Gland Pharma Ltd(GLAND)

NSE: GLANDBSE: 543245

₹ 2,815-1.53%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 46,451 crNext results: 6 Nov 2026Website: www.glandpharma.comUpdated: 24 Oct 2026

About

Gland Pharma Limited, founded in Hyderabad in 1978, is a global sterile injectable pharmaceutical company operating across B2B (generic and CDMO) and B2C channels, with 11 manufacturing facilities including its Cenexi subsidiary in France and Belgium. In FY26 the company reported consolidated revenue of ₹6,430.65 crore and has ~1,700 million units per year of sterile injectable manufacturing capacity. It exports to 60+ countries and maintains 200+ global pharmaceutical partnerships, with a particular focus on the US, Europe, Canada, Australia and New Zealand.^[1][2]

Business segments

CDMO segment contributed 46% of total group revenues in Q4 FY26, growing 28% YoY; for full-year FY26, CDMO was 23% of base business revenues, growing 33% YoY.^[3]
CDMO revenue reached INR 8,915 million in Q1 FY27, up 20% YoY, equalling the B2B generic segment at a 50/50 revenue mix.^[4]
US revenue in Q1 FY27 was INR 9,810 million, up 32% YoY, driven by CDMO product launches including Dalbavancin and Multi-Vitamin, plus volume expansion in Enoxaparin, Vancomycin, Chlorothiazide and Heparin.^[4]
Rest-of-World revenues in Q1 FY27 were INR 3,039 million, broadly flat YoY, impacted by Saudi Arabia supply disruptions and delayed NUPCCO tender awards.^[4]
Cenexi (European subsidiary) reported EUR 48 million revenue and EUR 2 million EBITDA (~4% margin) in Q1 FY27; FY27 full-year target is close to EUR 200 million.^[4]

Products and portfolio

Portfolio spans 15+ therapeutic categories including oncology, anti-coagulants, anti-infectives, CNS, ophthalmology, cardiology, hormones, fertility, anaesthetics, anti-malarial and GnRH agonists.^[1]
Key molecules include Enoxaparin Sodium, Heparin Sodium, Daptomycin, Caspofungin and Micafungin; 30+ products launched in the US and 6 complex products launched to date.^[1]
Delivery formats include liquid vials, lyophilised vials, pre-filled syringes, ampoules, infusion bags, ophthalmic products and cartridge delivery.^[1]
RTU bags portfolio had 20 products filed, 16 approved and 13 under development as of Q3 FY26, addressing an estimated market opportunity of $685 million.^[5]
Liraglutide (GLP-1) launched commercially in the US in January 2026 following partner approval; partner's product manufactured at Gland facilities.^[5]

Manufacturing operations

Total sterile injectable manufacturing capacity ~1,700 million units/year across 11 facilities (finished formulations and APIs), including Cenexi sites in France and Belgium.^[1]
Dundigal flagship facility (Hyderabad, 500,000 sq ft): 6 vial lines with 7 lyophilisers (230 mn units/year), 1 ampoule line (65 mn), 2 PFS lines (100 mn), 2 bag filling lines (6 mn), 1 ophthalmic line (50 mn).^[1]
Pashamylaram facility (Hyderabad, 600,000 sq ft): 6 vial lines with 7 lyophilisers (260 mn units/year), 2 ampoule lines (130 mn), cartridges (140 mn), 1 PFS line (10 mn), 1 bag filling line (15 mn).^[1]
Penems facility (Pashamylaram, Hyderabad): 1 vial line with 3 lyophilisers (6 mn units/year lyo capacity) and a dry powder line (7 mn units/year); received USFDA approval in April 2016.^[1]
Cenexi operates four manufacturing facilities across France and Belgium with 1,300+ employees; Fontenay new ampoule line ramping in Q1 FY27, Hérouville utilisation improving, Brainne-l'Alleud secured a prefilled syringe orphan drug programme.^[1][4]
Facilities have been inspected and approved by USFDA, MHRA (UK), TGA (Australia), ANVISA (Brazil), AGES (Austria), BGV Hamburg (Germany) and EMA (EU).^[1]

Key operating numbers

Cumulative US ANDAs: 389 filed, 342 approved, 47 pending as of Q1 FY27; quarterly activity was 3 filed and 7 approved in Q1 FY27.^[4]
Total product registrations globally: 1,828 - 527 in US/Europe/Canada/Australia/NZ; 77 in India; 1,224 in Rest of World (as of FY26).^[1]
R&D spend was INR 772 million (4% of revenue) in Q1 FY27, up 16% YoY vs INR 664 million in Q1 FY26; FY26 full-year R&D investment was INR 2,230 million.^[4][1]
US volume growth in Q3 FY26 was ~19% YoY, offsetting a 5 - 6% price decline driven by GPO contract wins.^[5]
Gross profit margin was 65% in Q1 FY27, flat YoY (65% in Q1 FY26); adjusted EBITDA margin (base business) was 37% as of Q2 FY26.^[4][6]
Consolidated constant-currency revenue growth was 15% in Q1 FY27; base business (ex-Cenexi) grew 24% reported (~20% CC) in Q1 FY27.^[4]

Customers and distribution

B2B model with 200+ global pharmaceutical partnerships; exports to 60+ countries with primary regulated markets in the US, Europe, Canada, Australia and New Zealand.^[1]
Also participates selectively in India's B2C market, complementing the dominant B2B model.^[1]
New GPO contracts in the US drove volume expansion for existing products; 31 new product launches were executed in FY26, including 5 in Q4 FY26.^[3]
Company averages 40+ audits per year including partner and regulatory agency audits.^[1]

Expansion and capex

Total capex over the next three years guided at INR 2,000 crores; base business 5-year capex plan targets BFS, ophthalmic and CDMO contract lines.^[3][5]
New high-capacity ampoule line at Fontenay (Cenexi) expected to enter production in early 2027, adding ~30 million ampoules of annual capacity.^[4][3]
New CDMO oncology contract (NDDS): INR 80 crores dedicated compounding area capex; filings targeted for CY2028, commercialisation CY2029, peak revenue USD 25 - 30 million annually.^[5]
Biologic CDMO capacity expansion planned from 8 KL to 23 KL; GLP-1 cartridge fill/finish capacity scaling to 140 million units by mid-2026.^[6]
100-million unit fungible pen/cartridge line at Pashamylaram targeted ready for exhibit batches by Q2 FY27.^[5]

Recent developments

August 2026: Signed strategic manufacturing and supply agreement with a global pharma company covering 55 SKUs (oncology and non-oncology vials/lyos/ampoules/PFS) across three Indian sites; peak revenue USD 90 - 100 million, revenues from CY2029.^[4][7]
September 2026: Gland Pharma Limited announced acquisition of 100% equity of Gland Pharma USA Inc. for USD 5,01,208, making it a direct wholly-owned subsidiary; completion expected by October 31, 2026.^[8]
Q1 FY27: Secured a new GLP-1 CDMO contract for semaglutide and tirzepatide for US and EU markets; technology transfer planned for the next 1 - 2 quarters.^[4]
Q1 FY27: Signed in-licensing agreement with a China-based developer for a niche liposomal product (USD 1.6 billion global market, expected to reach USD 3 billion); US and EU commercialisation targeted from FY30.^[4]
Q1 FY27: Cenexi's Brainne-l'Alleud site (Belgium) secured a prefilled syringe orphan drug manufacturing programme.^[4]
Q3 FY26 (January 2026): Commercial launch of Liraglutide commenced in the US following partner ANDA approval; Dalbavancin launched in Q3 FY26 and continued to ramp through Q1 FY27.^[5][4]

Market Cap

₹46,451 Cr

High / Low

₹3,171 / 1,575

Stock P/E

44.4

Price / Book

4.8

Book Value

₹629

EPS

₹62.4

No. of Shares

16.48 Cr

ROCE

15.2%

ROE

10.5%

OPM

22.6%

Debt / Equity

0.02

Sales

₹6,431 Cr

Net Profit

₹1,027 Cr

Promoter holding

45.8%

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