Gland Pharma (GLAND) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 consolidated revenue grew 6% year-over-year to ₹14,869 million, with PAT up 12% to ₹1,837 million; H1 FY26 revenue rose 7% and PAT 30% year-over-year.

• Strong performance in the US (up 10% YoY) and Europe (up 16% YoY), with Cenexi revenue up 21% YoY in Q2 FY26.

• Management expects robust H2 FY26 growth, driven by new launches, operational improvements at Cenexi, and capacity expansion.

• Strategic focus remains on growth, capability, efficiency, and return on capital, aiming to build a high-end, innovation-driven CDMO and specialty injectables business.

• U.S. market performance was robust, aided by the absence of new tariffs on generics and successful launches in complex injectables and CDMO segments.

Financial highlights

• Q2 FY26 consolidated revenue was ₹14,869 million, up 6% YoY; H1 FY26 revenue reached ₹29,925 million, up 7% YoY.

• Q2 FY26 gross profit increased 12% YoY to ₹9,331 million (margin 63%); H1 gross profit was ₹19,175 million (margin 64%), up 15% YoY.

• Q2 FY26 EBITDA was ₹3,139 million (21% margin); adjusted EBITDA up 13% YoY to ₹3,355 million (23% margin); H1 adjusted EBITDA was ₹7,092 million (24% margin), up 26% YoY.

• Q2 FY26 PAT was ₹1,837 million (12% margin); H1 PAT was ₹3,992 million (13% margin), up 30% YoY.

• Cenexi revenue grew 21% YoY in Q2 FY26 and 20% in H1; EBITDA losses reduced to ₹530 million from ₹971 million.

Outlook and guidance

• Management maintains mid-teens consolidated revenue growth guidance for FY26, with stronger H2 expected due to major product launches and Cenexi turnaround.

• Cenexi is targeted to achieve break-even or slight profitability by Q3/Q4 FY26, with €50 million quarterly revenue as the key threshold.

• Complex injectables, GLP-1s, and CDMO expansion are expected to drive sustainable long-term growth, with significant capacity expansion underway.

• Commercialization of co-developed products anticipated to begin in FY28.