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The market expects Gland Pharma to carry on much as it has.
At today’s share price, buyers are assuming Gland Pharma grows about 10% a year, forever. Over the last ten years it actually grew about 12% a year. The two are close, so the share price does not need the business to improve or to stumble. It needs it to keep doing roughly what it already does.
- How it is valued: Discounted cash flow.
- What the price assumes: 10% growth, against 12% the model takes from its own record.
- Ten-year record: Between FY2018 and FY2026, Gland Pharma's revenue went from ₹1,623 crore to ₹6,431 crore — it compounded at about 19% a year over 8 years.
- Biggest swing factor: US injectables demand. Main risk: Price erosion.
01A Hyderabad injectables maker
Gland Pharma, based in Hyderabad and majority-owned by China's Fosun Pharma, develops and manufactures injectable generic medicines — vials, ampoules, pre-filled syringes — mostly for partners who sell them in the US and Europe.
In 2023 it bought Cenexi, a French contract manufacturer, which added capacity in Europe but lowered group margins.
02What the market is assuming
Work backwards from today's share price and you can see what buyers are quietly taking for granted. Here is the growth that price implies for Gland Pharma, next to what the model assumes from the company's own record.
The further apart these two numbers are, the bigger the bet a buyer at today's price is making.
03Gland Pharma's record, in plain numbers
Between FY2018 and FY2026, Gland Pharma's revenue went from ₹1,623 crore to ₹6,431 crore — it compounded at about 19% a year over 8 years. In FY2026 it kept 16.0% of revenue as net profit — against a low of 12.4% in FY2025 and a high of 28.8% in FY2021. The latest year added 14.5% to revenue, well behind its own long-run pace.
Revenue and earnings per share in ₹, return on equity and leverage as ratios — all from the filed statements.
Revenue and net profit by year (₹ crore)
| Year | Revenue | Net profit | Margin |
|---|---|---|---|
| FY2018 | 1,623 | — | — |
| FY2019 | 2,044 | — | — |
| FY2020 | 2,633 | — | — |
| FY2021 | 3,463 | 997 | 28.8% |
| FY2022 | 4,401 | 1,212 | 27.5% |
| FY2023 | 3,625 | 781 | 21.5% |
| FY2024 | 5,665 | 772 | 13.6% |
| FY2025 | 5,616 | 699 | 12.4% |
| FY2026 | 6,431 | 1,027 | 16.0% |
04How Gland Pharma gets valued — and why
Discounted cash flowThis business is valued on the cash it is expected to generate, discounted back at its cost of capital — with growth taken from its own ten-year record rather than from guidance.
05What decides Gland Pharma's value
US injectables demand
New product launches by partners.
Cenexi turnaround
Lifting Cenexi's margins.
Complex products
Peptides and biosimilars could add growth.
Capacity use
Fuller plants improve returns.
06What could go wrong
- Price erosion. US injectable prices fall with competition.
- Ownership. Chinese parentage can affect some contracts.
- Integration. Cenexi's recovery may take time.
07What the full Gland Pharma valuation shows
Sign in free to see the complete Gland Pharma valuation
- ✓Fair value per share — from a ten-year discounted cash flow, every step shown
- ✓The Workbench — change revenue growth, the discount rate or terminal growth and watch Gland's value move
- ✓Bull, base and bear cases — and exactly which assumptions move between them
- ✓Peer comparison — against Aurobindo, Laurus Labs and other drugmakers
- ✓Downloadable report — the full write-up, yours to keep
08Questions people ask about Gland Pharma
What does Gland Pharma make?
Injectable generic medicines for partners in the US and Europe.
Who owns Gland Pharma?
China's Fosun Pharma holds the majority.
What is Cenexi?
A French contract manufacturer Gland bought in 2023.
Is Gland Pharma overvalued?
At ₹3,334 the market is pricing in roughly 10% sustained growth, against the ~12% its own record supports. That is less than it has delivered — on these numbers the market is asking the business for less than its own record, which usually means it doubts the record repeats.
What is the intrinsic value of Gland Pharma?
It is computed from the filed financial statements using the method that fits this business (discounted cash flow), with every assumption shown alongside the result. The per-share figure and the full working are in the report.
How much debt does Gland Pharma carry?
Debt to equity stands at 0.01, against 0.00 at the start of the period — the balance sheet is a core input to the cost of capital used here.