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1. At a Glance
Gland Pharma fills medicines into sterile vials and syringes, mostly for other drug companies to sell under their own names.
Revenue for the three months to June 2026 was ₹1,800 crore, with operating profit of ₹489 crore. The two halves of the business came in almost level. The contract manufacturing arm booked ₹891.5 crore and the business-to-business arm ₹908.8 crore. Somewhere a slide designer got to draw two identical pie halves.
Net profit was ₹317 crore against ₹215 crore in the same quarter a year earlier. Earnings per share came in at ₹19.21, against ₹13.08 a year before.
The quarter carried a fair amount of paperwork traffic. Gland signed a strategic supply agreement covering 55 product codes and a sterile-ingredient collaboration with Neuland. It also in-licensed a liposomal product from a China-based developer. Days after the results, the company named Deepak Sapra as chief executive with effect from 16 November 2026.
Three ANDAs were filed in the quarter and seven were approved. An ANDA is the application a generic medicine needs before America’s regulator will allow its sale. The cumulative American tally reached 389 filings. Of those, 342 are approved and 47 are pending. Four molecules were launched in America during the quarter, among them Multi-Vitamin and Leucovorin calcium.
Research and development spending was ₹77.2 crore, or 4% of consolidated revenue. That share has held at 4% for several quarters, while peptides and liposomes joined the shopping list.
Net profit was ₹367 crore in the March quarter and ₹317 crore in this one. Management attributes most of that fall to a foreign-exchange loss against a gain in the previous quarter. The loss was ₹3.6 crore, recorded within other expenses.
2. Introduction
Gland Pharma was set up in Hyderabad in 1978, making small-volume liquid injectable products under contract. An injectable is a medicine delivered by needle or drip rather than swallowed. Forty-eight years later the company describes itself as one of the largest and fastest-growing injectable-focused companies, selling into 60 countries. It also says it pioneered Heparin technology in India. Its promoter is Shanghai Fosun Pharma.
The recent chapter is a European one. The Cenexi acquisition added four manufacturing sites in France and Belgium to seven in India. The consolidated entity list now runs to nine names across Singapore, the United States, France and Belgium. That family tree requires two auditors. One of them reviewed two subsidiaries carrying ₹165.45 crore 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% over the same span. America went from 59% to 53%. India shrank as a share while the absolute business tripled, which makes percentage tables an unreliable narrator.
The last twelve months have been busy at the top of the organisation chart. Chief operating officer Satnam Singh Loomba retired with effect from 31 March 2026, having joined in May 2024. Chief executive Shyamakant Giri resigned with effect from 30 April 2026. Independent director C.S.N. Murthy Chavali resigned with effect from 15 June 2026, citing a potential conflict of interest. Dr Jitendra Gangwal was appointed vice-president for research and development in February 2026. Srinivas Sadu signs the results as executive chairman.
FY26 closed with revenue of ₹6,431 crore and net profit of ₹1,027 crore. The comparable FY25 figures were ₹5,616 crore and ₹699 crore.
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3. Business Model: WTF Do They Even Do?
Gland fills medicines into small sterile containers, extremely carefully, mostly for companies whose names go on the box.
The portfolio runs to more than 89 product codes across more than 15 therapeutic areas. The formats include vials, ampoules, pre-filled syringes and freeze-dried vials. They also include dry powders, infusions, oncology solutions and ophthalmic solutions. Freeze-drying works on the same principle as instant coffee, executed to a standard where one stray particle ends a batch.
Two engines drive the quarter’s split. Contract development and manufacturing, where Gland makes a partner’s product to order, brought in ₹891.5 crore, up 20%. That service stack covers contract development, dossier compilation and technology transfer. The business-to-business arm did ₹908.8 crore, up 19%. It sells Gland’s own filed products to partners who then distribute them.
Business-to-business was 99% of the mix in FY25, against 95% in FY22. The remaining direct arm markets in India to roughly 4,000 corporate hospitals, nursing homes and government facilities. It contributed ₹15.2 crore in the quarter, which is a national salesforce standing behind one modest line.
America is the largest market at ₹981 crore, up 32%. That splits into ₹265.3 crore of contract manufacturing and ₹715.7 crore of
