Gland Pharma delivered in-line revenue in Q2 FY26. However, Ebitda/PAT came in below brokerage's expectations by 9%/11%. A lower than-expected share of milestone income and lower tech transfer/contract manufacturing organisation business in rest of world markets impacted Q2 FY26 performance.
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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.
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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-
revival in U.S. business on the back of product introduction,
increased revenue growth prospects in Cenexi post infrastructure upgrade, and
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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