Synopsis: Although Gland Pharma, Akums Drugs, and Kwality Pharmaceuticals all reported impressive Q1 FY27 results, what each company has planned for the future is what really sets them apart. This is a comparison of their pipelines, capacity, and contracted growth.
Gland Pharma, Akums Drugs and Pharmaceuticals, and Kwality Pharmaceuticals all reported double-digit growth for the quarter ended June 30, 2026, making it a busy results week for the pharmaceutical CDMO sector in India.
The more intriguing question for investors is which company has the most credible growth runway ahead, even though all three exceeded revenue and profit targets. This largely depends on what each company counts as a “pipeline.”
Gland Pharma has the strongest visible high-value pipeline
In Q1 FY27, Gland’s CDMO revenue increased 20% YoY to ₹891.5 crore; however, the more significant factor is what lies ahead. Eight ANDAs and seven 505(b)(2) filings are among the fifteen products under co-development; commercialisation is anticipated to start in FY28.
With six products already launched and three more pending approval, Gland’s in-house complex injectable pipeline is not only more numerous than its competitors, but it is also getting closer to monetisation.
After all products are commercialised, its CDMO partnership with a major international pharmaceutical company has an estimated $90–100 million in annualised revenue potential. The technology transfer is anticipated to be finished in two years, and revenue will start to flow in 2029.
In addition, Gland has submitted 21 Ready-to-Use infusion bag products, received approval for 18 of them, and is currently developing 11 more, with an estimated $644 million US market opportunity. When combined, these provide Gland with several different future growth layers instead of a single pipeline that is reliant on a single product category.
Akums has the strongest capacity-led runway, but its pipeline is less explicitly quantified
With Q1 CDMO revenue of ₹964 crore, up 18.6% YoY, Akum’ CDMO business already makes up 82.6% of total revenue. More importantly, capacity utilisation reached 50% due to double-digit CDMO volume growth, indicating significant headroom before current infrastructure is fully utilised.
The ₹56 crore Oriflame manufacturing acquisition adds two facilities covering skincare, colour cosmetics, and wellness, and management has stated clearly that it intends to add additional CDMO clients to these units. Akums is also aggressively growing the addressable CDMO opportunity.
Even though the forward pipeline isn’t quantified in the same contract-by-contract detail Gland offers, its manufacturing base already covers a variety of dosage forms, including oral solids, injectables, lyophilised vials, and pre-filled syringes, giving it breadth.
Kwality has the most interesting “build-the-pipeline” story
Kwality operates primarily as a generic out-licensing and supply player, with pure CDMO currently under-represented. Its advantage lies in using its aggressive filing engine (200 filings in FY26) and R&D capabilities as a hook to transition into complex biologics and oncology CDMO engagements.
With more than 1,000 formulations, more than 700 regulatory filings, and more than 100 clients in LATAM, MENA, Europe, Asia, and Africa, the company’s filing activity increased from 75 in FY23 to 200 in FY26. Kwality has established an annual capacity of 300 million injectable units alongside biologics, with utilization in its dedicated oncology block currently running between 60% and 70%
In contrast to Gland’s or Akums’ more recent pipelines, the company is notably developing end-to-end biologics development capabilities specifically to support future biosimilar and biologics CDMO engagements.
The growth prospects depend on what an investor values
With 15 co-development products, 3 complex products awaiting approval, 11 RTU products under development, and a $90–100 million potential CDMO contract with a defined revenue start date, Gland stands out in terms of visible, near-term commercialisation.
Akums’ advantage is in scale and utilisation headroom: its double-digit volume growth, 50% capacity utilisation, and 82.6% CDMO revenue exposure allow it to expand within its current clientele before requiring new capacity.
Of the three, Kwality’s opportunity is the most developmental: 200 filings in FY26, more than 700 cumulative filings, and investments in oncology capabilities and complex biologics contribute to future CDMO growth. However, unlike Gland, its presentation does not include a monetary amount for a particular CDMO backlog.
The decision for investors is more about time horizon than which company is “ahead”: Gland for short-term contracted upside, Akums for capacity-driven scale, and Kwality for a longer-dated wager on biologics and complexity.
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