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Revenue
₹1,486.9 Cr
verified against source
Revenue YoY
6%
reported change
EBITDA
₹313.9 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Gland Pharma reported a strong Q2 FY26 with consolidated revenue of INR 14,869 million, up 6% YoY, and EBITDA of INR 3,139 million (21% margin). Base business EBITDA margin improved to 37% (adjusted), driven by favorable product mix and cost initiatives. U.S. revenue grew 8% YoY to INR 8,005 million, supported by new launches (7 molecules) and volume growth. Cenexi revenue rose 21% YoY in INR terms, though EBITDA remained negative due to a planned shutdown; management expects Cenexi to break even in Q3. Key growth drivers include the upcoming launch of dalbavancin, GLP-1 capacity expansion (40M to 140M cartridges), and biologic CDMO ramp-up. Management maintained mid-teens consolidated revenue growth guidance for FY26. Risk: Cenexi turnaround may be delayed if revenue ramp-up falls short of EUR 50 million quarterly target.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed mid-teens revenue growth guidance for FY26, driven by new launches (dalbavancin, colistimethate) and Cenexi improvement.
- Cenexi is expected to break even in Q3 FY26, supported by EUR 50 million quarterly revenue target and cost initiatives.
- Cenexi EBITDA losses reduced to EUR 5 million in H1 from EUR 11 million last year; management expects continued improvement.
- Expected CapEx for Gland base business is approximately INR 2,500 million for FY26, focused on capacity expansion.
Risks flagged
- Cenexi's break-even depends on achieving EUR 50 million quarterly revenue; any shortfall could delay profitability.
- Milestone revenue was lower in Q2 (INR 44-45 crore vs. normal INR 75-80 crore) due to timing and U.S. licensing slowdown, impacting quarterly comparisons.
- ROW revenue was flat due to a 53% decline in tech transfer/CMO revenue, though product sales grew 19%; recovery may take a few quarters.
Key quotes
- Our strategy is focused on four key aspects: growth, capability, efficiency, and ROC. All aligned towards building Gland Pharma into a high-end, innovation-driven CDMO and specialty injectables company.
- We are confident of achieving a mid-teens growth in the coming couple of years.
- The whole EBITDA decrease from 11 to 5 signals that our transformation project is on the right track, and it will continue to remain on that track.
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