Gland Pharma Q1 FY27: consolidated PAT up 47% YoY to ₹317 Cr, margins expand to 27%

Gland Pharma's consolidated PAT for Q1 FY27 (quarter ended June 30, 2026) came in at ₹316.96 Cr, up 47.1% YoY from ₹215.48 Cr, on consolidated revenue of ₹1,800.27 Cr, up 19.6% YoY from ₹1,505.62 Cr — both clean of one-off items in either period. Sequentially, revenue grew a modest 3.3% QoQ while PAT fell 13.6% QoQ from ₹366.68 Cr; that dip is fully explained by other income dropping to ₹61.2 Cr from ₹111.5 Cr in the seasonally front-loaded Q4, not by core operating weakness.

Margins expanded across the board: EBITDA margin rose to 27% from 24% a year ago (Adj. EBITDA margin 28% vs 25%), and PAT margin widened roughly 330bps to ~17.6% from ~14.3% on a revenue-from-operations basis, per the company's own reconciliation. The expansion was broad-based — CDMO (50% of revenue) grew 20% YoY to ₹891.5 Cr and B2B (50%) grew 19% YoY to ₹908.8 Cr, so neither engine is carrying the other. The US led geographically with 32% YoY growth to ₹981 Cr, aided by four new US molecule launches this quarter (including Multi-Vitamin and Leucovorin calcium) and 3 ANDA filings/7 approvals, taking the cumulative US ANDA count to 389 (342 approved). Standalone PAT of ₹364.39 Cr running ahead of the ₹316.96 Cr consolidated figure reflects continued drag from the European Cenexi subsidiary, which management still targets toward mid-teen EBITDA margins.

The stock went into the print at ₹2,667.3, up 7.6% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; revenue is at a 6-quarter high.

Our pre-result preview flagged Street consensus tracking a conservative 9% FY27 revenue growth target, 14 analysts (10 buy) with average price targets of ₹2,189-2,286 pricing the stock for 'on-plan' delivery, and an EBITDA margin heartbeat of 17-19% to watch — this quarter's 20% reported YoY growth and 27% EBITDA margin both clear that bar (the preview's separately-flagged ₹350-380 Cr 'on-plan Q1 revenue' figure looks mismatched against the ₹1,800 Cr actual scale and is disregarded here as unreliable). Against management's own FY27 guidance from the Q4 concall — 12-13% constant-currency revenue growth and 25-26% EBITDA margins — the quarter beats on both revenue pace and margin. Management's press-release framing, crediting 'successful execution of our CDMO strategy and the resilience of our B2B business model' driven by 'recent product launches from CDMO portfolio and strong customer demand,' is borne out by the numbers, with both CDMO and B2B growing in the high-teens/20% range. The quarter also coincided with a new CDMO deal with an unnamed global pharma major (~USD 90-100 Mn annualized revenue potential from CY29) and a sterile-API manufacturing tie-up with Neuland Laboratories, plus the August 25 AGM notice proposing a ₹20/share dividend.