GLAXO

GlaxoSmithKline Pharmaceuticals share price & financials

Price
₹2,332
Market cap
₹44.0k Cr
Sector
Healthcare
Calls analysed
5
Latest concall · Q1 FY27 · call held 03 Aug 2026

GlaxoSmithKline Pharmaceuticals Limited Q1 FY27

Revenue ₹924 cr +15%PAT ₹253 cr +24%PAT Margin 27.6% EPS ₹14.95

What went well

  • Sales for Q1 FY27 reached INR 924 crores, representing a 15% year-on-year growth.
  • EBITDA grew by 17%, two percentage points ahead of sales, with EBITDA margins improving by 50 bps.
  • Profit after tax (PAT) for Q1 FY27 was INR 253 crores, growing 24%, with PAT margins at 27.6%.

What to watch

  • A favorable base effect from last year's CMO disruptions improved headline growth by roughly 4-5%, implying a sustainable growth of 9-10% for the quarter.
  • Investment spend to sales ratio was up about a percentage point this quarter due to front-loading activities, though expected to moderate.
Read the full call →

What GlaxoSmithKline Pharmaceuticals Limited does

GlaxoSmithKline Pharmaceuticals is the Indian listed biopharma arm of GSK, discovering, developing and marketing prescription medicines and vaccines across three portfolios: General Medicines (anti-infectives, pain management, dermatology, hormones, vitamins/nutrition), Vaccines (paediatric and adult immunisation), and Specialty Medicines (respiratory and oncology). It earns by selling branded prescription drugs and vaccines through hospitals, stockists, trade and government-supply channels across India, manufactured largely at its own Nashik plant and supplemented by a network of contract manufacturers. The company is repositioning from its legacy General Medicines base toward a higher-growth innovation and specialty portfolio, including newly launched oncology and respiratory therapies and India's adult vaccination category (Shingrix).

Segments

  • General Medicines
  • Vaccines
  • Specialty Medicines
Manufacturing plant
1 (Nashik, Maharashtra)
Contract Manufacturing Organisations (CMOs) used
19 across India
Towns and cities in distribution network
1,400+
Stockists, hospitals, traders & government supply points
5,600+
Patients served in India (FY2025-26)
235+ Mn
Unit doses manufactured (FY2025-26)
9.8 Bn
Founded 1924Headquarters GSK House, Dr. Annie Besant Road, Worli, Mumbai - 400030Employees 3,103 (FY2025-26) Company website

Guidance record · Q1 FY27

what the last two calls moved 11 tracked 5 delivered 0 missed 6 open
  • New Product Launches (Oncology) delivered said Q3 FY25 Promised: Launch in either end of Q1 of the next year or earliest of Q1 of the next financial year or latest Q2. Q1 FY27: Oncology portfolio (Zejula and Jemperli) is part of the innovation portfolio which contributed 7-7.5% to Q1 topline, impacting 260-270 patients.
  • Total Revenue on track said Q3 FY26 Promised: Double the business to INR 8,000 crores over the next 4-5 years (12-14% annual growth). Q1 FY27: Management reaffirmed the INR 8,000 crore target over 4-5 years, requiring a 13-14% CAGR. Q1 reported growth was 15% YoY.

All 11 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 16.5%, net profit up 15.6% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,011 949 974 805 980 −3%1,041 +10%995 +2%938 +17%
EBITDA322 292 333 251 336 +4%371 +27%351 +5%296 +18%
Net profit252 230 263 205 257 +2%296 +29%278 +6%237 +16%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −0.3% 1Y

₹2.2k₹2.4k₹2.6k₹2.8k₹3.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q3 FY26 — 9 Feb 2026Q4 FY26 — 13 May 2026Q1 FY27 — 3 Aug 2026

1Y: ₹2,837.5 on 10 Sept 2025 → ₹2,828.4. High ₹3,106.4 (28 Aug 2026), low ₹2,103.2 (11 Jun 2026).

How the price took the results

close before → close after

Q1 FY27
+0.3%
3 Aug
Q4 FY26
−1.5%
13 May
Q3 FY26
+1.3%
9 Feb

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 5.5% a year over 3 years, FY23 to FY26. Operating margin widened to 34.3%.

Year endingFY23FY24FY25FY26
Revenue₹3.3k Cr₹3.5k Cr₹3.7k Cr₹3.8k Cr
Operating profit₹805 Cr₹908 Cr₹1.2k Cr₹1.3k Cr
Operating margin24.8%26.3%31.4%34.3%
Interest₹2 Cr₹1 Cr₹1 Cr₹3 Cr
Depreciation₹65 Cr₹69 Cr₹67 Cr₹66 Cr
Net profit₹610 Cr₹590 Cr₹927 Cr₹1.0k Cr
Net margin18.8%17.1%24.7%27.1%
Cash from operations₹484 Cr₹582 Cr₹1.3k Cr₹903 Cr
Free cash flow₹451 Cr₹573 Cr₹1.3k Cr₹870 Cr
ROCE36.0%51.0%63.0%61.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹169 Cr₹169 Cr₹169 Cr₹169 Cr₹169 Cr₹169 Cr
Reserves₹1.3k Cr₹2.5k Cr₹1.6k Cr₹1.6k Cr₹1.5k Cr₹2.1k Cr
Borrowings₹35 Cr₹20 Cr₹16 Cr₹19 Cr₹36 Cr₹33 Cr
Other liabilities₹1.6k Cr₹1.9k Cr₹1.6k Cr₹1.8k Cr₹1.9k Cr₹2.0k Cr
Total liabilities₹3.1k Cr₹4.6k Cr₹3.3k Cr₹3.6k Cr₹3.7k Cr₹4.3k Cr
Fixed assets₹387 Cr₹331 Cr₹330 Cr₹321 Cr₹291 Cr₹281 Cr
Capital work in progress₹13 Cr₹30 Cr₹20 Cr₹14 Cr₹17 Cr₹33 Cr
Investments₹0 Cr₹366 Cr₹518 Cr₹813 Cr₹1.3k Cr₹1.4k Cr
Other assets₹2.7k Cr₹3.9k Cr₹2.5k Cr₹2.4k Cr₹2.0k Cr₹2.6k Cr
Total assets₹3.1k Cr₹4.6k Cr₹3.3k Cr₹3.6k Cr₹3.7k Cr₹4.3k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −0.10 pp while DIIs added +0.10 pp. The shareholder count grew 2% to 1,26,087.

Promoters
75.0%
FIIs
4.8%
DIIs
7.8%
Public
12.4%

Since Jun 2025

  • FIIs −0.10 pp
  • DIIs +0.10 pp
  • Public +0.01 pp

How it drifted, 12 quarters

Over this window FIIs went from 2.5% to 4.8% — +2.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 75.0%, FIIs 2.5%, DIIs 10.0%, Government 0.0%, Public 12.5%.Dec '23: Promoters 75.0%, FIIs 2.9%, DIIs 8.6%, Government 0.0%, Public 13.4%.Mar '24: Promoters 75.0%, FIIs 3.5%, DIIs 7.9%, Public 13.6%.Jun '24: Promoters 75.0%, FIIs 4.0%, DIIs 7.5%, Public 13.5%.Sep '24: Promoters 75.0%, FIIs 4.4%, DIIs 7.3%, Public 13.3%.Dec '24: Promoters 75.0%, FIIs 4.5%, DIIs 7.3%, Public 13.2%.Mar '25: Promoters 75.0%, FIIs 4.5%, DIIs 7.8%, Public 12.7%.Jun '25: Promoters 75.0%, FIIs 4.9%, DIIs 7.7%, Public 12.4%.Sep '25: Promoters 75.0%, FIIs 4.8%, DIIs 7.8%, Public 12.4%.Dec '25: Promoters 75.0%, FIIs 4.6%, DIIs 7.7%, Public 12.7%.Mar '26: Promoters 75.0%, FIIs 4.6%, DIIs 7.7%, Public 12.7%.Jun '26: Promoters 75.0%, FIIs 4.8%, DIIs 7.8%, Public 12.4%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of GlaxoSmithKline Pharmaceuticals Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Glaxo Group Limited 35.99%unchanged
Glaxosmithkline Pte Limited 28.10%unchanged
Eskaylab Limited 6.94%unchanged
Burroughs Wellcome International Limited 3.97%unchanged
LICI Asm Non Par Insurer1.08%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in GLAXO

Filings to Aug 2026

1 new, 6 added, 2 trimmed, 0 sold out — net +1.84 L shares (+5.7%).

Held by funds
₹1.0k Cr
11 schemes
Biggest holder
SBI Midcap Fund
₹360 Cr · 1.5% of that fund
SchemeHoldingLast month
SBI Midcap Fund SBI Mutual Fund₹360 Cr−0.20 L
Nippon India Pharma Fund Nippon India Mutual Fund₹314 Cr+1.01 L
Nippon India Growth Mid Cap Fund Nippon India Mutual Fund₹171 Crheld
SBI Dividend Yield Fund SBI Mutual Fund₹137 Crheld
Nippon India Multi Cap Fund Nippon India Mutual Fund₹31 Crnew
Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund₹12 Cr+0.02 L
Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund₹8 Cr+0.01 L
SBI Nifty Midcap 150 Index Fund SBI Mutual Fund₹4 Cr+0.01 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

6 added, 2 trimmed — net +1.84 L shares (+5.7%)

Funds are sitting on
+20%
vs est. average cost
Held by funds
₹1.0k Cr
11 schemes · ≈ 1.8% of the company
Biggest holder
SBI Midcap Fund
₹360 Cr · 1.5% of that fund
Longest holder
Nippon India ETF Nifty Midcap 150
7y 8m · since Jan '19

Shares held by these funds +100%

Aug '23 32.20 L shares Jul '26

What the price assumes

Expensive

To justify its price of ₹2828, this stock must grow earnings at 29% every year for 7 years. Our analysis caps realistic growth at ~19%. At that growth it is worth ₹1705 — downside of 40%.

Growth the price implies
29.3% a year
for 7 years, fading to 4%
It has actually compounded at
19.3% a year
net profit, FY23–FY26 · EPS 19.3%
The gap
0.1 pp
-40% downside if it only repeats history
Price today ₹2,828.4 Value at the reference growth ₹1,704.78

Change the assumptions yourself →

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse GlaxoSmithKline Pharmaceuticals Limited

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