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View Promises →Gland Pharma Limited — Q4 FY26
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...
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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%.
ग्लैंड फार्मा ने वित्त वर्ष 2026 की चौथी तिमाही में शानदार प्रदर्शन किया। कंपनी की कुल आय 1,742 करोड़ रुपये रही, जो पिछले साल से 22% ज्यादा है। कंपनी का समायोजित परिचालन लाभ (EBITDA) मार्जिन 30% रहा, जो पिछले साल से 5% अधिक है। यह मुनाफा मुख्य रूप से CDMO (दवा बनाने की ठेका सेवा) में 28% वृद्धि, नई दवाओं (डाल्बावैंसिन, मल्टीविटामिन) के लॉन्च और यूरोपीय कंपनी सेनेक्सी के बेहतर प्रदर्शन से आया। मूल कारोबार का EBITDA मार्जिन 41% रहा। कंपनी ने अगले वित्त वर्ष में 12-13% आय वृद्धि का अनुमान जताया है। सेनेक्सी का मार्जिन धीरे-धीरे सुधरेगा। जोखिमों में मिडिल ईस्ट संकट और कांच/सॉल्वेंट की कीमतों में 1-2% बढ़ोतरी शामिल है।
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Middle East conflict impact on ROW business
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CDMO Revenue Share
46%
+28% YoY
CDMO business contributed 46% of total revenues, growing 28% YoY, driven by new contracts and capacity utilization.
Cenexi Revenue
EUR 45M
+4% YoY
Cenexi Q4 revenue of EUR 45M, with EBITDA positive for the quarter, marking turnaround progress.
GLP-1 Contracts Signed
8
N/A
Eight GLP-1 contracts signed; additional 6-7 expected soon. Cartridge capacity at 140M units.
New Product Launches (US)
31
N/A
Launched 31 products in US during FY26, including 5 in Q4, driving volume and market share gains.
What Changed vs Last Quarter
NEW
Cenexi FY27 EBITDA margin mid-single to high-single digit
Cenexi targets mid-single to high-single digit EBITDA margin for FY27, improving from current positive EBITDA.
NEW
Cenexi medium-term EBITDA margin mid-teen
Cenexi aims for mid-teen EBITDA margin in the medium term, driven by capacity additions and operational efficiencies.
NEW
CapEx of INR 500 crores in FY27
Capital expenditure for FY27 expected to be around INR 500 crores, part of INR 2,000 crores over five years.
UPDATED
FY27 consolidated revenue growth of 12-13% constant currency
Management expects 12-13% revenue growth in FY27 on constant currency basis, excluding GLP-1 upside.
DROPPED
Five-year organic CAGR of 15%
Company targets 15% organic CAGR over five years, excluding inorganic contributions, driven by capacity expansions and CDMO contracts.
DROPPED
INR 2,000 crore CapEx over five years
Brownfield expansions include BFS, ophthalmic lines, and CDMO-dedicated capacity; FY27 CapEx expected >INR 400 crore.
DROPPED
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.
NEW RISK
Middle East conflict impact on ROW business
Saudi Arabia shipments paused due to geopolitical tensions, causing a dip in ROW revenue; recovery uncertain.
NEW RISK
Raw material cost inflation from glass/solvent
Suppliers requesting 5-6% price increase for vials/glass; potential 1-2% impact on overall costs.
NEW RISK
GLP-1 revenue timing uncertainty
Management excludes GLP-1 from guidance due to dependency on partner approvals and market launches, creating upside risk but also uncertainty.
NEW RISK
Cenexi revenue growth may lag expectations
Despite capacity additions, Cenexi revenue growth may be modest in FY27 as new lines ramp up slowly; focus on profitability over top line.
RISK GONE
Dalbavancin U.S. approval delay
Partner's U.S. launch delayed due to additional data request; approval expected in February but uncertainty remains.
RISK GONE
Cenexi quarterly volatility
Management acknowledged quarter-to-quarter fluctuations at Cenexi, which could impact near-term consolidated results.
RISK GONE
GLP-1 capacity utilization risk
Despite expanding cartridge capacity, management is conservative on GLP-1 revenue, citing patent and pricing uncertainties.
RISK GONE
CDMO contract ramp-up slower than expected
New CDMO contracts (e.g., oncology) start only by end-2028, with meaningful revenue contribution delayed.
🤫 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 12-13% revenue growth in FY27 on constant currency basis, excluding GLP-1 upside.
Saudi Arabia shipments paused due to geopolitical tensions, causing a dip in ROW revenue; recovery uncertain.
View Risks →