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Gland Pharma Limited

GLAND.BO
58
Drug Manufacturers - Specialty & Generic · Healthcare
Price
₹2870.35
-35.20 (-1.21%)
Market Cap
₹473.21B
Exchange
Bombay Stock Exchange
Winston Score
58
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 27, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Good
Growth
Strong
Cash Flow
Mixed
Stability
Good
Valuation
Good
Dividends
Weak

Winston Score History

The full picture

Gland Pharma is an Indian pharmaceutical company that makes injectable medicines, including pre-filled syringes, vials, and ampoules. It produces both generic and branded injectable drugs used in hospitals and clinics around the world. The company is one of the largest injectable-focused drugmakers globally and is majority-owned by China's Fosun Pharma.

Gland Pharma earns revenue by manufacturing and selling finished injectable products as well as through contract manufacturing for other pharma companies. It is headquartered in Hyderabad, India, and exports to markets including the United States, Europe, Canada, and Australia. Its focus solely on injectables gives it deep manufacturing expertise and regulatory approvals across multiple countries, which are hard for competitors to replicate quickly. Key growth drivers include expanding its product pipeline for the US generics market and adding biologics capabilities, though pricing pressure in the generic drug space and regulatory risks remain ongoing challenges.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+22.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+96.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

₹2.2B/ year

3.5% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

51.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹34.3B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Gland Pharma Limited is a rare growth stock that's already generating positive cash flow while growing at 22%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.3% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 164.5M (2022) → 165.0M (2026)

Score breakdown

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Quality

Profit per sale
Gross Margin
31.4%
Modest — 31.4% gross margin
Profit after running costs
Operating Margin
21.0%
Excellent — 21.0% operating margin
Return on the money invested
ROCE
12.7%
Good — 12.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+17.6%
Fast-growing sales (+17.6% YoY)
Profit growth
EPS YoY
+46.5%
Earnings growing fast (+46.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
53%
Weak — only 53% of profit becomes cash
Spare cash per sale
FCF Margin
5.9%
Thin free cash flow (5.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
50.39x
Comfortably covers interest (50.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
41.9x
Pricey — P/E 41.9

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+6.6
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (41.9 → 35.3)

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Dividends

Dividend
Dividend Yield
0.70%
Small dividend — 0.70% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
N/A
Data not available

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