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Investor Presentation Q2FY26 03 November 2025 GLAND PHARMA
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2 Safe Harbour Statement The Presentation is to provide the general background information about the Company’s activities as at the date of the Presentation. The information contained herein is for general information purposes only and based on estimates and should not be considered as a recommendation that any investor should subscribe / purchase the company shares. This presentation may include certain “forward looking statements”. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties which could cause actual outcomes and results to differ materially from these statements. Important factors that could cause actual results to differ materially from our expectations include, amongst others general economic and business conditions in India and any other country, ability to successfully implement our strategy, our research and development efforts, our growth and expansion plans and technological changes, changes in the value of the Rupee and other currencies, changes in the Indian and international interest rates, change in laws and regulations that apply to the Indian and global pharmaceuticals industries, increasing competition, changes in political conditions in India or any other country and changes in the foreign exchange control regulations in India. Neither the company, nor its directors and any of the affiliates or employee have any obligation to update or otherwise revise any forward-looking statements. The readers may use their own judgment and are advised to make their own calculations before deciding on any matter based on the information given herein. No part of this presentation may be reproduced, quoted or circulated without prior written approval from Gland Pharma Limited. 2
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Financial Highlights
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4 1.Gross Profit = Revenue from Operations – Materials consumed; 2. EBITDA = Profit before tax plus finance expense plus depreciation and amortization expense excluding other income. 3.EBITDA margin = EBITDA / Revenue from operations; 4.Adj. EBITDA = EBITDA plus Employee stock option compensation expenses and one-off GST related provision 5. PAT margin = PAT / Revenue from operations Consolidated P&L Highlights ₹ Mn Particulars Q2 FY26 Q2 FY25 YoY Q1 FY26 QoQ 6M FY26 6M FY25 YoY Revenue from operations 14,869 14,058 6% 15,056 -1% 29,925 28,075 7% Other Income 842 596 41% 575 46% 1,417 1,111 28% Total Income 15,710 14,654 7% 15,631 1% 31,342 29,186 7% Gross Profit(1) 9,331 8,304 12% 9,845 -5% 19,175 16,678 15% Gross Profit margin (%) 63% 59% 65% 64% 59% EBITDA(2) 3,139 2,961 6% 3,678 -15% 6,817 5,615 21% EBITDA margin(%)(3) 21% 21% 24% 23% 20% Adj.EBITDA(4) 3,355 2,961 13% 3,737 -10% 7,092 5,615 26% Adj. EBITDA margin(%) 23% 21% 25% 24% 20% PBT 2,839 2,568 11% 3,127 -9% 5,967 4,750 26% PBT margin(%) 19% 18% 21% 20% 17% PAT 1,837 1,635 12% 2,155 -15% 3,992 3,073 30% PAT margin(%)(5) 12% 12% 14% 13% 11%
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5 Consolidated Financial Highlights 1.Gross Profit = Revenue from Operations – Materials consumed 2. Gross Profit Margin = Gross profit /Revenue from operations 3. EBITDA = Profit before tax plus exceptional items plus finance expense plus depreciation and amortization expense excluding other income and foreign exchange loss or gain. 4. EBITDA margin = EBITDA / Revenue from operations. 5. PAT margin = Profit for the period / Revenue from operations. Revenue from Operations (₹ Mn) Gross Profit (1) / Gross Profit Margin (2) (₹ Mn / %) PAT / PAT Margin (5) (₹ Mn / %) EBITDA (3) / EBITDA Margin (4) (₹ Mn / %) 14,058 15,056 14,869 28,075 29,925 Q2 FY25 Q1 FY26 Q2 FY26 6M FY25 6M FY26 8,304 9,845 9,331 16,678 19,175 Q2 FY25 Q1 FY26 Q2 FY26 6M FY25 6M FY26 65% 64% 59% 63% 59% 2,961 3,678 3,139 5,615 6,817 Q2 FY25 Q1 FY26 Q2 FY26 6M FY25 6M FY26 24% 23% 21% 21% 20% 1,635 2,155 1,837 3,073 3,992 Q2 FY25 Q1 FY26 Q2 FY26 6M FY25 6M FY26 12% 13% 14% 12% 11%
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6 1.Gross Profit = Revenue from Operations – Materials consumed; 2. EBITDA = Profit before tax plus finance expense plus depreciation and amortization expense excluding other income. 3.EBITDA margin = EBITDA / Revenue from operations; 4.Adj. EBITDA = EBITDA plus Employee stock option compensation and one-off GST related provision; 5. PAT margin = PAT / Revenue from operations Base Business (Gland) P&L Highlights ₹ Mn Particulars Q2 FY26 Q2 FY25 YoY Q1 FY26 QoQ 6M FY26 6M FY25 YoY Revenue from operations 10,767 10,659 1% 10,409 3% 21,176 20,793 2% Other Income 861 595 45% 556 55% 1,417 1,088 30% Total Income 11,628 11,254 3% 10,965 6% 22,593 21,881 3% Gross Profit(1) 6,571 5,957 10% 6,144 7% 12,715 11,305 12% Gross Profit margin (%) 61% 56% 59% 60% 54% EBITDA(2) 3,755 3,645 3% 3,592 5% 7,347 6,586 12% EBITDA margin(%)(3) 35% 34% 35% 35% 32% Adj.EBITDA(4) 3,971 3,645 9% 3,651 9% 7,622 6,586 16% Adj. EBITDA margin(%) 37% 34% 35% 36% 32% PBT 4,127 3,832 8% 3,636 14% 7,763 6,838 14% PBT margin(%) 38% 36% 35% 37% 33% PAT 3,055 2,843 7% 2,692 13% 5,747 5,091 13% PAT margin(%)(5) 28% 27% 26% 27% 24%
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7 Revenue from Operations (₹ Mn) EBITDA / EBITDA Margin (3) / PAT / PAT Margin (4) (₹ Mn / %) R&D Expenses (₹ Mn / %) Base Business (Gland) Financial Highlights 3,645 3,592 3,755 6,586 7,347 2,843 2,692 3,055 5,091 5,747 Q2 FY25 Q1 FY26 Q2 FY26 6M FY25 6M FY26 26% 32% 27% 24% 35%34% EBITDA PAT 35% 28% 35% 27% 1.Gross Profit = Revenue from Operations – Materials consumed 2. Gross Profit Margin = Gross profit /Revenue from operations 3. EBITDA margin % = EBITDA / Revenue from operations ; 4.PAT margin = Profit for the period / Revenue from operations. 493 460 614 982 1,075 Q2 FY25 Q1 FY26 Q2 FY26 6M FY25 6M FY26 4.6% 4.4% 5.8% 4.7% 5.1% Gross Profit (1) / Gross Profit Margin (2) (₹ Mn / %) 10,659 10,409 10,767 20,793 21,176 Q2 FY25 Q1 FY26 Q2 FY26 6M FY25 6M FY26 5,957 6,144 6,571 11,305 12,715 Q2 FY25 Q1 FY26 Q2 FY26 6M FY25 6M FY26 56% 60% 59% 61% 54%
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8 Group Financial Highlights (1/2) Net Worth (1) (₹ Mn) 1.Net Worth refers to sum of equity share capital and other equity. 2. Return on Capital Employed (ROCE) = EBIT/ Average Capital Employed for the period. Capital Employed represents Total Assets – Current Liabilities; 3. Return on Net Worth (RONW) = Profit for the period / Average Net Worth for the period. Net Worth represents sum of equity share capital and other equity. 4. Asset Turnover is calculated as Revenue from operations for the period divided by average total assets for the period; 5. Fixed Asset Turnover is calculated as Revenue from operations for the period divided by average total fixed assets for the period (Property, plant and equipment + Right-of-use assets + Capital work in progress) 87,238 91,507 95,626 FY24 FY25 6M FY26 ROCE (2) / RONW (3) (%) 11% 9% 8%9% 8% 8% 0.00% 5.00% 10.00% 15.00% FY24 FY25 6M FY26 RoCE RoNW Asset Turnover Ratio (4)(5) (x) 0.6 1.5 0.5 1.4 0.5 1.4 Total asset turnover Fixed asset turnover FY24 FY25 6M FY26 Capital Expenditure (₹ Mn) 3,975 3,938 1,969 FY24 FY25 6M FY26
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9 Group Financial Highlights (2/2) Cash Conversion Cycle (CCC) (3)(4) (# of Days) Cash Flow from Operations (₹ Mn) 78 100 94 152 138 138 -57 -66 -69 173 172 163 FY24 FY25 6M FY26 Receivable days Inventory days Payable days Cash conversion cycle 9,968 9,147 5,933 FY24 FY25 6M FY26 1. Net Cash refers to Cash and Cash equivalents less total borrowings(including current maturities). 2. Net Working Capital refers to Current assets (excluding cash and bank balances) less Current liabilities. 3. COGS mean cost of goods sold includes cost of materials consumed, purchases of traded goods, change in inventories of finished goods, traded goods and work-in-progress and manufacturing overheads; 4.Receivable days calculated as average trade receivables for the period divided by revenue from operations * over 183/365 days (as applicable), Inventory days calculated as average inventory for the period divided by COGS* over 183/365 days (as applicable), & Payable days calculated as average trade payable for the period divided by COGS* over 183/365 days (as applicable). CCC calculated as Receivable days + Inventory days - Payable days Cash and Bank Balances / Net Cash (1) (₹ Mn) 18,394 25,562 27,039 15,197 22,870 24,484 FY24 FY25 * 6M FY26 * Total Cash Net Cash Net Working Capital (2) (₹ Mn) 21,554 21,683 21,373 FY24 FY25 6M FY26 . * Excluding non-callable deposits of INR 3,960 million.
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Business Update
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11 Base Business (Gland) Updates • R&D Expenses: Total R&D expenses were₹614 million in Q2 FY26, representing 5.8% of revenue versus ₹460 million in Q1 FY26. • New Launches: The company launched seven molecules in the USA this quarter, including Daptomycin-RTU, Sumatriptan, new strength of Colistimethate etc. • Filings and Approvals: Six ANDAs were filed and five were approvedin Q2 FY26, contributing to a cumulative total of 378 ANDA filings in the U.S. (329 approved, 49 pending). • In-house Complex Pipeline: Six products already launched, three more in line for approval. Complex injectables are expected to remain a central pillar of long-term growth, with more products being added to the pipeline. • Co-development Partnerships: Fifteen products are in co-development (seven 505(b)(2) and eight ANDAs), with commercialization anticipated to begin in FY28. • Ready-to-Use (RTU) Bags: Filed 20 Ready to Use infusion bag products and received approval for 14 so far. Additional 10 currently under development. Total RTU bag portfolio addresses market opportunity of approximately $659 million in the US. • GLP-1s, Pens, and Cartridges: The company launched its first partnered GLP-1, Liraglutide, in Q4 FY25. We are aggressively increasing our GLP-1/Pen/cartridge capacity from ~40 million to 140 million units. We are also exploring opportunities beyond GLP-1s.
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12 Cenexi Updates • Financial Performance: Revenues and margins were impacted during Q2 FY26 due to planned shutdown. • Fontenay Facility: Infrastructure and equipment upgrades were carried-out during the shutdown. GMP certificate renewed through the end of CY2026. Excluding the shutdown period, production at the facility is on track, with improved order shipments after the commissioning of new high speed ampoule line. • Hérouville Facility: Site activities on track and are in line with our recovery plan. This quarter saw ramp-up of an inactivated vaccine and a sterile ophthalmic gel. • Braine-l'Alleud & Osny: Business from the two sites maintained the momentum. Two new lyophilizers’ qualifications is underway and is expected to be completed by the end of 2025. Particulars Q2 FY26 Q2 FY25 YoY Q1 FY26 QoQ 6M FY26 6M FY25 YoY € Mn. ₹ Mn. € Mn. ₹ Mn. € Mn. ₹ Mn. € Mn. ₹ Mn. € Mn. ₹ Mn. Revenue from operations 40 4,102 37 3,399 21% 48 4,648 -12% 88 8,750 80 7,282 20% Gross Margin 27 2,760 25 2,347 18% 38 3,701 -25% 65 6,461 59 5,373 20% % margin 67% 67% 69% 69% 80% 80% 74% 74% 74% 74% EBITDA (6) (616) (8) (685) 1 86 (5) -530 (11) -971 % margin -15% -15% -20% -20% 2% 2% -6% -6% -13% -13%
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Geographical Revenue
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14 US Filings Update US Contribution to the Group Business Update US Market Q2FY26 Cumulative ANDAs (1) - Filed 6 378 - Approved 5 329 • Q2 FY26: Uptake in base business including Enoxaparin • The company launched seven molecules in the USA this quarter, including Daptomycin- RTU, Sumatriptan, Colistimethate-Lyo etc. 53% 6M FY26 Group Revenue Contribution Gland Cenexi 7,547 7,443 8,279 15,175 15,722 Q2 FY25 Q1 FY26 Q2 FY26 6M FY25 6M FY26 4% YoY Note: 1. ANDA count includes technology transfer ANDAs. ₹ Mn 10% YoY 7,393 7,170 8,005 14,917 15,176 Q2 FY25 Q1 FY26 Q2 FY26 6M FY25 6M FY26 2% YoY8% YoY 155 273 274 258 546 Q2 FY25 Q1 FY26 Q2 FY26 6M FY25 6M FY26 112% YoY77% YoY
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15 Europe Contribution to the Group Business Update Europe Market • H1 FY26: Supported by new launches including Colistimethate • Q2 FY26: Phasing in some of our key products led to decline in base business. • Cenexi: Ramp-up of an inactivated vaccine and a sterile ophthalmic gel resulted in increased revenue in Q2FY26 compared to Q2FY25. 21% 6M FY26 Group Revenue Contribution Gland Cenexi 2,459 3,302 2,847 5,025 6,150 Q2 FY25 Q1 FY26 Q2 FY26 6M FY25 6M FY26 22% YoY ₹ Mn 16% YoY 329 639 189 736 828 Q2 FY25 Q1 FY26 Q2 FY26 6M FY25 6M FY26 12% YoY-42% YoY 2,130 2,663 2,658 4,289 5,322 Q2 FY25 Q1 FY26 Q2 FY26 6M FY25 6M FY26 24% YoY25% YoY
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16 Other Core Markets Contribution to the Group Business Update Other Core Markets (Canada, Australia and New Zealand) • Q2 FY26: Lower uptake in some of our key products led to decline in base business. • 6M FY26: Volume growth in the existing products, contributing to overall positive performance. 4% 6M FY26 Group Revenue Contribution Gland Cenexi 515 739 488 962 1,227 Q2 FY25 Q1 FY26 Q2 FY26 6M FY25 6M FY26 28% YoY ₹ Mn -5% YoY 405 473 273 600 746 Q2 FY25 Q1 FY26 Q2 FY26 6M FY25 6M FY26 24% YoY-33% YoY 110 266 215 362 481 Q2 FY25 Q1 FY26 Q2 FY26 6M FY25 6M FY26 33% YoY95% YoY
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17 RoW Contribution to the Group Business Update – Q2 FY26 Rest of the World Base business: • QoQ saw improved sales of some of the key products. • For H1FY26, our own product sales grew by 19%; while the tech-transfer & CMO product revenue went down by 53%. 19% 6M FY26 Group Revenue Contribution Gland Cenexi 2,663 2,978 2,590 5,512 5,568 Q2 FY25 Q1 FY26 Q2 FY26 6M FY25 6M FY26 1% YoY ₹ Mn -3% YoY 1% YoY-1% YoY 1,005 1,445 955 2,373 2,400 Q2 FY25 Q1 FY26 Q2 FY26 6M FY25 6M FY26 1% YoY-5% YoY 1,426 1,297 1,493 2,342 2,790232 236 142 797 378 Q2 FY25 Q1 FY26 Q2 FY26 6M FY25 6M FY26 Own Products TT & CMO 3,1683,139 1,6351,5331,658
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Thank You Gland Pharma Limited Plot No. 11 & 84, TSIIC Phase: IV Pashamylaram (V), Patancheru (M), Sangareddy District Hyderabad 502307, Telangana, India Corporate Office 543245 GLAND GLAND:IN Shriniwas P. Dange Investor Relations investors@glandpharma.com Investor Relations: 18 GLAND PHARMA Sampath Kumar Pallerlamudi Company Secretary & Compliance Officer