AI-generated · cited to primary sources · not investment advice
Gland Pharma (543245) Nov 2025 Filing Analysis
Does management do what it says?
For the 9 months ended FY26, adjusted EBITDA increased by 26%, and the Q3 FY26 consolidated EBITDA margin stood at 26%, tracking ahead of the full-year guidance range. (3 exceeded, 2 met across 5 tracked commitments)
“We're targeting around 35%, now it's 37%.”
R&D expenses for Q3 FY26 were 5.4% of revenue, and for the 9M FY26 period, they stood at 5.2% (INR 1,725 million out of INR 32,965 million base revenue), aligning with the ~5% guidance. (3 met across 3 tracked commitments)
“Yes, roughly, we always say around 5% on an annual basis, it should be around that.”
See the full cited Management analysis of Gland Pharma
How durable is the business?
The regulatory moat is maintained through consistent R&D investment (5.8% of revenue) and a steady stream of new ANDA filings and approvals. (2 stable)
“We invested 5.8% of revenue in R&D this quarter... We filed six ANDAs and received five approvals this quarter.”
See the full cited Business Model analysis of Gland Pharma
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