Mar-Q: Improving Outlook, Execution Key to Monitor

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Mar-Q: Improving Outlook, Execution Key to Monitor

India | Pharmaceuticals

Gland Pharma EquityMayResearch17, 2026

TARGET | ESTIMATE CHANGEMar-Q: Improving Outlook, Execution Key to

RATING HOLDMonitor

PRICE INR1,867.10^

Gland Pharma Mar-Q results were ahead of our estimates on new product

INR2,080 (INR1,720) |

launches in US and operating leverage benefits. Gland Pharma guided PRICE TARGET | % TO PT +11%

for 12-13% cc growth in FY27 with flat to ~100bps EBITDA margin 52W HIGH-LOW INR2,130.00 - INR1,453.00

improvement. Gland Pharma believes growth for the company will improve FLOAT (%) | ADV MM (USD) 48.3% | 2.84

with each passing year with best growth likely to be in FY29 on complex MARKET CAP INR306.6B | $3.2B

product launches. Our EPS estimates are largely unchanged. Maintain Hold TICKER GLAND IN

with PT INR2,080. ^Prior trading day's closing price unless otherwise

noted.

Beats our estimates on new product launches: Gland Pharma Mar-Q sales INR17.4bn (+22%

YoY/+3% QoQ) was 8% above our estimates, EBITDA INR5.1bn (+48% YoY/+18% QoQ) was FY (Mar) CHANGE TO JEFe JEF vs CONS

24% above our estimates and PAT INR3.7bn (+97% YoY/+40% QoQ) was 41% above our 2027 2028 2027 2028

estimates. The beat was driven by 26% YoY growth in the US market and was 15% ahead of REV <1% NM NA NA

our estimates, EBITDA margin reached multi-year high of 29% (+500bps YoY/+380bps QoQ). EPS NM <1% NA NA

Guidance for FY27: Gland Pharma guided for 12-13% cc growth in FY27 with EBITDA margin

of 25-26%. It expects growth to continuously pick up in FY28 and FY29 to register best growth 2027 (INR) Q1 Q2 Q3 Q4 FY

for the company backed by complex product launches. For Cenexi, Gland Pharma guided for EPS -- -- -- -- 69.91

EUR200m sales in FY27 vs EUR182m in FY26 and with EBITDA margin of mid single digit.