2,922, +44.6% over the past year. The company is valued at ₹48,208 Cr. The stock sits at 96% of its 52-week range of ₹1,627–₹2,970, +30.8% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 17 weeks in. — as of 11 September 2026.
What were Gland Pharma Ltd's latest quarterly results?
Gland Pharma Ltd reported revenue of ₹1,800 Cr and net profit of ₹317 Cr for the Jun 26 quarter. Revenue rose 19.5% and profit rose 47.4% year on year. Earnings per share were ₹19.21. The operating margin was 27.0%, 3.0 pp higher than a year earlier. — as of 11 September 2026.
What is Gland Pharma Ltd's revenue?
Gland Pharma Ltd reported revenue of ₹1,800 Cr in the Jun 26 quarter, +19.5% year on year. For the full FY26 fiscal year, revenue was ₹6,431 Cr (+14.5%). Over the last 6 years revenue compounded at 16.0% a year. — as of 11 September 2026.
What is Gland Pharma Ltd's profit?
Gland Pharma Ltd earned ₹317 Cr of net profit in the Jun 26 quarter, +47.4% year on year — the 5th straight quarter of growth. Full-year FY26 profit was ₹1,027 Cr. The operating margin ran 27.0% in the latest quarter. — as of 11 September 2026.
What is Gland Pharma Ltd's market cap?
Gland Pharma Ltd's market capitalisation is ₹48,208 Cr at a share price of ₹2,922. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is Gland Pharma Ltd's P/E ratio?
Gland Pharma Ltd trades at a P/E of 42.1×, at the 68th percentile of its own 5-year range, against a long-run median of 38.8×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does Gland Pharma Ltd pay a dividend?
Yes — Gland Pharma Ltd's dividend payout was 32% of profit in FY26, and it recorded a payout in 3 of its last 7 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.
Is Gland Pharma Ltd overvalued?
On its own history, Gland Pharma Ltd looks expensive: its P/E of 42.1× sits at the 68th percentile of its 5-year range (long-run median 38.8×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 11 September 2026.
Is Gland Pharma Ltd growing?
Yes — Gland Pharma Ltd is growing: latest-quarter revenue +19.5% year on year, profit +47.4%, and the margin +3.0 pp at 27.0%. The 6-year compound rates are 16.0% (revenue) and 4.8% (profit). The earnings engine currently reads: improving — as of 11 September 2026.
How is Gland Pharma Ltd performing?
Gland Pharma Ltd is in a confirmed uptrend, 17 weeks in. Its latest quarter's revenue rose 19.5% and profit rose 47.4% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 25 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
What stage is Gland Pharma Ltd in?
Mixed — the growth curves are steadily positive, but ROCE at 14.6% is below the 15% bar this page requires to call it Consistent. The read comes from the last 12 quarters of growth (revenue growth +17.5% latest, profit growth +46.4% latest, eps growth +46.5% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is Gland Pharma Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 17 of stage 2), trading +30.8% versus its 200-day average and at 96% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is Gland Pharma Ltd beating the market?
On recent form, yes — Gland Pharma Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 25 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 5.8 years the stock moved +38% against the NIFTY 500's +111% — behind the index over the full window. — as of 11 September 2026.
Will Gland Pharma Ltd's share price go up?
This page publishes no price forecast for Gland Pharma Ltd. What it measures instead: the share price is ₹2,922, the price is in a confirmed uptrend 17 weeks in. Its P/E of 42.1× sits at the 68th percentile of its own 5-year range. — as of 11 September 2026.
Who owns Gland Pharma Ltd?
Promoters hold 51.8% of Gland Pharma Ltd, foreign institutions 8.7%, domestic institutions 30.4% and the public 9.1% (latest quarter). The biggest move on the register over the last two years: Domestic institutions cut 2.4 points over 8 quarters. — as of 11 September 2026.
Does Gland Pharma Ltd have too much debt?
No — Gland Pharma Ltd's debt-to-equity is 0.03, and operating profit covers the interest bill 49×. FY26 borrowings were ₹284 Cr against equity of ₹10,357 Cr. The returns on this page are earned, not borrowed — as of 11 September 2026.
What is Gland Pharma Ltd's capex?
Gland Pharma Ltd spent ₹4,233 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹960 Cr, with ₹342 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is Gland Pharma Ltd's cash flow?
Gland Pharma Ltd generated ₹1,031 Cr of operating cash flow in FY26 and ₹71.0 Cr of free cash flow after ₹960 Cr of capital spending. Reported profit that year was ₹1,027 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is Gland Pharma Ltd's profit real cash?
Yes — over the last 3 fiscal years, 118% of Gland Pharma Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹1,031 Cr against reported profit of ₹1,027 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 11 September 2026.
Where is Gland Pharma Ltd in its business cycle?
Gland Pharma Ltd's FY26 operating margin was 25.0%, against a 7-year band of 23.0%–38.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 27.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What could break the Gland Pharma Ltd story?
The sharpest disagreement: Domestic institutions moved −2.4 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is Gland Pharma Ltd a stock worth studying right now?
This is not investment advice. The machine read: Gland Pharma Ltd's earnings have outrun its stock. EPS grew +47.1% in a year against a +44.6% price move. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!