Gland Pharma (GLAND) Q4 25/26 earnings summary

Executive summary

• Achieved record consolidated revenue of INR 64,307 million in FY26, up 14.5% year-over-year, with Q4 revenue up 22% year-over-year to INR 17,428 million.

• Adjusted PAT for FY26 increased 50% year-over-year to INR 10,455 million, with Q4 FY26 adjusted PAT up 97% year-over-year.

• CDMO business contributed 46% of revenues and grew 28% year-over-year for FY26, emerging as a key growth pillar.

• Cenexi delivered steady performance, achieving EBITDA positivity and operational stability, with revenue up 25% year-over-year to EUR 182 million.

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

Financial highlights

• FY26 revenue: INR 64,307 million (+14.5% YoY); Q4 FY26 revenue: INR 17,428 million (+22% YoY); Adjusted EBITDA: INR 16,826 million (26% margin); Adjusted PAT: INR 10,455 million (16% margin); Q4 Adjusted EBITDA margin: 30%.

• Gross margin for FY26: 65% (up from 63% in FY25); Q4 margin: 66%.

• Cash and equivalents at March 31, 2026: INR 33,591 million; net cash position: INR 31,157 million.

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

• Cash flow from operations: INR 10,314 million for FY26, up from INR 9,147 million in FY25.

Outlook and guidance

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

• Four-year CAGR target: 15% consolidated growth.

• Cenexi revenue target for FY27: close to EUR 200 million; mid to high single-digit EBITDA margin expected.

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

• GLP-1 contracts excluded from guidance; upside possible as partner approvals materialize.