Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,748.00 last close on 23 Oct 2026 −0.57%
Research updated
Gland Pharma Ltd.
NSE: GLANDHealthcareDrug Manufacturers - Specialty & Generic
- Last close
- ₹2,826.80
- Day change
- −₹23.60 (−0.83%)vs
- Market cap
- ₹51,007 crIndian rupees
- Research updated
- 1 report
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About Gland Pharma
Gland Pharma Ltd. is a renowned pharmaceutical company that specializes in the development and manufacturing of injectable medicines. Established in 1978 and headquartered in Hyderabad, India, the company is a vital player in the global pharmaceuticals sector. Gland Pharma’s core focus is on complex injectables, catering to the needs of hospitals and clinics worldwide with a wide range of quality generic drugs. The company stands out for its robust research and development capabilities and its well-established manufacturing facilities, which comply with international regulatory standards such as the U.S. FDA and the EMA. These facilities enable Gland Pharma to supply a diversified portfolio of products across several therapeutic areas, including oncology, pain management, and diabetes care. As a significant entity in the pharmaceutical industry, Gland Pharma plays a crucial role in ensuring the availability of cost-effective, high-quality medications across various markets. The company's strategic collaborations and partnerships further enhance its market presence, making it a leading choice for injectable pharmaceuticals on a global scale.
- Sector
- Healthcare
- Industry
- Drug Manufacturers - Specialty & Generic
- Listing
- NSE: GLAND
- Next results
- Chief executive
- Mr. Srinivas Sadu
- Employees
- 4,332
- Headquarters
- Hyderabad, India
- ISIN
- INE068V01023
- Website
- glandpharma.com
Public research · Report of
Business model & financial foundation
Gland Pharma (NSE: GLAND), Sterile injectables, generic pharmaceuticals and CDMO: revenue of ₹6,431 crore in FY26 (+14.5% on FY25), an EBITDA margin of 25.3%, net profit of ₹1,027 crore and net cash of ₹3,116 crore.
- Revenue, FY26 (₹ crore)
- 6,431
- consolidated
- Revenue growth, FY26
- +14.5%
- on FY25
- EBITDA margin, FY26
- 25.3%
- EBITDA reported by company / revenue
- Net profit, FY26 (₹ crore)
- 1,027
- to owners
- Return on equity, FY26
- 10.5%
- on average equity
- Net debt, FY26 (₹ crore)
- -3,116
- Company-reported net debt (net cash negative)
- Market capitalisation (₹ crore)
- 48,021
- at the close of 14 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Gland Pharma Limited |
| Exchange and ticker | NSE: GLAND; BSE: 543245 |
| ISIN | INE068V01023 |
| Sector | Healthcare |
| Industry | Sterile injectables, generic pharmaceuticals and CDMO |
| Headquarters | Hyderabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells |
| Market capitalisation | ₹48,021 crore (14 Oct 2026) |
| Shares outstanding | 16.48 crore shares (FY26) |
| Price | ₹3,091 (close, 14 Oct 2026) |
| 52-week range | ₹1,574 - ₹3,171 (to 14 Oct 2026) |
| Website | https://glandpharma.com |
Corporate structure and shareholding
Parent: Fosun Pharma Industrial Pte. Ltd..
| Entity | Holding | Business |
|---|---|---|
| Gland Pharma International Pte. Ltd. | 100% | International holding and business operations |
| Gland Pharma USA Inc. | 100% | US commercial operations; proposed transfer to direct ownership |
| Phixen SAS and Cenexi group | 100% | Sterile injectable CDMO operations in France and Belgium |
| Novelstar Pharma Inc. (proposed) | 60% | New US platform; acquisition and USD21m funding pending at cut-off |
Fosun holding after 4 September 2026 disposal is 45.76%, below majority; Fosun still consolidates Gland. Novelstar is not treated as completed at cut-off. Manxen entities merged into Phixen effective January 2025.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 51.83% | 51.83% | 51.77% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 7.58% | 7.30% | 8.74% | |
| Domestic institutions | 32.99% | 33.35% | 30.44% | |
| of which mutual funds | 31.42% | 31.78% | 28.23% | |
| Other | 7.60% | 7.52% | 9.05% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Gland Pharma NSE:GLAND is a sterile-injectable B2B and CDMO manufacturer. Partners commercialise generics; ANDA approvals and launches drive US revenue; capacity qualification and customer transfers drive CDMO. Cenexi acquiredApril2023 adds European sites with heavy fixedcosts. FY26basebusiness4561.3cr/Cenexi1869.3cr; CenexiEBITDA-33.6cr. Q1FY27 CDMO891.5/B2B908.8cr replaces that split. Consolidatedscope is essential, notstandalone. Fosun45.76% afterSep4sale ispromoter,customerandsupplier.
| Segment | revenue, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share | ebitda margin, FY26 (%) |
|---|---|---|---|---|---|
| Base business (Gland ex-Cenexi) | 4,561 | 70.9% | 1,663 | 102.1% | 36.0% |
| Cenexi European CDMO | 1,869 | 29.1% | -33.6 | -2.1% | -2.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Caplin Point Laboratories (CAPLIPOINT) | Export generics and sterile injectables, although Latin America mix differs. |
| Piramal Pharma (PPLPHARMA) | CDMO comparison; different leverage and development services exposure. |
| Dr Reddy's Laboratories (DRREDDY) | US generics and GLP-1 launches; diversified formulation economics. |
| Aurobindo Pharma (AUROPHARMA) | US injectables and generics comparator through Eugia. |
| Sun Pharmaceutical Industries (SUNPHARMA) | Injectables and US specialty exposure; domestic franchise differs. |
| Lupin (LUPIN) | US complex generics launches and operating leverage. |
| Divi's Laboratories (DIVISLAB) | Export contract manufacturing benchmark, API rather than sterile fill-finish. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 4,384 | 3,592 | 5,665 | 5,617 | 6,431 |
| Cost of revenue (vendor classification) * | 2,109 | 1,685 | 2,173 | 2,090 | 2,243 |
| Other operating costs (vendor classification) * | 441.1 | 501.1 | 884.2 | 839.5 | 914.6 |
| EBITDA (vendor classification) * | 1,728 | 1,270 | 1,506 | 1,476 | 1,939 |
| EBIT * | 1,622 | 1,061 | 1,154 | 1,100 | 1,494 |
| Finance costs including lease interest | 3.40 | 6.29 | 26.2 | 42.0 | 33.3 |
| Profit before tax after exceptional items | 1,619 | 1,055 | 1,133 | 1,063 | 1,465 |
| Total tax expense | 406.9 | 273.5 | 360.1 | 364.1 | 437.3 |
| Consolidated profit after tax | 1,212 | 781.0 | 772.5 | 698.5 | 1,027 |
| Diluted EPS (₹) | 73.64 | 47.43 | 46.89 | 42.40 | 62.28 |
| Other income | 170.2 | 213.6 | 316.3 | ||
| Materials, traded goods and inventory changes | 2,173 | 2,090 | 2,243 | ||
| Employee benefits expense | 1,257 | 1,402 | 1,629 | ||
| Other expenses including power and fuel | 901.7 | 855.6 | 929.3 | ||
| EBITDA reported by company | 1,333 | 1,269 | 1,630 | ||
| Adjusted EBITDA reported by company | n.d. | 1,269 | 1,683 | ||
| Depreciation and amortisation | 344.6 | 377.9 | 423.7 | ||
| Exceptional expense (positive charge) | 0.00 | 0.00 | 24.3 | ||
| Profit attributable to owners | 772.5 | 698.5 | 1,027 | ||
| Basic EPS (₹) | 46.90 | 42.40 | 62.35 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners / net worth | 7,158 | 7,959 | 8,724 | 9,151 | 10,358 |
| Borrowings including lease liabilities | 4.74 | 4.45 | 372.2 | 313.7 | 283.6 |
| Cash and cash equivalents as reported | 294.8 | 1,909 | 357.1 | 2,556 | 3,359 |
| Trade receivables * | 1,075 | 871.4 | 1,559 | 1,517 | 1,891 |
| Inventories * | 1,186 | 1,945 | 1,655 | 1,685 | 1,744 |
| Trade payables * | 462.9 | 587.4 | 862.7 | 820.4 | 833.9 |
| PPE net carrying value | 174.7 | 205.8 | 326.8 | 3,751 | 4,052 |
| Capital work in progress | 227.2 | 240.2 | 278.7 | 150.6 | 342.2 |
| Total assets | 7,834 | 8,778 | 10,661 | 11,225 | 12,511 |
| Company-reported net debt (net cash negative) | -2,287 | -3,116 | |||
| Cash equivalents plus other term deposits | 2,952 | 3,359 | |||
| Borrowings excluding leases | 269.2 | 243.4 | |||
| Lease liabilities current and non-current | 44.5 | 40.2 | |||
| Term deposits outside reported cash equivalents | 396.0 | 0.00 | |||
| Margin money deposits against guarantees | 0.49 | 124.1 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 1,020 | 393.9 | 996.8 | 914.7 | 1,031 |
| Free cash flow (vendor definition) * | 268.7 | 140.9 | 598.5 | 520.6 | 537.0 |
| Dividends paid (the provider's sign: an outflow is negative) * | -329.5 | -296.6 | |||
| Purchase of PPE and intangible assets (cash outflow) | -510.9 | -220.8 | -398.3 | -394.2 | -494.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual period-end issued equity shares | 16.42 | 16.46 | 16.47 | 16.48 | 16.48 |
| Weighted average equity shares for basic EPS | 16.47 | 16.47 | 16.48 | ||
| Weighted average equity shares for diluted EPS | 16.47 | 16.47 | 16.50 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,406 | 1,384 | 1,425 | 1,506 | 1,487 | 1,695 | 1,743 | 1,800 |
| Cost of revenue (vendor classification) * | 521.1 | 576.7 | 591.3 | 624.3 | ||||
| Other operating costs (vendor classification) * | 208.7 | 259.6 | 226.9 | 242.6 | ||||
| EBITDA (vendor classification) * | 425.3 | 498.1 | 624.5 | 550.6 | ||||
| EBIT * | 324.2 | 366.1 | 515.8 | 439.3 | ||||
| Finance costs including lease interest | 6.11 | 22.8 | 7.45 | 11.5 | 7.82 | 3.93 | 10.0 | 4.36 |
| Profit before tax after exceptional items | 256.8 | 299.3 | 288.3 | 312.7 | 283.9 | 362.1 | 505.8 | 435.0 |
| Total tax expense | 93.2 | 94.6 | 101.8 | 97.3 | 100.2 | 100.7 | 139.1 | 118.0 |
| Consolidated profit after tax | 163.5 | 204.7 | 186.5 | 215.5 | 183.7 | 261.5 | 366.7 | 317.0 |
| Diluted EPS (₹) | 9.93 | 12.42 | 11.32 | 13.08 | 11.15 | 15.87 | 22.23 | 19.22 |
| Other income | 59.7 | 58.5 | 44.0 | 57.5 | 84.2 | 63.2 | 111.5 | 61.2 |
| Materials, traded goods and inventory changes | 575.5 | 462.7 | 488.0 | 521.1 | 553.8 | 576.7 | 591.3 | 624.3 |
| Employee benefits expense | 329.8 | 342.9 | 373.4 | 408.0 | 385.0 | 424.2 | 411.6 | 444.0 |
| Other expenses including power and fuel | 203.5 | 218.5 | 216.1 | 208.7 | 234.1 | 259.6 | 226.9 | 242.6 |
| EBITDA reported by company | 296.1 | 360.0 | 347.5 | 367.8 | 313.9 | 434.9 | 513.0 | 493.0 |
| Adjusted EBITDA reported by company | 296.1 | 360.0 | 347.5 | 373.7 | 335.5 | 449.0 | 524.4 | 510.2 |
| Depreciation and amortisation | 93.8 | 96.3 | 95.8 | 101.1 | 106.3 | 107.6 | 108.7 | 111.3 |
| Exceptional expense (positive charge) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 24.3 | 0.00 | n.r. |
| Profit attributable to owners | 163.5 | 204.7 | 186.5 | 215.5 | 183.7 | 261.5 | 366.7 | 317.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 28.1% | -18.1% | 57.7% | -0.9% | 14.5% |
| EBITDA margin | 23.5% | 22.6% | 25.3% | ||
| Net margin | 13.6% | 12.4% | 16.0% | ||
| Return on equity | 9.3% | 7.8% | 10.5% | ||
| Return on capital employed | 24.8% | 14.0% | 13.5% | 11.9% | 14.9% |
| Return on assets | 7.9% | 6.4% | 8.7% | ||
| Net debt (₹ crore) | -2,287 | -3,116 | |||
| Net debt / EBITDA | -1.80x | -1.91x | |||
| Interest cover | 477.0x | 168.7x | 44.1x | 26.2x | 44.9x |
| Asset turnover | 0.61x | 0.43x | 0.58x | 0.51x | 0.54x |
| Receivable days | 89 | 89 | 100 | 99 | 107 |
| Inventory days (on revenue) | 99 | 198 | 107 | 110 | 99 |
| Payable days (on revenue) | 39 | 60 | 56 | 53 | 47 |
| Cash conversion | 1.29x | 1.31x | 1.00x | ||
| Capex intensity | 11.7% | 6.1% | 7.0% | 7.0% | 7.7% |
| Free cash flow (₹ crore) | 508.6 | 173.1 | 598.5 | 520.6 | 537.0 |
| Dividend payout | 47.2% | 28.9% | |||
| EPS, diluted (₹) | 73.64 | 47.43 | 46.89 | 42.40 | 62.28 |
| Book value per share (₹) | 436.0 | 483.4 | 529.6 | 555.4 | 628.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA reported by company / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company-reported net debt (net cash negative).
- Net debt / EBITDA: net debt / EBITDA reported by company.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Gland Pharma includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
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