India · Delayed Price · Currency is INR Gland Pharma Earnings Call Transcripts
Fiscal Year 2026
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Q3 FY 2026 delivered 22% revenue growth and 25% higher adjusted EBITDA, driven by strong U.S. and European performance, Cenexi turnaround, and new product launches. Five-year CapEx of INR 2,000 crore targets capacity expansion, with 12%-13% growth expected for FY 2027 and a 15% five-year CAGR.
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Q2 FY2026 saw 6% revenue growth and margin expansion, with strong U.S. and Cenexi performance. Management maintains mid-teens growth guidance for FY2026, expecting a stronger H2 driven by major launches and operational improvements at Cenexi.
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Q1 FY26 saw 7% revenue growth and a 39% EBITDA increase, with margin expansion to 24% and net profit up 50% year-over-year. Cenexi achieved break-even EBITDA, and GLP-1 cartridge capacity is set to reach 140 million by March, with strong growth expected in U.S. and RoW markets.
Fiscal Year 2025
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FY 2025 saw flat revenue but improved margins, with strong new product launches and strategic investments in GLP-1, biologics, and global expansion. Guidance for FY 2026 is mid-teens consolidated growth, with Cenexi expected to turn EBITDA positive and U.S. and ROW markets driving future gains.
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Q3 FY25 saw improved margins and net profit despite lower base business revenue due to shipment delays, with new launches and cost control supporting profitability. Cenexi's break-even is delayed to Q3 FY26 after regulatory issues, while strategic CDMO collaborations and capacity expansions are set to drive future growth.
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Revenue grew 2% YoY in Q2 FY25, with base business up 5% and Cenexi down due to shutdowns. EBITDA margin was 21%, impacted by Cenexi losses, while base business margin remained strong. Guidance is for low double-digit growth, with Cenexi targeting EBITDA break-even in Q4.
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Q1 FY 2025 revenue grew 16% year-over-year, led by strong U.S. market performance and Cenexi contribution, though consolidated EBITDA and net profit declined due to Cenexi's negative margin. Cenexi's turnaround and biologics CDMO expansion are key future growth drivers.