Gland Pharma Limited, a leading contract development and manufacturing organisation (CDMO) specialising in injectables, reported a 12.3% year-on-year increase in consolidated net profit to ₹184 crore for the quarter ended September 30, 2025 (Q2 FY26), compared with ₹164 crore in the same period last year. The company’s growth was supported by higher revenue, increased research and development spending, and several new product launches in the United States.
Financial Highlights
- Revenue: ₹1,486.8 crore, up 5.8% YoY from ₹1,405.8 crore.
- EBITDA: ₹314 crore, up 5.8% YoY from ₹297 crore.
- EBITDA Margin: Stable at 21.1%.
- Half-Year Performance: Revenue grew 7% YoY, and EBITDA rose 21%, maintaining a margin of 23%.
- PAT Margin: Expanded by 70 basis points YoY for the quarter and about 240 basis points on a half-year basis.
The base business posted a 1% YoY rise in quarterly revenue and a 3% increase in EBITDA, maintaining a healthy 35% margin. Adjusted EBITDA for the base business improved 9% YoY, while quarterly PAT rose 7%, driven by stronger profitability and operational efficiency.
R&D and Product Launches
R&D expenditure in Q2 FY26 increased to ₹614 million, representing 5.8% of total revenue, up from ₹460 million in Q1 FY26. During the quarter, Gland Pharma launched seven new molecules in the U.S., including Daptomycin-RTU, Sumatriptan, and a new strength of Colistimethate. The company also filed six ANDAs and received five approvals, bringing its cumulative U.S. filings to 378 ANDAs (329 approved, 49 pending).
Management Commentary
Srinivas Sadu, Executive Chairman, stated that the company delivered a strong first half of FY26, with revenue up 7% and PAT up 30% YoY, supported by new launches and the ongoing recovery at Cenexi. He noted that Gland Pharma’s continued investments in global CDMO capacity, high-end modalities, and complex injectables would support sustainable long-term growth.
Shyamakant Giri, Chief Executive Officer, highlighted that the company maintained its profitable growth trajectory with significant margin expansion. The U.S. business grew 10% YoY, Europe 16%, and Cenexi reported a 21% increase in top-line performance during the quarter.
Pipeline and Expansion
Gland Pharma’s complex injectables portfolio remains a key growth driver, with six products already launched and three more awaiting approval. Fifteen additional products are in co-development (seven 505(b)(2) and eight ANDAs), with commercialisation expected from FY28.
The company’s Ready-to-Use (RTU) infusion bag portfolio expanded with 20 filings and 14 approvals, addressing an estimated U.S. market opportunity worth $659 million. Another ten products are currently under development.
In the GLP-1 segment, Gland launched its first partnered product, Liraglutide, in Q4 FY25 and is scaling up its pen and cartridge production capacity from approximately 40 million to 140 million units, while exploring additional opportunities beyond GLP-1 therapies.
Summary:
Gland Pharma reported a 12% year-on-year rise in Q2 FY26 net profit to ₹184 crore, driven by new U.S. product launches and higher R&D spending. Revenue increased to ₹1,486.8 crore, with stable margins and strong growth across the U.S. and European markets. The company continues to expand its injectables, RTU infusion, and GLP-1 portfolios while investing in capacity and pipeline development for sustained growth.
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