GLAXO
Large CapGlaxoSmithKline Pharmaceuticals Limited
Pharma
GlaxoSmithKline Pharmaceuticals Limited (GSK India) is a pharmaceutical company focused on delivering growth through established and innovative portfolios, accelerating R&D, and simplifying operations. It operates in General Medicines, Vaccines, Oncology, and Respiratory segments in India.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 35/100Rev +2% YoY · PAT +6% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹995 Cr | +2.2% | -4.4% |
| EBITDA | ₹351 Cr | +5.4% | -5.4% |
| Operating margin | 35.0% | +100 bps | -100 bps |
| PAT | ₹278 Cr | +5.7% | -6.1% |
| PAT margin | 27.9% | +94 bps | -49 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 revenue grew 2% to INR 3790 Cr, with PAT (ex-exceptional) up 10% to INR 1010 Cr, driven by gross margin improvement and cost management. Q4FY26 revenue also grew 2% to INR 989 Cr, with PAT (ex-exceptional) up 6% to INR 275 Cr, despite supply constraints and vaccine shipment phasing.
GSK India is demonstrating consistent profitability improvement and margin expansion, driven by cost efficiencies and a strategic shift towards innovative therapies. While headline revenue growth is muted by supply issues and vaccine phasing, key brands are competitive, and the innovative portfolio is contributing to growth.
Innovative Portfolio Contribution
Innovative portfolio contributed 6% of total sales in Q4FY26, driving growth in Oncology, Respiratory, and Adult Vaccines.
Oncology Launches
RUBY-1 (Dec’25) establishes a new 1L paradigm with OS benefit, expanding the eligible pool ~7.5x. Blenrep MA approval secured; India launch expected in Q4 2026.
Adult Immunization
Shingrix delivered 56% YoY growth in prescriptions (55k Rxs), establishing adult immunization as a category.
Respiratory Segment
3.3k+ severe asthma patients benefited. Trelegy Ellipta maintained market share post-LOE in a market growing at 59.1% in Q1 2026.
Adult Immunization Category Growth
Shingrix is driving growth and establishing adult immunization as a category through new data.
Cardio Vascular Metabolic Diseases (CVMD) Opportunity
Unlocking 2026 growth through the CVMD opportunity, access in public accounts & private hospitals.
Supply Constraints
Pharma sales softened in FY26 and Q4FY26 due to supply constraints.
Vaccines Shipment Phasing
Q4FY26 headline sales were muted due to Vaccines shipment phasing.
Post-LOE Market Share Retention
Sustaining market share post Loss of Exclusivity (LOE) in key brands (e.g., Trelegy Ellipta post Apr 2025).
Competitive Performance
Maintaining competitive performance of key brands in their represented markets against overall market growth.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY is crucial for assessing overall annual performance and margin trends. QoQ is relevant for understanding sequential momentum, especially given mentions of Q4 supply constraints and vaccine shipment phasing impacting revenue.
IPM Growth (Jan-Mar'26)
Indian Pharma Market (IPM) valued at ~₹64k Cr in Q4FY26, grew 8.9% (Jan-Mar'26) driven by price.
GSK's Representative Market Growth
GSK's representative market grew at 7.3% in Q4FY26, driven by growth of its key categories.
Ongoing Clinical Trials
26 ongoing clinical trials across Oncology (14), Respiratory & Immunology (8), and Infectious disease (4).
Gross Margin (% of sales)
FY26 Gross Margin was 64.8%, an improvement from 62.9% in FY25.
Strategic Focus Areas
Deliver growth in established and innovative portfolios, accelerate R&D, and simplify how we work by reducing complexity and embracing AI/tech.
Cost Management & Efficiency
EBITDA improved on the back of gross margin improvement and operating leverage, with SG&A as a ratio of revenue reducing by 1% due to cost efficiencies and AI-led optimization.
Portfolio Transformation
Continued portfolio shift to Specialty showing through, with the innovation portfolio contributing to total sales.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Innovative Portfolio Contribution to Sales | 6% of total sales in Q4FY26. | Continued increase in the percentage contribution from the innovative portfolio to overall sales. |
| Oncology Product Launches & Ramp-up | RUBY-1 approved, Blenrep MA secured with India launch expected in Q4 2026. | Successful commercialization and market penetration of new oncology products. |
| Gross and EBITDA Margins | FY26 EBITDA 34.3%, Q4FY26 EBITDA 35.1%. | Sustained or further expansion of profitability margins through cost efficiencies and operating leverage. |
| Resolution of Supply Constraints | Pharma sales softened due to supply constraints in FY26 and Q4FY26. | Improvement in supply chain stability and its positive impact on revenue growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
44NeutralSMA20 -6.4% / mo · near 52W low
Technical chart
GLAXOweekly · 5Y-14.3%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 37. Wait for confirmation.
- SMA20 falling (~6.8% over last month) — short-term momentum negative.
- RSI(14) at 37 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.5%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 14.6%.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Growth is weaker at 11/25; verify the latest quarterly trend.
- Cash flow is weaker at 7/10; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 98th percentile within Pharma. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 75%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Pharma: 98th pctile, median 70 · Large: 95th pctile, median 74
51 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 75%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.5%.
- ▸12 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 36.20
- P/B
- 16.30
- EV/EBITDA
- 26.93
- Market Cap
- 36995.00Cr
Profitability
- ROE
- 48.40%
- ROCE
- 65.10%
- ROA
- 23.96%
- Dividend Y
- 2.61%
Growth (CAGR)
- Revenue 5Y
- 5.00%
- EPS 5Y
- 16.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- 20.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 436.33×
- Altman Z
- 8.62
- Book Value
- 134.00
Cash Flow
- FCF Yield
- 3.51%
- FCF Positive Y
- 12/5
- OCF
- 903.00 Cr
- EPS TTM
- 61.15
Shareholding
- Promoter Hold
- 75.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 4%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.