When the world frets over drug shortages, Gland casually adds “140 million cartridge capacity” like it’s restocking needles at a clinic. As Wall Street analysts sip caffeine to stay awake through U.S. FDA jargon, Gland Pharma drops GLP-1 mic moments and margin miracles. Somewhere in Hyderabad, a CFO smiles—because 37% EBITDA doesn’t happen by accident, it happens by automation and divine process control. As the Bhagavad Gita says, “Yoga is skill in action” — clearly, Gland’s got that sorted.
Stick around — the dosage gets stronger later.
At a Glance
- Revenue up 6% – Management calls it “steady”; analysts call it “pharma caffeine.”
- EBITDA up 6% – Flat in shape, sharp in intent — powered by Cenexi’s French revival.
- Margins at 21% – Even the supply chain behaved, for once.
- PAT ₹1,837 Cr – Playing it cool at 12% margin.
- R&D at 5.8% of sales – Because complex injectables need complex cheques.
- Cash ₹3,100 Cr+ – Enough buffer to outlast regulatory heartburn.
Management’s Key Commentary
Srinivas Sadu: “Q2FY26 was another strong quarter; H2 will be stronger.”
(Translation: The party hasn’t peaked — yet.)
Sadu: “U.S. tariff relief aligns with our strategy.”
(Translation: Thank you, Uncle Sam, for not taxing our vials of hope.)
Giri:
“Revenue up 6%, EBITDA up 13%, PAT up 12% — we met expectations.”
(Translation: No miracles, just sterile precision and a caffeine IV drip at HQ. 😏*)
Alain (Cenexi CEO): “EBITDA loss down to €5M from €11M.”
(Translation: French turnaround achieved — no baguette sacrificed.)
Ravi Mitra (CFO): “Adjusted EBITDA 23%; base business at 37%.”
(Translation: We’ve hit gym goals in the P&L too.)
Sadu: “We’re expanding biologics CDMO capacity to 23KL.”
(Translation: More tanks, more drugs, more global flex.)
Numbers Decoded
| Metric | Q2 FY26 | YoY Change | Comment |
|---|---|---|---|
| Revenue | ₹14,869 Mn | +6% | Boosted by U.S. and Cenexi |
| EBITDA | ₹3,139 Mn | +6% | Margins stable at 21% |
| PAT | ₹1,837 Mn | +12% | Clean profits, no hidden injections |
| Gross Margin | 63% | ↑400bps | Mix magic & automation |
| R&D Spend | ₹614 Mn | +25% | Complex injectables cost complex money |
| Cash Balance | ₹30,999 Mn | — | Dry powder for expansion |
| Cenexi Revenue | €40 Mn | +8% | French labs find rhythm again |
(Translation:
