Gland Pharma Q2 Review — Motilal Oswal Hikes Target Price Post Inline Revenue; Maintains 'Buy'

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Motilal Oswal Report

We lower our FY26 estimate by 3% and largely maintain our FY27/FY28 estimates. We value Gland Pharma Ltd. at 33 times 12 months forward earnings to arrive at a target price of Rs 2,310.

We expect a CAGR of 13%/18%/24% in sales/Ebitda/PAT over FY25-28 to Rs 81 billion/Rs 20.6 billion/Rs 13.5 billion, factoring-

1. revival in U.S. business on the back of product introduction,

2. increased revenue growth prospects in Cenexi post infrastructure upgrade, and

3. increasing capacity utilization of GLP-1 pens/cartridge for non-regulated market in the initial phase of patent expiries in these markets.

Maintain Buy.

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