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GLAND GLAND PHARMA E Investor Presentation Q1 FY27 10th August 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. 2
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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 and forex losses. 3. EBITDA margin = EBITDA / Revenue from operations;4. Adj. EBITDA = EBITDA plus Employee stock option compensation expenses. Consolidated P&L ₹ Mn Particulars Q1 FY27 Q1 FY26 YoY Q4 FY26 QoQ Revenue from operations 18,003 15,056 20% 17,428 3% Other Income 612 575 6% 1,115 -45% Total Income 18,615 15,631 19% 18,543 0% Gross Profit(1) 11,759 9,845 19% 11,515 2% Gross Profit margin (%) 65% 65% 66% EBITDA(2) 4,930 3,678 34% 5,130 -4% EBITDA margin(%)(3) 27% 24% 29% Adj.EBITDA(4) 5,102 3,737 37% 5,244 -3% Adj. EBITDA margin(%) 28% 25% 30% PBT 4,350 3,127 39% 5,058 -14% PBT margin(%) 24% 21% 29% PAT 3,170 2,155 47% 3,667 -14% PAT margin(%) 18% 14% 21% Consolidated P&L ?MnParticularsQ1 FY27Q1 FY26YoYQ4 FY26QoQRevenue from operations18,00315,05620%17,4283%Other Income6125756%1,115-45%Total Income18,61515,63119%18,5430%Gross Profit(1) 11,7599,84519%11,5152%Gross Profit margin (%)65% 65%66%EBITDA*2’ 4,9303,67834%5,130-4%EBITDA margin(%)(3) 27%24%, 29%Adj.EBITDA*4’ 5,1023,73737%5,244-3%Adj. EBITDA margin(%)28% 25%30%PBT 4,3503,12739%5,058-14%PBT margin(%)24%21%, 29%PAT 3,1702,15547%3,667-14%PAT margin(%)18%,14%, 21% -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 41. Gross Profit = Revenue from Operations - Materials consumed; 2. EBITDA = Profit before tax plus finance expense plus depreciation and amortization expense, excluding other income and forex losses. 3. EBITDA margin = EBITDA / Revenuefrom operations;4. Adj. EBITDA = EBITDA plus Employee stock option compensation expenses.
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5 Consolidated Financial Highlights (1/3) 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.. 4. Adj. EBITDA margin = Adj. EBITDA / Revenue from operations. Revenue from Operations (₹ Mn) Gross Profit(1) / Gross Profit Margin(2) (₹ Mn / %) 15,056 17,428 18,003 Q1 FY26 Q4 FY26 Q1 FY27 9,845 11,515 11,759 Q1 FY26 Q4 FY26 Q1 FY27 65% 65% 66% Adj. EBITDA(3) / Adj. EBITDA Margin(4) / PAT / PAT Margin (₹ Mn / %) R&D Expenditure (₹ Mn / % of Consolidated revenue) 3,737 5,244 5,102 2,155 3,667 3,170 Q1 FY26 Q4 FY26 Q1 FY27 14% 28% 25% Adj. EBITDA PAT 30% 21% 18% 664 723 772 Q1 FY26 Q4 FY26 Q1 FY27 4% 4% 4% Consolidated Financial Highlights (1/3) Revenue from Operations(< Mn) Gross Profit*1) / Gross Profit Margin*2)(< Mn / %)18,00317,42815,056 Q1 FY26Q4 FY26Q1 FY27 11,75911,5159,845 65%66%65% Q1 FY26Q4 FY26Q1 FY27R&D Expenditure(? Mn / % of Consolidated revenue)Adj. EBITDA*3) / Adj. EBITDA Margin*4) / PAT / PAT Margin(? Mn / %) 5,244 5,102 772723664 4%4%4%3,73730%3,66728%3,17018% I--------- 25%2,15514% 21% Q1 FY26 Q4 FY26 Q1 FY27Q1 FY26 Q4 FY26 Q1 FY27■ ■ Adj. EBITDA ■ PAT 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.. 4. Adj. EBITDA margin = Adj.EBITDA / Revenue from operations.
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6 Consolidated Financial Highlights (2/3) 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) 91,507 103,580 106,762 FY25 FY26 Jun'26 ROCE(2) / RONW(3) (%) 9% 11% 14% 8% 11% 12% 0.0% 5.0% 10.0% 15.0% FY25 FY26 Jun'26 RoCE RoNW Asset Turnover Ratio(4)(5) (x) 0.5 1.4 0.5 1.5 0.6 1.6 Total asset turnover Fixed asset turnover FY25 FY26 Jun'26 Capital Expenditure (₹ Mn) 786 1,373 1,132 Q1 FY26 Q4 FY26 Q1 FY27 Consolidated Financial Highlights (2/3) Net Worth(1)(? Mn) ROCE(2)/RONW(3)(%) RoCERoNW14%11%9% 12%11%8% 103,580106,76291,507 FY25FY26Jun'26 FY25FY26Jun’26Asset Turnover Ratio(4)(5)(X)Capital Expenditure(? Mn) 1,373786 0.60.50.5Total asset turnover Fixed asset turnoverFY25 «FY26 ■ Jun'26Q1 FY26Q4 FY26Q1 FY27-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 6I.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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7 Consolidated Financial Highlights (3/3) Cash Conversion Cycle (CCC)(3)(4) (# of Days) Cash Flow from Operations (₹ Mn) 100 97 94 138 130 122 -66 -63 -61 172 164 155 FY25 FY26 Jun'26 Receivable days Inventory days Payable days Cash conversion cycle 2,620 4,045 3,183 Q1 FY26 Q4 FY26 Q1 FY27 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 90/365 days (as applicable), Inventory days calculated as average inventory for the period divided by COGS* over 90/365 days (as applicable), & Payable days calculated as average trade payable for the period divided by COGS* over 90/365 days (as applicable). CCC is calculated as Receivable days + Inventory days - Payable days. Cash and Bank Balances / Net Cash(1) (₹ Mn) 25,562 33,591 35,466 22,870 31,157 32,939 FY25* FY26 Jun'26 Total Cash Net Cash Net Working Capital(2) (₹ Mn) 21,683 24,855 25,932 FY25 FY26 Jun'26 . * Excluding non-callable deposits of INR 3,960 million. Consolidated Financial Highlights (3/3)Cash Flow from Operations(? Mn)Cash and Bank Balances / Net Cash(1)■■Total Cash(? Mn) Net Cash 4,04535,466 32,93933,59131 15725,562 22,870 Q1 FY26 Q4 FY26 Q1 FY27FY25* FY26. * Excluding non-callable deposits of INR 3,960 million.Jun'26 Net Working Capital(2)(? Mn) Cash Conversion Cycle (CCC)(3)(4)(# of Days)24,855 25,93221,683 172 16413097-63FY26 155138 122100 94-61-66FY25 Jun'26FY25 FY26 Jun'26 Cash conversion cycleReceivable days Inventory days Payable days 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 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 90/365 days (as applicable), Inventory days calculated as average inventory for the period divided by COGS* over 90/365 days (as applicable), & Payable days calculated as average trade payablefor the period divided by COGS* over 90/365 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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9 Business-wise Revenue Break-up ₹ Mn Business Q1 FY27 Q1 FY26 YoY Q4 FY26 QoQ CDMO 8,915 7,411 20% 8,059 11% B2B* 9,088 7,645 19% 9,369 -3% Total 18,003 15,056 20% 17,428 3% Business Update • CDMO growth supported by recent product launches. • B2B growth supported by increased demand from existing customers and higher volume. Revenue Distribution 50%50% Q1 FY27 49%51% Q1 FY26 46% 54% Q4 FY26 CDMOB2B * Including B2C Revenue INR 152 Mn in Q1FY27, INR 147 Mn in Q1FY26, INR 147 Mn in Q4FY26. Business-wise Revenue Break-up?MnBusinessQ1 FY27Q1 FY26YoYQ4 FY26QoQCDMO8,9157,41120%8,05911%B2B* 9,0887,64519%9,369-3%Total 18,00315,05620%17,4283% Revenue DistributionBusiness Update CDMO growth supported by recent productlaunches. B2B growth supported by increaseddemand from existing customers andhigher volume. Q4FY2646%54%Q1FY2750%50% Q1FY2649%51% B2B 1CDMO 9Including B2C Revenue INR 152 Mn in Q1FY27, INR 147 Mn in Q1FY26, INR 147 Mn in Q4FY26.
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10 Business Updates • R&D Expenses: Total R&D expenses were ₹772 million in Q1 FY27, representing 4% of consolidated revenue. The R&D expenditure was mainly focused on complex product development and the number of filings. • New Launches: The company launched 4 molecules in the USA this quarter, including Multi-Vitamin and Leucovorin calcium. • Filings and Approvals: Three ANDAs were filed, and seven were approved in Q1 FY27, contributing to a cumulative total of 389 ANDA filings in the U.S. (342 approved, 47 pending). • In-house Complex Pipeline: Six products have already been launched, and 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 21 Ready-to-Use infusion bag products and received approval for 18 so far. An additional 11 are currently under development. The total RTU bag portfolio addresses a market opportunity of approximately $644 million in the US. • CDMO partnership with A Global Pharmaceutical Company: Once all products are commercialized, the annualized revenue potential is expected to be approximately USD 90–100 million. Technology transfer activities are planned for completion within two years, with revenues expected to commence from calendar year 2029. • Strategic collaboration with Neuland Laboratories: Long-term strategic collaboration for the manufacturing of sterile APIs for microparticle depot products. • In-licensing agreement with a China-based development company for the development, manufacturing and commercialization of a niche liposomal product for the U.S. and European markets. Business Updates * ; R&D Expenses: Total R&D expenses were 772 million in Q1 FY27, representing 4% of consolidated revenue. The R&D expenditure wasmainly focused on complex product development and the number of filings. New Launches: The company launched 4 molecules in the USA this quarter, including Multi-Vitamin and Leucovorin calcium. Filings and Approvals: Three ANDAs were filed, and seven were approved in Q1 FY27, contributing to a cumulative total of 389 ANDAfilings in the U.S. (342 approved, 47 pending). In-house Complex Pipeline: Six products have already been launched, and three more are in line for approval. Complex injectables areexpected 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 commercializationanticipated to begin in FY28. Ready-to-Use (RTU) Bags: Filed 21 Ready-to-Use infusion bag products and received approval for 18 so far. An additional 11 arecurrently under development. The total RTU bag portfolio addresses a market opportunity of approximately $644 million in the US. CDMO partnership with A Global Pharmaceutical Company: Once all products are commercialized, the annualized revenue potentialis expected to be approximately USD 90-100 million. Technology transfer activities are planned for completion within two years, withrevenues expected to commence from calendar year 2029. Strategic collaboration with Neuland Laboratories: Long-term strategic collaboration for the manufacturing of sterile APIs formicroparticle depot products.In-licensing agreement with a China-based development company for the development, manufacturing and commercialization of aniche liposomal product for the U.S. and European markets. 10|CLAND|
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Geographical Revenue GLAND GeographicalRevenue
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12 US Filings Update US Contribution Business Update B2B US Market Q1FY27 Cumulative ANDAs(1) - Filed 3 389 - Approved 7 342 54% Q1 FY27 Revenue Contribution CDMO 7,443 9,807 9,810 Q1 FY26 Q4 FY26 Q1 FY27 Note: 1. ANDA count includes technology transfer ANDAs. ₹ Mn 32% YoY 1,794 2,236 2,653 Q1 FY26 Q4 FY26 Q1 FY27 48% YoY 5,649 7,571 7,157 Q1 FY26 Q4 FY26 Q1 FY27 27% YoY • CDMO: Growth driven by recent product launches – Dalbavancin and Multi-Vitamin; • B2B: Volume expansion in existing products, including Enoxaparin, Vancomycin, Chlorothiazide and Heparin. • New Product Launches: Launched 4 molecules. US Market ? MnRevenue Contribution CDMO B2B48% YoY 27% YoY32% YoY 7,5717,1572,6532,236 5,6499,8079,810 1,7947,443 Q1 FY26Q4 FY26Q1 FY27 Q1 FY26Q4 FY26Q1 FY27Q1 FY26Q4 FY26Q1 FY27 US Filings UpdateUS ContributionBusiness UpdateQ1FY27 Cumulative CDMO: Growth driven by recent productlaunches - Dalbavancin and Multi-Vitamin; B2B: Volume expansion in existing products,including Enoxaparin, Vancomycin,Chlorothiazide and Heparin. New Product Launches: Launched 4 molecules.54%ANDAs(1) - Filed 3 389- Approved 7 342 ND|Note: 1. ANDA count includes technology transfer ANDAs. 12
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13 Europe Contribution Europe Market 22% Q1 FY27 ₹ Mn Business Update • Volume expansion in existing products, including Daptomycin and Cenexi CDMO products. • Recent product launch – Dalbavancin. B2BRevenue Contribution CDMO 3,302 3,814 3,954 Q1 FY26 Q4 FY26 Q1 FY27 20% YoY 3,267 3,791 3,916 Q1 FY26 Q4 FY26 Q1 FY27 20% YoY 36 23 38 Q1 FY26 Q4 FY26 Q1 FY27 6% YoY Europe Market tMnB2BRevenue ContributionCDMO 6% YoY20% YoY20% YoY 363,9163,791 23 Q4 FY26 Q4 FY26Q1 FY27Q1 FY26 3,9543,8143,302 3,267 Q4 FY26Q1 FY27Q1 FY26 Q1 FY26 Q1 FY27 Europe ContributionBusiness Update Volume expansion in existing products, includingDaptomycin and Cenexi CDMO products. Recent product launch - Dalbavancin. 22% 13
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14 Other Core Markets Contribution Business Update Other Core Markets (Canada, Australia and New Zealand) 3% Q1 FY27 ₹ Mn • Volume decline in the existing products led to revenue degrowth. B2BRevenue Contribution CDMO 739 588 534 Q1 FY26 Q4 FY26 Q1 FY27 -28% YoY 363 274 199 Q1 FY26 Q4 FY26 Q1 FY27 -45% YoY 376 314 335 Q1 FY26 Q4 FY26 Q1 FY27 -11% YoY Other COPG Markets (Canada, Australia and New Zealand)? MnRevenue Contribution CDMO B2B-28% YoY -45% YoY -11% YoY739 376363 335314588 274534 199 Q1 FY26Q4 FY26Q1 FY27 Q1 FY26Q4 FY26Q1 FY27Q1 FY26Q4 FY26Q1 FY27 Business UpdateVolume decline in the existing products led to revenuedegrowth. Other Core Markets Contribution3%Q1FY27 14|CLAND|
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15 RoW Contribution Business Update Rest of the World 17% Q1 FY27 ₹ Mn • Growth seen across some of the key products, including Heparin, Huminsulin and Rocuronium Bromide. B2BRevenue Contribution CDMO 2,978 2,549 3,039 Q1 FY26 Q4 FY26 Q1 FY27 2% YoY 1,677 1,340 1,664 Q1 FY26 Q4 FY26 Q1 FY27 -1% YoY 1,301 1,209 1,375 Q1 FY26 Q4 FY26 Q1 FY27 6% YoY Rest of the World tMnB2BRevenue ContributionCDMO-1% YoY 6% YoY2% YoY 1,3751,3011,664 1,209 Q1 FY27Q1 FY26Q4 FY26Q1 FY27 1,6773,0392,978 1,3402,549 Q4 FY26Q1 FY27Q1 FY26 Q1 FY26Q4 FY26 RoW ContributionBusiness Update 17%Q1FY27 Growth seen across some of the keyproducts, including Heparin, Huminsulinand Rocuronium Bromide. 15ICLANDj
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16 India Contribution Business Update India 4% Q1 FY27 ₹ Mn • Growth seen in CDMO for certain products, including Huminsulin. • Decline in B2B due to lower sales of Enoxaparin. B2B*Revenue Contribution CDMO 594 670 666 Q1 FY26 Q4 FY26 Q1 FY27 12% YoY 310 419 483 Q1 FY26 Q4 FY26 Q1 FY27 56% YoY 284 251 183 Q1 FY26 Q4 FY26 Q1 FY27 -36% YoY * Including B2C Revenue INR 152 Mn in Q1FY27, INR 147 Mn in Q1FY26, INR 147 Mn in Q4FY26. India tMnB2B*Revenue ContributionCDMO12% YoY 56% YoY -36% YoY284251483 183 Q1 FY27Q1 FY26Q4 FY26Q1 FY27 666 419310 Q1 FY26 Q4 FY26Q1 FY27 Q1 FY26Q4 FY26 India ContributionBusiness UpdateGrowth seen in CDMO for certain products,including Huminsulin.Decline in B2B due to lower sales ofEnoxaparin. 4%Q1FY27 16Including B2C Revenue INR 152 Mn in Q1FY27, INR 147 Mn in Q1FY26, INR 147 Mn in Q4FY26.
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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 17 GLAND PHARMA Sampath Kumar Pallerlamudi Company Secretary & Compliance Officer 17 iGiANPl GLAND PHARMA Thank You Investor RelationsSampath Kumar PallerlamudiCompany Secretary & Compliance OfficerShriniwas P. DangeInvestor Relationsinvestors@glandpharma.com Corporate OfficeGland Pharma LimitedPlot No. 11 & 84, TSIIC Phase: IVPashamylaram (V), Patancheru (M),Sangareddy DistrictHyderabad 502307, Telangana, India 3SE 5432450 NSE GLANDBloomberg 3LANDJN