Conference Call with Gland Pharma Management and Analysts on Q4FY26 & Full Year Performance and Outlook. Listen to the full earnings transcript.
Pharmaceuticals company Gland Pharma announced Q4FY26 & FY26 results Q4FY26 Consolidated Financial Highlights: Revenue from operations stood at Rs 17,428 million, registering a 22% increase YoY compared to Rs 14,249 million in Q4FY25, while growing 3% QoQ. Gross Profit came in at Rs 11,515 million, up 23% YoY from Rs 9,370 million in Q4FY25. Gross margin remained stable at 66%. EBITDA increased to Rs 5,130 million, reflecting a 48% growth YoY versus Rs 3,475 million in Q4FY25. EBITDA margin improved to 29% from 24%. Adjusted EBITDA stood at Rs 5,244 million, rising 51% YoY from Rs 3,475 million in the corresponding quarter last year. Adjusted EBITDA margin expanded to 30% from 24%. Adjusted PBT came in at Rs 5,058 million, registering a 75% increase YoY against Rs 2,883 million in Q4FY25. Adjusted PBT margin improved to 29% from 20%. Adjusted PAT rose sharply to Rs 3,667 million, delivering a 97% growth YoY compared to Rs 1,865 million in Q4FY25. Adjusted PAT margin improved to 21% from 13%. FY26 Consolidated Financial Highlights: Revenue from operations stood at Rs 64,307 million, registering a 14% increase YoY compared to Rs 56,165 million in FY25. Gross Profit came in at Rs 41,877 million, up 19% YoY from Rs 35,261 million in FY25. Gross margin improved to 65% from 63%. EBITDA increased to Rs 16,295 million, reflecting a 28% growth YoY versus Rs 12,689 million in FY25. EBITDA margin improved to 25% from 23%. Adjusted EBITDA stood at Rs 16,826 million, rising 33% YoY from Rs 12,689 million in FY25. Adjusted EBITDA margin expanded to 26% from 23%. Adjusted PBT came in at Rs 14,889 million, registering a 40% increase YoY against Rs 10,627 million in FY25. Adjusted PBT margin improved to 23% from 19%. Adjusted PAT rose to Rs 10,455 million, delivering a 50% growth YoY compared to Rs 6,985 million in FY25. Adjusted PAT margin improved to 16% from 12%. Q4FY26 Standalone Financial Highlights: Revenue from operations stood at Rs 12,648 million, registering a 22% increase YoY compared to Rs 10,332 million in Q4FY25, while growing 7% QoQ. Gross Profit came in at Rs 7,800 million, up 24% YoY from Rs 6,280 million in Q4FY25. Gross margin improved to 62% from 61%. EBITDA increased to Rs 5,084 million, reflecting a 29% growth YoY versus Rs 3,954 million in Q4FY25. EBITDA margin improved to 40% from 38%. Adjusted EBITDA stood at Rs 5,198 million, rising 31% YoY from Rs 3,954 million in the corresponding quarter last year. Adjusted EBITDA margin expanded to 41% from 38%. Adjusted PBT came in at Rs 5,663 million, registering a 44% increase YoY against Rs 3,924 million in Q4FY25. Adjusted PBT margin improved to 45% from 38%. Adjusted PAT rose to Rs 4,211 million, delivering a 45% growth YoY compared to Rs 2,913 million in Q4FY25. Adjusted PAT margin improved to 33% from 28%. FY26 Standalone Financial Highlights: Revenue from operations stood at Rs 45,613 million, registering an 11% increase YoY compared to Rs 41,248 million in FY25. Gross Profit came in at Rs 27,662 million, up 16% YoY from Rs 23,943 million in FY25. Gross margin improved to 61% from 58%. EBITDA increased to Rs 16,632 million, reflecting a 15% growth YoY versus Rs 14,451 million in FY25. EBITDA margin improved to 36% from 35%. Adjusted EBITDA stood at Rs 17,163 million, rising 19% YoY from Rs 14,451 million in FY25. Adjusted EBITDA margin expanded to 38% from 35%. Adjusted PBT came in at Rs 17,808 million, registering a 22% increase YoY against Rs 14,607 million in FY25. Adjusted PBT margin improved to 39% from 35%. Adjusted PAT rose to Rs 13,232 million, delivering a 22% growth YoY compared to Rs 10,868 million in FY25. Adjusted PAT margin improved to 29% from 26%. Business Highlights: R&D; Expenses: Total R&D; expenses were Rs 506 million in Q4FY26, representing 4% of base business revenue. The R&D; expenditure was mainly focused on complex product development and the number of filings. New Launches: The company launched five molecules in the USA this quarter, including Dalbavancin, Brimonidine etc. During FY26, 31 products were launched in the USA. Filings and Approvals: Eight ANDAs were filed, and 11 were approved in Q4FY26 and 24 ANDAs were filed, and 28 were approved in FY26, contributing to a cumulative total of 388 ANDA filings in the U.S. (337 approved, 51 pending). In-house Complex Pipeline: Six products have already been launched, three more are in line for approval. Complex injectables are expected to remain a central pillar of long-term growth, with more products being added to the pipeline. Co-development Partnerships: Fifteen products are in co-development (seven 505(b)(2) and eight ANDAs), with commercialization anticipated to begin in FY28. Ready-to-Use (RTU) Bags: Filed 21 Ready-to-Use infusion bag products and received approval for 18 so far. An additional 11 are currently under development. Total RTU bag portfolio addresses the market opportunity of approximately $634 million in the US. GLP-1s and Insulin analogs: In FY26, the company launched Liraglutide in the US. Our Pen/cartridge capacity now stands at 140 million units per annum. New CDMO contract: Signed a complex Nano Drug Delivery System-based injectable contract in oncology with a large pharma company in FY26. The Board of Gland Pharma has recommended a final dividend of Rs 20 per equity share for FY26, pending shareholder approval Srinivas Sadu, Executive Chairman of Gland Pharma, stated, “Our strong FY26 performance, reflected in consolidated revenue growth of 14.5% and an adjusted EBITDA margin of 26%, underscores the progress we are making across the businesses, including Cenexi. The 38% adjusted EBITDA margin of the base business has been supported by robust growth in the CDMO segment, alongside new product launches and improved profitability across our existing portfolio, driven by ongoing cost-efficiency initiatives. We remain confident in sustaining this momentum, supported by a pipeline of complex product launches and the continued ramp-up of CDMO partnerships.” Result PDF