GSK India Q2 FY27: Consolidated PAT jumps 30% YoY on 21% revenue growth, beats guidance

GlaxoSmithKline Pharmaceuticals (GSK India) reported consolidated revenue of Rs 1,183.57 Cr for Q2 FY-2027 (quarter ended 30 September 2026), up 20.8% YoY (Rs 979.94 Cr) and 26.1% QoQ (Rs 938.44 Cr). Consolidated PAT came in at Rs 335.88 Cr, up 30.4% YoY (Rs 257.49 Cr) and 41.6% QoQ (Rs 237.18 Cr); adjusted for a minor Rs 2.64 Cr one-off property-sale credit in the year-ago quarter, underlying PAT growth is ~31.8% YoY — a clean beat, not one-off-driven. EPS was Rs 19.83 against Rs 15.07 a year ago. Standalone numbers track closely (revenue Rs 1,179.91 Cr, PAT Rs 334.62 Cr, EPS Rs 19.76), under 0.4% divergence from consolidated, so the subsidiary contributes negligibly to the quarter's story. This is a clear beat against both the pre-result expectation range (standalone revenue ~Rs 920-950 Cr, PAT ~Rs 225-245 Cr) and management's own August-concall framing of 9-10% underlying growth (plus a 4-5pp favourable base from prior-year CMO disruptions) — actual YoY growth of ~21% comfortably clears that bar.

The beat is volume-led: management had flagged Q2 as seasonally strong on acute/respiratory demand, and revenue from operations grew in step with that call. Consolidated NPM (PAT/total income) expanded to 26.7% from 25.4% a year ago and 24.2% last quarter, driven by operating leverage over cost of materials and purchases of stock-in-trade rather than financial items — finance costs were flat at Rs 0.49 Cr and depreciation Rs 15.02 Cr, both immaterial to the swing. EBITDA-equivalent OPM was ~34.0%, essentially level with the year-ago 34.5% (a ~0.5pp YoY dip, not a trend) and up sharply from 31.5% last quarter — consistent with management's stated target of EBITDA margins normalising to the ~34% range. Other income of Rs 72.78 Cr included Rs 42.09 Cr of interest on an income-tax refund, which coincides with the Rs 52 Cr IT refund the company disclosed receiving on 6 August 2026 and a further Rs 4.99 Cr refund on 19 August 2026 — a cash-flow tailwind captured in other income, not operating profit. No exceptional items hit either statement this quarter.

The stock went into the print at ₹2,575, down 7.1% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; revenue is at a 6-quarter high.

No company press release accompanied this filing, so framing rests on the regulatory statement and the prior concall. The same board meeting also approved Walker Chandiok & Co LLP as statutory auditors for a five-year term from FY2027-28, and named Sandeep Seth as Head – Ethics & Compliance effective 3 November 2026 — governance items unconnected to the quarter's operating performance. The quarter was otherwise bookended by August's trading-window closure ahead of results and Bhushan Akshikar's MD reappointment on 3 August 2026, against the Q1 FY27 base (revenue Rs 938.44 Cr, PAT Rs 237.18 Cr) this quarter's sequential jump is measured off.