Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 13 Sep - Allotment of 44,193 Equity Shares on exercise of ESOPs
Source: Bse
Gland Pharma Limited (GLAND)
Small CapPharma stocks · Small cap · NSE
Gland Pharma Limited is an Indian pharmaceutical company specializing in injectables. The company reported Q4 FY26 and full-year FY26 financial results, highlighting growth in revenue and profitability across its consolidated and base businesses, driven by new product launches and capacity ramp-ups.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result16 Aug, 01:31 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
86Strong Bullfull bull SMA stack · SMA20 +3.1% / mo · MACD − · near 52W high · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 78
Sector RS: 98
Sector 3M: -1.8% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
GLANDD candles · FIT view+76.2%Latest close ₹3019.80 on 2026-10-19
Bar
-0.9%
RSI
54
MACD hist
-2.43
52W pos
91%
2026-10-19O ₹3046.10H ₹3075.10L ₹3002.80C ₹3019.80Vol 1.7L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
GLANDNifty PharmaNifty 500
- GLAND
- +22.8%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- +28.4 pp
Chart stats
19 Oct 2026- From 52W high
- -4.8%
- 52W range position
- 91%
- ATR (14)
- 2.9%
- Volume vs 20D
- 0.48x
- Avg traded value
- ₹101 Cr
- 20D price channel
- ₹2,841.1 - ₹3,171
₹3,171
₹1,573.6 - ₹3,171
₹88.6
Latest completed session
20-session average
29.5% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · WATCHLIST33
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +19.5% · PAT +47.4% YoY
Technical
Strong Bull86
Price trend and sector-relative-strength timing.
Valuation
Legacy model-447.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence76
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +20% YoY · PAT +47% YoY · margin expansion · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,800 Cr | +19.5% | +3.3% |
| EBITDA | ₹489 Cr | +32.9% | -4.7% |
| Operating margin | 27.0% | +300 bps | -200 bps |
| PAT | ₹317 Cr | +47.4% | -13.6% |
| PAT margin | 17.6% | +333 bps | -345 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 43.90
- P/B
- 4.84
- EV/EBITDA
- 23.11
- Market Cap
- 50221.00Cr
Profitability
- ROE
- 10.70%
- ROCE
- 15.10%
- ROA
- 9.07%
- Dividend Y
- 0.65%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 1.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- 8.00%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- 67.35×
- Altman Z
- 8.47
- Book Value
- 629.00
Cash Flow
- FCF Yield
- 2.43%
- FCF Positive Y
- 3/5
- OCF
- 1031.00 Cr
- EPS TTM
- 68.49
Shareholding
- Promoter Hold
- 51.77%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 92%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 6,431+14.5% vs prev
Net Profit
₹ CrLatest: 1,027+46.9% vs prev
Return on Equity
%Latest: 9.9+29.8% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 54. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~3.0% over last month) — short-term momentum positive.
- RSI(14) at 54 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 5% off 52W high · 92% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
97
RS percentile
Stage 2 UptrendEstablished S2
1M return
+2.0%
3M return
+22.8%
6M return
+67.7%
1Y return
+58.7%
RS 1D
0
RS 20D
+4
Sector rank
#1
Industry rank
#3
Stage evidence
- Price is 26.4% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +7.6%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
27 May 2026
S2 age
102 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 158.92+0.25%
RS vs Nifty 500159
Valuation & peers
U-Score 33 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 33 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth9/25
Quality5/20
Balance Sheet10/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
-1
Raw sum
33
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
33/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 10/15 to the score.
- Cash flow contributes 5/10 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -447.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
43.9
PB
4.8
EV/EBITDA
23.1
ROE
10.7%
ROCE
15.1%
FCF Yield
2.4%
Debt/Equity
0.0
MoS
-447.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
33
Previous: 33
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-447.0%
Previous: -447.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
33
33
33
33
33
33
33
33
33
33
33
33
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹984.53
-206.7% MoS
Growth-justified P/E
8.1
Growth-justified Value
₹552.03
-447.0% MoS
PEG
27.44
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ASTRAZEN
Small
AstraZeneca Pharma India Limited
Pharmaceuticals
match 136
43
85.2
23.3%
-98%
WATCHLIST
BLISSGVS
Small
Bliss GVS Pharma Limited
Pharmaceuticals
match 135
39
51.4
11.8%
-8%
WATCHLIST
ALKEM
Mid
Alkem Laboratories Limited
Pharmaceuticals
match 135
51
26.3
18.9%
-15%
FAIR VALUE
GLAXO
Large
GlaxoSmithKline Pharmaceuticals Limited
Pharmaceuticals
match 134
60
40.9
45.6%
+12%
UNDERVALUED
AJANTPHARM
Large
Ajanta Pharma Limited
Pharmaceuticals
match 134
58
36.7
27.1%
+19%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-06T07:13:48.595Z
Management commentary snapshot
Gland Pharma reports robust Q4 FY26 with consolidated revenue up 22% YoY and Adj. PAT up 97% YoY, supported by new US launches and Cenexi's volume growth.
The company demonstrated strong financial performance in Q4 FY26 and FY26, with significant YoY growth in revenue and profitability. Strategic focus on complex injectables, new product launches in the US, and capacity expansion at Cenexi are positive indicators. However, sequential revenue decline in Cenexi and some other core markets warrants monitoring.
Current business mix
FY26 Group Revenue Contribution by Geography
Latest issuer-disclosed distribution across 4 reported categories.
US Market53.0%
Europe Market22.0%
Rest of the World17.0%
Other Core Markets (Canada, Australia, New Zealand)4.0%
Growth engines
New Product Launches in USA
Launched five molecules in the USA in Q4 FY26, including Dalbavancin and Brimonidine, contributing to revenue uptake.
Complex Injectables Pipeline
Six in-house complex products launched, three more in line for approval. Expected to remain a central pillar of long-term growth.
Ready-to-Use (RTU) Bags Portfolio
Filed 21 RTU infusion bag products, 18 approved, 11 under development. Addresses a $634 million market opportunity in the US.
GLP-1s and Insulin Analogs
Launched Liraglutide in the US in FY26. Pen/cartridge capacity stands at 140 million units per annum.
Capacity and execution
Fontenay Ampoule Filling Line
Replacing an old ampoule line with a new high-capacity line during August 2026, adding 30 million ampoule capacity by 2027.
Pen/Cartridge Capacity
Pen/cartridge capacity now stands at 140 million units per annum.
Tailwinds
Increased Volumes and New Product Ramp-ups
Increased volumes due to capacity expansion and new product ramp-ups supported revenue growth for Cenexi.
Operational Efficiencies at Cenexi
Contract and pricing renegotiations, cost reduction initiatives, and operating leverage helped Cenexi's margin profile.
Strong Base Business Uptake
Uptake in base business products like Micafungin, Rocuronium Bromide, Daptomycin in the US market.
Headwinds
Cenexi Sequential Revenue Decline
Cenexi's revenue from operations declined 7% QoQ in Q4 FY26.
Lower Uptake in Other Core Markets
Q4 FY26 saw lower uptake in a few base business products in Other Core Markets (Canada, Australia, New Zealand).
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Year-over-year comparison is crucial for assessing overall growth and margin expansion, especially for a business with potential seasonality. Quarter-over-quarter comparison is important to track sequential momentum from new product launches, capacity ramp-ups, and operational efficiencies.
Sector KPIs management disclosed
Consolidated Revenue from Operations
Q4 FY26: 17,428 Mn (22% YoY, 3% QoQ); FY26: 64,307 Mn (14% YoY)
Consolidated Adj. EBITDA Margin
Q4 FY26: 30% (vs 24% YoY, 26% QoQ); FY26: 26% (vs 23% YoY)
Consolidated Adj. PAT Margin
Q4 FY26: 21% (vs 13% YoY, 16% QoQ); FY26: 16% (vs 12% YoY)
Base Business R&D Expenses
Q4 FY26: 506 Mn, representing 4% of base business revenue. Focus on complex product development and filings.
Management forward view
Complex Injectables as Long-Term Growth Pillar
Management expects complex injectables to remain a central pillar of long-term growth, with more products being added to the pipeline.
Co-development Commercialization Timeline
Commercialization of 15 co-development products (7 x 505(b)(2) and 8 x ANDAs) is anticipated to begin in FY28.
Dividend Recommendation
The Board recommended a final dividend of ₹20 per equity share for FY26, pending shareholder approval.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| US ANDA Approvals and Launches | 337 approved, 51 pending. 5 new launches in Q4 FY26. | Sustained pace of approvals and successful commercialization of new products in the US market. |
| Cenexi Capacity Ramp-up and Utilization | Production ramp-up progressing on new ampoule line. New high-capacity line to add 30M ampoules by 2027. | Timely commissioning and effective utilization of new capacity at Fontenay and continued ramp-up at Hérouville. |
| GLP-1s and Insulin Analogs Market Penetration | Liraglutide launched in US in FY26. Pen/cartridge capacity at 140M units/annum. | Market acceptance and revenue contribution from GLP-1s and insulin analogs, leveraging existing capacity. |
| Co-development Product Commercialization | 15 products in co-development, commercialization anticipated from FY28. | Progress towards commercialization of co-development pipeline and initial revenue contributions from FY28. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
76Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 73rd percentile within Pharma. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
120 docs text-extracted · 48 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
81st percentile
overall median 67 · Pharma: 73rd pctile, median 70 · Small: 83rd pctile, median 66
Evidence depth
Financial-only
120 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.4%.
- ▸Debt/equity is 0.03.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Gland Pharma Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 19 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Jun - Gland Pharma scheduled one-on-one meetings with ICICI Prudential AMC, Jefferies, and Valuequest on June 19 and 25, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 2 Jun - Allotment of 2,03,259 Equity Shares on exercise of Employee Stock Options
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 29 May
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 26 May
Source: Bse
Annual report
Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.