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Gland Pharma

Q2 FY26

Gland Pharma Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹3,043

Market cap₹50.2K Cr

P/E43.8

Updated16 Oct 2026

Read4 min read

The short version

Targeting mid-teen consolidated revenue growth for FY '26 and coming years, driven by new product launches and ramp-ups. Gland Pharma expects mid-teen consolidated revenue growth for FY '26, driven by strong second half performance and product launches like Dalba.

From Gland Pharma's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

Targeting mid-teen consolidated revenue growth for FY '26 and coming years, driven by new product launches and ramp-ups.
Base business ex-Cenexi has been flat recently but expected to grow due to new launches (e.g., dalbavancin) and increased US sales.
US business showing positive growth: top 20 molecules up 9%, top 10 molecules up 14%, and top 10 customers up 19% YTD.
Rest of World (RoW) own product sales growing 19% YTD, though CMO side in RoW degenerating by 53%, expected to correct.
Investments in complex product portfolios like pen assembly lines, insulin products, cartridges, and ophthalmic suspension to boost regulated and RoW markets.
Cenexi revenue growing at 10% YoY in Euro terms, with a target of EUR 50 million revenue run rate by Q3.

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Profitability & Margins

Gland Pharma expects mid-teen consolidated revenue growth for FY '26, driven by strong second half performance and product launches like Dalba.
Adjusted EBITDA margin for the base business (excluding Cenexi) is robust at 36%, with overall consolidated EBITDA margin at 21% for Q2 FY '26.
Cenexi is targeting EUR 50 million revenue run rate from Q3 FY '26, which should enable it to break even at the EBITDA level.
Continued margin expansion and sustainable earnings growth are expected from the core business backed by product mix optimization.
R&D investment remains at around 5% annually to support complex and specialty product launches.

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Capital Expenditure Plans

Total capex for H1 FY '26 was INR1,969 million, mainly at Cenexi for new projects, capacity building, and maintenance.
Expected capex for full FY '26 for Gland base business is approximately INR2,500 million.
Capex for next year (FY '27) is projected to be around INR3,000 million.
Investments are focused on capacity enhancement at the Pashamylaram site, including:
Cartridge fill-finish
Pen assembling and packaging line
Insulin production
Powder filling line
Ophthalmic suspension line
Plans to increase biologics plant capacity from 8 KL to 23 KL are underway with ongoing collaborations in India and internationally.

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Fundraising & Capital Structure

As of September 30, 2025, external debt at Cenexi level stood at INR 2,544 million.
Total capex during H1 FY '26 was INR 1,969 million, mainly at Cenexi for new projects, capacity building, and maintenance.
Expected capex for full FY '26 for Gland base business is approx. INR 2,500 million, and for next year, around INR 3,000 million.
The company is investing in capacity enhancements at its Pashamylaram site.
No explicit mention in the transcript about any current or future new fundraising via debt or equity.

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Order Book & Pipeline

Gland Pharma highlighted a couple of large ongoing projects including:
Dalbavancin project, expected to start generating revenue imminently.
CMS project recently approved, involving tech transfer from Xellia with an approximate value of INR 150 crores.
In the GLP-1 portfolio:
One active contract and two more contracts in the pipeline, totaling three.
Initial 40 million cartridge capacity is currently almost fully booked.
Additional 100 million capacity is being built to meet growing demand, expected online by the second half of next year.

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Gland Pharma — Quarterly revenue & net profit

Revenue Net profit

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹1.7K Cr, net profit ₹367 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Gland Pharma Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Gland Pharma Q2 FY26 results?

Targeting mid-teen consolidated revenue growth for FY '26 and coming years, driven by new product launches and ramp-ups. Gland Pharma expects mid-teen consolidated revenue growth for FY '26, driven by strong second half performance and product launches like Dalba.

What is Gland Pharma share price analysis?

Gland Pharma currently shows a neutral. The stock trades at a P/E of 43.8 with a market cap of ₹50,219 Cr. Investors should review the full earnings analysis for detailed insights.

Is Gland Pharma planning capital expenditure?

Total capex for H1 FY '26 was INR1,969 million, mainly at Cenexi for new projects, capacity building, and maintenance.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.