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Revenue
₹1,405.8 Cr
verified against source
Revenue YoY
2%
reported change
EBITDA
₹296.1 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Gland Pharma's Q2 FY25 consolidated revenue grew 2% YoY to INR 1,406 crore, with base business up 5% to INR 1,066 crore. Consolidated EBITDA margin contracted 200bps to 21%, dragged by Cenexi's negative EBITDA of INR 68.5 crore due to extended summer shutdown for new ampoule line installation. Base business EBITDA margin held steady at 34%. PAT declined 16% YoY to INR 164 crore. U.S. revenue grew 3% YoY, while ROW markets saw delays in Saudi Arabia offtake. Management expects low double-digit full-year revenue growth, driven by new product launches and Saudi recovery. Cenexi targets positive EBITDA by Q4 FY25 and breakeven next fiscal year. A biologics CDMO partnership with Dr. Reddy's was signed, with initial benefits expected from Q1 FY26. Risk: Cenexi's turnaround may be delayed if new capacity ramp-up or commercial production slips.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects full-year revenue growth in low double-digits, driven by new launches, Saudi recovery, and steady U.S. base business.
- Cenexi targets positive EBITDA in Q4 FY25, supported by new ampoule line commercial production starting January 2025.
- Cenexi aims for EBITDA breakeven in FY26, driven by revenue above EUR 200 million threshold.
- The Dr. Reddy's biologics CDMO collaboration is expected to generate initial financial benefits from Q1 FY26.
Risks flagged
- Cenexi's path to profitability may be delayed if new capacity ramp-up or commercial production timelines slip, or if lyophilizer issues recur.
- U.S. revenue has been flat for three quarters despite multiple launches; growth may not materialize as expected if new contracts or Saudi offtake are delayed.
- Cenexi gross margin fell sharply to 69% due to product mix; may not normalize quickly if site-level issues persist.
- Management declined to provide peak revenue potential for the Dr. Reddy's partnership, indicating early-stage and uncertain financial impact.
Key quotes
- We continue to strive for achieving our short-term goals: a positive EBITDA for Q4 of full year 2025.
- The initial financial benefits we'll get from the first quarter of next year, and then, depending on the timing of the products and the development, then it will pick up.
- We have already signed a few GLP-1 contracts on the CDMO side.
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