Gland Pharma Ltd. on Monday reported a net profit of Rs. 183.7 core, a 12% year-on-year rise in net profit for the second quarter of FY26, driven by strong performance in the US and European markets, margin expansion, and a growing pipeline of complex injectables.
Consolidated revenue rose 6% to Rs 1487 crore, while EBITDA grew 6% to Rs 313.9 crore. Adjusted EBITDA margins improved 150 basis points to 23%.
The company’s base business — excluding its European subsidiary Cenexi — posted a 7% increase in profit after tax, with EBITDA margins holding steady at 35%.
“Gland Pharma delivered a strong first half of FY26, with revenue growth of 7% and PAT up by 30% YoY,” said Executive Chairman Srinivas Sadu. “We expect stronger momentum in the second half, driven by new launches and Cenexi’s recovery.”
Cenexi, which faced a planned shutdown during the quarter, saw a 21% year-on-year revenue increase to Rs 410 crore. The company said its Fontenay facility had completed infrastructure upgrades and resumed production, while other sites ramped up output of ophthalmic gels and vaccines.
CEO Shyamakant Giri highlighted the company’s global footprint and product pipeline.
“US grew by 10% and Europe by 16%, supported by a 21% top-line increase in Cenexi. With the current momentum, we anticipate robust growth in the upcoming quarters,” he said.
Gland Pharma launched seven new molecules in the U.S. during the quarter, including Daptomycin-RTU and Sumatriptan. It filed six ANDAs and received five approvals, taking its cumulative U.S. filings to 378, of which 329 are approved.
The company is also expanding its portfolio of complex injectables, with six products already launched and three more awaiting approval.
Fifteen products are in co-development, including seven under the 505(b)(2) pathway, with commercialization expected to begin in FY28.
In the GLP-1 segment, Gland launched its first partnered product, Liraglutide, in Q4 FY25. It is now scaling up its pen and cartridge capacity from 40 million to 140 million units and exploring opportunities beyond GLP-1s.
R&D investments rose to Rs 61.4 crore in Q2, accounting for 5.8% of revenue. The company’s Ready-to-Use (RTU) infusion bag portfolio also gained traction, with 14 approvals and 10 more under development, targeting a $659 million market opportunity in the U.S.
Despite a slight sequential dip in revenue and profit, Gland Pharma maintained strong cash flows and a healthy balance sheet. Net cash stood at Rs 2448.4 crore, and the company reported a cash conversion cycle of 163 days.
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