GLAND · Healthcare
Gland Pharma Ltd. reported revenue of ₹1,743 cr for January to March 2026, +22.3% on the year and +2.8% on the quarter. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹6,431 cr, +14.5% on the four before.
Operating profit (EBITDA) was ₹513 cr, a margin of 29.4%, +501 bps on the year and +377 bps on the quarter. It is the widest margin of the last 8 quarters (range 18.8% to 29.4%). Operating costs grew +14.2% against revenue growth of +22.3%, so more of each rupee of sales reached operating profit.
Net profit was ₹367 cr, +96.3% on the year and +40.6% on the quarter, with earnings per share of ₹22.26. Profit before other income, one-offs and tax grew 61.9%, so 34 points of the headline growth came from outside the core business. The tax rate was 28% against an average of 33% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹1,027 cr, +46.7% on the four before.
Pharma quarters swing with US generic launches and price erosion, while India formulations grow more steadily. Currency gains and other income can be material, so headline profit needs a check against operating profit. The quarterly statements do not carry the US and India split, R&D spend and any FDA observations; those come with the filing read.
On earnings per share of ₹62.36 over the last four quarters, the stock at ₹3,035.00 trades at 48.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Headline profit grew much faster than core profit. What made up the difference?
Reported profit +96.3% on the year; profit before other income, exceptional items and tax +61.9%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Metric | Q2 FY26 |
|---|---|
| US revenue ($ m) | 827.9 |
| R&D, % of sales | 5% |
| Gross margin | 62.76% |
Read using the Pharmaceuticals framework (named in the filing read). Primary valuation lens: P/E excluding one-time exclusivity gains.
Read more closely in this sector: Status of each US-filed plant · Price erosion stated · One-product dependence.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,545 cr | ₹1,537 cr | ₹1,402 cr | ₹1,406 cr | ₹1,384 cr | ₹1,425 cr | ₹1,506 cr | ₹1,487 cr | ₹1,695 cr | ₹1,743 cr | ₹1,800 cr | ₹1,834 cr |
| YoY | — | — | +16% | +2% | −10% | −7% | +7% | +6% | +22% | +22% | +20% | +23% |
| EBITDA margin | 23.0% | 23.4% | 18.8% | 21.1% | 26.0% | 24.4% | 24.4% | 21.1% | 25.7% | 29.4% | 27.2% | 26.4% |
| Other income, % of PBT | 13% | 14% | 23% | 23% | 19% | 15% | 19% | 30% | 11% | 22% | 14% | 16% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 32% | 35% | 34% | 36% | 32% | 35% | 31% | 35% | 28% | 28% | 27% | 33% |
| Net profit | ₹192 cr | ₹192 cr | ₹144 cr | ₹164 cr | ₹205 cr | ₹187 cr | ₹215 cr | ₹184 cr | ₹261 cr | ₹367 cr | ₹317 cr | ₹291 cr |
| YoY | — | — | −26% | −15% | +7% | −3% | +49% | +12% | +27% | +96% | +47% | +58% |
| Core profit YoY | — | — | −25% | −17% | −2% | −5% | +53% | +1% | +34% | +62% | +47% | +81% |
| EPS | ₹11.65 | ₹11.68 | ₹8.73 | ₹9.93 | ₹12.42 | ₹11.32 | ₹13.08 | ₹11.15 | ₹15.87 | ₹22.26 | ₹19.23 | ₹17.62 |
| Flags | · | · | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Gland Pharma Ltd. reported revenue of ₹1,743 cr (+22.3% on the year) and net profit of ₹367 cr (+96.3% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved +61.9% on the year, against +96.3% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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