StockWatch
·

GLAXOSMITHKLINE PHARMACEUTICALS LTD.

BSE: 500660

P/L Snapshot

Q1 FY27 · standalone

vs Q4 FY26·vs Q1 FY26
Revenue
986.05
-3.8%+16.2%
Expenditure
648.07
-1.2%+13.7%
Net Profit
253.33
-7.9%+23.8%
OPM %
31.71%
-3.39pp+0.55pp

Shareholding

Pattern breakdown

P/L Trends

(in crores)

RevenueExpenditureNet Profit
0.00295.23590.47885.701.2KQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Price Chart
Reports

Strong YoY growth masks Q1 sequential weakness; innovation pipeline credible but early-stage

portfolio transformation · innovation 7% · Shingrix 65%

TranscriptDeep diveQ1 FY2716 Aug 20266 minPharma & Healthcare

GSK Pharma Q1: consolidated PAT up 16% YoY to ₹237 Cr on double-digit revenue growth

pharmaceuticals · specialty drugs · double-digit growth

ResultsQ1 FY2703 Aug 20263 minPharma & Healthcare

GSK India's Specialty Pivot: Can Q1 Sustain the FY27 Double-Digit Promise?

oncology · specialty medicines · vaccines

Result previewQ1 FY2702 Aug 20263 minPharma & Healthcare
Latest
Board Meeting3 Aug, 3:44 pm

GSK Pharma Q1: consolidated PAT up 16% YoY to ₹237 Cr on double-digit revenue growth

GlaxoSmithKline Pharmaceuticals delivered a clean double-digit growth quarter. On a consolidated basis — the primary lens, as it strips out intra-group flows — Q1 FY27 revenue rose 16.6% YoY to ₹938 Cr (₹805 Cr) and PAT rose 15.7% to ₹237 Cr (₹205 Cr), with EPS at ₹14.00 versus ₹12.10 a year ago. Both lines were down sequentially (revenue −5.7%, PAT −14.6% off Q4's ₹995 Cr / ₹278 Cr), but Q4 is seasonally the company's strongest quarter and carried a peak ~35% operating margin, so the QoQ dip is a seasonality artifact rather than a slowdown; the YoY read is what matters and it is firmly positive. The standalone-vs-consolidated gap is the one thing readers must not misread. Standalone PAT of ₹253 Cr is HIGHER than consolidated ₹237 Cr and shows a flattering +23.8% YoY — but that is inflated by an ₹18 Cr dividend from 100%-owned subsidiary Biddle Sawyer sitting in standalone other income (₹61.6 Cr vs ₹43.8 Cr consolidated). That dividend eliminates on consolidation, where the subsidiary instead contributes only its own ₹1.84 Cr profit, so consolidated +15.7% is the true underlying growth. There were no exceptional items in either the current or year-ago quarter, so raw and adjusted growth are the same. On margins, operating margin was ~31.5%, essentially flat versus 31.2% a year ago but well below Q4's ~35.3%; consolidated net margin edged up to 25.3% from 24.2% YoY, helped by a lower effective tax charge. The margin bridge is unremarkable — this was a topline-led quarter, driven by the base business normalising after last year's supply disruptions rather than by cost leverage. Against the bar we set in our pre-result preview, the print beats on the bottom line and lands mid-range on the top: revenue of ₹938 Cr fell inside the ₹900–950 Cr we expected, PAT growth of ~16% cleared the 6–10% YoY we flagged, but EBITDA margin of ~31.5% undershot the 33–35% band we looked for — a Q4-to-Q1 seasonal give-back, not a structural erosion. There is no public Street consensus for this quarter (coverage is thin; Motilal Oswal's ₹2,170 target frames the specialty thesis but sets no Q1 estimate). Versus management's own framing on the February concall — a long-term ambition to double revenue to ₹8,000 Cr over 5–7 years at 12–14% annual growth — this quarter's 16.6% runs comfortably ahead of that band, supporting the confident tone management carried into FY27; the company gives no formal near-term revenue or margin guidance. Of the watch items we flagged, the ₹3.54 Cr NPPA demand notice (June) is immaterial against a ₹938 Cr topline and did not dent the print; the FY26 annual report/AGM cleared in June with a ₹57/share final dividend. Alongside results the board re-appointed MD Bhushan Akshikar for two years from 1 December 2026, while non-executive director Subesh Williams resigned and Karine Natland (SVP APAC, GSK General Medicines) was named to replace him — continuity at the top with a stronger specialty-strategy link on the board. No management press release accompanied the numbers.

3 Aug 2026, 03:44 pm

Corporate Events

Board MeetingGLAXO
2026
3Aug

Board Meeting

A meeting of the Board of Directors of our Company will be h…

BSE Filing ↗
Board MeetingGLAXO
2025
1Aug

Board Meeting

Board Meeting Intimation, Un-Audited Financial Results for t…

BSE Filing ↗
Board MeetingGLAXO
2025
14Feb

Board Meeting

Consider and approve Un-audited financial results for the th…

BSE Filing ↗
DividendGLAXO
2024
7Nov

₹12 / share

BSE Filing ↗
Board MeetingGLAXO
2024
29Oct

Board Meeting

consider and approve Unaudited financial results for the sec…

BSE Filing ↗
Board MeetingGLAXO
2024
2Aug

Board Meeting

Consider and approve Un-Audited Financial Results for the fi…

BSE Filing ↗
DividendGLAXO
2024
31May

₹32 / share

BSE Filing ↗
Board MeetingGLAXO
2024
12Feb

Board Meeting

consider and approve Un-Audited Financial Results for the th…

BSE Filing ↗
Board MeetingGLAXO
2023
9Nov

Board Meeting

Consideration and approval of Un-Audited Financial Results f…

BSE Filing ↗