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Revenue
₹1,695 Cr
verified against source
Revenue YoY
22%
reported change
EBITDA
₹449 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Gland Pharma delivered a strong Q3 FY26 with consolidated revenue of INR 1,695.4 crore (+22% YoY) and adjusted EBITDA of INR 449 crore (+25% YoY), driven by broad-based growth across base business and Cenexi. U.S. revenue grew 19% YoY to INR 829 crore, supported by volume gains from new GPO contracts and 10 product launches. Cenexi achieved EUR 50 million revenue (+21% YoY) and positive EBITDA of EUR 1.4 million, marking a turnaround. Management guided for 12-13% organic growth in FY27 and a 15% CAGR over five years, backed by INR 2,000 crore brownfield CapEx over five years, including BFS and ophthalmic lines. Key risks include delayed Dalbavancin U.S. approval and slower-than-expected ramp-up of new CDMO contracts.
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Guidance to track
- Management expects base business to grow 12-13% in FY27, with potential upside from European CMS approvals and Dalbavancin launch.
- Company targets 15% organic CAGR over five years, excluding inorganic contributions, driven by capacity expansions and CDMO contracts.
- Brownfield expansions include BFS, ophthalmic lines, and CDMO-dedicated capacity; FY27 CapEx expected >INR 400 crore.
- Cenexi expected to maintain EUR 50 million quarterly run-rate on an annualized basis, with positive EBITDA trajectory.
Risks flagged
- Partner's U.S. launch delayed due to additional data request; approval expected in February but uncertainty remains.
- Management acknowledged quarter-to-quarter fluctuations at Cenexi, which could impact near-term consolidated results.
- Despite expanding cartridge capacity, management is conservative on GLP-1 revenue, citing patent and pricing uncertainties.
- New CDMO contracts (e.g., oncology) start only by end-2028, with meaningful revenue contribution delayed.
Key quotes
- India pharma is moving from being the pharmacy of the world to becoming a global innovation hub.
- We are looking at 15% CAGR, five years, as a company, other than the inorganic what we may do in next few years.
- We have signed up with several, Semaglutide, the generics also.
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