Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Sep
Source: Bse
GlaxoSmithKline Pharmaceuticals Limited (GLAXO)
Large CapPharma stocks · Large cap · NSE
GlaxoSmithKline Pharmaceuticals Limited (GSK India) focuses on delivering growth through established and innovative portfolios, accelerating R&D, and simplifying operations using AI/tech. It operates in General Medicines, Vaccines, Oncology, and Respiratory segments in the Indian market, aiming for competitive performance.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result03 Aug, 09:18 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
57NeutralSMA20 -8.2% / mo · MACD − · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 29
Sector RS: 98
Sector 3M: -1.8% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
GLAXOD candles · FIT view+0.9%Latest close ₹2495.40 on 2026-10-19
Bar
-2.3%
RSI
30
MACD hist
-19.15
52W pos
39%
2026-10-19O ₹2555.10H ₹2555.20L ₹2473.30C ₹2495.40Vol 21,147 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
GLAXONifty PharmaNifty 500
- GLAXO
- +0.5%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- +6.1 pp
Chart stats
19 Oct 2026- From 52W high
- -20.0%
- 52W range position
- 39%
- ATR (14)
- 3.1%
- Volume vs 20D
- 0.28x
- Avg traded value
- ₹19.5 Cr
- 20D price channel
- ₹2,473.3 - ₹2,987
₹3,120.7
₹2,088.1 - ₹3,120.7
₹77.5
Latest completed session
20-session average
30.1% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED60
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average42
Revenue +16.5% · PAT +15.6% YoY
Technical
Neutral57
Price trend and sector-relative-strength timing.
Valuation
Legacy model+12.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence88
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 42/100margin compression · Rev +17% YoY · PAT +16% YoY
Filed 03 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹938 Cr | +16.5% | -5.7% |
| EBITDA | ₹296 Cr | +17.9% | -15.7% |
| Operating margin | 31.0% | +0 bps | -400 bps |
| PAT | ₹237 Cr | +15.6% | -14.8% |
| PAT margin | 25.3% | -20 bps | -267 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 40.90
- P/B
- 18.96
- EV/EBITDA
- 30.34
- Market Cap
- 43084.00Cr
Profitability
- ROE
- 45.60%
- ROCE
- 61.40%
- ROA
- 24.70%
- Dividend Y
- 2.25%
Growth (CAGR)
- Revenue 5Y
- 5.00%
- EPS 5Y
- 15.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- 18.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 451.33×
- Altman Z
- 8.69
- Book Value
- 134.00
Cash Flow
- FCF Yield
- 3.02%
- FCF Positive Y
- 12/5
- OCF
- 903.00 Cr
- EPS TTM
- 63.05
Shareholding
- Promoter Hold
- 75.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 44%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 3,822+1.9% vs prev
Net Profit
₹ CrLatest: 1,036+11.6% vs prev
Return on Equity
%Latest: 613+11.6% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 30.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~8.9% over last month) — short-term momentum negative.
- RSI(14) at 30 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 20% off 52W high · 20% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
61
RS percentile
Stage 1 Base / Transition
1M return
-12.1%
3M return
+0.5%
6M return
+1.2%
1Y return
-6.1%
RS 1D
-4
RS 20D
-8
Sector rank
#1
Industry rank
#3
Stage evidence
- Price is within 1.0% of the 30-week proxy.
- The 30-week proxy changed +0.9% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 96.22-1.75%
RS vs Nifty 50096
Valuation & peers
U-Score 60 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 60 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · UNDERVALUEDValuation4/30
Growth12/25
Quality20/20
Balance Sheet12/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
60
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
60/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 3.0%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 12.0%.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Growth is weaker at 12/25; verify the latest quarterly trend.
- Cash flow is weaker at 7/10; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
40.9
PB
19.0
EV/EBITDA
30.3
ROE
45.6%
ROCE
61.4%
FCF Yield
3.0%
Debt/Equity
0.0
MoS
+12.0%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
60
Previous: 60
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+12.0%
Previous: +12.0%
Score history
12 stored score snapshots. Latest stored move: +2 points.
20 Oct 2026
v4.3-runtime-valuation
60
60
60
60
60
60
60
60
58
58
58
60
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹436
-472.3% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹2,837.25
+12.0% MoS
PEG
2.52
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
AJANTPHARM
Large
Ajanta Pharma Limited
Pharmaceuticals
match 171
58
36.7
27.1%
+19%
FAIR VALUE
EMCURE
Large
Emcure Pharmaceuticals Limited
Pharmaceuticals
match 170
58
33.5
20.1%
+26%
FAIR VALUE
IPCALAB
Large
IPCA Laboratories Limited
Pharmaceuticals
match 165
45
35.4
15.7%
-336%
WATCHLIST
CAPLIPOINT
Large
Caplin Point Laboratories Limited
Pharmaceuticals
match 162
61
26.3
20.9%
+43%
UNDERVALUED
ALKEM
Mid
Alkem Laboratories Limited
Pharmaceuticals
match 161
51
26.3
18.9%
-15%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-14T21:23:39.887Z
Management commentary snapshot
GSK Pharma reports 2% revenue growth for Q4 FY26 and FY26, with full-year PAT crossing ₹1000 Cr for the first time, driven by strong margin expansion and innovative portfolio contribution despite supply constraints and vaccine shipment phasing.
The company demonstrates consistent profitability improvement and margin expansion, with a strategic shift towards an innovative portfolio. While headline revenue growth is modest due to supply issues and vaccine phasing, key brands maintain competitiveness, and new launches show traction. Focus on R&D and digital transformation supports future growth.
Growth engines
Innovative Portfolio
The innovative portfolio (Oncology, New Respiratory, Adult Vaccines) contributed 6% to total sales in Q4 FY26, building momentum and driving growth.
Oncology Launches
RUBY-1 approval (Dec 2025) establishes a new 1L paradigm, expanding the eligible patient pool ~7.5x. Blenrep India launch expected in Q4 2026.
Adult Immunization (Shingrix)
Shingrix showed 56% YoY growth in prescriptions (55k Rxs) and is unlocking 2026 growth through CVMD opportunity and access in public/private hospitals.
Respiratory Segment
Building equity in the respiratory segment, with 3.3k+ severe asthma patients benefited. Trelegy Ellipta maintains market share post-LOE.
Tailwinds
Gross Margin Improvement
Consistent gross margin improvement contributed to EBITDA and PAT growth, with FY26 gross margin at 64.8%.
Operating Leverage & Cost Efficiencies
EBITDA improved due to operating leverage. SG&A as a ratio of revenue reduced by 1% in FY26, mainly from cost efficiencies and AI-led optimization.
Improved Field Force Productivity
Improved field force productivity and AI-led optimization are helping in disciplined cost management.
Headwinds
Supply Constraints
Pharma sales softened in FY26 and Q4FY26 due to supply constraints, impacting headline revenue growth.
Vaccines Shipment Phasing
Muted headline sales in Q4 FY26 were partly attributed to vaccines shipment phasing.
Management accountability
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.
Analyst reading lens
Compare BOTH
YoY is crucial for assessing overall annual performance and margin trends across a diverse portfolio. QoQ is relevant for understanding sequential momentum in innovative portfolio contribution and market share dynamics in specific categories.
Sector KPIs management disclosed
Domestic Formulations Growth (GSK's Rep Market)
GSK's represented market grew at 7.3% in Q4FY26. The Acute market grew 8.9% in Q4FY26, primarily driven by price.
Launch Pipeline & Approvals
RUBY-1 (Oncology) approval in Dec 2025, expanding the eligible patient pool. Blenrep MA approval secured; India launch expected in Q4 2026 for relapsed or refractory multiple myeloma.
R&D Spend (Implied by Trials)
26 ongoing clinical trials across Oncology (14 studies), Respiratory & Immunology (8 studies), and Infectious disease (4 studies).
Gross Margin
Gross Margin as a % of sales improved to 64.8% in FY26 from 62.9% in FY25, showing consistent improvement.
Management forward view
Strategic Focus Areas
Management's key focus areas are to deliver competitive performance in established and innovative portfolios, accelerate R&D and pipeline launches, and simplify operations using AI/tech.
Portfolio Shift to Specialty
The company is undergoing a portfolio shift to Specialty, with the innovation portfolio contributing 6% of total sales in Q4 FY26.
Establishing Adult Immunization
Management aims to establish adult immunization as a category through Shingrix, driving 2026 growth via CVMD opportunity and public/private access.
Thesis monitor
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 Q4 FY26. | Continued increase in contribution from Oncology, New Respiratory, and Adult Vaccines to overall revenue. |
| Revenue Growth | +2% YoY for Q4 FY26 and FY26. | Acceleration in revenue growth, particularly as supply constraints ease and new launches scale up effectively. |
| EBITDA Margin | 34.3% for FY26, 35.1% for Q4 FY26. | Sustained or further expansion of margins, indicating continued operating leverage and effective cost management. |
| Oncology Pipeline Progress | RUBY-1 approved Dec 2025, Blenrep MA secured, India launch expected Q4 2026. | Successful launch and ramp-up of Blenrep, and expansion of the eligible patient pool for Jemperli. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
88Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 100th percentile of the scored universe and 100th percentile within Pharma. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
47 docs text-extracted · 17 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
100th percentile
overall median 67 · Pharma: 100th pctile, median 70 · Large: 99th pctile, median 73
Evidence depth
Financial-only
47 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 75%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3%.
- ▸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.
Continue researching GlaxoSmithKline Pharmaceuticals Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Jun
Source: Bse
Annual report
Letter For Website Link For Annual Report 8 Jun - GSK sent annual report web-link to shareholders and requested KYC/PAN updates for FY2026.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.