Interim report
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January 28, 2026 BSE Limited Corporate Relationship Department Phiroze Jeejeebhoy Towers 25th floor, Dalal Street Mumbai - 400 001 Scrip Code: 543245 National Stock Exchange of India Limited Listing Department Exchange Plaza, 5th floor Plot no. C-1, Block G, Bandra Kurla Complex Bandra (East), Mumbai - 400 051 Symbol: GLAND (ISIN: INE068V01023) Dear Sir/Madam, Sub: Outcome of the Board Meeting In continuation to our intimation dated January 09, 2026, regarding the Board Meeting Notice, we would like to inform you that the Board of Directors (the “ Board”) of Gland Pharma Limited (the “ Company”) at its Meeting held today, i.e. Wednesday, January 28, 2026, has inter-alia considered and approved the following: I. Financial Results Unaudited Financial Results (standalone and consolidated) along with the Limited Review Report(s) for the quarter and nine months ended December 31, 2025, pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations’) which has been duly reviewed and recommended by the Audit Committee. In this regard, please find enclosed copies of the: 1. Unaudited Financial Results (standalone and consolidated) along with Limited Review Report(s) of the Company for the quarter and nine months ended December 31 , 2025, prepared in compliance with Indian Accounting Standards (Ind AS). 2. Press Release and Investor Presentation on the financial results of the Company for the above period. II. Reappointment of M/s. Grant Thornton Bharat LLP as Internal Auditors of the Company Pursuant to the recommendation of the Audit Committee, the Board of Directors has reappointed M/s. Grant Thornton Bharat LLP as Internal Auditors of the Company for the financial year 2026-27. The details required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are given in Annexure-A enclosed herewith. GLAND PHARMA LIMITEDJanuary 28, 2026BSE LimitedCorporate Relationship DepartmentPhiroze Jeejeebhoy Towers25thfloor, Dalal StreetMumbai - 400 001Scrip Code: 543245 National Stock Exchange of India LimitedListing DepartmentExchange Plaza, 5th floorPlot no. C-l, Block G, Bandra Kurla ComplexBandra (East), Mumbai - 400 051Symbol: GLAND (ISIN: INE068V01023)Dear Sir/Madam,Sub: Outcome of the Board MeetingIn continuation to our intimation dated January 09, 2026, regarding the Board Meeting Notice, we would liketo inform you that the Board of Directors (the “Board”) of Gland Pharma Limited (the “Company”) at itsMeeting held today, i.e. Wednesday, January 28, 2026, has inter-alia considered and approved the following:I. Financial ResultsUnaudited Financial Results (standalone and consolidated) along with the Limited Review Report(s) for thequarter and nine months ended December 31, 2025, pursuant to Regulation 33 of the SEBI (Listing Obligationsand Disclosure Requirements) Regulations, 2015 (Listing Regulations’) which has been duly reviewed andrecommended by the Audit Committee.In this regard, please find enclosed copies of the:1. Unaudited Financial Results (standalone and consolidated) along with Limited Review Report(s)of the Company for the quarter and nine months ended December 31, 2025, prepared incompliance with Indian Accounting Standards (Ind AS).2. Press Release and Investor Presentation on the financial results of the Company for the aboveperiod.II. Reappointment of M/s. Grant Thornton Bharat LLP as Internal Auditors of the CompanyPursuant to the recommendation of the Audit Committee, the Board of Directors has reappointedM/s. Grant Thornton Bharat LLP as Internal Auditors of the Company for the financial year 2026-27.The details required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015 are given in Annexure-A enclosed herewith. Regd. Office: Corporate Office:Survey No. 143-148, 150 & 151, Near Gandimaisamma ‘X’ Roads Plot No. 11 & 84, TSIIC Phase: IVD.P. Pally, Dundigal, Dundigal-Gandimaisamma Mandal Pashamylaram (V), Patancheru (M), Sangareddy DistrictMedchal-Malkajgiri District, Hyderabad 500043,Telangana, India Hyderabad 502307, Telangana, IndiaTel: +91-40-30510999 Fax: +91-40-30510800 Tel: +91-8455-699999CIN: L24239TG1978PLC002276 | email: gland@glandpharma.com; investors@glandpharma.com | www.glandpharma.com
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Continuation Sheet The Board Meeting commenced at 15.00 Hrs. IST and ended at 16.15 Hrs. IST. This is for your information and records. Yours truly, For Gland Pharma Limited Sampath Kumar Pallerlamudi Company Secretary & Compliance Officer Encl: As above GLAND Continuation SheetThe Board Meeting commenced at 15.00 Hrs. 1ST and ended at 16.15 Hrs. 1ST.This is for your information and records.Yours truly,For Gland Pharma LimitedSampath Kumar PallerlamudiCompany Secretary & Compliance OfficerEncl: As above
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Continuation Sheet Annexure A Details required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated 11th November 2024 Details of M/s. Grant Thornton Bharat LLP SI. No Particulars Remarks 1 Reason for change Reappointment of M /s. Grant Thornton Bharat LLP as Internal Auditors of the Company for the financial year 2026-27. 2 Date of Change With effect from 01.04.2026 for the financial year 2026-27 3 Brief profile A member of Grant Thornton International Ltd, Grant Thornton Bharat LLP is a leading professional services firm in the Country. A truly Indian Firm with global connections which works with businesses and government across industries and sectors, providing assurance, consulting, tax, risk and digital & technology transformation services. 4 Disclosure of relationships between director Not Applicable 5 Information as required pursuant to BSE Circular with ref. no. LIST/COMP/14/2018-19 and the National Stock Exchange of India Limited Circular with ref. no. NSE/CML/2018/24, both dated June 20, 2018 Not Applicable GLAND Continuation SheetAnnexure ADetails required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015 read with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated11thNovember 2024Details of M/s. Grant Thornton Bharat LLPSI. NoParticularsRemarks1 Reason for changeReappointment of M/s. Grant Thornton Bharat LLP as InternalAuditors of the Company for the financial year 2026-27.2 Date of ChangeWith effect from 01.04.2026 for the financial year 2026-273 Brief profileA member of Grant Thornton International Ltd, Grant ThorntonBharat LLP is a leading professional services firm in the Country.A truly Indian firm with global connections which works withbusinesses and government across industries and sectors, providingassurance, consulting, tax, risk and digital & technologytransformation services.4 Disclosure of relationshipsbetween directorNot Applicable5 Information as requiredpursuant to BSE Circularwith ref. no.LIST/COMP/14/2018-19and the National StockExchange of India LimitedCircular with ref. no.NSE/CML/2018/24, bothdated June 20, 2018 Not Applicable
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Chartered AccountantsPrestige Trade Tower, Level 1946, Palace Road, High GroundsBengaluru - 560 001Karnataka, IndiaTel: +91 80 6188 6000Fax: +91 80 6188 6011 DeloitteHaskins & Sells INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIMCONSOLIDATED FINANCIAL RESULTSTO THE BOARD OF DIRECTORS OFGLAND PHARMA LIMITED1. We have reviewed the accompanying Statement of Unaudited Consolidated FinancialResults of Gland Pharma Limited ("the Holding Company") and its subsidiaries (theHolding Company and its subsidiaries together referred to as "the Group"), for thequarter and nine months ended December 31, 2025 ("the Statement"), being submittedby the Holding Company pursuant to the requirement of Regulation 33 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("theListing Regulations").2. This Statement, which is the responsibility of the Holding Company's Management andapproved by the Holding Company's Board of Directors, has been prepared in accordancewith the recognition and measurement principles laid down in the Indian AccountingStandard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133of the Companies Act, 2013 read with relevant rules issued thereunder and otheraccounting principles generally accepted in India and in compliance with Regulation 33of the Listing Regulations. Our responsibility is to express a conclusion on the Statementbased on our review.3. We conducted our review of the Statement in accordance with the Standard on ReviewEngagements (SRE) 2410 "Review of Interim Financial Information Performed by theIndependent Auditor of the Entity", issued by the Institute of Chartered Accountants ofIndia (ICAI). A review of interim financial information consists of making inquiries,primarily of the Holding Company's personnel responsible for financial and accountingmatters, and applying analytical and other review procedures. A review is substantiallyless in scope than an audit conducted in accordance with Standards on Auditing specifiedunder Section 143(10) of the Companies Act, 2013 and consequently does not enableus to obtain assurance that we would become aware of all significant matters that mightbe identified in an audit. Accordingly, we do not express an audit opinion.We also performed procedures in accordance with the circular issued by the SEBI underRegulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015, as amended, to the extent applicable.The Statement includes the results of the following entities:Sri.No.Name of the entity Relationship1Gland Pharma Limited Holding Company2Gland Pharma International Pte. Ltd., SingaporeWholly-owned subsidiarySubsidiaries of Gland Pharma International Pte. Ltd.:3Gland Pharma USA Inc, USA 1,Wholly-owned subsidiaries4Phixen SAS, France —Subsidiaries of Phixen SAS: —5Cenexi SAS, France6Cenexi HSC SAS, France Wholly-owned subsidiaries7Cenexi Laboratories Thissen SA, Belgium8Phineximmo SA, Belgium —J
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DeloitteHaskins & Sells5. Based on our review conducted and procedures performed as stated in paragraph 3above and based on the consideration of the review reports of the other auditors referredto in paragraph 6 below, nothing has come to our attention that causes us to believethat the accompanying Statement, prepared in accordance with the recognition andmeasurement principles laid down in the aforesaid Indian Accounting Standard and otheraccounting principles generally accepted in India, has not disclosed the informationrequired to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations andDisclosure Requirements) Regulations, 2015, as amended, including the manner Inwhich it is to be disclosed, or that it contains any material misstatement.6. We did not review the Interim financial information of five subsidiaries included in theunaudited consolidated financial results, whose interim financial information reflect totalrevenues of ? 5,163.56 million and ? 13,913.37 million for the quarter and nine monthsended December 31, 2025 respectively, total loss after tax of ? 530.36 million and ?2,350.44 million for the quarter and nine months ended December 31, 2025respectively, total comprehensive loss of ? 469.15 million and ? 2,292.89 million for thequarter and nine months ended December 31, 2025 respectively, as considered in theStatement. These interim financial information have been reviewed by other auditorswhose report has been furnished to us by the Management and our conclusion on theStatement, in so far as it relates to the amounts and disclosures included in respect ofthese subsidiaries is based solely on the report of the other auditors and the proceduresperformed by us as stated in paragraph 3 above.Our conclusion on the Statement is not modified in respect of this matter.7. The unaudited consolidated financial results includes the interim financial information ofone subsidiary which has not been reviewed by their auditor, whose interim financialinformation reflects total revenue of ? Nil for the quarter and nine months endedDecember 31, 2025, total loss after tax of ? 1.22 million and ? 4.01 million for thequarter and nine months ended December 31, 2025, respectively and totalcomprehensive loss of ? 1.22 million and ? 4.01 million for the quarter and nine monthsended December 31, 2025, respectively, as considered in the Statement. According tothe information and explanations given to us by the Management, these interim financialinformation are not material to the Group.Our conclusion on the Statement is not modified in respect of our reliance on the interimfinancial information certified by the Management. For Deloitte Haskins & SellsChartered Accountants(Firm's Registration No. 008072S) Monisha ParikhPartnerMembership No. 047840UDIN: 26047840XGYUOG7265Place: BengaluruDate: January 28, 2026
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GLAND PHARMA LIMITEDCorporate Identity Number L24239TG1978PLC002276Registered Office: Sy. No. 143 - 148, 150 and 151, Near Gandi Maisamma ‘X’ Roads, D.P. Pally, Dundigal GLAND] I Dundigal - Gandi Maisamma (M), Medchal-Malkajgiri District, Hyderabad 500 043, Telangana, India Tel: +91 84556 99999; Website: www.glandpharma.com; E-mail: investors@glandphanna.comStatement of Unaudited Consolidated Financial Results for the quarter and nine months ended December 31, 2025(? in million) ParticularsQuarter endedNine months endedYear ended 31-Dec-2530-Sep-2531-Dec-2431-Dec-2531-Dec-2431-Mar-25 UnauditedUnauditedUnauditedUnauditedUnauditedAudited 1. IncomeRevenue from operations16,953.6314,868.7513,840.5246,878.6041,915.9556,165.04 Other income631.73841.62584.942,048.621,695.792,136.08 Total income17,585.3615,710.3714,425.4648,927.2243,611.7458,301.12 2. ExpensesCost of materials consumed5,298.895,584.284,373.8416,456.7913,849.1319,724.79 Purchase of stock-in-trade15.0119.4421.4743.26113.89144.88 Changes in inventories of finished goods, stock-in-trade and452.61(65.59)231.7815.942,061.271,034.14 work-in-progressPower and fuel540.12501.66546.591,498.341,465.521,991.54 Employee benefits expense4,241.973,850.303,428.5712,172.6510,281.9414,015.61 Depreciation and amortisation expense1,076.451,063.10963.253,150.072,821.133,778.74 Finance costs39.3078.23228.22232.49345.50420.00 Other expenses2,056.271,839.801,638.725,526.384,930.116,564.84 Total expenses13,720.6212,871.2211,432.4439,095.9235,868.4947,674.54 3. Profit before exceptional item and tax (1-2)3,864.742,839.152,993.029,831.307,743.2510,626.58 4. Exceptional item (refer note 3)243.46--243.46-- 5. Profit before tax (3-4)3,621.282,839.152,993.029,587.847,743.2510,626.58 6. Tax expenseCurrent tax1,089.731,038.30933.963,138.542,670.713,709.80 Deferred tax(84.00)(36.09)0.69(167.45)(58.96)(78.41) Taxes of earlier years0.800.1011.4510.3411.659.93 Total tax expense1,006.531,002.31946.102,981.432,623.403,641.32 7. Profit for the period/year (5-6)2,614.751,836.842,046.926,606.415,119.856,985.26 Attributable to:- Owners of the Company2,614.751,836.842,046.926,606.415,119.856,985.26 - Non-controlling interests------ 8. Other comprehensive incomeItems that will not be reclassified subsequently to profit or loss: Remeasurement of defined benefit plans(63.92)(18.79)22.31(69.37)7.4515.80 Deferred tax impact on remeasurement of defined benefit plans0.694.75(5.81)2.98(2-07)(3.83) Items that will be reclassified subsequently to profit or loss: Exchange differences on translation of foreign operations(344.34)(1,014.23)916.23(3,234.34)86.01(565.84) Total other comprehensive (income)Zloss, net of tax(407.57)(1,028.27)932.73(3,300.73)91.39(553.87) 9. Total comprehensive income (7-8)3,022.322,865.111,114.199,907.145,028.467,539.13 Attributable to:- Owners of the Company3,022.322,865.111,114.199,907.145,028.467,539.13 - Non-controlling interests------ 10. Paid up equity' share capital (Face value of ?!/- each)164.76164.76164.75164.76164.75164.76 11. Other equity12. Earnings per equity' share (Face value of ?1/- each): (Not annualisedfor the quarter and nine months ended) Basic (?)15.8711.1512.4240.1031.0891,342.6542.40 Diluted (?)15.8711.1512.4240.1031.0842.40 L Ju/ * i
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Notes:1. In terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing requirements"), this Statement of Unaudited Consolidated Financial Results for the quarter and nine months ended December 31, 2025 ("Consolidated Financial Results") of Gland Pharma Limited (the "Holding Company" or the "Company") and its subsidiaries, (the Holding Company and its subsidiaries together referred to as the "Group") has been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on January 28, 2026. The statutory auditors have carried out a limited review on the Unaudited Consolidated Financial Results and issued an unmodified report thereon. 2. The Unaudited Consolidated Financial Results of the Group have been prepared in accordance with the Indian Accounting Standards notified under Section 133 of the Companies Act 2013, as amended and read with relevant rules thereunder and in terms of the Listing requirements.3. On November 21, 2025, the Government of India notified the four Labour codes - The Code on Wages, 2019, The Industrial Relations Code, 2020, The Code on Social Security, 2020, and The Occupational Safety, Health and Working Conditions Code, 2020 - consolidating 29 existing Labour Laws.Based on the draft rules and FAQs issued by the ministry of labour and employment and best available information, the Company has assessed the implications of the New Labour Codes and has made an additional provision of ? 243.46 million for gratuity and leave liability towards employee benefits during the quarter ended December 31, 2025. Considering the regulatory driven and non - recurring nature of the impact, the Company has presented the incremental impact as an "Exceptional item". The Company continues to monitor the finalisation of central/state rules and other developments pertaining to labour codes and would provide appropriate accounting effect based on the developments, if any. 4. An expense of ?141.05 million and ?340.47 million have been recognised for the quarter and nine months ended December 31, 2025, respectively, towards employee stock option compensation expenses, in accordance with the ‘Gland Pharma Employee Stock Option Scheme 2025’ and the requirements of Ind AS 102 - ‘Share-based Payment’. 5. The Group is engaged in the manufacture and sale of "Pharmaceuticals" which constitutes a single reportable business segment as per Ind AS 108- 'Operating Segments'.6. The previous periods/year numbers have been regrouped/rearranged wherever necessary to conform with the current period presentation. 7. The above Unaudited Consolidated Financial Results of the Group are available on the Company’s website www.glandpharma.com and also on the website of BSE Limited (mvw.bseindia.com) and National Stock Exchange of India Limited (www.nseindia.com), where the equity shares of the Company are listed. ipI /°J* i 4/°\i*\GLAND1 For and on behalf of the BoardGland Pharma Limited ' I CHARTERED 1 ° I ACCOUNTANTS/ m / CHARTERED i co ACCOUNTANTS/ mSrinivas SaduExecutive ChairmanDIN No. 06900659 HyderabadJanuary 28, 2026
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Chartered Accountants Prestige Trade Tower, Level 19 46, Palace Road, High Grounds Bengaluru - 560 001 Karnataka, India Tel: +91 80 6188 6000 Fax: +91 80 6188 6011 DeloitteHaskins & Sells INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF GLAND PHARMA LIMITED 1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of Gland Pharma Limited ("the Company"), for the quarter and nine months ended December 31, 2025 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations"). 2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared In accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 ’Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. For Deloitte Haskins & Sells Chartered Accountants (Firm's Registration Number: 008072S) KvV (L(_,Monisha ParikhPartner Membership No. 047840 UDIN: 26047840HEICTG8161 Place: BengaluruDate: January 28, 2026 Chartered AccountantsPrestige Trade Tower, Level 19 46, Palace Road, High GroundsBengaluru - 560 001Karnataka, IndiaTel: +91 80 6188 6000Fax: +91 80 6188 6011 DeloitteHaskins & Sells INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONEFINANCIAL RESULTSTO THE BOARD OF DIRECTORS OF GLAND PHARMA LIMITED1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of Gland Pharma Limited ("the Company"), for the quarter and nine months ended December 31, 2025 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015, as amended ("the Listing Regulations").2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 ’Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. For Deloitte Haskins & SellsChartered Accountants(Firm's Registration Number: 008072S) Monisha ParikhPartnerMembership No. 047840UDIN: 26047840HEICTG8161Place: BengaluruDate: January 28, 2026
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GLAND PHARMA LIMITEDCorporate Identity Number: L24239TG1978PLC002276Registered Office: Sy. No. 143 - 148, 150 and 151, Near Gandi Maisamma ‘X’ Roads, D.P. Pally, Dundigal Dundigal - Gandi Maisamma (M), Medchal-Malkajgiri District, Hyderabad 500 043, Telangana, India Tel: +91 84556 99999; Website: www.glandpharma.com; E-mail: investors@glandpharma.comStatement of Unaudited Standalone Financial Results for the quarter and nine months ended December 31, 2025(? in million) ParticularsQuarter endedNine months endedYear ended 31-Dec-2530-Sep-2531-Dec-2431-Dec-2531-Dec-2431-Mar-25 UnauditedUnauditedUnauditedUnauditedUnauditedAudited 1. IncomeRevenue from operations11,775.1310,741.5210,107.8232,905.0030,857.9641,161.49 Other income602.07825.92650.641,975.401,713.572,150.75 Total income12,377.2011,567.4410,758.4634,880.4032,571.5343,312.24 2. ExpensesCost of materials consumed4,348.484,595.903,489.1013,342.6211,164.6515,858.57 Purchase of stock-in-trade15.0119.4421.4743.26113.89144.88 Changes in inventories of finished goods, stock-in-trade and279.32(419.33)255.28(282.19)1,975.271,302.49 work-in-progressPower and fuel295.39328.99322.61925.59917.551,203.82 Employee benefits expense1,341.421,322.841,053.633,948.623,193.284,390.23 Depreciation and amortisation expense445.30448.35437.671,331.331,261.991,692.71 Finance costs5.0239.71183.08119.08193.91228.37 Other expenses1,279.241,144.811,054.313,373.513,008.373,835.32 Total expenses8,009.187,480.716,817.1522,801.8221,828.9128,656.39 3. Profit before exceptional item and tax (1-2)4,368.024,086.733,941.3112,078.5810,742.6214,655.85 4. Exceptional item (refer note 3)243.46--243.46-- 5. Profit before tax (3-4)4,124.564,086.733,941.3111,835.1210,742.6214,655.85 6. Tax expenseCurrent tax1,101.361,058.98939.473,093.052,664.583,654.80 Deferred tax(55.97)7.8039.16(49.63)68.7291.24 Taxes of earlier years0.70-11.450.7011.7812.28 Total tax expense1,046.091,066.78990.083,044.122,745.083,758.32 7. Profit for the period/year (5-6)3,078.473,019.952,951.238,791.007,997.5410,897.53 8. Other comprehensive incomeItems that will not be reclassified subsequently to profit or loss: Remeasurement of defined benefit plans(2-71)(18.88)(7-42)(11.82)(22.28)39.09 Deferred tax impact on remeasurement of defined benefit plans0.694.751.872.985.61(9.84) Total other comprehensive (income)/loss, net of tax(2.02)(14.13)(5.55)(8.84)(16.67)29.25 9. Total comprehensive income (7-8)3,080.493,034.082,956.788,799.848,014.2110,868.28 10. Paid up equity7share capital (Face value of <1/- each)164.76164.76164.75164.76164.75164.76 11. Other equity12. Earnings per equity share (Face value of ?1/- each): (Not annualisedfor the quarter and nine months ended) Basic (?)18.6818.3317.9153.3648.5597,386.2666.15 Diluted (?)18.6818.3317.9153.3648.5466.15 JjO/*/
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Notes:1. In terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing requirements"), this Statement of Unaudited Standalone Financial Results for the quarter and nine months ended December 31, 2025 ("Standalone Financial Results") of the Company has been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on January 28, 2026. The statutory auditors have carried out a limited review on the Unaudited Standalone Financial Results and issued an unmodified report thereon. 2. The Unaudited Standalone Financial Results of the Company have been prepared in accordance with the Indian Accounting Standards notified under Section 133 of the Companies Act 2013, as amended and read with relevant niles thereunder and in terms of the Listing requirements.3. On November 21, 2025, the Government of India notified the four Labour codes - The Code on Wages, 2019, The Industrial Relations Code, 2020, The Code on Social Security, 2020, and The Occupational Safety, Health and Working Conditions Code, 2020 - consolidating 29 existing Labour Laws.Based on the draft rules and FAQs issued by the ministry of labour and employment and best available information, the Company has assessed the implications of the New Labour Codes and has made an additional provision of ? 243.46 million for gratuity and leave liability towards employee benefits during the quarter ended December 31, 2025. Considering the regulatory driven and non - recurring nature of the impact, the Company has presented the incremental impact as an "Exceptional item". The Company continues to monitor the finalisation of central/state rules and other developments pertaining to labour codes and would provide appropriate accounting effect based on the developments, if any. 4. An expense of ?141.05 million and ?340.47 million have been recognised for the quarter and nine months ended December 31, 2025, respectively, towards employee stock option compensation expenses, in accordance with the ‘Gland Pharma Employee Stock Option Scheme 2025’ and the requirements of Ind AS 102 - ‘Share-based Payment’. 5. The Company is engaged in the manufacture and sale of "Pharmaceuticals" which constitutes a single reportable business segment as per Ind AS 108- 'Operating Segments'.6. The previous periods/year numbers have been regrouped/rearranged wherever necessary to conform with the current period presentation.7. The above Unaudited Standalone Financial Results of the Company are available on the Company’s website www.glandphanna.comand also on the website of BSE Limited (www.bseindia.com) and National Stock Exchange of India Limited (www.nseindia.com),where the equity shares of the Company are listed. 1 rnjo/ ■ /For and on behalf of the BoardGland Pharma Limited Srinivas SaduExecutive ChairmanDIN No. 06900659 HyderabadJanuary 28, 2026
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Press Release Gland Pharma Posts Strong Q3 FY26 Results 22% YoY Growth in Revenue and 37% adj. PAT Growth Hyderabad, January 28, 2026: Gland Pharma Limited (BSE: 543245 | NSE: GLAND), a generic injectable-focused pharmaceutical company, announced its financial results for the third quarter ended December 31, 2025. Commenting on the results Mr. Srinivas Sadu, Executive Chairman of Gland Pharma, stated, “Our strong Q3 FY26 performance, driven by robust year-on-year revenue growth of 22% and healthy adj. EBITDA margin of 26%, reflects the disciplined execution across our businesses. We remain confident in sustaining this momentum as new product launches, CDMO contract ramp‑ups, and operational efficiencies continue to strengthen our trajectory.” Mr. Shyamakant Giri, Chief Executive Officer of Gland Pharma, said, “Performance of Q3 FY26 was a clear reflection of consistent execution, with double -digit growth across key markets, of US and Europe, and steady improvement in margins. Cenexi’s breakeven and strong revenue traction in the base business were key contributors to our consolidated performance this quarter.” Consolidated Financial Performance Particulars Q3 FY26 Q3 FY25 YoY Q2 FY26 QoQ 9M FY26 9M FY25 YoY Revenue from operations 16,954 13,841 22% 14,869 14% 46,879 41,916 12% Gross Profit (1) 11,187 9,213 21% 9,331 20% 30,363 25,892 17% Gross Profit margin (%) 66% 67% 63% 65% 62% EBITDA (2) 4,349 3,600 21% 3,139 39% 11,165 9,214 21% EBITDA margin (%) (3) 26% 26% 21% 24% 22% Adj. EBITDA (4) 4,490 3,600 25% 3,355 34% 11,582 9,214 26% Adj. EBITDA margin (%) 26% 26% 23% 25% 22% Adj. PBT (5) 3,865 2,993 29% 2,839 36% 9,831 7,743 27% Adj. PBT margin (%) 23% 22% 19% 21% 18% Adj. PAT (6) 2,797 2,047 37% 1,837 52% 6,789 5,120 33% Adj. PAT margin (%) 16% 15% 12% 14% 12% 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 expenses. 5. Adj. PBT = PBT before exceptional items which is the one-time impact due to new wage code. 6. Adj. PAT = Adj. PBT minus equivalent taxes. Financial Highlights: • Quarterly revenue increased by 22% year-on-year; Nine monthly revenues increased by 12% • Quarterly R&D investments increase to ₹ 650 million against ₹ 437 million in previous year • Quarterly adj. EBITDA increased by 25% year-on-year; Nine monthly adj. EBITDA increased by 26% • Quarterly adj. EBITDA margin stood at 26%; Nine monthly adj. EBITDA margin was at 25% • Quarterly adj. PBT increased by 29% year-on-year; Nine monthly adj. PBT increased by 27% • Quarterly adj. PBT margin increased by ~120 bps year-on-year; Nine monthly adj. PBT margin increased by 250 bps • Quarterly adj. PAT increased by 37% year-on-year; Nine monthly adj. PAT increased by 33% • Quarterly adj. PAT margin increased by ~170 bps year-on-year; Nine monthly PAT margin increased by ~230 bps • Quarterly reported PAT margin stood at 15%; Nine monthly reported PAT stood at 14% increased by ~190 bps ₹ Mn Press Release GLANDGland Pharma Posts Strong Q3 FY26 Results22% YoY Growth in Revenue and 37% adj. PAT GrowthHyderabad, January 28, 2026: Gland Pharma Limited (BSE: 543245 | NSE: GLAND), a generic injectable-focusedpharmaceutical company, announced its financial results for the third quarter ended December 31, 2025.Commenting on the results Mr. Srinivas Sadu, Executive Chairman of Gland Pharma, stated, “Our strong Q3FY26 performance, driven by robust year-on-year revenue growth of 22% and healthy adj. EBITDA marginof 26%, reflects the disciplined execution across our businesses. IVe remain confident in sustaining thismomentum as new product launches, CDMO contract ramp-ups, and operational efficiencies continue tostrengthen our trajectory.”Mr. Shyamakant Giri, Chief Executive Officer of Gland Pharma, said, “Performance of Q3 FY26 was a clearreflection of consistent execution, with double-digit growth across key markets, of US and Europe, andsteady improvement in margins. Cenexi’s breakeven and strong revenue traction in the base business werekey contributors to our consolidated performance this quarter.”Consolidated Financial PerformancetMnParticularsQ3 FY26Q3 FY25YoYQ2 FY26QoQ9M FY269M FY25YoYRevenue from operations16,95413,84122%14,86914%46,87941,91612%(1)Gross Profit 11,1879,21321%9,33120%30,36325,89217%Gross Profit margin (%) 66%67%63%65%62%(2)EBITDA 4,3493,60021%3,13939%11,1659,21421%(3)EBITDA margin (%) 26%26%21%24%22%(4)Adj. EBITDA 4,4903,60025%3,35534%11,5829,21426%Adj. EBITDA margin (%) 26%26%23%25%22%(5)Adj. PBT 3,8652,99329%2,83936%9,8317,74327%Adj. PBT margin (%) 23%22%19%21%18%(6)Adj. PAT 2,7972,04737%1,83752%6,7895,12033%Adj. PAT margin (%) 16%15%12%14%12%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 I Revenue from operations; 4.Adj. EBITDA = EBITDA plus Employee stock option compensation expenses and one-off GST-related expenses. 5. Adj. PBT = PBTbefore exceptional items which is the one-time impact due to new wage code. 6. Adj. PAT = Adj. PBT minus equivalent taxes. Financial Highlights: Quarterly revenue increased by 22% year-on-year; Nine monthly revenues increased by 12% Quarterly R&D investments increase to ? 650 million against ? 437 million in previous year Quarterly adj. EBITDA increased by 25% year-on-year; Nine monthly adj. EBITDA increased by 26% Quarterly adj. EBITDA margin stood at 26%; Nine monthly adj. EBITDA margin was at 25% Quarterly adj. PBT increased by 29% year-on-year; Nine monthly adj. PBT increased by 27% Quarterly adj. PBT margin increased by -120 bps year-on-year; Nine monthly adj. PBT margin increasedby 250 bps Quarterly adj. PAT increased by 37% year-on-year; Nine monthly adj. PAT increased by 33% Quarterly adj. PAT margin increased by -170 bps year-on-year; Nine monthly PAT margin increased by-230 bps Quarterly reported PAT margin stood at 15%; Nine monthly reported PAT stood at 14% increased by -190bps
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Press Release Consolidated Market Wise Performance Particulars Q3 FY26 Q3 FY25 YoY Q2 FY26 QoQ 9M FY26 9M FY25 Y-o-Y USA 8,685 7,293 19% 8,279 5% 24,407 22,469 9% Europe 4,071 2,646 54% 2,847 43% 10,221 7,672 33% Canada, Australia and New Zealand (Other Core Markets) 454 459 -1% 488 -7% 1,680 1,420 18% India 744 562 32% 665 12% 2,002 1,963 2% Rest of the world 3,000 2,881 4% 2,590 16% 8,568 8,392 2% TOTAL 16,954 13,841 22% 14,869 14% 46,879 41,916 12% Base Business (Gland) Financial Performance Particulars Q3 FY26 Q3 FY25 YoY Q2 FY26 QoQ 9M FY26 9M FY25 YoY Revenue from operations 11,790 10,123 16% 10,767 10% 32,965 30,917 7% Gross Profit (1) 7,147 6,357 12% 6,571 9% 19,862 17,663 12% Gross Profit margin (%) 61% 63% 61% 60% 57% EBITDA (2) 4,201 3,911 7% 3,755 12% 11,548 10,497 10% EBITDA margin (%) (3) 36% 39% 35% 35% 34% Adj. EBITDA (4) 4,342 3,911 11% 3,971 9% 11,965 10,497 14% Adj. EBITDA margin (%) 37% 39% 37% 36% 34% Adj. PBT(5) 4,382 3,845 14% 4,127 6% 12,145 10,683 14% Adj. PBT margin (%) 37% 38% 38% 37% 35% Adj. PAT(6) 3,274 2,864 14% 3,055 7% 9,021 7,955 13% Adj. PAT margin (%) 28% 28% 28% 27% 26% 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 expenses. 5. Adj. PBT = PBT before exceptional items which is the one-time impact due to new wage code. 6. Adj. PAT = Adj. PBT minus equivalent taxes. . Financial Highlights: • Quarterly revenue increased by 16% year-on-year; Nine monthly revenues increased by 7% • Quarterly adj. EBITDA increased by 11% year-on-year; Nine monthly adj. EBITDA increased by 14% • Quarterly adj. EBITDA margin stood at 37%; Nine monthly adj. EBITDA margin was at 36% • Quarterly adj. PBT increased by 14% year-on-year; Nine monthly adj. PBT increased by 14% • Quarterly adj. PBT margin stood at 37%; Nine monthly adj. PBT margin was at 37% • Quarterly adj. PAT increased by 14% year-on-year; Nine monthly adj. PAT increased by 13% • Quarterly adj. PAT margin stood at 28%; Nine monthly adj. PAT margin was at 27% • Quarterly reported PAT margin stood at 26%; Nine monthly reported PAT stood at 27% increased by ~110 bps Base Business (Gland) Market Wise Performance Particulars Q3 FY26 Q3 FY25 YoY Q2 FY26 QoQ 9M FY26 9M FY25 Y-o-Y USA 8,290 7,135 16% 8,005 4% 23,466 22,052 6% Europe 593 419 42% 189 214% 1,421 1,155 23% Canada, Australia and New Zealand (Other Core Markets) 288 338 -15% 273 5% 1,033 937 10% India 744 562 32% 665 12% 2,002 1,963 2% Rest of the world 1,876 1,669 12% 1,635 15% 5,044 4,810 5% TOTAL 11,790 10,123 16% 10,767 10% 32,965 30,917 7% ₹ Mn ₹ Mn ₹ Mn Press Release GLANDConsolidated Market Wise PerformancetMnParticularsQ3 FY26Q3 FY25YoYQ2 FY26QoQ9M FY269M FY25Y-o-Y IUSA 8,6857,29319%8,2795%24,40722,4699%Europe 4,0712,64654%2,84743%10,2217,67233%Canada, Australia and NewZealand (Other Core Markets)454459-1%488-7%1,6801,42018%India 74456232%66512%2,0021,9632%Rest of the world 3,0002,8814%2,59016%8,5688,3922%TOTAL 16,95413,84122%14,86914%46,87941,91612% Base Business (Gland) Financial PerformanceZMnParticularsQ3 FY26Q3 FY25YoYQ2 FY26QoQ9M FY269M FY25YoYRevenue from operations11,79010,12316%10,76710%32,96530,9177%(1)Gross Profit 7,1476,35712%6,5719%19,86217,66312%Gross Profit margin (%) 61%63%61%60%57%(2)EBITDA 4,2013,9117%3,75512%11,54810,49710%(3)EBITDA margin (%) 36%39%35%35%34%(4)Adj. EBITDA 4,3423,91111%3,9719%11,96510,49714%Adj. EBITDA margin (%) 37%39%37%36%34%Adj. PBT(5) 4,3823,84514%4,1276%12,14510,68314%Adj. PBT margin (%) 37%38%38%37%35%Adj. PAT(6) 3,2742,86414%3,0557%9,0217,95513%Adj. PAT margin (%) 28%28%28%27%26%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 expenses. 5. Adj. PBT = PBTbefore exceptional items which is the one-time impact due to new wage code. 6. Adj. PAT = Adj. PBT minus equivalent taxes.Financial Highlights: Quarterly revenue increased by 16% year-on-year; Nine monthly revenues increased by 7% Quarterly adj. EBITDA increased by 11% year-on-year; Nine monthly adj. EBITDA increased by 14% Quarterly adj. EBITDA margin stood at 37%; Nine monthly adj. EBITDA margin was at 36% Quarterly adj. PBT increased by 14% year-on-year; Nine monthly adj. PBT increased by 14% Quarterly adj. PBT margin stood at 37%; Nine monthly adj. PBT margin was at 37% Quarterly adj. PAT increased by 14% year-on-year; Nine monthly adj. PAT increased by 13% Quarterly adj. PAT margin stood at 28%; Nine monthly adj. PAT margin was at 27% Quarterly reported PAT margin stood at 26%; Nine monthly reported PAT stood at 27% increased by ~110 bpsBase Business (Gland) Market Wise PerformanceParticularsQ3 FY26Q3 FY25YoYQ2 FY26QoQ9M FY269M FY25Y-o-Y IUSA 8,2907,13516%8,0054%23,46622,0526%Europe 59341942%189214%1,4211,15523%Canada, Australia and NewZealand (Other Core Markets)288338-15%2735%1,03393710%India 74456232%66512%2,0021,9632%Rest of the world 1,8761,66912%1,63515%5,0444,8105%TOTAL 11,79010,12316%10,76710%32,96530,9177%
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Press Release Business Highlights: R&D Expenses: Total R&D expenses were ₹650 million in Q3 FY26, representing 5.4% of revenue versus ₹ 437 million, representing 4.3% of revenues, in Q 3 FY25. The increase in R&D is on account of complex product development and number of filings. New Launches: The company launched nine molecules in the USA this quarter, including Argatroban, Acetazolamide and Doxycycline. There were 2 new launches in other regulated markets of Europe, Canada, Australia and New Zealand. Filings and Approvals: Nine ANDAs were filed, and four were approved in Q3 FY26, contributing to a cumulative total of 384 ANDA filings in the U.S. (331 approved, 53 pending). There were 3 new filings in Q3 FY26, contributing to a cumulative total of 134 filings in the other regulated markets (89 approved, 45 pending). In-house Complex Pipeline: Six products have already been launched, three more are 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 16 so far. An additional 13 are currently under development. Total RTU bag portfolio addresses the market opportunity of approximately $685 million in the US. Drug Device Combinations ( DDCs): The company launched its first partnered GLP-1, Liraglutide, in the US. We are aggressively increasing our Pen/cartridge capacity from ~40 million to 140 million units. We are also exploring opportunities beyond GLP-1s including insulin and insulin analogs. New CMO contract: Signed a complex Nano Drug Delivery System based Injectable contract in Oncology with Big Pharma. Since its already a commercial product across the globe, it gives clear revenue visibility over mid -to-the- long term. Cenexi Financial Performance Particulars Q3 FY26 Q3 FY25 YoY Q2 FY26 QoQ 9M FY26 9M FY25 YoY € Mn. ₹ Mn. € Mn. ₹ Mn. € Mn. ₹ Mn. € Mn. ₹ Mn. € Mn. ₹ Mn Revenue from operations 50 5,164 41 3,717 39% 40 4,102 26% 138 13,913 121 10,999 26% Gross Profit 39 4,040 32 2,856 41% 27 2,760 46% 104 10,501 91 8,229 28% Gross Profit Margin 78% 78% 77% 77% 67% 67% 75% 75% 75% 75% EBITDA 1.4 148 (4) (312) (6) (616) (4) (383) (14) (1,283) EBITDA Margin (%) 3% 3% -8% -8% -15% -15% -3% -3% -12% -12% Financial Performance: Increased volumes due to increase in capacity and new product ramp -ups supported revenue growth; contract and pricing renegotiations, cost reduction initiatives and operating leverage helped margin profile. Fontenay Facility: New high -capacity ampoule line is being added, with a capacity of 30 million by 2027, strengthening the position of the site on the market as the largest ampoule manufacturing site in Europe. Hérouville Facility: This quarter saw continued ramp -up in production of two products launched in 2025: an inactivated vaccine and a sterile ophthalmic gel. Braine-l'Alleud & Osny: Business from the two sites, maintained momentum. At Braine, a combo line - for prefilled syringes and cartridges – will be installed in 2026 and a new vial line under isolator is being planned. Press ReleaseBusiness Highlights:R&D Expenses: Total R&D expenses were ?650 million in Q3 FY26, representing 5.4% of revenue versus ?437million, representing 4.3% of revenues, in Q3 FY25. The increase in R&D is on account of complex productdevelopment and number of filings.New Launches: The company launched nine molecules in the USA this quarter, including Argatroban,Acetazolamide and Doxycycline. There were 2 new launches in other regulated markets of Europe, Canada,Australia and New Zealand.Filings and Approvals: Nine ANDAs were filed, and four were approved in Q3 FY26, contributing to a cumulativetotal of 384 ANDA filings in the U.S. (331 approved, 53 pending). There were 3 new filings in Q3 FY26, contributingto a cumulative total of 134 filings in the other regulated markets (89 approved, 45 pending).In-house Complex Pipeline: Six products have already been launched, three more are in line for approval. Complexinjectables are expected to remain a central pillar of long-term growth, with more products being added to thepipeline.Co-development Partnerships: Fifteen products are in co-development (seven 505(b)(2) and eight ANDAs), withcommercialization anticipated to begin in FY28.Ready-to-Use (RTU) Bags: Filed 20 Ready to Use infusion bag products and received approval for 16 so far. Anadditional 13 are currently under development. Total RTU bag portfolio addresses the market opportunity ofapproximately $685 million in the US.Drug Device Combinations (DDCs): The company launched its first partnered GLP-1, Liraglutide, in the US. Weare aggressively increasing our Pen/cartridge capacity from ~40 million to 140 million units. We are also exploringopportunities beyond GLP-1s including insulin and insulin analogs.New CMO contract: Signed a complex Nano Drug Delivery System based Injectable contract in Oncology with BigPharma. Since its already a commercial product across the globe, it gives clear revenue visibility over mid-to-the-long term. Cenexi Financial PerformanceParticularsQ3 FY26Q3 FY25YoYQ2 FY26QoQ9M FY269M FY25YoY€ Mn.? Mn.€ Mn.? Mn.€ Mn.? Mn.€ Mn.?Mn.€ Mn.? MnRevenue fromoperations505,164413,71739%404,10226%13813,91312110,99926%Gross Profit394,040322,85641%272,76046%10410,501918,22928%Gross Profit Margin78%78%77%77%67%67%75%75%75%75%EBITDA1.4148(4)(312)(6)(616)(4)(383)(14)(1,283)EBITDA Margin (%)3%3%-8%-8%-15%-15%-3%-3%-12%-12%Financial Performance: Increased volumes due to increase in capacity and new product ramp-ups supportedrevenue growth; contract and pricing renegotiations, cost reduction initiatives and operating leverage helped marginprofile.Fontenay Facility: New high-capacity ampoule line is being added, with a capacity of 30 million by 2027,strengthening the position of the site on the market as the largest ampoule manufacturing site in Europe.Herouville Facility: This quarter saw continued ramp-up in production of two products launched in 2025: aninactivated vaccine and a sterile ophthalmic gel.Braine-l'Alleud & Osny: Business from the two sites, maintained momentum. At Braine, a combo line - for prefilledsyringes and cartridges - will be installed in 2026 and a new vial line under isolator is being planned.
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Press Release Earnings Call Details The Company will conduct an Earnings call at 6.30 PM (IST) on January 28th, 202 6, to discuss the business performance and answer participants' questions. To participate in this conference call, please dial the numbers provided below ten minutes before the scheduled start time. Universal Access +91 22 6280 1516 / +91 22 7115 8875 Diamond pass link Click here to register National Toll-Free 1 800 120 1221 International Toll-Free Number USA – 18667462133 UK – 08081011573 Singapore – 8001012045 Hong Kong – 800964448 About Gland Pharma Limited (BSE: 543245, NSE: GLAND) Gland Pharma was established in 1978 in Hyderabad and 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. It operates primarily under a business-to-business (B2B) model and has an excellent track record in the development, manufacturing, and marketing of sterile injectables. It has a wide range of injectables, including vials, ampoules, pre -filled syringes, lyophilized vials, dry powders, infusions, oncology, and ophthalmic solutions, and also enjoys the distinction of having pioneered Heparin technology in Indi a. For more information, log on to: www.glandpharma.com Investor Contacts Sampath Kumar Pallerlamudi Company Secretary and Compliance Officer Shriniwas P. Dange Investor Relations investors@glandpharma.com This press release may include statements of future expectations and other forward -looking statements based on management's current expectations and beliefs. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological, and/or regulatory factors. Gland Pharma Limited, its directors and any of the affiliates or employee is under no obligation to, and expressly assume any obligation to update any particular forward -looking statement contained in this release. Press Release GLANDEarnings Call DetailsThe Company will conduct an Earnings call at 6.30 PM (1ST) on January 28th, 2026, to discuss the businessperformance and answer participants' questions. To participate in this conference call, please dial the numbersprovided below ten minutes before the scheduled start time.Universal Access+91 22 6280 1516 / +91 22 7115 8875Click here to registerDiamond pass linkNational Toll-Free1 800 120 1221USA - 18667462133UK- 08081011573Singapore -8001012045Hong Kong - 800964448International Toll-Free NumberAbout Gland Pharma Limited (BSE: 543245, NSE: GLAND)Gland Pharma was established in 1978 in Hyderabad and has grown over the years from a contract manufacturerof small-volume liquid parenteral products to become one of the largest and fastest growing injectable-focusedcompanies, with a global footprint across 60 countries, including the United States, Europe, Canada, Australia, India,and other markets. It operates primarily under a business-to-business (B2B) model and has an excellent track recordin the development, manufacturing, and marketing of sterile injectables. It has a wide range of injectables, includingvials, ampoules, pre-filled syringes, lyophilized vials, dry powders, infusions, oncology, and ophthalmic solutions,and also enjoys the distinction of having pioneered Heparin technology in India. For more information, log on to:www.glandpharma.comInvestor Contacts Sampath Kumar PallerlamudiCompany Secretary and Compliance OfficerShriniwas P. DangeInvestor Relationsinvestors@qlandpharma.com This press release may include statements of future expectations and other forward-looking statements based on management's currentexpectations and beliefs. Actual results may vary materially from those expressed or implied by the statements herein due to changes ineconomic, business, competitive, technological, and/or regulatory factors. Gland Pharma Limited, its directors and any of the affiliates oremployee is under no obligation to, and expressly assume any obligation to update any particular forward-looking statement contained in thisrelease.
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Investor Presentation Q3 & 9M FY26 28 January 2026 GLAND PHARMA GLANDI GLAND PHARMA InvestorPresentationQ3 & 9M FY2628 January 2026
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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 Safe Harbour Statement The Presentation is to provide the general background information about theCompany’s activities as at the date of the Presentation. The informationcontained herein is for general information purposes only and based onestimates and should not be considered as a recommendation that any investorshould subscribe / purchase the company shares.This presentation may include certain “forward looking statements’’. Thesestatements are based on current expectations, forecasts and assumptions thatare subject to risks and uncertainties which could cause actual outcomes andresults to differ materially from these statements. Important factors that couldcause actual results to differ materially from our expectations include, amongstothers general economic and business conditions in India and any othercountry, ability to successfully implement our strategy, our research anddevelopment efforts, our growth and expansion plans and technologicalchanges, changes in the value of the Rupee and other currencies, changes inthe Indian and international interest rates, change in laws and regulations thatapply to the Indian and global pharmaceuticals industries, increasingcompetition, changes in political conditions in India or any other country andchanges in the foreign exchange control regulations in India. Neither thecompany, nor its directors and any of the affiliates or employee have anyobligation to update or otherwise revise any forward-looking statements. Thereaders may use their own judgment and are advised to make their owncalculations before deciding on any matter based on the information givenherein.No part of this presentation may be reproduced, quoted or circulated withoutprior written approval from Gland Pharma Limited.
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Financial Highlights GLAND 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 expenses. 5. Adj. PBT = PBT before exceptional items which is the one-time impact due to new wage code. 6. Adj. PAT = Adj. PBT minus equivalent taxes Consolidated P&L Highlights ₹ Mn Particulars Q3 FY26 Q3 FY25 YoY Q2 FY26 QoQ 9M FY26 9M FY25 YoY Revenue from operations 16,954 13,841 22% 14,869 14% 46,879 41,916 12% Other Income 632 585 8% 842 -25% 2,049 1,696 21% Total Income 17,585 14,426 22% 15,710 12% 48,927 43,612 12% Gross Profit(1) 11,187 9,213 21% 9,331 20% 30,363 25,892 17% Gross Profit margin (%) 66% 67% 63% 65% 62% EBITDA(2) 4,349 3,600 21% 3,139 39% 11,165 9,214 21% EBITDA margin(%)(3) 26% 26% 21% 24% 22% Adj. EBITDA(4) 4,490 3,600 25% 3,355 34% 11,582 9,214 26% Adj. EBITDA margin(%) 26% 26% 23% 25% 22% Adj. PBT(5) 3,865 2,993 29% 2,839 36% 9,831 7,743 27% Adj. PBT margin(%) 23% 22% 19% 21% 18% Adj. PAT (6) 2,797 2,047 37% 1,837 52% 6,789 5,120 33% Adj. PAT margin(%) 16% 15% 12% 14% 12% Consolidated P&L Highlights?MnParticularsQ3 FY26Q3 FY25YoYQ2 FY26QoQ9M FY269M FY25YoYRevenue from operations16,95413,84122%14,86914%46,87941,91612%Other Income 6325858%842-25%2,0491,69621%Total Income17,58514,42622%15,71012%48,92743,61212%Gross Profit(1) 11,1879,21321%9,33120%30,36325,89217%Gross Profit margin (%)66%,67%63% 65%62%EBITDA(2) 4,3493,60021%3,13939%11,1659,21421%EBITDA margin(%)(3) 26%,26%21%24%,22%Adj. EBITDA(4) 4,4903,60025%3,35534%11,5829,21426%Adj. EBITDA margin(%)26%,26%23% 25%22%Adj. PBT(5> 3,8652,99329%2,83936%9,8317,74327%Adj. PBT margin(%)23%,22%19%,21%,18%,Adj. PAT (6> 2,7972,04737%1,83752%6,7895,12033%Adj. PAT margin(%)16%,15%,12%,14%,12%, -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 41. 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 expenses. 5. Adj. PBT = PBT before exceptional items which is the one-time impact due to new wage code. 6. Adj. PAT = Adj. PBT minusequivalent taxes
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5 2,047 1,837 2,797 5,120 6,789 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 15% 14% 12% 16% 12% 3,600 3,355 4,490 9,214 11,582 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 23% 25% 26% 26% 22% Consolidated Financial Highlights 1.Gross Profit = Revenue from Operations – Materials consumed 2. Gross Profit Margin = Gross profit /Revenue from operations 3. Adj. EBITDA = EBITDA plus Employee stock option compensation expenses and one-off GST-related expense. 4. Adj. EBITDA margin = Adj. EBITDA / Revenue from operations. 5. Adj. PAT = Adj. PBT minus equivalent taxes. 6. Adj. PAT margin = Adj. PAT / Revenue from operations. Revenue from Operations (₹ Mn) Gross Profit (1) / Gross Profit Margin (2) (₹ Mn / %) Adj. PAT(5) / Adj. PAT Margin (6) (₹ Mn / %) Adj. EBITDA (3) / Adj. EBITDA Margin (4) (₹ Mn / %) 13,841 14,869 16,954 41,916 46,879 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 9,213 9,331 11,187 25,892 30,363 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 63% 65% 67% 66% 62% Consolidated Financial Highlights Revenue from Operations(? Mn) Gross Profit *1> / Gross Profit Margin <2)(? Mn I %) 30,36346,87941,916 16,95414,86913,841 Q3 FY25Q2 FY26Q3 FY269M FY259M FY26 25,89265%62%11,1879,3319,21363%66%67%Q3 FY25Q2 FY26Q3 FY269M FY259M FY26Adj. EBITDA*3)/ Adj. EBITDA Margin (4)(? Mn / %)Adj. PAT*5) / Adj. PAT Margin *6>(< Mn / %) 6,78914%5,12012%2,7972,0471,83716%15%12%Q3 FY25Q2 FY26Q3 FY269M FY269M FY25 11,5829,21425%22%4,4903,6003,35526%23%26%Q3 FY25Q2 FY26Q3 FY269M FY259M FY26 1. Gross Profit = Revenue from Operations - Materials consumed 2. Gross Profit Margin = Gross profit /Revenue from operations 3. Adj. EBITDA = EBITDA plus Employee stock option compensation expenses and one-off GST-relatedexpense. 4. Adj. EBITDA margin = Adj. EBITDA / Revenue from operations. 5. Adj. PAT = Adj. PBT minus equivalent taxes. 6. Adj. PAT margin = Adj. PAT / Revenue from operations.
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6 Base Business (Gland) P&L Highlights ₹ Mn Particulars Q3 FY26 Q3 FY25 YoY Q2 FY26 QoQ 9M FY26 9M FY25 YoY Revenue from operations 11,790 10,123 16% 10,767 10% 32,965 30,917 7% Other Income 631 555 14% 861 -27% 2,048 1,643 25% Total Income 12,421 10,678 16% 11,628 7% 35,013 32,559 8% Gross Profit(1) 7,147 6,357 12% 6,571 9% 19,862 17,663 12% Gross Profit margin (%) 61% 63% 61% 60% 57% EBITDA(2) 4,201 3,911 7% 3,755 12% 11,548 10,497 10% EBITDA margin(%)(3) 36% 39% 35% 35% 34% Adj. EBITDA(4) 4,342 3,911 11% 3,971 9% 11,965 10,497 14% Adj. EBITDA margin(%) 37% 39% 37% 36% 34% Adj. PBT(5) 4,382 3,845 14% 4,127 6% 12,145 10,683 14% Adj. PBT margin(%) 37% 38% 38% 37% 35% Adj. PAT(6) 3,274 2,864 14% 3,055 7% 9,021 7,955 13% Adj. PAT margin(%) 28% 28% 28% 27% 26% 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 expenses. 5. Adj. PBT = PBT before exceptional items which is the one-time impact due to new wage code. 6. Adj. PAT = Adj. PBT minus equivalent taxes Base Business (Gland) P&L Highlights?MnParticularsQ3 FY26Q3 FY25YoYQ2 FY26QoQ9M FY269M FY25YoYRevenue from operations11,79010,12316%10,76710%32,96530,9177%Other Income 63155514%861-27%2,0481,64325%Total Income12,42110,67816%11,6287%35,01332,5598%Gross Profit(1) 7,1476,35712%6,5719%19,86217,66312%Gross Profit margin (%) 61%63%61%60%57%EBITDA(2) 4,2013,9117%3,75512%11,54810,49710%EBITDA margin(%)(3) 36%39%35%35%34%>Adj. EBITDA(4) 4,3423,91111%3,9719%11,96510,49714%Adj. EBITDA margin(%)37%39%37%36%34%>Adj. PBT(5) 4,3823,84514%4,1276%12,14510,68314%Adj. PBT margin(%)37%38%38%37%35%Adj. PAT(6) 3,2742,86414%3,0557%9,0217,95513%Adj. PAT margin(%)28%28%28%27%26% ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 61. 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 expenses. 5. Adj. PBT = PBT before exceptional items which is the one-time impact due to new wage code. 6. Adj. PAT = Adj. PBT minusequivalent taxes
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7 Revenue from Operations (₹ Mn) Adj. EBITDA(3) / Adj. EBITDA Margin (4) / Adj. PAT(5) / Adj. PAT Margin (6) (₹ Mn / %) R&D Expenses (₹ Mn / %) Base Business (Gland) Financial Highlights 3,911 3,971 4,342 10,497 11,965 2,864 3,055 3,274 7,955 9,021 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 28% 34% 28% 26% 37%39% Adj. EBITDA Adj. PAT 37% 28% 36% 27% 437 614 650 1,419 1,725 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 4.3% 5.8% 5.4% 4.6% 5.2% Gross Profit (1) / Gross Profit Margin (2) (₹ Mn / %) 10,123 10,767 11,790 30,917 32,965 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 6,357 6,571 7,147 17,663 19,862 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 63% 60% 61% 61% 57% 1.Gross Profit = Revenue from Operations – Materials consumed 2. Gross Profit Margin = Gross profit /Revenue from operations 3. Adj. EBITDA = EBITDA plus Employee stock option compensation expenses and one-off GST-related expense. 4. Adj. EBITDA margin = Adj. EBITDA / Revenue from operations. 5. Adj. PAT = Adj. PBT minus equivalent taxes. 6. Adj. PAT margin = Adj. PAT / Revenue from operations. Base Business (Gland) Financial Highlights Gross Profit *1> / Gross Profit Margin *2)(< Mn / %)Revenue from Operations32,96530,917 11,79010,76710,123 Q3 FY25Q2 FY26Q3 FY269M FY259M FY26 19,86217,66360%57%7,1476,5716,357 61%63%61%Q3 FY25Q2 FY26Q3 FY269M FY259M FY26 R&D Expenses(? Mn / %) 1,725Adj. EBITDA*3) / Adj. EBITDA Margin *4)/ Adj. PAT*5) / Adj. PAT Margin *6)(? Mn / %) 11,9659,02110,4977,95534%26%4’3423,2743' 9713,05528%3'9112,86428% 37%28%37%39%Q3 FY25Q2 FY26 Q3 FY26 9M FY25■ ■ Adj. EBITDA ■ Adj. PAT9M FY26 1,4195.2%4.6%6506144375.8%5.4%4.3%Q3 FY25Q2 FY26Q3 FY269M FY259M FY26 1. Gross Profit = Revenue from Operations - Materials consumed 2. Gross Profit Margin = Gross profit /Revenue from operations 3. Adj. EBITDA = EBITDA plus Employee stock option compensation expenses and one-off GST-relatedexpense. 4. Adj. EBITDA margin = Adj. EBITDA / Revenue from operations. 5. Adj. PAT = Adj. PBT minus equivalent taxes. 6. Adj. PAT margin = Adj. PAT / Revenue from operations.
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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 98,789 FY24 FY25 9M FY26 ROCE (2) / RONW (3) (%) 11% 9% 11% 9% 8% 9% 0.00% 5.00% 10.00% 15.00% FY24 FY25 9M FY26 RoCE RoNW Asset Turnover Ratio (4)(5) (x) 0.6 1.5 0.5 1.4 0.5 1.5 Total asset turnover Fixed asset turnover FY24 FY25 9M FY26 Capital Expenditure (₹ Mn) 3,975 3,938 3,566 FY24 FY25 9M FY26 Group Financial Highlights (1/2) Net Worth <1>(? Mn) ROCE (2)/RONW (3)(%) RoCE RoNW98,78991,50787,238 FY24FY259M FY26 11% 11%9%9% 9%8% FY24FY259M FY26Asset Turnover Ratio <4)<5)(X)Capital Expenditure(? Mn)3,9753,9383,566 FY24FY259M FY26 1.5 14 1.50.60.50.5Total asset turnover Fixed asset turnoverFY24 ■ FY25 ■ 9M FY26-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 8I.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 I 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 forthe 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)
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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 97 152 138 132 -57 -66 -63 173 172 166 FY24 FY25 9M FY26 Receivable days Inventory days Payable days Cash conversion cycle 6,228 5,889 6,269 9M FY24 9M FY25 9M 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 275/365 days (as applicable), Inventory days calculated as average inventory for the period divided by COGS* over 275/365 days (as applicable), & Payable days calculated as average trade payable for the period divided by COGS* over 275/365 days (as applicable). CCC is calculated as Receivable days + Inventory days - Payable days. Cash and Bank Balances / Net Cash (1) (₹ Mn) 18,394 25,562 26,565 15,197 22,870 23,191 FY24 FY25* 9M FY26* Total Cash Net Cash Net Working Capital (2) (₹ Mn) 21,554 21,683 23,980 FY24 FY25 9M FY26 . * Excluding non-callable deposits of INR 3,960 million. Group Financial Highlights (2/2)Cash Flow from Operations(? Mn)Cash and Bank Balances / Net Cash* (1)(? Mn) ■■Total CashNet Cash 5,889 6’2696,22825,56223,19118,39415,197 9M FY249M FY25 9M FY26FY24 FY25* 9M FY26*Excluding non-callable deposits of INR 3,960 million. Net Working Capital (2)(? Mn) Cash Conversion Cycle (CCC) (3)(4)(# of Days)23,980 FY24 FY25 9M FY26 173 172 166152 138 13278 100 97■ -57■ -66■ -63FY24 FY25 9M FY26Receivable days Inventory days Payable days Cash conversion cycle 91. 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 soldincludes 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 theperiod divided by revenue from operations * over 275/365 days (as applicable), Inventory days calculated as average inventory for the period divided by COGS* over 275/365 days (as applicable), & Payable days calculated as average tradepayable for the period divided by COGS* over 275/365 days (as applicable). CCC is calculated as Receivable days + Inventory days - Payable days.
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Business Update GLAND Business Update
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11 Base Business (Gland) Updates • R&D Expenses: Total R&D expenses were ₹650 million in Q3 FY26, representing 5.4% of revenue versus ₹437 million, representing 4.3% of revenues, in Q3 FY25. The increase in R&D is on account of complex product development and number of filings. • New Launches: The company launched nine molecules in the USA this quarter, including Argatroban, Acetazolamide and Doxycycline. There were 2 new launches in other regulated markets of Europe, Canada, Australia and New Zealand. • Filings and Approvals: Nine ANDAs were filed, and four were approved in Q3 FY26, contributing to a cumulative total of 384 ANDA filings in the U.S. (331 approved, 53 pending). There were 3 new filings in Q3 FY26, contributing to a cumulative total of 134 filings in th e other regulated markets (89 approved, 45 pending). • In-house Complex Pipeline: Six products have already been launched, three more are 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 16 so far. An additional 13 are currently under development. Total RTU bag portfolio addresses the market opportunity of approximately $685 million in the US. • Drug Device Combinations (DDCs): The company launched its first partnered GLP-1, Liraglutide, in the US. We are aggressively increasing our Pen/cartridge capacity from ~40 million to 140 million units. We are also exploring opportunities beyond GLP -1s including insulin and insulin analogs. • New CMO contract: Signed a complex Nano Drug Delivery System based Injectable contract in Oncology with Big Pharma. Since its already a commercial product across the globe, it gives clear revenue visibility over mid -to-the-long term. Base Business (Gland) Updates ; R&D Expenses: Total R&D expenses were 650 million in Q3 FY26, representing 5.4% of revenue versus 437 million, representing 4.3% ofrevenues, in Q3 FY25. The increase in R&D is on account of complex product development and number of filings. New Launches: The company launched nine molecules in the USA this quarter, including Argatroban, Acetazolamide and Doxycycline. There were 2new launches in other regulated markets of Europe, Canada, Australia and New Zealand. Filings and Approvals: Nine ANDAs were filed, and four were approved in Q3 FY26, contributing to a cumulative total of 384 ANDA filings in theU.S. (331 approved, 53 pending). There were 3 new filings in Q3 FY26, contributing to a cumulative total of 134 filings in the other regulated markets(89 approved, 45 pending). In-house Complex Pipeline: Six products have already been launched, three more are in line for approval. Complex injectables are expected toremain 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 tobegin in FY28. Ready-to-Use (RTU) Bags: Filed 20 Ready to Use infusion bag products and received approval for 16 so far. An additional 13 are currently underdevelopment. Total RTU bag portfolio addresses the market opportunity of approximately $685 million in the US. Drug Device Combinations (DDCs): The company launched its first partnered GLP-1, Liraglutide, in the US. We are aggressively increasing ourPen/cartridge capacity from ~40 million to 140 million units. We are also exploring opportunities beyond GLP-1s including insulin and insulin analogs. New CMO contract: Signed a complex Nano Drug Delivery System based Injectable contract in Oncology with Big Pharma. Since its already acommercial product across the globe, it gives clear revenue visibility over mid-to-the-long term.IcUXND] 11
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12 • Financial Performance: Increased volumes due to increase in capacity and new product ramp-ups supported revenue growth; contract and pricing renegotiations, cost reduction initiatives and operating leverage helped margin profile. • Fontenay Facility: New high-capacity ampoule line is being added, with a capacity of 30 million by 2027, strengthening the position of the site on the market as the largest ampoule manufacturing site in Europe. • Hérouville Facility: This quarter saw continued ramp-up in production of two products launched in 2025: an inactivated vaccine and a sterile ophthalmic gel. • Braine-l'Alleud & Osny: Business from the two sites, maintained momentum. At Braine, a combo line - for prefilled syringes and cartridges – will be installed in 2026 and a new vial line under isolator is being planned. Cenexi Updates Particulars Q3 FY26 Q3 FY25 YoY Q2 FY26 QoQ 9M FY26 9M FY25 YoY € Mn. ₹ Mn. € Mn. ₹ Mn. € Mn. ₹ Mn. € Mn. ₹ Mn. € Mn. ₹ Mn. Revenue from operations 50 5,164 41 3,717 39% 40 4,102 26% 138 13,913 121 10,999 26% Gross Margin 39 4,040 32 2,856 41% 27 2,760 46% 104 10,501 91 8,229 28% % margin 78% 78% 77% 77% 67% 67% 75% 75% 75% 75% EBITDA 1.4 148 (4) (312) (6) (616) (4) (383) (14) (1,283) % margin 3% 3% -8% -8% -15% -15% -3% -3% -12% -12% Cenexi UpdatesQ3 FY26Q3 FY25Q2 FY269M FY269M FY25Particulars YoY QoQ YoY€ Mn. ?Mn.€ Mn. ? Mn.€ Mn. ? Mn.€ Mn. ? Mn.€ Mn. ? Mn.Revenue from operations505,164413,71739%404,10226%13813,91312110,999 26%Gross Margin394,040322,85641%272,76046%10410,501918,229 28%% margin 78%78%77%77%67%67%75%75%75%75%EBITDA1.4148(4)(312)(6)(616)(4)(383)(14)(1,283)% margin 3°/o3%-8%-8%-15%-15%-3%-3%-12%-12% Financial Performance: Increased volumes due to increase in capacity and new product ramp-ups supported revenue growth; contractand pricing renegotiations, cost reduction initiatives and operating leverage helped margin profile. Fontenay Facility: New high-capacity ampoule line is being added, with a capacity of 30 million by 2027, strengthening the position ofthe site on the market as the largest ampoule manufacturing site in Europe. Herouville Facility: This quarter saw continued ramp-up in production of two products launched in 2025: an inactivated vaccine and asterile ophthalmic gel.Braine-l'Alleud & Osny: Business from the two sites, maintained momentum. At Braine, a combo line - for prefilled syringes andcartridges - will be installed in 2026 and a new vial line under isolator is being planned. 12|CLAND|
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Geographical Revenue GLAND GeographicalRevenue
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14 US Filings Update US Contribution to the Group Business Update Cenexi US Market Q3FY26 Cumulative ANDAs (1) - Filed 9 384 - Approved 4 331 52%9M FY26 Group Revenue Contribution Gland 7,293 8,279 8,685 22,469 24,407 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 9% YoY Note: 1. ANDA count includes technology transfer ANDAs. ₹ Mn 19% YoY 7,135 8,005 8,290 22,052 23,466 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 6% YoY16% YoY 158 274 395 417 941 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 126% YoY150% YoY • Q3 FY26: Uptake in base business including Enoxaparin, Daptomycin, Diazepam etc. • The company launched nine molecules in the USA this quarter, including Argatroban, Acetazolamide, Doxycycline etc. US Market tMnCenexiGroup Revenue ContributionGland9% YoY19% YoY i 6% YoY 150% YoY 126% YoY941417395274158Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 16% YoY i 22,469 24,4078,279 8,685 8,005 8,2907,1357,293Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26Q3 FY25Q2 FY26 Q3 FY26 9M FY25 9M FY26 US Filings UpdateUS Contribution to the GroupBusiness UpdateQ3FY26 Cumulative Q3 FY26: Uptake in base business includingEnoxaparin, Daptomycin, Diazepam etc. The company launched nine molecules inthe USA this quarter, including Argatroban,Acetazolamide, Doxycycline etc.52%ANDAs (1)- Filed 9 384-Approved 4 331 ND|Note: 1. ANDA count includes technology transfer ANDAs. 14
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15 Europe Contribution to the Group Europe Market 22% 9M FY26 CenexiGroup Revenue Contribution Gland 2,646 2,847 4,071 7,672 10,221 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 33% YoY ₹ Mn 54% YoY 419 189 593 1,155 1,421 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 23% YoY42% YoY 2,227 2,658 3,478 6,517 8,800 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 35% YoY56% YoY Business Update • 9M FY26 & Q3 FY26: Supported by improvement in base business & new launches like Dalbavancin • Signed two product out-licensing deals during the quarter • Cenexi: Ramp-up of an inactivated vaccine and a sterile ophthalmic gel resulted in increased revenue Europe Market ? MnCenexiGroup Revenue ContributionGland33% YoY54% YoY 23% YoY 35% YoY42% YoY 56% YoY1,421 8,8001,15510,221 6,5173,4787,6724,071 593419 2,6582,2272,8472,646 189Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26Q3 FY25 Q2 FY26Q3 FY26 9M FY25 9M FY26Q3 FY25Q2 FY26 Q3 FY26 9M FY259M FY26 Europe Contribution to the GroupBusiness Update 9M FY26 & Q3 FY26: Supported by improvement in basebusiness & new launches like Dalbavancin Signed two product out-licensing deals during the quarter Cenexi: Ramp-up of an inactivated vaccine and a sterileophthalmic gel resulted in increased revenue 22% 15ICLANDj
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16 Other Core Markets Contribution to the Group Business Update Other Core Markets (Canada, Australia and New Zealand) 4% 9M FY26 CenexiGroup Revenue Contribution Gland 459 488 454 1,420 1,680 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 18% YoY ₹ Mn -1% YoY 338 273 288 937 1,033 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 10% YoY-15% YoY 121 215 166 483 647 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 34% YoY37% YoY • Q3 FY26: Lower uptake in a few products led to a decline in base business. • 9M FY26: Volume growth in the existing products, contributing to overall positive performance. Other Core Markets (Canada, Australia and New Zealand) tMnCenexiGroup Revenue ContributionGland18% YoY-1% YoY 10% YoY-15% YoY 37% YoY1,6801,420 1,033937 483215488459 454 338 166288273 121Q3 FY25 Q2 FY26 Q3 FY26 9M FY259M FY26Q3 FY25 Q2 FY26Q3 FY26 9M FY259M FY26Q3 FY25 Q2 FY26Q3 FY26 9M FY25 34% YoY647 9M FY26 Other Core Markets Contributionto the GroupBusiness Update4%9MFY26 Q3 FY26: Lower uptake in a few products led to adecline in base business.9M FY26: Volume growth in the existing products,contributing to overall positive performance. 16
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17 Cenexi RoW Contribution to the Group Business Update Rest of the World 18% 9M FY26 Group Revenue Contribution Gland 2,881 2,590 3,000 8,392 8,568 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 2% YoY ₹ Mn 4% YoY 1,212 955 1,124 3,582 3,524 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 -2% YoY-7% YoY4% YoY12% YoY 1,444 1,493 1,550 3,786 4,340225 142 326 1,023 704 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 Own Products TT & CMO 5,0444,810 1,8761,6351,669 Base business: • Growth seen across some of the key products including Enoxaparin, Huminsulin etc. • For Q3 FY26, our own product sales grew by 7% and the tech-transfer & CMO product revenue grew by 44%. Rest of the World ? MnGroup Revenue Contribution Gland Cenexi4% YoY2% YoY4% YoY -2% YoY12% YoY -7% YoYOwn Products■ TT&CMO■ 4,810 5,044! |l,023 704 3,582 3,5248,5688,392 1,876 ■“326 ! 3,7861,5503,000 1,669 1,635—225 ------1,444 1,4932,881 1,2122,590 4,340 955142Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 RoW Contribution to the GroupBusiness UpdateBase business: Growth seen across some of the keyproducts including Enoxaparin, Huminsulinetc. For Q3 FY26, our own product sales grewby 7% and the tech-transfer & CMOproduct revenue grew by 44%. 18%9MFY26 17
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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 18 iGiANPl GLAND PHARMA Thank You Corporate OfficeGland Pharma LimitedPlot No. 11 & 84, TSIIC Phase: IVPashamylaram (V), Patancheru (M),Sangareddy DistrictHyderabad 502307, Telangana, India Investor Relations:Sampath Kumar PallerlamudiCompany Secretary & Compliance OfficerShriniwas P. DangeInvestor Relationsinvestors@glandpharma.com 3SE 5432450 NSE GLANDBloomberg 3LANDJN