CITI ON GLAND PHARMA ; MAINTAINS SELL, TARGET PRICE ₹2,360 (CMP ₹3,132.80)

• Q2 revenue grew 23% YoY and EBITDA surged 54% YoY, driven by strong US business momentum and operating leverage. • Sequential revenue rose 2%, while EBITDA declined 3%, partly due to the Cenexi shutdown. • FY27 CONSTANT CURRENCY REVENUE GROWTH GUIDANCE RETAINED AT 15%. • Cenexi expected to return to profitability from Q3 FY27. • Citi believes current valuations already factor in significant growth and margin improvement.

GLAND PHARMA LIMITED

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