Gland Pharma (GLAND) investor relations material

Executive summary

• FY 2026 delivered record consolidated revenue of ₹64,307 million, up 14.5% year-on-year, with Q4 revenue up 22% to ₹17,428 million, driven by robust CDMO growth, new product launches, and Cenexi's improved performance.

• Adjusted EBITDA margin for FY26 was 26%, with Q4 at 30%; adjusted PAT for FY26 grew 50% year-on-year to ₹10,455 million.

• CDMO business contributed 46% of revenues in Q4 and grew 28% year-on-year for FY26.

• Cenexi delivered steady performance, turning EBITDA positive and contributing to group profitability, with revenue up 25% year-on-year to €182 million.

• Strategic focus on complex injectables, capacity expansion, and operational efficiencies underpins future growth.

Financial highlights

• FY26 revenue: ₹64,307 million; Q4 revenue: ₹17,428 million, up 22% year-on-year.

• FY26 adjusted EBITDA: ₹16,826 million (26% margin); Q4 adjusted EBITDA: ₹5,244 million (30% margin).

• FY26 adjusted PAT: ₹10,455 million (16% margin), up from ₹6,985 million (12%) in FY25; Q4 adjusted PAT up 97% year-on-year.

• Gross margin for FY26: 65% (Q4: 66%), both improved over previous year.

• Cash and equivalents at year-end: ₹33,591 million; CapEx for FY26: ₹4,938 million.

Outlook and guidance

• FY27 revenue growth guidance: 12%-13% constant currency, excluding GLP-1 upside.

• Four-year CAGR target: 15% on a consolidated basis.

• Commercialization of 15 co-development products anticipated to begin in FY28; major CDMO projects to be commercialized in FY28.

• Cenexi expected to reach €200 million revenue and mid-teen EBITDA margin in the midterm.

• Board recommended a final dividend of ₹20 per share for FY26, subject to shareholder approval.