GLAXO · Healthcare
Glaxosmithkline Pharmaceuticals Ltd. reported revenue of ₹980 cr for July to September 2025, −3.1% on the year and +21.7% on the quarter. Over the last four quarters revenue comes to ₹3,708 cr, +4.1% on the four before.
Operating profit (EBITDA) was ₹336 cr, a margin of 34.3%, +244 bps on the year and +311 bps on the quarter. It is the widest margin of the last 8 quarters (range 27.1% to 34.3%). Operating costs grew −6.5% against revenue growth of −3.1%, so more of each rupee of sales reached operating profit.
Net profit was ₹257 cr, +2.0% on the year and +25.4% on the quarter, with earnings per share of ₹15.20. Profit before other income, one-offs and tax grew 4.3%, so the profit growth came from the business itself. The tax rate of 27% is in line with its recent average. Profit over the last four quarters totals ₹955 cr, +41.7% on the four before.
On earnings per share of ₹56.39 over the last four quarters, the stock at ₹2,567.90 trades at 45.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Finance cost rising, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹957 cr | ₹805 cr | ₹930 cr | ₹815 cr | ₹1,011 cr | ₹949 cr | ₹974 cr | ₹805 cr | ₹980 cr | ₹1,041 cr | ₹995 cr | ₹938 cr |
| YoY | — | — | — | +7% | +6% | +18% | +5% | −1% | −3% | +10% | +2% | +17% |
| EBITDA margin | 30.2% | 27.1% | 27.6% | 28.3% | 31.8% | 30.8% | 34.2% | 31.2% | 34.3% | 35.6% | 35.3% | 31.6% |
| Other income, % of PBT | 9% | −208% | 12% | 14% | 11% | 11% | 11% | 16% | 10% | 13% | 10% | 14% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 27% | 30% | 28% | 27% | 27% | 25% | 27% | 27% | 27% | 26% | 26% | 26% |
| Net profit | ₹218 cr | ₹46.0 cr | ₹194 cr | ₹182 cr | ₹252 cr | ₹230 cr | ₹263 cr | ₹205 cr | ₹257 cr | ₹296 cr | ₹278 cr | ₹237 cr |
| YoY | — | — | — | +38% | +16% | +400% | +36% | +13% | +2% | +29% | +6% | +16% |
| Core profit YoY | — | — | — | +68% | +13% | +37% | +33% | +10% | +4% | +28% | +6% | +18% |
| EPS | ₹12.84 | ₹2.70 | ₹11.48 | ₹10.76 | ₹14.91 | ₹13.57 | ₹15.52 | ₹12.10 | ₹15.20 | ₹17.45 | ₹16.40 | ₹14.00 |
| Flags | · | · | · | ✓ | ✓ | 1 | 1 | ✓ | ✓ | ✓ | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Glaxosmithkline Pharmaceuticals Ltd. reported revenue of ₹980 cr (−3.1% on the year) and net profit of ₹257 cr (+2.0% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved +4.3% on the year, against +2.0% for reported profit.
None of the 6 checks that could run raised a question.
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