GLAXO · Healthcare
Glaxosmithkline Pharmaceuticals Ltd. reported revenue of ₹995 cr for January to March 2026, +2.2% on the year and −4.4% on the quarter. Over the last four quarters revenue comes to ₹3,821 cr, +1.9% on the four before.
Operating profit (EBITDA) was ₹351 cr, a margin of 35.3%, +109 bps on the year and −36 bps on the quarter. Over the last 8 quarters the margin has ranged from 28.3% to 35.6%, averaging 32.7%. Operating costs grew +0.5% against revenue growth of +2.2%, so more of each rupee of sales reached operating profit.
Net profit was ₹278 cr, +5.7% on the year and −6.1% on the quarter, with earnings per share of ₹16.40. Profit before other income, one-offs and tax grew 6.0%, so the profit growth came from the business itself. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹1,036 cr, +11.8% on the four before.
On earnings per share of ₹61.15 over the last four quarters, the stock at ₹2,567.90 trades at 42.0 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.
Depreciation fell while the business grew. Were asset lives changed?
Depreciation ₹13.0 cr, −13.3% on the year.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, 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 ₹995 cr (+2.2% on the year) and net profit of ₹278 cr (+5.7% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved +6.0% on the year, against +5.7% for reported profit.
1 check raised a question: Depreciation fell while the business grew. Were asset lives changed?
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