Gland Pharma (GLAND) Q2 25/26 earnings summary

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.

• Adjusted EBITDA rose 13% YoY to ₹3,355 million in Q2 FY26, with margin expansion to 23%.

• Strategic focus remains on growth, capability, efficiency, and return on capital, with expansion into complex injectables and specialty CDMO services.

• Management expects robust growth in H2 FY26, driven by new launches and Cenexi's recovery.

Financial highlights

• Q2 FY26 gross profit increased 12% YoY to ₹9,331 million, with a margin of 63%.

• Q2 FY26 EBITDA rose 6% YoY to ₹3,139 million (margin 21%); adjusted EBITDA up 13% YoY (margin 23%).

• Q2 FY26 PAT margin improved to 12%; H1 FY26 PAT margin at 13% (up ~240 bps YoY).

• Six-month FY26 revenue from operations reached ₹29,925 million, up 7% YoY; six-month PAT was ₹3,992 million (13% margin), up 30% YoY.

• Cenexi revenue: EUR 88 million in H1, up 10% YoY; EBITDA loss reduced to EUR 5 million from EUR 11 million.

Outlook and guidance

• Management anticipates stronger momentum in H2 FY26, supported by new product launches and Cenexi's operational recovery.

• Mid-teens consolidated revenue growth guidance maintained; major launches (e.g., dalbavancin) and new CDMO contracts to drive growth.

• Expansion in global CDMO, high-end modalities, and complex injectables pipeline to drive sustainable growth.

• Cenexi expected to reach break-even at EUR 50 million quarterly run rate from Q3.

• Commercialization of co-developed products anticipated to begin in FY28.