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1. At a Glance
Gland Pharma’s June quarter arrived with ₹1,800 Cr of revenue, ₹489 Cr of operating profit, and a segment split so precisely even that the CDMO and B2B businesses came in at 50% each — ₹8,915 million and ₹9,088 million, a gap of ₹173 million on a base of ₹18,003 million. Somewhere a slide designer got to use two identical pie halves and probably went home happy.
PAT was ₹317 Cr against ₹215 Cr a year earlier, and EPS came in at ₹19.21 versus ₹13.08. The quarter also carried a fair amount of paperwork traffic: a strategic supply agreement covering 55 SKUs, a sterile-API collaboration with Neuland, an in-licensing deal for a liposomal product from a China-based developer, and — announced days after the results — the appointment of Deepak Sapra as CEO effective November 16, 2026.
Operationally, three ANDAs were filed and seven approved, taking the cumulative U.S. tally to 389 filings, of which 342 are approved and 47 pending. Four molecules were launched in the U.S. during the quarter, including Multi-Vitamin and Leucovorin calcium. R&D spend was ₹772 million, or 4% of consolidated revenue — the same 4% it has been for several quarters running, which for a company adding peptides and liposomes to its shopping list is a remarkably steady number.
Sequentially, PAT moved from ₹367 Cr in March to ₹317 Cr. Management attributes the quarter-on-quarter decline largely to a forex loss against a forex gain in the prior quarter — the ₹36 million kind of loss that lands in “other expenses” and rearranges a headline.
2. Introduction
Gland Pharma was established in Hyderabad in 1978, when it made small-volume liquid parenteral products under contract. Forty-eight years later it describes itself as one of the largest and fastest-growing injectable-focused companies, with a footprint across 60 countries and, per the company, the distinction of having pioneered Heparin technology in India. It is promoted by Shanghai Fosun Pharma.
The recent chapter is a European one. The Cenexi acquisition added four manufacturing facilities in France and Belgium to seven in India, and the consolidated entity list now runs to nine names across Singapore, the USA, France and Belgium — a corporate family tree that requires two auditors, one of whom reviewed two subsidiaries carrying ₹1,654.54 million of quarterly revenue on behalf of the other.
The geographic mix has been redrawn accordingly. Europe went from 5% of revenue in FY22 to 22% in FY26; India went from 14% to 4%; the U.S. from 59% to 53%. India shrinking as a share while the absolute business tripled is the sort of arithmetic that makes percentage tables an unreliable narrator.
The last twelve months have also been busy at the top of the org chart. COO Satnam Singh Loomba retired effective March 31, 2026, having joined in May 2024. CEO Shyamakant Giri resigned effective April 30, 2026. Independent director C.S.N. Murthy Chavali resigned effective June 15, 2026, citing potential conflict of interest. Dr. Jitendra Gangwal was appointed Vice-President (Research & Development) in February 2026. Srinivas Sadu signs the results as Executive Chairman.
FY26 closed at ₹6,431 Cr of revenue and ₹1,027 Cr of net profit, against ₹5,616 Cr and ₹699 Cr in FY25.
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3. Business Model: WTF Do They Even Do?
Gland fills things into small sterile containers, extremely carefully, mostly for other companies whose names go on the box.
The portfolio runs to 89+ product SKUs across 15+ therapeutic areas: vials, ampoules, pre-filled syringes, lyophilized vials, dry powders, infusions, oncology and ophthalmic solutions. Lyophilisation, for the uninitiated, is freeze-drying — the same principle as instant coffee, executed to a standard where a single stray particle ends a batch.
Two engines, per the quarter’s own split. CDMO — contract development and manufacturing — did ₹8,915 million, up 20%, and covers the full service stack: contract development, dossier compilation, technology transfer. B2B did ₹9,088 million, up 19%, selling Gland’s own filed products to partners who distribute them. B2B was 99% of the mix in FY25 against 95% in FY22; the B2C remnant is direct marketing in India across roughly 4,000 corporate hospitals, nursing homes and government facilities, and contributed ₹152 million this quarter. That is a national salesforce covering 4,000 institutions to produce a line item smaller than the quarterly forex swing.
The U.S. is the largest market at ₹9,810 million, up 32%, split ₹2,653 million CDMO and ₹7,157 million B2B. Europe was ₹3,954 million, Rest of World ₹3,039 million, India ₹666 million, and Canada/Australia/New Zealand ₹534 million, which the company attributes to volume decline in existing products.
The regulatory apparatus behind all this is the real moat and the real overhead: 389 cumulative ANDA filings, 342 approvals, 47 pending. Twenty-one Ready-to-Use infusion bag products filed, 18
