'Buy' Gland Pharma Shares Maintains Motilal Oswal On Strong Growth Outlook With 18% Upside

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Motilal Oswal Report

Gland Pharma Ltd. is well-positioned for growth, driven by capacity expansion from 40 million to 140 million units to capitalize on rising GLP-1 demand following the upcoming patent expiry in FY26.

Cenexi’s operational turnaround, supported by higher-value offerings and upgraded facilities, is contributing to margin recovery and revenue stability.

Incrementally, growth is reinforced by a focused co-development pipeline in radiocontrast agents and an expanding RTU bags portfolio. Together, these initiatives strengthen revenue visibility and support long-term growth prospects, underpinning a positive outlook.

After three years of decline, we expect a CAGR of 14%/20%/27% in revenue/Ebitda/PAT over FY25-27.

We value Gland Pharma at 33x 12M (20% discount to its 10-year average) forward earnings to arrive at a target price of Rs 2,340. We reiterate Buy on the stock.

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