The global race for GLP-1 drugs — the class that includes blockbusters like Ozempic (semaglutide) and Mounjaro (tirzepatide) — has created a manufacturing bottleneck that most retail investors haven't fully appreciated. While Novo Nordisk and Eli Lilly dominate the innovator market, the real constraint isn't in drug discovery. It's on the factory floor: who can actually make these complex peptide drugs at scale, fill them into pens and cartridges, and deliver them to patients worldwide.

A Business Standard report this week highlighted how India's drug manufacturers are scrambling to add capacity. But a look through recent corporate filings reveals that several Indian companies have been positioning for this moment for years — and the ones furthest along may be the unexpected beneficiaries of this supply crunch.

Gland Pharma: From 40 Million to 140 Million Units

Gland Pharma is arguably the most advanced Indian player in the GLP-1 fill-finish space. Per their FY26 annual results, the company launched its first partnered GLP-1 — generic Liraglutide — in Q4 FY25 in the US, followed by the UK and Australia. More importantly, they're tripling their pen and cartridge capacity from approximately 40 million units to 140 million units, with factory acceptance testing scheduled for completion by September 2025.

The company has signed 8 GLP-1 contracts with an additional 6-7 under discussion. Their CDMO segment grew 33% in FY26, contributing 23% of base business revenues. A major new CDMO contract is expected to deliver USD 25-30 million in annual revenue from H2 FY28. Gland's FY26 consolidated revenue grew 14.5%, with the base business achieving an adjusted EBITDA margin of 38%.

Biocon: First Generic GLP-1 Approval in a Major Market

Biocon secured a historic milestone: the first-ever generic approval for Liraglutide in the UK, covering both diabetes and obesity indications. Per their Q3 FY26 earnings transcript, the company has already invested in large-scale GLP-1 drug substance capacity and is commissioning a new injectable facility in FY26.

Filing activity is intensifying. Biocon has submitted Semaglutide applications in Canada, Brazil, Saudi Arabia, and Turkey — though management acknowledged that no generic GLP-1 has yet been approved by Health Canada, suggesting lengthy review cycles ahead. The real revenue inflection is expected in FY28, when both Liraglutide and Semaglutide contribute at scale.

Granules India: The Peptide CDMO Pivot

Granules India has made one of the more deliberate pivots in Indian pharma. Through its acquisition of Swiss firm Senn Chemicals AG, the company established Ascelis Peptides — a dedicated peptide CDMO platform. Per their Q3 FY26 results, the Peptide/CDMO segment now contributes 2% of formulation revenue, and critically, Ascelis achieved positive EBITDA in Q4 FY26 with revenue of Rs 699 million.

Management described the strategy as building "a differentiated peptide CDMO combining Swiss craftsmanship, Indian efficiency, and global reach." Granules is now constructing a brownfield peptide intermediate manufacturing facility in India. Overall, Q3 FY26 revenue hit Rs 13,879 million (22% YoY growth), with EBITDA margin expanding to 22.2% from 20.2%.

Piramal Pharma: The Differentiated Capacity Play

Piramal Pharma's CDMO business — 59% of its Rs 9,151 crore FY25 revenue — is already deeply embedded in the peptide value chain. Revenue from differentiated offerings (peptide, HPAPI, and antibody-drug conjugates) reached USD 253 million in FY24, up from USD 175 million in FY22, a 45% jump in two years.

Recent investments include a GBP 45 million ADC facility at Grangemouth and capacity expansions at their peptide facility in Turbhe and HPAPI facility at Riverview. With 85% of revenue from regulated markets and partnerships with 14 of their top 20 customers spanning over 7 years, Piramal is positioned as a go-to partner for innovators needing complex manufacturing capacity.

Lupin: The Sole Generic in the US

Lupin holds a unique position: per their May 2025 earnings call, they received US FDA approval for generic Liraglutide and expect to be the sole generic in the US market for at least the next 12 months. Management noted it took 5 years to receive approval, creating a meaningful first-mover moat.

Lupin has also filed for Semaglutide, targeting a 2028-29 launch window. Their injectable portfolio — including Glucagon and Risperdal Consta — is becoming a growth driver from H2 FY26, building into FY27.

Laurus Labs: The Broad CDMO Platform

Laurus Labs brings a diversified CDMO platform with 60+ active projects across Phase I, II, and III clinical stages. Per their Q3 FY25 results, the CDMO-Synthesis division accounts for 24% of revenue, with management reporting strong momentum in RFPs from Big Pharma and leading biotechs.

A new 200,000 sq. ft. R&D facility equipped with advanced capabilities in flow chemistry, biocatalysis, and HPAPI is already drawing interest from new and existing clients. While Laurus hasn't disclosed specific GLP-1 contracts, their broad pipeline and manufacturing scale make them a natural beneficiary as innovators diversify their supply chains.

What Retail Investors Should Watch

The GLP-1 opportunity for Indian pharma plays out on two distinct tracks. First, the generic track: Biocon and Lupin are racing to bring affordable Liraglutide and eventually Semaglutide to global markets, with Lupin holding a rare sole-generic position in the US. Second, the CDMO track: Gland Pharma, Granules, Piramal Pharma, and Laurus Labs are competing for manufacturing contracts from global innovators who cannot build capacity fast enough.

For retail investors, the key metrics to watch are: capacity utilization rates for new peptide lines, the pace of new CDMO contract announcements, and any FDA approvals for generic GLP-1 products. The companies that have already invested in capacity — rather than those still announcing plans — are the ones likely to capture this wave first.

Data sourced from company filings on NSE via Xaro.