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 theBhagavad Gitasays, “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:Numbers sterile, margins healthy, prognosis positive.*)
Analyst Questions
Q:How will Gland protect margins amidst cost shifts?A:“Automation, portfolio pruning, and ROCE obsession.” (They’ve found religion in efficiency.)
Q:When do big drugs kick in?A:“Dalbavancin this quarter, Cangrelor later — patience, dear analysts.”
Q:Cenexi breakeven still on track?A:“Oui, Q3FY26 EBITDA positive.” (Croissant-shaped optimism.)
Q:GLP-1 capacity outlook?A:“140
