Gland Pharma (GLAND) Q4 25/26 earnings summary

Executive summary

• FY26 consolidated revenue reached ₹64,307 million, up 14.5% year-over-year, with Q4 revenue at ₹17,428 million, up 22% year-over-year.

• Adjusted EBITDA for FY26 was ₹16,826 million (26% margin), with Q4 at 30%; adjusted PAT for FY26 grew 50% year-over-year to ₹10,455 million (16% margin).

• CDMO business contributed 46% of revenues, growing 28% year-over-year, and is a key pillar for future growth.

• Cenexi delivered steady performance, with FY26 revenue of €182 million (up 11%-25%) and EBITDA improvement.

• Board recommended a final dividend of ₹20 per share for FY26, subject to shareholder approval.

Financial highlights

• Gross profit margin improved to 65% in FY26 from 63% in FY25; Q4 FY26 margin at 66%.

• Adjusted EBITDA for FY26 was ₹16,826 million (26% margin), up 33% year-over-year; Q4 adjusted EBITDA margin reached 30%.

• Adjusted PAT for FY26 was ₹10,455 million (16% margin), up from ₹6,985 million (12%) in FY25; Q4 adjusted PAT margin at 21%.

• Cash and equivalents at year-end: ₹33,591 million; net cash position: ₹31,157 million.

• CapEx for FY26: ₹4,938 million, focused on capacity and capability expansion.

Outlook and guidance

• FY27 consolidated revenue growth guidance: 12%-13% constant currency, excluding GLP-1 upside.

• Four-year CAGR target: 15% on a consolidated basis.

• Commercialization of 15 co-development products anticipated to begin in FY28.

• CapEx outlay of ₹20,000 million planned over next five years for capacity expansion.

• Board recommended a ₹20 per share dividend for FY26, pending shareholder approval.