Gland Pharma FY26 PAT Jumps 97%, Dividend ₹20

Gland Pharma Limited announced its audited financial results for Q4 FY26 and full-year FY26, reporting record consolidated revenues and profitability. Q4 FY26 consolidated revenue grew 22% year-on-year to ₹17,428 million, while full-year FY26 consolidated revenue rose 14.5% to ₹64,307 million. Statutory auditors Deloitte Haskins & Sells issued an unmodified opinion on the financial statements. The company also filed its investor presentation on Q4 FY26 financial results pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Consolidated Financial Performance

The following table presents key consolidated P&L metrics (₹ Mn):

Metric: Q4 FY26 Q4 FY25 YoY Q3 FY26 QoQ FY26 FY25 YoY Revenue from Operations: 17,428 14,249 22% 16,954 3% 64,307 56,165 14% Gross Profit: 11,515 9,370 23% 11,187 3% 41,877 35,261 19% Gross Profit Margin (%): 66% 66% — 66% — 65% 63% — EBITDA: 5,130 3,475 48% 4,349 18% 16,295 12,689 28% EBITDA Margin (%): 29% 24% — 26% — 25% 23% — Adj. EBITDA: 5,244 3,475 51% 4,490 17% 16,826 12,689 33% Adj. EBITDA Margin (%): 30% 24% — 26% — 26% 23% — Adj. PBT: 5,058 2,883 75% 3,865 31% 14,889 10,627 40% Adj. PBT Margin (%): 29% 20% — 23% — 23% 19% — Adj. PAT: 3,667 1,865 97% 2,797 31% 10,455 6,985 50% Adj. PAT Margin (%): 21% 13% — 16% — 16% 12% —

Key highlights include a 36% year-on-year growth in the CDMO business, which contributed 46% of consolidated revenues in Q4 FY26. Quarterly R&D investments stood at ₹506 million (4% of base business revenue), while full-year R&D investment was ₹2,230 million (5% of base business revenue), focused primarily on complex product development and filings.

Base Business (Gland) Performance

The base business delivered strong results across all metrics, as detailed below (₹ Mn):

Metric: Q4 FY26 Q4 FY25 YoY Q3 FY26 QoQ FY26 FY25 YoY Revenue from Operations: 12,648 10,332 22% 11,790 7% 45,613 41,248 11% Gross Profit: 7,800 6,280 24% 7,147 9% 27,662 23,943 16% Gross Profit Margin (%): 62% 61% — 61% — 61% 58% — Adj. EBITDA: 5,198 3,954 31% 4,342 20% 17,163 14,451 19% Adj. EBITDA Margin (%): 41% 38% — 37% — 38% 35% — Adj. PAT: 4,211 2,913 45% 3,274 29% 13,232 10,868 22% Adj. PAT Margin (%): 33% 28% — 28% — 29% 26% —

Group Financial Position

Gland Pharma's balance sheet and cash flow metrics reflect a strengthening financial position. Net worth grew to ₹1,03,580 million in FY26, up from ₹91,507 million in FY25 and ₹87,238 million in FY24. ROCE improved to 12% in FY26 from 9% in FY25, while RONW rose to 11% from 8%. Capital expenditure increased to ₹4,938 million in FY26 compared to ₹3,938 million in FY25.

Metric: FY26 FY25 FY24 Net Worth (₹ Mn): 1,03,580 91,507 87,238 ROCE (%): 12% 9% 11% RONW (%): 11% 8% 9% Capital Expenditure (₹ Mn): 4,938 3,938 3,975 Total Cash (₹ Mn): 33,591 25,562 18,394 Net Cash (₹ Mn): 31,157 22,870 15,197 Cash Flow from Operations (₹ Mn): 10,314 9,147 9,968 Cash Conversion Cycle (days): 164 172 173

Geographical Revenue Breakdown

The US market remained the largest contributor, accounting for 53% of group revenues in FY26. Europe contributed 22%, Rest of the World 17%, and Other Core Markets (Canada, Australia, and New Zealand) 4%. The following table summarises group revenue by geography (₹ Mn):

Geography: Q4 FY26 Q4 FY25 YoY FY26 FY25 YoY US (Group): 9,807 7,918 24% 34,214 30,387 13% Europe (Group): 3,814 2,801 36% 14,035 10,470 34% Other Core Markets (Group): 588 601 -2% 2,269 2,021 12% Rest of World (Group): 2,549 2,404 6% 11,117 10,800 3%

In the US, new product contributions included Dalbavancin and Brimonidine, alongside uptake in base business products such as Micafungin, Rocuronium Bromide, and Daptomycin. Europe performance was supported by strong Cenexi momentum, including the ramp-up of an inactivated vaccine and a sterile ophthalmic gel at the Hérouville facility. In the Rest of the World, growth was driven by key products including Huminsulin and Rocuronium Bromide.

Cenexi Subsidiary Performance

Cenexi, Gland Pharma's European CDMO subsidiary, reported revenue of €45 million (₹4,780 million) in Q4 FY26, a 22% year-on-year increase in rupee terms. Full-year FY26 revenue stood at €182 million (₹18,693 million), up 25% year-on-year in rupee terms. EBITDA improved significantly to €1 million (₹46 million) in Q4 FY26 from €(5) million (₹(479) million) in Q4 FY25, reflecting the benefit of volume growth, contract and pricing renegotiations, and cost reduction initiatives.

Metric: Q4 FY26 (€ Mn) Q4 FY26 (₹ Mn) Q4 FY25 (€ Mn) Q4 FY25 (₹ Mn) YoY FY26 (€ Mn) FY26 (₹ Mn) FY25 (€ Mn) FY25 (₹ Mn) YoY Revenue from Operations: 45 4,780 43 3,917 22% 182 18,693 164 14,916 25% Gross Margin: 35 3,714 34 3,089 20% 139 14,216 125 11,318 26% Gross Margin (%): 78% 78% 79% 79% — 76% 76% 76% 76% — EBITDA: 1 46 (5) (479) — (3) (336) (19) (1,761) — EBITDA Margin (%): 1% 1% -12% -12% — -2% -2% -12% -12% —

At the Fontenay facility, production ramp-up on the new ampoule filling line is progressing well, and a new high-capacity ampoule line replacement is planned for August 2026, expected to add 30 million ampoule capacity by 2027, positioning the site as the largest ampoule manufacturing facility in Europe. At Braine-l'Alleud, a new hormonal pre-filled syringe (PFS) contract was won during the quarter.

Business Updates and Pipeline

On the regulatory and pipeline front, eight ANDAs were filed and 11 were approved in Q4 FY26, bringing cumulative US ANDA filings to 388 (337 approved, 51 pending). During FY26, 31 products were launched in the US, including five in Q4 FY26 alone. The company's Ready-to-Use (RTU) infusion bag portfolio now covers 21 filed products with 18 approvals received, addressing a US market opportunity of approximately $634 million. Pen/cartridge capacity for GLP-1s and insulin analogs stands at 140 million units per annum, following the launch of Liraglutide in the US during FY26. Additionally, a complex Nano Drug Delivery System-based injectable contract in oncology was signed with a large pharma company in FY26 under the CDMO segment. Fifteen products are currently in co-development (seven 505(b)(2) and eight ANDAs), with commercialisation anticipated to begin in FY28.

Dividend and Annual General Meeting

The Board of Directors has recommended a final dividend of ₹20 per equity share (face value of ₹1 each), representing 2000%, for FY26, subject to shareholder approval at the 48th Annual General Meeting scheduled for Tuesday, August 25, 2026. The record date for determining eligibility is Tuesday, August 11, 2026.

Gland Pharma Limited announced on May 14, 2026, that its shareholders have reappointed Ms. Naina Lal Kidwai (DIN: 00017806) as an Independent Director for a second consecutive term. The appointment is effective for five years from May 17, 2026, to May 16, 2031. Shareholders also approved the payment of commission on profits as remuneration to her. The decision was ratified through a remote e-voting process conducted as a postal ballot, with results verified by Scrutinizer D Soumya, Associate Partner of RVR & Associates (FCS No.: 11754; C.P No: 13199), confirming the Special Resolution was passed with the requisite majority in compliance with the Companies Act, 2013, and SEBI regulations.

Postal Ballot Overview

The Special Resolution was passed pursuant to a postal ballot notice dated April 09, 2026. The remote e-voting facility was open from April 14, 2026, to May 13, 2026, with the cut-off date for eligible shareholders set as April 10, 2026. The e-voting platform was provided by MUFG Intime India Private Limited (formerly Link Intime India Private Limited). Physical copies of the postal ballot notice and forms were not dispatched to members, in line with applicable MCA circulars permitting electronic-only communication. The Company also issued a newspaper advertisement on April 04, 2026, to facilitate members who had not yet registered their email addresses.

Parameter: Details Resolution Type: Special Resolution Resolution Description: Reappointment of Ms. Naina Lal Kidwai as Independent Director and commission on profits Tenure: May 17, 2026 to May 16, 2031 Notice Date: April 09, 2026 E-Voting Period: April 14, 2026 to May 13, 2026 Cut-off Date: April 10, 2026 E-Voting Event Number (EVEN): 260180

Voting Results

The resolution received strong shareholder support. A total of 14,94,37,703 votes were polled, representing 90.70% of the total outstanding shares. Of the votes cast, 94.18% were in favour of the reappointment, while 5.82% were against it. No invalid votes were recorded.

Metric: Value Total Shares Outstanding: 16,47,56,423 Total Votes Cast: 14,94,37,703 % of Votes Polled on Outstanding Shares: 90.7022% Votes in Favour: 14,07,40,784 % in Favour: 94.1802% Votes Against: 86,96,919 % Against: 5.8198% Invalid Votes: Nil

Category-Wise Breakdown

The Promoter and Promoter Group cast 100% of their votes in favour of the resolution. Public Institutions participated at a rate of 95.55%, with 86.42% of polled votes supporting the resolution. Public Non-Institutions had a lower participation rate of 0.06%, with 68.17% of votes in favour. The detailed category-wise breakdown is presented below.

Category: Shares Held Votes Polled % Polled Votes in Favour % in Favour Votes Against % Against Promoter and Promoter Group: 85,393,934 85,393,894 100.0000 85,393,894 100.0000 0 0.0000 Public Institutions: 67,016,300 64,036,326 95.5534 55,341,789 86.4225 8,694,537 13.5775 Public Non-Institutions: 12,346,189 7,483 0.0606 5,101 68.1678 2,382 31.8322 Total: 164,756,423 149,437,703 90.7022 140,740,784 94.1802 8,696,919 5.8198

The Scrutinizer's Report was submitted by D Soumya, Associate Partner, RVR & Associates (FCS No.: 11754; C.P No: 13199; UDIN: F011754H000363248), confirming that the Special Resolution was passed with the requisite majority. All electronic data and relevant records relating to the remote e-voting are held under the scrutinizer's custody until the Chairman approves and signs the Minutes of the Postal Ballot, after which they will be handed over to the Company Secretary for preservation.

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