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Gland Pharma Ltd

NSE: GLAND BSE: 543245Pharma

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.

2,129
52W: ₹1452 — ₹2170
PE 26.6 · Book ₹656 · +225% vs book
Market Cap₹35,075 Cr
Stock P/E26.6Price to Earnings
ROCE17.4%Return on Capital
ROE12.8%Return on Equity
Div. Yield0.83%Face Value ₹1

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 28.0%

Weaknesses

  • The company has delivered a poor sales growth of 5.62% over past five years.
  • Company has a low return on equity of 12.3% over last 3 years.
  • Promoter holding has decreased over last 3 years: -6.03%

Shareholding Pattern

Promoters51.83%
FIIs7.29%
DIIs33.36%
Public7.52%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters51.83%51.83%51.83%51.83%51.83%51.83%51.83%51.83%
FIIs6.88%4.48%2.45.04%0.66.9%1.97.39%0.57.9%0.57.58%0.37.29%0.3
DIIs32.83%35.37%2.534.8%0.633.27%1.532.86%0.432.63%0.232.99%0.433.36%0.4
Public8.46%8.33%0.18.33%8%0.37.93%0.17.63%0.37.62%0.07.52%0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,0981,1751,0121,0631,0111,0301,0391,0741,1781,262
Expenses728742718699620636680699756754
Operating Profit369433294364391394359375422508
OPM %34%37%29%34%39%38%35%35%36%40%
Net Profit277321223282295290269302308420
EPS ₹16.8119.5113.5317.117.9117.616.3418.3318.6925.52

AI Insights

Revenue Trend

Mar 2026 revenue at ₹4,552Cr, up 10.6% YoY. OPM at 37%.

Debt Position

Borrowings at ₹3Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹138Cr (8% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 33.36% (+9.98pp change). FIIs: 7.29% (+4.49pp change). Promoters hold 51.83%.

Margin & Efficiency

ROCE declining from 22% (Mar 2015) to 17% (Mar 2026). Working capital days: 209.

Valuation

PE 26.6x with 17.4% ROCE. Price is 225% above book value of ₹656. Dividend yield: 0.83%.

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