NSE: GLAXO · BSE: 500660
GLAXOSMITHKLINE PHARMA LT
Markets and sells pharmaceutical products in India across three main buckets: General Medicines (brands like Augmentin and Calpol), Vaccines (Shingrix and others), and a growing Specialty/Oncology portfolio (Trelegy, Nucala, Zejula, Jemperli). FY26 standalone revenue stood at ₹3,821.67 crore with net profit of ₹1,035.98 crore, the first time PAT crossed ₹1,000 crore, and EBITDA margin of 34%, up 290 basis points year-on-year. General Medicines, the largest segment, was held flat by supply disruptions from a contract manufacturer fire (around ₹100 crore impact), while Vaccines delivered double-digit growth of around 11-12% in Q4. The innovation/specialty portfolio has scaled to 6% of Q4 sales from 2% a year ago, with a stated target of 10%, and upcoming launches include Blenrep for multiple myeloma (addressing 40,000+ prevalent patients), Bepirovirsen for hepatitis B, and an RSV vaccine. Inputs costs are dominated by employees at 15.9% of revenue and materials at 11.4%, with capex light at 1.4%, suggesting a marketing and distribution-led model rather than large-scale domestic manufacturing. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. General Medicines, Vaccines, Specialty / Oncology, Innovation portfolio. Brand-driven, asset-light pharmaceutical marketing and distribution with a growing specialty/innovation tilt
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,278 | 3,252 | 3,454 | 3,749 | 3,822 |
| EBITDA (ex other income) | 773 | 803 | 765 | 1,182 | 1,330 |
| margin % | 23.6 | 24.7 | 22.2 | 31.5 | 34.8 |
| Owners' profit | 1,695 | 611 | 590 | 0 | 1,036 |
| EPS, as reported (₹) | 100.04 | 36.05 | 34.83 | 54.52 | 54.52 |
| ROE % · ROCE % | 63.6 · 26.6 | 35.1 · 41.9 | 33.2 · 40.3 | 47.5 · 57.3 | 45.3 · 55.4 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 811 | 484 | 582 | 1,290 | 903 |
| Capex | (35) | (44) | (31) | (23) | (55) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,011 | 949 | 974 | 805 | 980 | 1,041 | 995 | 938 |
| Profit before tax | 344 | 308 | 359 | 279 | 354 | 400 | 373 | 322 |
| Net profit | 253 | 230 | 263 | 205 | 257 | 296 | 278 | 237 |
| EPS (₹) | 14.67 | 13.57 | 15.52 | 12.10 | 15.07 | 16.54 | 16.40 | 14.00 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 40.3 | 30.8 | 104 of 158 | 34% |
| P/B | 18.5 | 3.1 | 159 of 163 | 3% |
| ROCE | 55.3 | 10.8 | 3 of 183 | 99% |
| ROE | 45.3 | 9.8 | 6 of 166 | 97% |
| Debt / Equity | 0.0 | 0.2 | 1 of 166 | 79% |
| EBITDA margin | 36.1 | 17.5 | 17 of 165 | 90% |
| Revenue growth | 16.6 | 16.3 | 80 of 161 | 51% |
| Profit growth | 15.7 | 30.9 | 94 of 158 | 41% |
| Market cap | 42353 | 806 | 18 of 181 | 91% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · GSK Pharma to hold analyst and investor meeting on 4 November 2026 | board shareholder meetings | low | — | — |
| 13 Oct 2026 · Board meeting on Nov 3 to approve Q2 FY26 results | results | low | — | — |
| 12 Oct 2026 · Compliance certificate for share dematerialisation, Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window Closure for Q2 FY27 Results Period | compliance | minimal | — | — |
| 15 Sept 2026 · Postal Ballot Results: Both Resolutions Passed with Strong Majority | board shareholder meetings | low | — | — |
| 15 Sept 2026 · Postal ballot results: new director appointed, MD re-appointed | board shareholder meetings | medium | — | — |
| 2 Sept 2026 · Corrigendum to postal ballot notice - salary typo fix | compliance | minimal | — | — |
| 1 Sept 2026 · Corrigendum to Postal Ballot Notice - Salary Typo Correction | board shareholder meetings | medium | — | — |
| 26 Aug 2026 · GSK Pharma clarifies volume surge is market driven, no undisclosed info | compliance | low | — | — |
| 26 Aug 2026 · BSE seeks clarification on volume movement | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.