Gland Pharma Ltd
Gland Pharma Ltd
HealthcareEstablished in Hyderabad, India in 1978, Gland Pharma has grown over the years from a contract manufacturer of small volume liquid parenteral products, to become one of the largest and fastest growing injectable-focused companies, with a global footprint across 60 countries, including the United States, Europe, Canada, Australia, India and other markets. We operate primarily under a business to business (B2B) model and have an excellent track record in the development, manufacturing and marketing of complex injectables. This presence across the value chain has helped us witness exponential growth. We are promoted by Shanghai Fosun Pharma, a global pharmaceutical major.
Gland Pharma shows strong recent momentum with 28% 1-year stock CAGR and 50% TTM profit growth, but a PE of 35.3x and low 3-year ROE of 9% suggest the valuation is stretched relative to underlying capital efficiency. The debt-free balance sheet and 66.67% analyst buy consensus provide comfort, but declining promoter holding and rich price-to-book of 3.5x warrant caution at current levels.
Key Fundamentals
MidcapPharmaceuticalsHealthcareTechnical Indicators
Key Insights
Strengths
2- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 39.1%
Weaknesses
3- Stock is trading at 3.70 times its book value
- Company has a low return on equity of 9.30% over last 3 years.
- Promoter holding has decreased over last 3 years: -6.03%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoGland Pharma shows strong recent momentum with 28% 1-year stock CAGR and 50% TTM profit growth, but a PE of 35.3x and low 3-year ROE of 9% suggest the valuation is stretched relative to underlying capital efficiency. The debt-free balance sheet and 66.67% analyst buy consensus provide comfort, but declining promoter holding and rich price-to-book of 3.5x warrant caution at current levels.
- TTM compounded profit growth of 50% indicates a sharp earnings recovery and improving operational leverage
- Company is almost debt free, providing financial flexibility and resilience during economic downturns
- 66.67% of analysts (10 out of 15) have a buy rating, reflecting broad Street confidence in the business outlook
- 1-year stock CAGR of 28% demonstrates strong price momentum and renewed investor interest
- 3-year compounded sales CAGR of 21% shows consistent top-line expansion in the CDMO and injectables space
- Healthy dividend payout ratio of 39.1% with a current yield of 0.82%, indicating shareholder-friendly capital allocation
- TTM revenue growth of 15% suggests sustained demand visibility across geographies
- 3-year ROE of only 9% is subpar for a pharma company trading at 35.3x PE, indicating poor capital efficiency relative to valuation
- Stock trades at 3.5x book value which is expensive given single-digit return on equity
- Promoter holding has decreased by 6.03% over last 3 years, signaling potential lack of long-term confidence from Fosun Pharma
- 5-year compounded profit CAGR of just 1% reveals that recent profit surge may not be structurally sustainable
- 5-year stock CAGR of -7% means long-term investors have actually lost value, despite recent rally
- PE of 35.3x is at a premium to the broader pharma sector average of ~25-28x, leaving limited margin of safety
- 20% of analysts (3 out of 15) rate the stock a sell, indicating meaningful bearish dissent on the Street
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 14h ago- Director resigns over conflict Jun 15
Mr. Satyanarayana Murthy Chavali resigned from the board due to potential conflict of interest, though new independent directors were simultaneously appointed.
- Heavy institutional block trades Jun 17
₹90.66 crore block trade on NSE at ₹2202.30/share (411,674 shares) on Jun 17, followed by four block trades totalling ~₹120.56 crores at ₹2307-2330/share on May 26, signalling sustained institutional interest.
- Active investor engagement pipeline Jun 16
Multiple analyst/investor meetings scheduled through June 2026 with ICICI Prudential AMC, Jefferies, Valuequest, Haitong Securities, ICICI Securities, Carnelian Asset Management, and Ambit PMS.
- Board reconstituted with new directors Jun 15
Re-appointed Mr. Udo Johannes Vetter and appointed Mr. William Robert Keller as Independent Directors effective Jun 15.
- Shareholder email registration request Jun 10
Gland Pharma published notice on Jun 10 requesting shareholders to register/update email addresses for electronic communications.
TL;DR: Gland Pharma shows strong institutional interest with over ₹210 crores in block trades across May-June 2026 at prices between ₹2202-2330/share. The company is actively engaging marquee investors and analysts. One board resignation due to conflict of interest is a minor governance flag but was offset by fresh independent director appointments. The trend appears stable with institutional accumulation suggesting confidence in the stock.
Quarterly Results
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 785 | 1,209 | 1,373 | 1,545 | 1,537 | 1,402 | 1,406 | 1,384 | 1,425 | 1,506 | 1,487 | 1,695 | 1,743 |
| Expenses | 617 | 915 | 1,049 | 1,189 | 1,179 | 1,137 | 1,109 | 1,024 | 1,077 | 1,138 | 1,173 | 1,260 | 1,230 |
| Operating Profit | 168 | 294 | 324 | 356 | 359 | 264 | 297 | 360 | 348 | 368 | 314 | 435 | 513 |
| OPM % | 21% | 24% | 24% | 23% | 23% | 19% | 21% | 26% | 24% | 24% | 21% | 26% | 29% |
| Other Income | -18 | 38 | 53 | 37 | 42 | 51 | 60 | 58 | 44 | 58 | 84 | 39 | 111 |
| Interest | 2 | 5 | 6 | 5 | 10 | 6 | 6 | 23 | 7 | 12 | 8 | 4 | 10 |
| Depreciation | 38 | 65 | 81 | 105 | 93 | 92 | 94 | 96 | 96 | 101 | 106 | 108 | 109 |
| PBT | 111 | 261 | 290 | 283 | 298 | 218 | 257 | 299 | 288 | 313 | 284 | 362 | 506 |
| Tax % | 29% | 26% | 33% | 32% | 35% | 34% | 36% | 32% | 35% | 31% | 35% | 28% | 28% |
| Net Profit | 79 | 194 | 194 | 192 | 192 | 144 | 164 | 205 | 187 | 215 | 184 | 261 | 367 |
| EPS in Rs | 4.78 | 11.79 | 11.78 | 11.65 | 11.68 | 8.73 | 9.93 | 12.42 | 11.32 | 13.08 | 11.15 | 15.87 | 22.26 |
Profit & Loss
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales | 2,633 | 3,463 | 4,401 | 3,625 | 5,665 | 5,616 | 6,431 |
| Expenses | 1,678 | 2,161 | 2,890 | 2,600 | 4,332 | 4,348 | 4,801 |
| Operating Profit | 955 | 1,302 | 1,510 | 1,025 | 1,333 | 1,269 | 1,630 |
| OPM % | 36% | 38% | 34% | 28% | 24% | 23% | 25% |
| Other Income | 139 | 135 | 224 | 184 | 170 | 214 | 292 |
| Interest | 7 | 3 | 5 | 7 | 26 | 42 | 33 |
| Depreciation | 95 | 99 | 110 | 147 | 345 | 378 | 424 |
| PBT | 993 | 1,335 | 1,619 | 1,055 | 1,133 | 1,063 | 1,465 |
| Tax % | 22% | 25% | 25% | 26% | 32% | 34% | 30% |
| Net Profit | 773 | 997 | 1,212 | 781 | 772 | 699 | 1,027 |
| EPS in Rs | 49.88 | 60.94 | 73.75 | 47.42 | 46.9 | 42.4 | 62.35 |
| Div. Payout % | 0% | 0% | 0% | 0% | 43% | 42% | 32% |
Balance Sheet
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 16 | 16 | 16 | 16 | 16 | 16 | 16 |
| Reserves | 3,631 | 5,887 | 7,141 | 7,942 | 8,707 | 9,134 | 10,341 |
| Borrowings | 5 | 4 | 5 | 4 | 372 | 314 | 284 |
| Other Liabilities | 435 | 589 | 671 | 814 | 1,515 | 1,708 | 1,869 |
| Total Liabilities | 4,086 | 6,496 | 7,834 | 8,778 | 10,611 | 11,173 | 12,511 |
| Fixed Assets | 968 | 954 | 1,502 | 1,571 | 3,947 | 4,147 | 4,492 |
| CWIP | 188 | 338 | 191 | 177 | 238 | 151 | 342 |
| Investments | 0 | 0 | 155 | 0 | 0 | 0 | 0 |
| Other Assets | 2,929 | 5,204 | 5,986 | 7,030 | 6,426 | 6,875 | 7,676 |
| Total Assets | 4,086 | 6,496 | 7,834 | 8,778 | 10,611 | 11,173 | 12,511 |
Cash Flow
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Operating | 701 | 605 | 791 | 364 | 997 | 915 | 1,031 |
| Investing | -761 | -1,520 | -999 | 1,211 | -1,749 | 1,718 | 138 |
| Financing | -7 | 1,238 | 35 | 15 | -799 | -433 | -417 |
| Net Cash Flow | -67 | 323 | -174 | 1,590 | -1,552 | 2,199 | 752 |
| Free Cash Flow | 530 | 377 | 269 | 141 | 599 | 521 | 538 |
| CFO/OP | 99 | 70 | 79 | 66 | 98 | 100 | 91 |
Ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 83 | 71 | 89 | 88 | 100 | 99 | 107 |
| Inventory Days | 250 | 312 | 205 | 421 | 278 | 294 | 284 |
| Days Payable | 82 | 98 | 80 | 127 | 129 | 143 | 136 |
| Cash Conversion Cycle | 251 | 285 | 214 | 382 | 250 | 250 | 255 |
| Working Capital Days | 161 | 169 | 168 | 242 | 155 | 173 | 145 |
| ROCE % | — | 28% | 25% | 15% | 14% | 12% | 15% |
Documents
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Company Information
Established in Hyderabad, India in 1978, Gland Pharma has grown over the years from a contract manufacturer of small volume liquid parenteral products, to become one of the largest and fastest growing injectable-focused companies, with a global footprint across 60 countries, including the United States, Europe, Canada, Australia, India and other markets. We operate primarily under a business to business (B2B) model and have an excellent track record in the development, manufacturing and marketing of complex injectables. This presence across the value chain has helped us witness exponential growth. We are promoted by Shanghai Fosun Pharma, a global pharmaceutical major.