Motilal Oswal Recommends 'Buy' on Gland Pharma, Sets Target at Rs 2050

• Gland Pharma exceeded expectations in Q3FY26 with 6%/14%/19% beat on revenue/EBITDA/PAT.
• Improved performance driven by Cenexi's EBITDA break-even, base business volume growth, and favorable currency.
• US revenue shows consistent growth over three quarters due to new product launches, increased off-take, and currency depreciation.
• Motilal Oswal raises earnings estimates for FY26/FY27/FY28 by 3-4% due to market traction, operating leverage, and currency benefits.
• Valuation set at 28x 12-month forward earnings, leading to a target price of INR 2,050.

Why It Matters: Motilal Oswal recommends buying Gland Pharma, projecting a target price of Rs 2050 based on strong Q3FY26 results.