Glaxosmithkline Pharmaceuticals Ltd

NSE: GLAXO BSE: 500660

GlaxoSmithKline Pharmaceuticals research, manufacture and make available a broad range of medicines and vaccines that benefit people.(Source : Company Web-site)

₹2,384

52W: ₹2218 — ₹3516

PE 40 · Book ₹132 · +1706% vs book

Market Cap₹40,389 Cr

Stock P/E40Price to Earnings

ROCE65%Return on Capital

ROE48.2%Return on Equity

Div. Yield2.39%Face Value ₹10

Strengths

+Company is almost debt free.
+Company has a good return on equity (ROE) track record: 3 Years ROE 44.1%
+Company has been maintaining a healthy dividend payout of 95.9%

Weaknesses

−Stock is trading at 18.0 times its book value
−The company has delivered a poor sales growth of 5.35% over past five years.

Shareholding Pattern

Promoters75%

FIIs4.62%

DIIs7.68%

Public12.69%

Category	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	75%	75%	75%	75%	75%	75%	75%	75%
FIIs	4.02%	4.36%▲0.3	4.5%▲0.1	4.52%▲0.0	4.89%▲0.4	4.79%▼0.1	4.63%▼0.2	4.62%▼0.0
DIIs	7.51%	7.34%▼0.2	7.3%▼0.0	7.79%▲0.5	7.71%▼0.1	7.75%▲0.0	7.7%▼0.0	7.68%▼0.0
Public	13.48%	13.3%▼0.2	13.21%▼0.1	12.69%▼0.5	12.41%▼0.3	12.45%▲0.0	12.67%▲0.2	12.69%▲0.0

Financial Statements

Metric	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	805	911	811	1,000	946	966	805	974	1,023	989
Expenses	587	656	582	681	656	635	554	639	655	642
Operating Profit	218	255	229	319	290	331	251	335	368	347
OPM %	27%	28%	28%	32%	31%	34%	31%	34%	36%	35%
Net Profit	45	193	182	249	229	260	205	255	277	275
EPS ₹	2.69	11.4	10.72	14.68	13.49	15.36	12.08	15.05	16.36	16.23

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,790Cr, up 1.8% YoY. OPM at 34%.

Debt Position

Borrowings at ₹33Cr. Debt-to-equity ratio: 0.02x. Healthy balance sheet.

Capex Cycle

CWIP at ₹33Cr (12% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 7.68% (-2.57pp change). FIIs: 4.62% (+2.21pp change). Promoters hold 75%.

Margin & Efficiency

ROCE improving from 41% (Mar 2015) to 65% (Mar 2026). Working capital days: 42.

Valuation

PE 40x with 65% ROCE. Price is 1706% above book value of ₹132. Dividend yield: 2.39%.