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Revenue
₹1,742.8 Cr
verified against source
Revenue YoY
22%
reported change
EBITDA
₹524.4 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 reported a strong Q4 FY26 with consolidated revenue of INR 17,428 million (+22% YoY) and adjusted EBITDA margin of 30% (+500bps YoY), driven by robust CDMO growth (28% YoY), new product launches (dalbavancin, multivitamin), and improved Cenexi performance (EBITDA positive). Base business EBITDA margin was 41%. Management guided for 12-13% constant currency revenue growth in FY27 (ex-GLP-1), with CDMO contributing INR 40-50 million incremental revenue. Cenexi targets mid-single to high-single digit EBITDA margin in FY27 and mid-teen in medium term. Risks include Middle East conflict impact on ROW business and potential glass/solvent cost inflation of 1-2%.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects 12-13% revenue growth in FY27 on constant currency basis, excluding GLP-1 upside.
- Cenexi targets mid-single to high-single digit EBITDA margin for FY27, improving from current positive EBITDA.
- Cenexi aims for mid-teen EBITDA margin in the medium term, driven by capacity additions and operational efficiencies.
- Capital expenditure for FY27 expected to be around INR 500 crores, part of INR 2,000 crores over five years.
Risks flagged
- Saudi Arabia shipments paused due to geopolitical tensions, causing a dip in ROW revenue; recovery uncertain.
- Suppliers requesting 5-6% price increase for vials/glass; potential 1-2% impact on overall costs.
- Management excludes GLP-1 from guidance due to dependency on partner approvals and market launches, creating upside risk but also uncertainty.
- Despite capacity additions, Cenexi revenue growth may be modest in FY27 as new lines ramp up slowly; focus on profitability over top line.
Key quotes
- We remain confident in sustaining this momentum, supported by a pipeline of complex product launches and the continued ramp-up of CDMO partnerships.
- Cenexi is now EBITDA positive, operationally stable and poised for growth.
- The forecasting or the guidance we give is excluding GLP-1. Anything which happens on GLP-1 will run upside.
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