Gland Pharma (GLAND) Q1 26/27 earnings summary

Executive summary

• Achieved record quarterly revenue of ₹18,003 million in Q1 FY27, up 20% year-over-year, with PAT rising 47% to ₹3,170 million and PAT margin at 18%.

• Growth was driven by robust CDMO and B2B performance, each contributing 50% of revenue, supported by new product launches and increased volumes.

• Adjusted EBITDA rose to ₹5,102 million (28% margin), with gross margin at 65% and R&D spend at ₹772 million (4% of revenue).

• Strategic agreements and collaborations included a major global supply deal, partnerships for complex injectables, APIs, and in-licensing of a niche liposomal product.

• R&D investments focused on complex product development and filings, supporting long-term growth.

Financial highlights

• Revenue from operations: ₹18,003 million (up 20% YoY, up 3% QoQ); gross profit: ₹11,759 million (65% margin).

• Adjusted EBITDA: ₹5,102 million (28% margin, up 37% YoY); reported EBITDA: ₹4,930 million (27% margin).

• PAT: ₹3,170 million (up 47% YoY, 18% margin).

• R&D expenditure: ₹772 million, 4% of revenue, up 16% YoY.

• Net cash position: ₹32,939 million as of June 2026; cash flow from operations: ₹3,183 million.

Outlook and guidance

• Targeting 15% CAGR over the next four years, with potential to reach 20% depending on new contracts and capacity approvals.

• CDMO and B2B expected to remain balanced at 50/50 for next two years; CDMO may become larger post-2030.

• Commercialization of new CDMO partnerships expected to contribute significant revenue from 2029, with annualized potential of $90–100 million.

• Cenexi guidance maintained at near EUR 200 million revenue and high single-digit margins for FY 2027.

• Focus on complex injectables, co-development, and technology transfers to drive future growth.