Gland Pharma Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Gland Pharma Ltd filed with BSE on 20 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Gland Pharma reported Q4 FY26 consolidated revenue of INR17,428 million, up 22% year-on-year, with adjusted EBITDA of INR5,244 million at 30% margin and adjusted PAT of INR3,667 million at 21% margin. Full year FY26 revenue grew 14.5% to INR64,307 million, with the CDMO business contributing 46% of total revenue and growing 28%. Management attributed the quarter's performance to new product launches including Dalbavancin, GPO contract wins, capacity utilization improvements and steady contribution from the Cenexi subsidiary in France.
Numbers mentioned
Revenue: INR17,428 million (Q4 FY26)
p. 3
“For the fourth quarter FY '26, we reported revenues of INR17,428 million, reflecting a growth of 22% year-on-year.”
Srinivas Sadu, page 3 of the filed PDF · View the filing
Adjusted EBITDA: INR5,244 million, 30% margin (Q4 FY26)
p. 3
“Adjusted EBITDA for the quarter stood at INR5,244 million with margins of 30% and adjusted profit after tax was INR3,667 million with margins of 21%.”
Srinivas Sadu, page 3 of the filed PDF · View the filing
Revenue: INR64,307 million (FY26)
p. 4
“For the full year FY '26, our revenue stood at INR64,307 million, registering a growth of 14.5%.”
Srinivas Sadu, page 4 of the filed PDF · View the filing
CDMO business share of revenue: 46% (FY26)
p. 4
“The CDMO business represented 46% of total revenues supported by healthy growth of 28%, driven by our continued strategic focus on investments.”
Srinivas Sadu, page 4 of the filed PDF · View the filing
US revenue: INR33,181 million, 11% growth (FY26)
p. 4
“while for the full year, revenue stood at INR33,181 million with a growth of 11%.”
Srinivas Sadu, page 4 of the filed PDF · View the filing
Cenexi revenue: EUR45 million, 4% growth (Q4 FY26)
p. 4
“Cenexi is now EBITDA positive, operationally stable and poised for growth.”
Srinivas Sadu, page 4 of the filed PDF · View the filing
Gross margin: 66% (Q4 FY26)
p. 7
“Overall, gross margins for the quarter stood at 66%, an improvement of 30 bps over the previous year, reflecting the benefits of improved product mix and operational efficiencies.”
Ravi Mitra, page 7 of the filed PDF · View the filing
R&D expense: INR2,230 million, ~5% of base business revenue (FY26)
p. 5
“During FY '26, we spent INR2,230 million on R&D, representing a 5% of base business revenue.”
Srinivas Sadu, page 5 of the filed PDF · View the filing
Cash and cash equivalents: INR33,591 million (as of March 31, 2026)
p. 8
“As of March 31, 2026, total cash and cash equivalent at the group level stood at INR33,591 million.”
Ravi Mitra, page 8 of the filed PDF · View the filing
Total capex: INR4,938 million (FY26)
p. 8
“Total capex during FY '26 amounted to INR4,938 million primarily directed towards the capacity and capability expansion in India, ongoing investments at Cenexi and selective projects aligned with our CDMO and complex product strategy.”
Ravi Mitra, page 8 of the filed PDF · View the filing
Cash conversion cycle: 164 days (FY26)
p. 8
“Our cash conversion cycle for FY '26 averaged 164 days, showing improvement compared to previous year, driven by better inventory management and receivables control.”
Ravi Mitra, page 8 of the filed PDF · View the filing
Effective tax rate: 28% (Q4), ~29% (FY26) (Q4 and FY26)
p. 8
“On taxation, the effective tax rate for the quarter stood at 28% and the full year stood at approximately 29%.”
Ravi Mitra, page 8 of the filed PDF · View the filing
Cartridge capacity: 140 million units
p. 5
“Our current cartridge capacity now stands at 140 million units.”
Srinivas Sadu, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Consolidated revenue growth — 12% to 13% · FY27
stated firmly by Srinivas Sadu
p. 10
“As a consol, we are looking at around 13%, 12% to 13% growth.”
Srinivas Sadu, page 10 of the filed PDF · View the filing
Consolidated revenue CAGR — 15% · next four years
stated as an aspiration by Srinivas Sadu
p. 11
“The next four years, we're looking at a CAGR of 15% at a consol basis.”
Srinivas Sadu, page 11 of the filed PDF · View the filing
Cenexi EBITDA margin — mid-single digit to high single-digit EBITDA · FY27
stated firmly by Srinivas Sadu
p. 9
“So for FY '27, our target is to reach at least mid-single digit, high single-digit EBITDA. By the end of this year, we should get there, yes.”
Srinivas Sadu, page 9 of the filed PDF · View the filing
Cenexi EBITDA margin — mid-teen EBITDA · medium term
stated as an aspiration by Ravi Mitra
p. 11
“So we are looking at mid-teen EBITDA level in the midterm.”
Ravi Mitra, page 11 of the filed PDF · View the filing
Cenexi revenue — close to EUR200 million · FY27
stated conditionally by Srinivas Sadu
p. 10
“So we might touch about close to EUR200 million in FY '27 but the majority of the growth might come next year when we put up this additional line in August of this year, that will add capacity.”
Srinivas Sadu, page 10 of the filed PDF · View the filing
Base business EBITDA margin — 33% to 35% · FY27
stated firmly by Srinivas Sadu
p. 15
“So we still guide for the year as a base business around 35%, 33% to 35% and as a consol basis, around 25%, 26% EBITDA.”
Srinivas Sadu, page 15 of the filed PDF · View the filing
CDMO additional revenue contribution — $40 million to $50 million · FY27
stated firmly by Srinivas Sadu
p. 10
“So FY '27, it's almost, I would say, [$]40 million, [$]50 million will come from CDMO.”
Srinivas Sadu, page 10 of the filed PDF · View the filing
Capex — INR2,000 crores · next 3 years
stated firmly by Srinivas Sadu
p. 16
“So around INR2,000 crores, we're investing in the next 3 years in addition to about INR300 crores this year.”
Srinivas Sadu, page 16 of the filed PDF · View the filing
Capex — INR500 crores · FY27
stated firmly by Ravi Mitra
p. 16
“FY '27, we expect about INR500 crores.”
Ravi Mitra, page 16 of the filed PDF · View the filing
CDMO project commercialization — USD25 million to USD30 million annual revenue potential · H2 FY28
stated conditionally by Srinivas Sadu
p. 5
“One of the major CDMO projects announced earlier is progressing well and is expected to be commercialized in H2 of FY '28 with an estimated annual revenue potential of USD25 million to USD30 million.”
Srinivas Sadu, page 5 of the filed PDF · View the filing
Revenue growth step-up — 19%, 20% or a bit more · FY29 and beyond
stated as an aspiration by Srinivas Sadu
p. 17
“And then FY '28 could be 15% and then later, it could be 19%, 20% or a bit more.”
Srinivas Sadu, page 17 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the margin was driven by newly launched high-margin products and CDMO contracts that will annualize and are long-term in nature.
Answered by Ravi Mitra
Asked by Tushar Manudhane: How sustainable is the strong base business EBITDA margin this quarter?
p. 9
“And this will be annualized this year and these are long-term contracts. So this will be sustainable in terms of long term.”
Ravi Mitra, page 9 of the filed PDF · View the filing
Management said they are not disclosing numbers for GLP-1 since guidance excludes it, and it depends on partners' approvals.
Answered by Srinivas Sadu
Asked by Tushar Manudhane: Can you quantify the GLP-1 contracts and capacity utilization?
p. 9
“So we're not giving any numbers out yet. We're just saying how many contracts and the units also is very difficult to assume right now.”
Srinivas Sadu, page 9 of the filed PDF · View the filing
Management targeted close to EUR200 million for FY27, with the bulk of growth from new capacity to come the following year.
Answered by Srinivas Sadu
Asked by Neha Manpuria: Should Cenexi revenue be above EUR200 million in FY27 given capacity additions?
p. 10
“But FY '27, EUR200 million is the target we are looking at.”
Srinivas Sadu, page 10 of the filed PDF · View the filing
Management said Fontenay and Osny are near full utilization while two other sites run at 50-60% capacity.
Answered by Srinivas Sadu
Asked by Devang Shah: What is the capacity utilization at Cenexi sites?
p. 12
“So Cenexi, some sites are operating at full level. Like Fontenay is at almost 100%.”
Srinivas Sadu, page 12 of the filed PDF · View the filing
Management confirmed the guidance is based on constant currency and any currency movement would be an upside.
Answered by Srinivas Sadu
Asked by Rahul Jeewani: Is the 12-13% FY27 guidance in constant currency terms?
p. 13
“So we're taking on a constant currency whenever we are giving the guidance. So this is based on constant currency growth.”
Srinivas Sadu, page 13 of the filed PDF · View the filing
Management cited the RTU bag portfolio, complex injectables, CDMO contracts including a CMS project and pen device projects as major drivers.
Answered by Srinivas Sadu
Asked by Saion Mukherjee: What are the key growth drivers for the medium-term mid-teens growth target?
p. 16
“I think our CDMO pipeline is very strong, I would say. The RTU bag portfolio is strong again.”
Srinivas Sadu, page 16 of the filed PDF · View the filing
Management said cost optimization is ongoing including solar power adoption, and flagged a possible 1-2% revenue impact from supplier requests to raise vial and glass prices.
Answered by Srinivas Sadu
Asked by Saion Mukherjee: Is there scope for further cost optimization and any Middle East-related cost pressure?
p. 17
“So we are studying the impact on the long run. It's too early to tell, but probably there could be an impact of 1%, 2% overall.”
Srinivas Sadu, page 17 of the filed PDF · View the filing
Management said no, noting the customer won a Vizient contract and annualized numbers would be higher than the quarter's sales.
Answered by Srinivas Sadu
Asked by Shyam Srinivasan: Was Q4 Dalbavancin revenue inflated by channel/inventory push?
p. 18
“Not really. In fact, after we launched, the customer has won the Vizient contract as well.”
Srinivas Sadu, page 18 of the filed PDF · View the filing
Management explained the new combo line will also fill insulin vials and cartridges in the interim until GLP-1 demand ramps up around 2030.
Answered by Srinivas Sadu
Asked by Ashish: Was the rationale for adding GLP-1 capacity clear given the previous capacity wasn't fully utilized?
p. 18
“So we will fill insulin cartridges and vials for at least next few years till full ramp-up happens for the GLP-1.”
Srinivas Sadu, page 18 of the filed PDF · View the filing
Risks flagged
Middle East/Saudi Arabia disruption affecting rest-of-world shipments
p. 15
“So if you look at the Saudi, it did impact. If you see last quarter, there's a dip in ROW business.”
Srinivas Sadu, page 15 of the filed PDF · View the filing
Potential cost increase from suppliers of vials and glass
p. 17
“So we are studying the impact on the long run. It's too early to tell, but probably there could be an impact of 1%, 2% overall.”
Srinivas Sadu, page 17 of the filed PDF · View the filing
Delay in solvent supplies linked to Middle East situation
p. 17
“we hear there is a short delay in solvent supplies.”
Srinivas Sadu, page 17 of the filed PDF · View the filing
Uncertainty in GLP-1 ramp-up timing dependent on partner approvals
p. 14
“Second, the timing of launches will vary from customer to customer, market to market.”
Srinivas Sadu, page 14 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.