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Gland Pharma (GLAND) investor relations material
Gland Pharma Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q2 FY26 consolidated revenue grew 6% year-over-year to ₹14,869 million, with PAT up 12% to ₹1,837 million; H1 FY26 revenue rose 7% and PAT 30% year-over-year.
Strong performance in the US (up 10% YoY) and Europe (up 16% YoY), with Cenexi revenue up 21% YoY in Q2 FY26.
Management expects robust H2 FY26 growth, driven by new launches, operational improvements at Cenexi, and capacity expansion.
Strategic focus remains on growth, capability, efficiency, and return on capital, aiming to build a high-end, innovation-driven CDMO and specialty injectables business.
U.S. market performance was robust, aided by the absence of new tariffs on generics and successful launches in complex injectables and CDMO segments.
Financial highlights
Q2 FY26 consolidated revenue was ₹14,869 million, up 6% YoY; H1 FY26 revenue reached ₹29,925 million, up 7% YoY.
Q2 FY26 gross profit increased 12% YoY to ₹9,331 million (margin 63%); H1 gross profit was ₹19,175 million (margin 64%), up 15% YoY.
Q2 FY26 EBITDA was ₹3,139 million (21% margin); adjusted EBITDA up 13% YoY to ₹3,355 million (23% margin); H1 adjusted EBITDA was ₹7,092 million (24% margin), up 26% YoY.
Q2 FY26 PAT was ₹1,837 million (12% margin); H1 PAT was ₹3,992 million (13% margin), up 30% YoY.
Cenexi revenue grew 21% YoY in Q2 FY26 and 20% in H1; EBITDA losses reduced to ₹530 million from ₹971 million.
Outlook and guidance
Management maintains mid-teens consolidated revenue growth guidance for FY26, with stronger H2 expected due to major product launches and Cenexi turnaround.
Cenexi is targeted to achieve break-even or slight profitability by Q3/Q4 FY26, with €50 million quarterly revenue as the key threshold.
Complex injectables, GLP-1s, and CDMO expansion are expected to drive sustainable long-term growth, with significant capacity expansion underway.
Commercialization of co-developed products anticipated to begin in FY28.
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