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Gland Pharma Ltd. delivered a stronger‑than‑expected performance in Q3 FY26, reporting a 6% beat in revenue, 14% beat in Ebitda, and 19% beat in PAT versus Motilal Oswal’s estimates.
The outperformance was driven by Ebitda break‑even at Cenexi, solid volume growth in the core business, and favorable currency movements during the quarter.
The brokerage highlighted that US revenue growth has been on an improving trajectory for the past three quarters, supported by product launches, higher off-take of base molecules, and currency depreciation.
While Gland Pharma’s partner is yet to receive approval for g-Dalbavancin in the US market, traction has started following regulatory approval in the EU market. Further, scale-up in certain products from the Cenexi portfolio has led to healthy growth in the EU segment.
Comprehensive initiatives enabled Cenexi to deliver superior performance for the quarter.
The brokerage values Gland Pharma at 28 times 12‑month forward earnings, arriving at a revised target price of Rs 2,050, and reiterates its Buy rating.
Click on the attachment to read the full report:
Motilal Oswal Gland Pharma Q3fy26 Results Review.pdf
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