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View Promises →Gland Pharma Limited — Q3 FY26
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.
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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.
ग्लैंड फार्मा ने तीसरी तिमाही में अच्छा प्रदर्शन किया। कुल कमाई 1,695.4 करोड़ रुपये रही, जो पिछले साल से 22% ज्यादा है। मुनाफा (EBITDA) 449 करोड़ रुपये रहा, जो 25% बढ़ा। अमेरिका में कमाई 829 करोड़ रुपये (+19%) हुई, क्योंकि नए ठेके और 10 नए उत्पाद लॉन्च हुए। यूरोप की कंपनी Cenexi ने 50 मिलियन यूरो कमाए और मुनाफे में आ गई। कंपनी अगले साल 12-13% और अगले पांच साल में 15% सालाना बढ़ोतरी की उम्मीद कर रही है। इसके लिए 2,000 करोड़ रुपये का निवेश करेगी। जोखिम: अमेरिका में एक दवा की मंजूरी में देरी और नए ठेकों की धीमी शुरुआत।
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Dalbavancin U.S. approval delay
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U.S. Revenue
INR 829 Cr
+19% YoY
U.S. revenue grew 19% year-on-year to INR 829 crore in Q3 FY26, driven by volume growth of 19% from new GPO contracts.
Cenexi Revenue
EUR 50M
+21% YoY
Cenexi delivered EUR 50 million revenue in Q3 FY26, a 21% increase YoY, with positive EBITDA of EUR 1.4 million.
R&D Spend
5.4% of Sales
+90bps YoY
R&D expenses were INR 65 crore, 5.4% of sales, up from 4.2% last year, reflecting investment in complex injectables.
Cartridge Fill-Finish Capacity
140M Units
+100M Units
Expanding cartridge fill-finish capacity from 40M to 140M units; new line expected operational by Q2 FY27.
What Changed vs Last Quarter
NEW
FY27 organic growth of 12-13%
Management expects base business to grow 12-13% in FY27, with potential upside from European CMS approvals and Dalbavancin launch.
NEW
Five-year organic CAGR of 15%
Company targets 15% organic CAGR over five years, excluding inorganic contributions, driven by capacity expansions and CDMO contracts.
NEW
INR 2,000 crore CapEx over five years
Brownfield expansions include BFS, ophthalmic lines, and CDMO-dedicated capacity; FY27 CapEx expected >INR 400 crore.
NEW
Cenexi annualized revenue run-rate of EUR 200M
Cenexi expected to maintain EUR 50 million quarterly run-rate on an annualized basis, with positive EBITDA trajectory.
DROPPED
Mid-teens consolidated revenue growth for FY26
Management reaffirmed mid-teens revenue growth guidance for FY26, driven by new launches (dalbavancin, colistimethate) and Cenexi improvement.
DROPPED
Cenexi break-even in Q3 FY26
Cenexi is expected to break even in Q3 FY26, supported by EUR 50 million quarterly revenue target and cost initiatives.
DROPPED
Cenexi EBITDA improvement year-on-year
Cenexi EBITDA losses reduced to EUR 5 million in H1 from EUR 11 million last year; management expects continued improvement.
DROPPED
CapEx of INR 2,500M for base business in FY26
Expected CapEx for Gland base business is approximately INR 2,500 million for FY26, focused on capacity expansion.
NEW RISK
Dalbavancin U.S. approval delay
Partner's U.S. launch delayed due to additional data request; approval expected in February but uncertainty remains.
NEW RISK
Cenexi quarterly volatility
Management acknowledged quarter-to-quarter fluctuations at Cenexi, which could impact near-term consolidated results.
NEW RISK
GLP-1 capacity utilization risk
Despite expanding cartridge capacity, management is conservative on GLP-1 revenue, citing patent and pricing uncertainties.
NEW RISK
CDMO contract ramp-up slower than expected
New CDMO contracts (e.g., oncology) start only by end-2028, with meaningful revenue contribution delayed.
RISK GONE
Cenexi turnaround delay
Cenexi's break-even depends on achieving EUR 50 million quarterly revenue; any shortfall could delay profitability.
RISK GONE
Milestone revenue volatility
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.
RISK GONE
ROW business growth lumpiness
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.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q1 FY26, Q2 FY25, Q4 FY25
Management expects Cenexi to deliver positive EBITDA in Q3 FY26, with Q2 being lower due to summer shutdown.
Mentioned in Q1 FY25, Q2 FY25, Q2 FY26, Q4 FY25
Cenexi's break-even depends on achieving EUR 50 million quarterly revenue; any shortfall could delay profitability.
Mentioned in Q1 FY25, Q2 FY26, Q4 FY25
Management reaffirmed mid-teens revenue growth guidance for FY26, driven by new launches (dalbavancin, colistimethate) and Cenexi improvement.
Mentioned in Q2 FY25, Q2 FY26, Q3 FY25
Cenexi EBITDA losses reduced to EUR 5 million in H1 from EUR 11 million last year; management expects continued improvement.
Mentioned in Q2 FY25, Q3 FY25
Collaboration with Dr. Reddy's for biologics CDMO is expected to generate incremental revenue starting next financial year (FY26).
Fast read
Guidance and risk preview
Management expects base business to grow 12-13% in FY27, with potential upside from European CMS approvals and Dalbavancin launch.
Partner's U.S.
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