Gland Pharma (GLAND) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue was ₹18,335.88 million, up 23% YoY; adjusted EBITDA rose 50% to ₹5,030 million and PAT increased 58% to ₹2,907.56 million.

• 6M FY27 revenue grew 21% to ₹36,339 million; adjusted EBITDA reached ₹10,132 million, up 43%, and PAT was ₹6,077 million, up 52%.

• Growth was led by CDMO, Critical Injectables and the US market, supported by launches, higher volumes and customer demand.

Financial highlights

• Q2 gross profit was ₹11,638 million, up 25%, at a 63% margin; 6M gross profit was ₹23,397 million, up 22%, at a 64% margin.

• Q2 EBITDA was ₹4,804 million, up 53%, at a 26% margin; adjusted EBITDA was ₹5,030 million at 27%, excluding ₹226 million of non-cash ESOP expense.

• Q2 PBT rose 52% to ₹4,309 million; 6M PBT increased 45% to ₹8,659 million.

• Q2 PAT margin was 16%, versus 12% a year earlier; 6M PAT margin was 17%, versus 13%.

• Q2 R&D expense was ₹1,077 million, 6% of revenue, versus ₹817 million in Q2 FY26.

Outlook and guidance

• FY27 revenue growth guidance remains 15% on a constant-currency basis; U.S. growth is expected to continue and ROW markets to improve.

• Cenexi’s FY27 guidance remains EUR 200 million revenue at a high-single-digit margin; management said the lower Q2 result was included in its estimate.

• Complex injectables remain a long-term growth focus; three additional in-house pipeline products are in line for approval.

• Commercialization of 15 co-development products is anticipated from FY29; R&D spending may rise modestly as development shifts to more complex products.