Gland Pharma has delivered its strongest performance yet, reporting record revenues and sharply higher profitability for the fourth quarter and full year ended March 31, 2026.
The injectable-focused pharmaceutical major posted a 22% year-on-year jump in Q4 revenue and a 97% surge in adjusted profit after tax (PAT), underscoring robust growth across its core and CDMO businesses. The company also announced a recommended final dividend of Rs. 20 per share.
Commenting on the results, Srinivas Sadu, Executive Chairman of Gland Pharma, stated, “Our strong FY26 performance, reflected in consolidated revenue growth of 14.5% and an adjusted EBITDA margin of 26%, underscores the progress we are making across the businesses including Cenexi.
"The 38% adjusted EBITDA margin of base business has been supported by robust growth in the CDMO segment, alongside new product launches and improved profitability across our existing portfolio, driven by ongoing cost-efficiency initiatives. We remain confident in sustaining this momentum, supported by a pipeline of complex product launches and the continued ramp-up of CDMO partnerships.”
Gland Pharma’s top line rose to Rs. 17,428 million in Q4 FY26, compared with Rs.b14,249 million a year earlier. Full-year revenue climbed 14% to Rs. 64,307 million.
Profitability expanded even faster. Adjusted EBITDA jumped 51% year-on-year in Q4, while adjusted PAT surged 97% to Rs. 3,667 million, driven by operating leverage, product launches, and cost efficiencies.
Margins also strengthened, with adjusted PAT margin rising to 21% in Q4 FY26, up from 13% in the same quarter last year.
The company’s CDMO segment remained a key growth engine, contributing 46% of revenues in Q4 and growing 36% year-on-year. For FY26, CDMO revenue grew 28%, reinforcing its strategic importance.
R&D investment remained elevated at Rs b506 million in Q4, focused on complex injectable development and filings.
Growth was supported by aggressive product expansion in the U.S. market. The company: Launched five molecules in Q4, including Dalbavancin and Brimonidine; Rolled out 31 products in FY26 in the U.S.; Filed 24 ANDAs and secured 28 approvals during FY26; Expanded cumulative U.S. filings to 388 ANDAs (337 approved, 51 pending).
The company continues to strengthen its complex injectable pipeline, with six products already launched and multiple others nearing approval.
Gland Pharma’s Ready-to-Use (RTU) infusion bag portfolio is emerging as a high-potential growth driver, targeting a $634 million U.S. market opportunity.
In metabolic therapies, the company launched Liraglutide in FY26, while expanding pen/cartridge capacity to 140 million units per annum.
A new nano drug delivery oncology contract was also signed with a major global pharma company.
The company’s European arm, Cenexi, posted improved performance, supported by higher volumes and operational efficiencies.
Revenue grew 25% year-on-year in FY26, aided by capacity expansion and new product ramp-ups. Key facility upgrades—including a new ampoule line in Fontenay—are expected to significantly boost long-term capacity, positioning it as a leading European manufacturing hub.
