GLAND
Small CapGland Pharma Limited
Pharma
Gland Pharma Limited is an Indian pharmaceutical company specializing in injectables. The company reported Q4 FY26 and full-year FY26 financial results, highlighting growth in revenue and profitability across its consolidated and base businesses, driven by new product launches and capacity ramp-ups.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 90/100Rev +22% YoY · PAT +96% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,743 Cr | +22.3% | +2.8% |
| EBITDA | ₹513 Cr | +47.4% | +17.9% |
| Operating margin | 29.0% | +500 bps | +300 bps |
| PAT | ₹367 Cr | +96.3% | +40.6% |
| PAT margin | 21.1% | +794 bps | +566 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Gland Pharma reports robust Q4 FY26 with consolidated revenue up 22% YoY and Adj. PAT up 97% YoY, supported by new US launches and Cenexi's volume growth.
The company demonstrated strong financial performance in Q4 FY26 and FY26, with significant YoY growth in revenue and profitability. Strategic focus on complex injectables, new product launches in the US, and capacity expansion at Cenexi are positive indicators. However, sequential revenue decline in Cenexi and some other core markets warrants monitoring.
FY26 Group Revenue Contribution by Geography
Latest issuer-disclosed distribution across 4 reported categories.
New Product Launches in USA
Launched five molecules in the USA in Q4 FY26, including Dalbavancin and Brimonidine, contributing to revenue uptake.
Complex Injectables Pipeline
Six in-house complex products launched, three more in line for approval. Expected to remain a central pillar of long-term growth.
Ready-to-Use (RTU) Bags Portfolio
Filed 21 RTU infusion bag products, 18 approved, 11 under development. Addresses a $634 million market opportunity in the US.
GLP-1s and Insulin Analogs
Launched Liraglutide in the US in FY26. Pen/cartridge capacity stands at 140 million units per annum.
Fontenay Ampoule Filling Line
Replacing an old ampoule line with a new high-capacity line during August 2026, adding 30 million ampoule capacity by 2027.
Pen/Cartridge Capacity
Pen/cartridge capacity now stands at 140 million units per annum.
Increased Volumes and New Product Ramp-ups
Increased volumes due to capacity expansion and new product ramp-ups supported revenue growth for Cenexi.
Operational Efficiencies at Cenexi
Contract and pricing renegotiations, cost reduction initiatives, and operating leverage helped Cenexi's margin profile.
Strong Base Business Uptake
Uptake in base business products like Micafungin, Rocuronium Bromide, Daptomycin in the US market.
Cenexi Sequential Revenue Decline
Cenexi's revenue from operations declined 7% QoQ in Q4 FY26.
Lower Uptake in Other Core Markets
Q4 FY26 saw lower uptake in a few base business products in Other Core Markets (Canada, Australia, New Zealand).
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Year-over-year comparison is crucial for assessing overall growth and margin expansion, especially for a business with potential seasonality. Quarter-over-quarter comparison is important to track sequential momentum from new product launches, capacity ramp-ups, and operational efficiencies.
Consolidated Revenue from Operations
Q4 FY26: 17,428 Mn (22% YoY, 3% QoQ); FY26: 64,307 Mn (14% YoY)
Consolidated Adj. EBITDA Margin
Q4 FY26: 30% (vs 24% YoY, 26% QoQ); FY26: 26% (vs 23% YoY)
Consolidated Adj. PAT Margin
Q4 FY26: 21% (vs 13% YoY, 16% QoQ); FY26: 16% (vs 12% YoY)
Base Business R&D Expenses
Q4 FY26: 506 Mn, representing 4% of base business revenue. Focus on complex product development and filings.
Complex Injectables as Long-Term Growth Pillar
Management expects complex injectables to remain a central pillar of long-term growth, with more products being added to the pipeline.
Co-development Commercialization Timeline
Commercialization of 15 co-development products (7 x 505(b)(2) and 8 x ANDAs) is anticipated to begin in FY28.
Dividend Recommendation
The Board recommended a final dividend of ₹20 per equity share for FY26, pending shareholder approval.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| US ANDA Approvals and Launches | 337 approved, 51 pending. 5 new launches in Q4 FY26. | Sustained pace of approvals and successful commercialization of new products in the US market. |
| Cenexi Capacity Ramp-up and Utilization | Production ramp-up progressing on new ampoule line. New high-capacity line to add 30M ampoules by 2027. | Timely commissioning and effective utilization of new capacity at Fontenay and continued ramp-up at Hérouville. |
| GLP-1s and Insulin Analogs Market Penetration | Liraglutide launched in US in FY26. Pen/cartridge capacity at 140M units/annum. | Market acceptance and revenue contribution from GLP-1s and insulin analogs, leveraging existing capacity. |
| Co-development Product Commercialization | 15 products in co-development, commercialization anticipated from FY28. | Progress towards commercialization of co-development pipeline and initial revenue contributions from FY28. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +22.9% / mo · near 52W high
Technical chart
GLANDdaily · 3Y+23.6%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 65. Wait for confirmation.
- SMA20 rising (~18.8% over last month) — short-term momentum positive.
- RSI(14) at 65 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 4% off 52W high · 45% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.1%.
- Piotroski is strong at 8/9.
- Balance sheet contributes 11/15 to the score.
Main drags
- Fair-value margin of safety is negative at -321.4%.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Quality is weaker at 3/20; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 82nd percentile of the scored universe and 74th percentile within Pharma. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 74th pctile, median 70 · Small: 85th pctile, median 65
108 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.2%.
- ▸Debt/equity is 0.03.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 35.50
- P/B
- 3.57
- EV/EBITDA
- 18.19
- Market Cap
- 37080.00Cr
Profitability
- ROE
- 10.70%
- ROCE
- 15.10%
- ROA
- 8.21%
- Dividend Y
- 0.80%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 1.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- 8.00%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- 49.39×
- Altman Z
- 8.40
- Book Value
- 629.00
Cash Flow
- FCF Yield
- 3.15%
- FCF Positive Y
- 3/5
- OCF
- 1031.00 Cr
- EPS TTM
- 62.35
Shareholding
- Promoter Hold
- 51.83%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 82%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.