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Model Note · GLAXOSMITHKLINE PHARMA LT · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GLAXOSMITHKLINE PHARMA LT Discounted cash flow · base FY26
GLAXOSMITHKLINE PHARMA LT
Value per share, this model₹911
CMP 2026-09-10₹2,818.90
Difference(67.7)%
Growth the CMP implies33.2%/yr
This note states the assumptions and the arithmetic of one model of GLAXOSMITHKLINE PHARMA LT, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
2% a year
FY26 1.9% · 5-yr CAGR 3.6%
EBITDA margin
34.8%
FY26 34.8% · 5-yr average 27.4%
Depreciation · capex, % of revenue
1.7% · 1.4%, fading to 1.2× depreciation
FY26 1.7% · 1.4%
Working capital, % of added revenue · tax
4.2% · 26.3%
15 working-capital days · effective 26.3%
Discount rate
11.00%
1-yr beta 0.43
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1,102) · ₹0 · ₹0 cr
FY26 net debt ₹(1,102) cr
Shares
16.94 crore
16.94 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
3,822
3,898
3,976
4,056
4,137
4,219
growth %
1.9
2.0
2.0
2.0
2.0
2.0
EBITDA
1,330
1,357
1,384
1,411
1,440
1,468
Depreciation
(66)
(66)
(68)
(69)
(70)
(72)
NOPAT
931
951
970
989
1,009
1,029
less capex
(55)
(55)
(62)
(70)
(78)
(86)
less working-capital build
—
(3)
(3)
(3)
(3)
(3)
Free cash flow to firm
—
959
972
985
998
1,011
Present value
911
831
759
693
632
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · GLAXOSMITHKLINE PHARMA LT · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3,826
PV of the terminal value (73% of EV)
10,505
Enterprise value
14,331
less net debt
1,102
less non-controlling interest
0
add non-operating investments
0
Equity value
15,433
÷ 16.94 crore shares
₹911
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
938
1,000
1,074
1,165
1,278
10.5%
873
925
985
1,058
1,147
11.0%
817
861
911
971
1,042
11.5%
769
806
848
898
956
12.0%
727
758
794
836
885
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
