Hyderabad-based generic injectables manufacturer and CDMO partner serving the US, Europe, RoW and India.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,287 | +23.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 37.0 | +2.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 364 | +35.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 11.75 | +2.9 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 8.37 | −0.9 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 17.55 | +15.4 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
5 of 7 judged targets kept · 12 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Cenexi EBITDA | Q4 FY25 | Q3 FY25 | Continued positive performance with €2M EBITDA reported for the quarter, reinforcing the turnaround. | Achieved |
| Biologics Revenue FY26 | ₹100 crores | Q4 FY25 | Target pertains to FY26 and was missed. No new update. | Missed |
| Organic Revenue CAGR | 15% over next 5 years | Q3 FY26 | Management is re-evaluating the CAGR upwards to 'around 20% growth next 4 years' based on new contracts, a significant upgrade from the original 15% over 5 years target. | Revised Up |
2 of Gland Pharma Limited's 19 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 16 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹1,941.4 on 24 Oct 2025 → ₹2,843.9. High ₹3,150.6 (7 Oct 2026), low ₹1,596.8 (19 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Gland Pharma manufactures generic injectable pharmaceuticals — including complex injectables, oncology products and peptides — which it sells directly under its own label ("base business") in the United States (its largest market), Europe and other regulated markets, the Rest of World, and India. Alongside this, it runs a Contract Development and Manufacturing Organisation (CDMO) business that develops and manufactures injectable drugs, including a growing GLP-1 cartridge-filling pipeline, for global pharma and biotech partners. Its subsidiary Cenexi is a European CDMO that manufactures and packages drugs for pharma clients. The company files ANDAs with the US FDA to register new generic injectables and invests in R&D for complex injectable and specialty drug-delivery platforms.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
5 of 7 judged targets kept · 12 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Cenexi EBITDA | Q4 FY25 | Q3 FY25 | Continued positive performance with €2M EBITDA reported for the quarter, reinforcing the turnaround. | Achieved |
| Biologics Revenue FY26 | ₹100 crores | Q4 FY25 | Target pertains to FY26 and was missed. No new update. | Missed |
| Organic Revenue CAGR | 15% over next 5 years | Q3 FY26 | Management is re-evaluating the CAGR upwards to 'around 20% growth next 4 years' based on new contracts, a significant upgrade from the original 15% over 5 years target. | Revised Up |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 19 tracked commitments, with each call’s wording and source.
Call summaries
Gland Pharma Limited Q1 FY27
Gland Pharma delivered a strong Q1 FY27 with robust revenue and profit growth, driven by strong performance in both CDMO and B2B segments and key geographic markets like the US. The company secured a significant strategic manufacturing agreement and continues to invest in capacity expansion and R&D for future growth, despite minor headwinds from forex losses and supply disruptions in some ROW markets.
Read the full callGland Pharma Q4 FY26
Gland Pharma reported a strong Q4 and full year FY26, marked by 22% YoY revenue growth and a 500 bps EBITDA margin expansion in Q4. This performance was fueled by new product launches, robust CDMO segment growth, and the successful turnaround of Cenexi. The company remains confident in its growth trajectory, supported by a strong pipeline and ongoing capacity investments, despite some regional market challenges and potential raw material price increases.
Read the full callGland Pharma Q3 FY26
Gland Pharma delivered a strong Q3 FY26, characterized by robust volume-led growth in the US and a successful EBITDA turnaround at Cenexi. While US pricing saw a 5-6% erosion, it was more than offset by a 19% volume surge and internal cost efficiencies. The company is pivoting toward high-end CDMO work, evidenced by a new $25-30 million oncology contract and significant capacity expansion in cartridges and biologics.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +35% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,063 | 1,011 | 1,030 | 1,039 | 1,074 | 1,178 | 1,262 | 1,287 |
| Expenses | 699 | 620 | 636 | 680 | 699 | 756 | 754 | 813 |
| Operating profit | 364 | 391 | 394 | 359 | 375 | 422 | 508 | 474 |
| Operating margin | 34.0% | 39.0% | 38.0% | 35.0% | 35.0% | 36.0% | 40.0% | 37.0% |
| Other income | 58 | 65 | 44 | 55 | 83 | 36 | 106 | 59 |
| Interest | 0 | 18 | 3 | 7 | 4 | 0 | 6 | 1 |
| Depreciation | 42 | 44 | 43 | 44 | 45 | 45 | 43 | 44 |
| Profit before tax | 380 | 394 | 391 | 362 | 409 | 412 | 565 | 488 |
| Tax rate | 26.0% | 25.0% | 26.0% | 26.0% | 26.0% | 25.0% | 26.0% | 25.0% |
| Net profit | 282 | 295 | 290 | 269 | 302 | 308 | 420 | 364 |
| EPS (₹ per share) | 17.10 | 17.91 | 17.60 | 16.34 | 18.33 | 18.69 | 25.52 | 22.09 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 3,624 | 4,168 | 4,116 | 4,553 |
| Expenses | 2,601 | 2,759 | 2,673 | 2,889 |
| Operating profit | 1,025 | 1,408 | 1,443 | 1,664 |
| Other income | 184 | 166 | 215 | 280 |
| Interest | 8 | 9 | 22 | 17 |
| Depreciation | 148 | 162 | 170 | 177 |
| Profit before tax | 1,054 | 1,406 | 1,465 | 1,748 |
| Net profit | 781 | 1,044 | 1,090 | 1,299 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 16 | 16 | 16 | 16 | 16 | 16 |
| Reserves | 7,141 | 7,942 | 8,707 | 9,134 | 9,546 | 10,341 |
| Borrowings | 5 | 4 | 372 | 314 | 302 | 284 |
| Other liabilities | 671 | 814 | 1,515 | 1,708 | 1,935 | 1,807 |
| Total liabilities | 7,834 | 8,778 | 10,611 | 11,173 | 11,800 | 12,449 |
| Fixed assets | 1,502 | 1,571 | 3,947 | 4,147 | 4,403 | 4,492 |
| Capital work in progress | 191 | 177 | 238 | 151 | 209 | 342 |
| Investments | 155 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 5,986 | 7,030 | 6,426 | 6,875 | 7,188 | 7,614 |
| Total assets | 7,834 | 8,778 | 10,611 | 11,173 | 11,800 | 12,449 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 605 | 791 | 368 | 1,136 | 1,074 | 1,135 |
| Cash from investing | -1,521 | -1,007 | 1,211 | -2,918 | 1,582 | -74 |
| Cash from financing | 1,238 | 35 | 15 | -7 | -340 | -316 |
| Net cash flow | 322 | -181 | 1,594 | -1,789 | 2,316 | 745 |
| Free cash flow | 377 | 270 | 145 | 899 | 962 | 917 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 71 | 89 | 87 | 103 | 101 | 122 |
| Inventory days | 312 | 205 | 421 | 253 | 265 | 257 |
| Days payable | 97 | 80 | 128 | 56 | 81 | 99 |
| Cash conversion cycle | 286 | 214 | 381 | 299 | 284 | 280 |
| Working capital days | 169 | 168 | 241 | 224 | 249 | 209 |
| Return on capital employed | 28.0% | 25.0% | 15.0% | 17.0% | 16.0% | 17.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 32.0% | 27.0% | 25.0% |
To justify its price of ₹2844, this stock must grow earnings at 24% every year for 7 years. Our analysis caps realistic growth at ~18%. At that growth it is worth ₹2198 — downside of 23%.
Ownership
Promoters hold 45.75% as of Sept 2026; institutions added 4.39 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 7 holders trimming and 0 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Gland Pharma Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 45.75% | −6.02 pp | |
| Mutual fund | 5.60% | −0.51 pp |
| Mutual fund | 4.87% | −0.06 pp |
| Mutual fund | 3.20% | −0.12 pp |
| Mutual fund | 2.92% | −2.77 pp |
| Mutual fund | 2.51% | newly disclosed |
| Mutual fund | 2.42% | newly disclosed |
| Mutual fund | 1.57% | −0.05 pp |
| Insurer | 1.51% | newly disclosed |
| Mutual fund | 1.41% | −0.38 pp |
| Sovereign | 1.32% | unchanged |
| Mutual fund | 1.23% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
0 new, 3 added, 6 trimmed, 2 sold out — net −4.83 L shares (−2.1%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Mid Cap Fund HDFC Mutual Fund | ₹1.8k Cr | held | Nov '23 |
| SBI Large and Midcap Fund SBI Mutual Fund | ₹924 Cr | held | May '23 |
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹812 Cr | held | Oct '22 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹531 Cr | held | Jan '23 |
| HDFC Large & Mid Cap Fund HDFC Mutual Fund | ₹406 Cr | held | Jan '23 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹346 Cr | held | Jul '22 |
| SBI Contra Fund SBI Mutual Fund | ₹323 Cr | held | Oct '23 |
| Nippon India ELSS Tax Saver Fund Nippon India Mutual Fund | ₹290 Cr | −1.00 L | Jul '22 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
3 added, 6 trimmed — net −4.83 L shares (−2.1%)
Shares held by these funds +44%
Oct '23 2.24 cr shares Sep '26
Your own record
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