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.
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.
Mixed fundamentals, management trust is supportive, price trend supports entry, 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 30 Jun 2026
Average · 42/100margin compression · Rev +17% YoY · PAT +16% YoY
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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 across a diverse portfolio. QoQ is relevant for understanding sequential momentum in innovative portfolio contribution and market share dynamics in specific categories.
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.
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.
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.
Trend score and candlestick chart
71Bullishfull bull SMA stack · SMA20 +13.1% / mo · MACD − · near 52W high · sector +2.2pp vs Nifty (3M)
Technical chart
GLAXOdaily · 1Y · AUTO+19.3%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 61. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~11.6% over last month) — short-term momentum positive.
- RSI(14) at 61 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 5% off 52W high · 42% 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.
Relative Strength & Trend Stage
- Price is 19.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +2.8%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 56 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 56 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 20/20 to the score.
- Balance sheet contributes 12/15 to the score.
Main drags
- Fair-value margin of safety is negative at -4.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 12/25; 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
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 100th percentile of the scored universe and 100th 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: 100th pctile, median 70 · Large: 100th pctile, median 73
46 documents have extracted text, 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 2.6%.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 47.60
- P/B
- 22.07
- EV/EBITDA
- 35.29
- Market Cap
- 50112.00Cr
Profitability
- ROE
- 45.60%
- ROCE
- 61.40%
- ROA
- 24.70%
- Dividend Y
- 1.93%
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
- 2.59%
- FCF Positive Y
- 12/5
- OCF
- 903.00 Cr
- EPS TTM
- 63.05
Shareholding
- Promoter Hold
- 75.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 84%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Pharma, ranked by similarity
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.