Motilal Oswal's research report on Gland Pharma
Gland Pharma (GLAND) delivered in-line revenue in 2QFY26. However, EBITDA/PAT came in below our expectations by 9%/11%. A lower than-expected share of milestone income and lower tech transfer/CMO business in ROW markets impacted 2QFY26 performance. Having said this, GLAND has limited competition products in the pipeline to drive growth in 2HFY26/FY27. The base business is also witnessing an uptick with steady traction in already commercialized products.
Outlook
We lower our FY26 estimate by 3% and largely maintain our FY27/FY28 estimates. We value GLAND at 33x 12M forward earnings to arrive at a TP of INR2,310
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