Weight-loss drug semaglutide, also used to treat type-2 diabetes, will face its next big turning point in early 2026, when patents held by Novo Nordisk expire in India. The Danish company sells the drug under the brand names Ozempic and Wegovy, and Indian pharmaceutical companies Cipla, Sun Pharmaceuticals Industries, Dr. Reddy’s Laboratories and others are preparing to launch generic versions after receiving the necessary regulatory approvals.
Semaglutide works by lowering appetite and improving blood-sugar control, and is typically administered using pre-filled, disposable injection pens. Shaily Engineering Plastics Ltd and Gland Pharma Ltd, which are involved in the making and filling of such pens, stand to win big as patients will need these devices irrespective of which brand of semaglutide they choose. These pens cannot be swapped easily as they require regulatory approval and design compatibility.
High-tech shovels
Shaily already has seven patented injector devices focused on glucagon-like peptide-1 (GPL-1) drugs such as semaglutide. Its healthcare vertical focuses on contract manufacturing and developing its own intellectual property for drug delivery devices, especially pens for diabetes and obesity drugs.
Shaily is investing ₹125-150 crore to expand capacity from roughly 40-45 million pens to 70-75 million pens a year by FY27. Its healthcare revenue jumped 171% in the first half of FY26 to ₹176 crore, and the vertical now contributes 38% of total revenue. It has already partnered with around 24 GLP-1 companies across India, Europe and the US, including major generics manufacturers, setting itself up as the preferred device supplier for semaglutide.
Gland Pharma, meanwhile, fills semaglutide into sterile cartridges and pens. It has also launched its first GLP-1 product, liraglutide, in markets such as the UK, Australia, Saudi Arabia and South Africa, and has signed two GLP-1 contracts to support future launches. However, GLP-1 drugs still comprise a small part of its injectable business. It is therefore increasing its cartridge production capacity from about 40 million to 140 million a year, anticipating a commercial launch in early to mid-2026.
The Street is especially excited about Shaily. The company’s shares have surged 83% so far in 2025 and trade at 41 times estimated FY27 earnings, based on Bloomberg data. Gland Pharma’s shares have been relatively muted, and trade at 24 times estimated FY27 earnings. This could be because of its smaller GLP-1 revenue, weaker growth in other businesses, and operational challenges in subsidiary Cenexi.
