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GlaxoSmithKline Pharmaceuticals Ltd.
NSE: GLAXOHealthcareDrug Manufacturers - General
- Last close
- ₹2,404.70
- Day change
- −₹29.00 (−1.19%)vs
- Market cap
- ₹42,966 crIndian rupees
- Research updated
- 1 report
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About GlaxoSmithKline Pharmaceuticals
GlaxoSmithKline Pharmaceuticals Ltd. is a major player in the pharmaceutical industry, renowned for its development and manufacturing of a broad range of healthcare products. The company's primary focus is on the research, development, and commercialization of pharmaceutical products that address a variety of medical conditions, from respiratory issues and infectious diseases to oncology and immunology. GlaxoSmithKline Pharmaceuticals Ltd. operates across several key segments including prescription medicines and vaccines, where it holds a leading position due to its robust product portfolio and continuous innovation. The company services a global market, impacting both healthcare systems and patient care worldwide by effectively delivering essential medicines and pioneering health solutions. Through strategic partnerships and a commitment to research, GlaxoSmithKline Pharmaceuticals Ltd. plays a vital role in advancing public health and driving the pharmaceutical industry's evolution.
- Sector
- Healthcare
- Industry
- Drug Manufacturers - General
- Listing
- NSE: GLAXO
- Next results
- Employees
- 3,113
- Headquarters
- Mumbai, India
- ISIN
- INE159A01016
- Website
- india-pharma.gsk.com
Public research · Report of
Business model & financial foundation
GSK Pharmaceuticals (NSE: GLAXO), Pharmaceuticals: branded prescription medicines and vaccines: revenue of ₹3,822 crore in FY26 (+1.9% on FY25), an EBITDA margin of 34.3%, net profit of ₹1,036 crore and net cash of ₹2,749 crore.
- Revenue, FY26 (₹ crore)
- 3,822
- consolidated
- Revenue growth, FY26
- +1.9%
- on FY25
- EBITDA margin, FY26
- 34.3%
- EBITDA computed from reported operating lines / revenue
- Net profit, FY26 (₹ crore)
- 1,036
- to owners
- Return on equity, FY26
- 49.1%
- on average equity
- Net debt, FY26 (₹ crore)
- -2,749
- Borrowings incl leases less cash, bank balances and current investments
- Market capitalisation (₹ crore)
- 48,736
- at the close of 14 Oct 2026
Company profile
Indian subsidiary of GSK plc selling branded prescription general and specialty medicines and adult/paediatric vaccines. Supply combines its Nashik plant, contract manufacturing organisations and imports; the imports element is analyst-supplied. General Medicines, Vaccines and Specialty Medicines are commercial verticals, not assumed separate accounting segments. The analyst identifies one reportable pharmaceutical segment; the segment-note passage was not independently located in this run.
| Item | Value |
|---|---|
| Legal name | GlaxoSmithKline Pharmaceuticals Limited |
| Exchange and ticker | NSE: GLAXO; BSE: 500660 |
| ISIN | INE159A01016 |
| CIN | L24239MH1924PLC001151 |
| Sector | Healthcare |
| Industry | Pharmaceuticals: branded prescription medicines and vaccines |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP |
| Market capitalisation | ₹48,736 crore (14 Oct 2026) |
| Shares outstanding | 16.94 crore shares (FY26) |
| Price | ₹2,536 (close, 14 Oct 2026) |
| 52-week range | ₹2,088 - ₹3,121 (to 14 Oct 2026) |
| Website | https://india-pharma.gsk.com/ |
Corporate structure and shareholding
Parent: GSK plc.
| Entity | Holding | Business |
|---|---|---|
| Biddle Sawyer Limited | 100% | Pharmaceutical subsidiary consolidated with the listed parent. |
Consolidated scope includes 100% Biddle Sawyer. Only one reportable segment Pharmaceuticals, confirmed Q1FY27 consolidated statement note5, S50.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 75.00% | 75.00% | 75.00% | 75.00% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 4.64% | 4.62% | 4.79% | 4.75% |
| Domestic institutions | 7.70% | 7.68% | 7.81% | 8.48% |
| of which mutual funds | 4.77% | 4.73% | 4.87% | 6.07% |
| Retail | 10.06% | 10.06% | 10.00% | 9.46% |
| Other | 2.60% | 2.63% | 2.41% | 2.31% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Research cutoff: 14 October 2026; GLAXO, NSE. The analytical reporting basis is consolidated Ind AS, including Biddle Sawyer and eliminating subsidiary dividends. GSK earns from Indian branded prescription medicines and private vaccines through established brands, specialist engagement and product availability. Nashik manufacturing and contract supply underpin the franchise; imports are part of the analytical business description, not a separately quantified revenue segment. General Medicines, Vaccines and Specialty/Innovation are commercial verticals, not separately reported accounting segments. One reportable Pharmaceuticals segment is verified in the Q1FY27 results, note 5; older identity/industry narrative saying the note was not located is superseded by that primary evidence. No segment file is required to invent a split. (FY26 annual report, 6 June 2026); (Q1FY27 results, 3 August 2026).
FY26 consolidated revenue was INR3,821.67 crore, total reported PAT INR1,035.98 crore and EPS INR61.15/share. Q1FY27 revenue was INR938.44 crore, EBITDA INR295.50 crore and PAT INR237.18 crore, with EPS INR14.00/share. The primary Q1 statutory cost stack now closes; do not retain the earlier missing-cost-split conclusion. Standalone headline margins and commercial KPIs remain separately labelled. (13 May 2026); (3 August 2026).
| Peer | Why the dossier compares them |
|---|---|
| Abbott India (ABBOTINDIA) | Domestic-focused MNC branded medicines; useful benchmark for prescription franchise quality and capital-light returns. |
| Pfizer (PFIZER) | Indian-listed MNC prescription medicines franchise; comparable brand economics and multinational supply model. |
| Sanofi India (SANOFI) | Continuing Rx medicines comparator only; exclude vaccines and demerged consumer healthcare. Historical comparability and continuing-operations metric basis require verification. |
| Procter & Gamble Health (PGHL) | MNC-owned health brands and vitamins/minerals; useful profitability and distribution comparator, but less similar therapeutic mix. |
| Ajanta Pharma (AJANTPHARM) | Branded generics and specialty therapies comparator; Indian ownership and export/US exposure reduce comparability with domestic-focused MNCs. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 3,264 | 3,226 | 3,454 | 3,749 | 3,822 |
| Cost of revenue (vendor classification) * | 1,450 | 1,359 | 1,420 | 1,473 | 1,422 |
| Other operating costs (vendor classification) * | 447.9 | 480.0 | 497.1 | 511.8 | 475.4 |
| EBITDA (vendor classification) * | 836.7 | 874.1 | 981.6 | 1,255 | 1,375 |
| EBIT * | 781.0 | 838.2 | 818.0 | 1,261 | 1,409 |
| Finance costs | 2.00 | 1.81 | 1.80 | 1.31 | 2.73 |
| Profit before tax | 779.1 | 836.4 | 816.2 | 1,260 | 1,406 |
| Total tax expense (current + deferred) | 398.3 | 228.8 | 226.2 | 332.3 | 370.0 |
| Profit for the year | 1,695 | 610.7 | 590.0 | 927.6 | 1,036 |
| Diluted EPS after exceptional items (₹) | 100.0 | 36.05 | 34.83 | 54.76 | 61.15 |
| Materials consumed + purchases + inventory change | 1,335 | 1,391 | 1,351 | ||
| Employee benefits expense | 624.4 | 579.7 | 607.3 | ||
| Other expenses | 586.1 | 601.3 | 554.2 | ||
| EBITDA computed from reported operating lines | 908.7 | 1,177 | 1,309 | ||
| Other income | 122.6 | 145.9 | 145.4 | ||
| Depreciation and amortisation | 69.7 | 66.8 | 66.4 | ||
| Exceptional items (income +, expense -) | -143.6 | 4.69 | 20.6 | ||
| Profit attributable to owners (no minorities) | 590.0 | 927.6 | 1,036 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 2,663 | 1,741 | 1,778 | 1,951 | 2,267 |
| Borrowings * | 20.1 | 15.5 | 18.7 | 9.95 | 33.3 |
| Cash and cash equivalents * | 286.2 | 34.9 | 64.2 | 538.9 | 1,102 |
| Trade receivables | 205.2 | 192.4 | 222.1 | 292.6 | 273.1 |
| Inventories | 534.7 | 460.0 | 525.1 | 481.7 | 457.6 |
| Trade payables (MSME + others) | 579.3 | 427.8 | 625.4 | 708.3 | 570.2 |
| Net property, plant and equipment * | 17.6 | 13.8 | 17.4 | 269.5 | 273.5 |
| Capital work in progress * | 30.5 | 20.3 | 13.9 | 14.3 | 32.9 |
| Total assets * | 4,633 | 3,327 | 3,557 | 4,108 | 4,324 |
| Cash + other bank balances + current investments | 1,876 | 2,522 | 2,782 | ||
| Borrowings incl leases less cash, bank balances and current investments | -1,858 | -2,512 | -2,749 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 718.0 | 799.8 | 582.0 | 1,290 | 903.3 |
| Free cash flow (vendor definition) * | 776.1 | 440.2 | 550.8 | 1,265 | 848.0 |
| Dividends paid (the provider's sign: an outflow is negative) * | -506.6 | -1,526 | -541.6 | -749.4 | -714.0 |
| Payments to acquire PPE and other intangible assets | -33.5 | -42.6 | -31.2 | -23.0 | -55.3 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 16.94 | 16.94 | 16.94 | 16.94 | 16.94 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,011 | 949.4 | 974.4 | 805.2 | 979.9 | 1,041 | 995.3 | 938.4 |
| Cost of revenue (vendor classification) * | 384.5 | 359.2 | 351.9 | 287.7 | 363.8 | 344.0 | 327.9 | |
| Other operating costs (vendor classification) * | 153.9 | 173.6 | 136.3 | 113.7 | 154.2 | 135.6 | 156.0 | |
| EBITDA (vendor classification) * | 356.3 | 327.0 | 373.9 | 294.9 | 403.5 | 386.9 | 339.3 | |
| EBIT * | 344.1 | 308.2 | 359.2 | 279.4 | 401.1 | 373.7 | 323.4 | |
| Finance costs | 0.27 | 0.09 | 0.58 | 0.42 | 0.51 | 1.19 | 0.61 | 0.97 |
| Profit before tax | 343.8 | 308.1 | 358.6 | 279.0 | 354.0 | 399.9 | 373.1 | 322.5 |
| Total tax expense (current + deferred) | 91.3 | 78.2 | 95.7 | 74.0 | 96.5 | 104.3 | 95.2 | 85.3 |
| Profit for the period | 252.5 | 229.9 | 262.9 | 205.0 | 257.5 | 295.6 | 277.9 | 237.2 |
| Diluted EPS after exceptional items (not annualised) (₹) | 14.91 | 13.57 | 15.52 | 12.10 | 15.20 | 17.45 | 16.40 | 14.00 |
| Materials, traded goods and inventory movement | 384.5 | 359.2 | 351.9 | 287.7 | 355.5 | 363.8 | 344.0 | 327.9 |
| Employee benefits expense | 150.7 | 124.7 | 153.0 | 152.6 | 138.1 | 151.9 | 164.8 | 159.0 |
| Other expenses | 153.9 | 173.6 | 136.3 | 113.7 | 150.6 | 154.2 | 135.6 | 156.0 |
| EBITDA computed from reported lines | 321.7 | 291.9 | 333.2 | 251.2 | 335.7 | 371.3 | 350.9 | 295.5 |
| Other income | 34.5 | 35.1 | 40.7 | 43.7 | 33.6 | 32.1 | 36.0 | 43.8 |
| Depreciation and amortisation | 16.9 | 18.8 | 14.7 | 15.5 | 17.4 | 20.3 | 13.2 | 15.8 |
| Exceptional items (income +, expense -) | 4.69 | 0.00 | 0.00 | 0.00 | 2.64 | 18.0 | 0.00 | 0.00 |
| Profit attributable to owners (no minorities) | 252.5 | 229.9 | 262.9 | 205.0 | 257.5 | 295.6 | 277.9 | 237.2 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 12.6% | -1.2% | 7.0% | 8.6% | 1.9% |
| EBITDA margin | 26.3% | 31.4% | 34.3% | ||
| Net margin | 17.1% | 24.7% | 27.1% | ||
| Return on equity | 33.5% | 49.8% | 49.1% | ||
| Return on capital employed | 37.2% | 37.8% | 46.0% | 67.1% | 66.1% |
| Return on assets | 17.1% | 24.2% | 24.6% | ||
| Net debt (₹ crore) | -1,858 | -2,512 | -2,749 | ||
| Net debt / EBITDA | -2.04x | -2.13x | -2.10x | ||
| Interest cover | 390.5x | 463.1x | 454.4x | 962.7x | 516.0x |
| Asset turnover | 0.84x | 0.81x | 1.00x | 0.98x | 0.91x |
| Receivable days | 23 | 22 | 23 | 28 | 26 |
| Inventory days (on revenue) | 60 | 52 | 55 | 47 | 44 |
| Payable days (on revenue) | 65 | 48 | 66 | 69 | 54 |
| Cash conversion | 0.99x | 1.39x | 0.87x | ||
| Capex intensity | 1.0% | 1.3% | 0.9% | 0.6% | 1.4% |
| Free cash flow (₹ crore) | 684.5 | 757.2 | 550.8 | 1,267 | 848.0 |
| Dividend payout | 91.8% | 80.8% | 68.9% | ||
| EPS, diluted (₹) | 100.0 | 36.05 | 34.83 | 54.76 | 61.15 |
| Book value per share (₹) | 157.2 | 102.8 | 104.9 | 115.2 | 133.8 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA computed from reported operating lines / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Borrowings incl leases less cash, bank balances and current investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA computed from reported operating lines.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS after exceptional items).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on GlaxoSmithKline Pharmaceuticals includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on GlaxoSmithKline Pharmaceuticals
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
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