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Revenue
₹1,424.9 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹347.5 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 Q4 FY25 consolidated revenue was INR 1,424.9 crore with EBITDA of INR 347.5 crore (24% margin, +100bps YoY). Base business (ex-Cenexi) revenue declined 12% YoY to INR 1,033.2 crore due to high base and tender losses, but EBITDA margin improved to 38% (+200bps YoY) on better product mix and cost controls. Cenexi revenue was EUR 43 million, impacted by remediation and equipment breakdowns, though gross margin improved to 79%. Management guided for mid-teens consolidated revenue growth in FY26, driven by new launches, CMO contracts, and biologics (INR 100 crore expected). Key risks include Cenexi turnaround delays and U.S. tariff uncertainty, though management believes generics will be less impacted. The company is scaling GLP-1 cartridge capacity from 40M to 140M units by CY26, with two contracts secured.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects consolidated revenue to grow in the mid-teens percentage range in FY26, driven by new launches, CMO projects, and biologics.
- Cenexi is targeting to achieve positive EBITDA by the third quarter of FY26, with double-digit EBITDA margins expected in FY27.
- The biologics segment, including the Dr. Reddy's collaboration, is expected to contribute approximately INR 100 crore in revenue in FY26.
- Gland is adding 100 million units of cartridge capacity, reaching 140 million units total by calendar year 2026, to support GLP-1 contracts.
Risks flagged
- Cenexi's performance has been below expectations, with losses persisting due to remediation activities and equipment breakdowns. Achieving positive EBITDA by Q3 FY26 is uncertain.
- The U.S. administration's reciprocal tariffs create uncertainty for Indian pharma companies. While management expects minimal impact on generics, the situation remains fluid.
- The ROW segment saw a 14% revenue decline in Q4 due to tender misses and softer offtake. Recovery depends on re-engaging local partners and executing a non-Enoxa strategy.
- Analysts questioned the return on invested capital for Cenexi, given the high acquisition cost and additional capex. Management's target of 18% EBITDA on $300M revenue may still yield suboptimal ROCE.
Key quotes
- We are looking at mid-teens as a growth for the coming year.
- Our long-term vision on ROW is the strongest. We internally have reason to believe that this business can double over the next three to five years.
- We are looking at a break-even in this December quarter. Next year, we should improve the EBITDA margin significantly.
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