Gland Pharma (GLAND) Q4 25/26 earnings summary

Executive summary

• FY26 consolidated revenue reached ₹64,307 million, up 14.5% year-over-year, with Q4 revenue up 22% to ₹17,428 million.

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

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

• Cenexi delivered steady growth, turning EBITDA positive and contributing to group profitability.

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

Financial highlights

• Gross profit margin improved to 65% in FY26 from 63% in FY25; Q4 FY26 margin at 66%.

• Adjusted EBITDA for FY26 was ₹16,826 million (26% margin), up 33% year-over-year.

• Adjusted PAT for FY26 was ₹10,455 million (16% margin), up from ₹6,985 million (12%) in FY25.

• Net cash position at year-end was ₹31,157 million, with cash and bank balances of ₹33,591 million.

• Capital expenditure for FY26 was ₹4,938 million, focused on capacity and capability expansion.

Outlook and guidance

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

• Four-year consolidated CAGR target is 15%.

• Commercialization of 15 co-development products anticipated to begin in FY28.

• CapEx of INR 2,000 crores planned over next five years for capacity expansion.

• Dividend of ₹20 per equity share recommended for FY26, pending shareholder approval.