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Gland Pharma consolidated Revenues grew 19 percent YoY

ICICIdirect Research 11 Aug 2026 DISCLAIMER

News: Gland Pharma consolidated Revenues grew ~19% YoY to ₹ 1800 crore, as mainly driven by 32% growth in the US and 20% growth in Europe (together accounts for ~76% of the revenues). India Domestic grew 12% YoY and RoW grew 2% YoY while. Business wise CDMO pie grew 20% YoY to ₹891.5 crore and B2B business grew 19% YoY to ₹908.8 crore. Consol. EBITDA grew ~33% YoY to ~₹ 489 crore and margins stood at 27.2% (276 bps growth). PAT -grew ~47% to ~₹ 317 crore. Cenexi delivered a revenue of € 48 million tracking flat YoY with € 2 million EBITDA (~4% EBITDA margins).

View: Q1 numbers were a significant beat across the parameters owing to higher volume despite pricing pressure in the base business. Cenexi continues to deliver positive EBITDA margins with €48 million revenues in this quarter. A positive EBITDA achieved because of higher capacity utilisation, workforce rationalisation and contract re-negotiations. The management has also announced a capex of ₹2000+ crore in next 5 years for capacity addition as the existing facilities are at 80-90% utilisation. The management is looking to deliver a CAGR of 18-20% over the next 3-4 years to be driven by the execution of complex molecules. The newly announced contracts- 1) with Neuland for sterile APIs and 2) the new CDMO partnership for a global specialty pharma player for oncology and non-oncology products are expected to provide significant traction. For GLP 1 fill-finish capability, the company currently has 40 million cartridges capacity which the company plans to expand to 140 million. Overall, with many positive moving parts, the outlook remains promising.

Impact: Positive

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