Gland Pharma FY26 results: Q4 PAT up 97%, ₹20 dividend

Key takeaway

Gland Pharma Limited reported a stronger FY26, led by higher sales, a sharp jump in adjusted profitability, and a bigger dividend recommendation. The Board has proposed a final dividend of ₹20 per equity share, subject to shareholder approval at the company’s 48th Annual General Meeting (AGM) scheduled for August 25, 2026.

FY26 performance: revenue up, adjusted PAT jumps

For the financial year ended March 31, 2026 (FY26), Gland Pharma reported consolidated revenue of ₹64,307 million, up 14% year-on-year. Management also cited consolidated revenue growth of 14.5% for the year.

Profitability improved more sharply than revenue. Consolidated adjusted profit after tax (adjusted PAT) rose 50% year-on-year to ₹10,455 million in FY26. The company attributed the improvement to a combination of new product launches, a ramp-up in the CDMO business, and cost-efficiency initiatives.

Srinivas Sadu, Executive Chairman of Gland Pharma, said the FY26 performance reflected progress across businesses, including Cenexi, and pointed to an adjusted EBITDA margin of 26%.

Q4 FY26 snapshot: revenue up 22%, adjusted PAT up 97%

In the fourth quarter ended March 31, 2026 (Q4 FY26), the company posted revenue of ₹17,428 million, a 22% increase over the same quarter last year.

Adjusted PAT for the quarter rose 97% year-on-year to ₹3,667 million. Reported consolidated net profit in Q4 FY26 was also stated at ₹3,667 million, alongside net sales of ₹17,428 million.

The company reported profit before tax (PBT) of ₹5,057.9 million in Q4 FY26, up 75.42% from ₹2,883.3 million in Q4 FY25.

Profitability metrics: EBITDA rises, margin at 29% in Q4

Gland Pharma’s consolidated EBITDA for the March 2026 quarter stood at ₹5,130 million, up 48% year-on-year. The company reported an EBITDA margin of 29% for Q4 FY26.

Management commentary also highlighted that the base business delivered a 38% adjusted EBITDA margin, supported by CDMO growth, new launches, and improved profitability across the portfolio due to cost-efficiency initiatives.

Geographic revenue mix in Q4 FY26

The company disclosed market-wise sales performance for Q4 FY26, showing growth in key export regions.

• USA revenue: ₹9,807 million (up 25.44% YoY)
• Europe revenue: ₹3,814 million (up 36% YoY)
• Rest of the world: ₹2,549 million (up 6% YoY)
• Canada, Australia, New Zealand: ₹588 million (down 2% YoY)
• India: ₹670 million (up 28% YoY)

This regional mix matters because it shows where growth accelerated during the quarter, particularly in the USA and Europe.

Product launches: 31 US launches in FY26

Gland Pharma said it launched 31 products in the USA during FY26. In Q4 FY26 alone, it launched five molecules in the US, including Dalbavancin and Brimonidine, taking the year’s US launches to the same total of 31.

The company also highlighted activity in the GLP-1 and insulin analog segment. It launched Liraglutide in the US and stated that pen/cartridge capacity stands at 140 million units per annum.

CDMO contribution and new contract

A key driver cited for FY26 was the ramp-up of the CDMO business. The CDMO segment contributed 46% to total revenue in FY26.

During the quarter, Gland Pharma also signed a new CDMO contract for a complex nano drug delivery system-based injectable in oncology, adding to its contract pipeline.

Regulatory activity: ANDA filings and approvals rise

On the regulatory front, Gland Pharma said it made eight ANDA filings and received 11 approvals in Q4 FY26.

For the full year FY26, the company reported 24 filings and 28 approvals. Cumulative US ANDA filings reached 388, of which 337 were approved and 51 were pending.

Management said the in-house complex pipeline continued to strengthen, with six products already launched and three awaiting approval, positioning complex injectables as a long-term growth driver.

Dividend: ₹20 final dividend, record date on Aug 11

Reflecting profitability and cash returns, the Board recommended a final dividend of ₹20 per equity share (face value ₹1 each) for FY26.

• Record date: Tuesday, August 11, 2026
• 48th AGM date: Tuesday, August 25, 2026 (via video conferencing)
• Payment timeline: If approved, the dividend will be paid within 30 days from the date of the 48th AGM.

The company also noted it had declared a dividend of ₹18 per share on August 14, 2025.

Stock reaction: shares end lower after results

Following the results update and dividend recommendation, shares of Gland Pharma fell 1.80% to close at ₹1,861 on the BSE.

Key numbers at a glance

Why the FY26 print stands out

The FY26 update signals that Gland Pharma’s earnings growth outpaced revenue growth, with adjusted PAT up 50% versus a 14% rise in revenue. The company’s commentary links this to a mix shift and execution, especially CDMO scaling and cost-efficiency measures.

Operationally, the pace of US launches, ongoing ANDA activity, and a stated focus on complex injectables provide additional context for how the pipeline is being converted into commercial output. Management also indicated continued investment in the in-house complex pipeline and co-development partnerships to expand presence in key global markets.

What investors will track next

Near-term attention is likely to remain on execution in the US and Europe, continued CDMO momentum (given its 46% share of FY26 revenue), and the progress of the complex pipeline where three products are awaiting approval. On the shareholder returns side, the next clear milestone is the 48th AGM on August 25, 2026, where the final dividend proposal will be put to vote.