GSK India FY26 PAT Rises 10% to INR 1012 Crores; Dividend of Rs. 57 Recommended
GlaxoSmithKline Pharmaceuticals reported FY26 PAT growth of 10% to INR 1012 crores on revenue of INR 3790 crores, with EBITDA margins expanding 290 basis points to 34%. The Board recommended a final dividend of Rs. 57 per share, with audited results published in leading newspapers pursuant to SEBI Regulation 33.
*this image is generated using AI for illustrative purposes only.
GlaxoSmithKline Pharmaceuticals Limited announced its financial results for the fourth quarter and full year ended 31st March 2026, with the audited results subsequently published as advertisements in Economic Times, Business Standard, and Maharashtra Times pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company continued its trajectory of profitable growth and margin expansion, driven by pricing measures, focused investments in innovative therapies, improved field force productivity, AI-led optimisation, and disciplined cost management. Full year revenue stood at INR 3790 crores, a growth of 2%, while Profit After Tax (PAT) increased by 10% to INR 1012 crores and EBITDA margins expanded by 290 basis points to 34%. For the quarter ending 31st March 2026, revenue stood at INR 989 crores and PAT at INR 275 crores, with Q4 EBITDA margins improving by 90 basis points to 35%. The results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 13th May 2026, with statutory auditors Deloitte Haskins & Sells LLP issuing an unmodified opinion on both standalone and consolidated financial results.
Financial Highlights
The company's financial performance reflected disciplined cost management alongside revenue growth. The standalone and consolidated financials are summarised below:
| Metric (Standalone) | Year ended 31.03.2026 (Rs. in Lakhs) | Year ended 31.03.2025 (Rs. in Lakhs) |
|---|---|---|
| Revenue from operations | 379020 | 372349 |
| Total Income | 393276 | 386605 |
| Total Expenses | 255917 | 262230 |
| Net Profit for the year | 101182 | 91906 |
| Basic & Diluted EPS before Exceptional items (Rs.) | 59.59 | 54.01 |
| Basic & Diluted EPS after Exceptional items (Rs.) | 59.73 | 54.24 |
| Metric (Consolidated) | Year ended 31.03.2026 (Rs. in Lakhs) | Year ended 31.03.2025 (Rs. in Lakhs) |
|---|---|---|
| Revenue from operations | 382167 | 374921 |
| Total Income | 396703 | 389514 |
| Total Expenses | 258164 | 263995 |
| Net Profit for the year | 103598 | 92758 |
| Basic & Diluted EPS before Exceptional items (Rs.) | 60.11 | 54.52 |
| Basic & Diluted EPS after Exceptional items (Rs.) | 61.15 | 54.76 |
The company also noted that supply chain disruptions during the year constrained the availability of certain key products, leading to a material impact on topline growth. These challenges have accelerated efforts to strengthen supply chain resilience through enhanced contingency planning, diversified sourcing, and improved end-to-end visibility. On the labour front, the Government of India notified four Labour Codes consolidating 29 existing labour laws, which resulted in an increase of Rs. 1182 lakhs in Employee Benefits expense for the year ended 31st March 2026, primarily due to a change in wage definition.
Portfolio Performance Highlights
The General Medicines portfolio delivered competitive performance during the quarter, with the top 4 promoted brands growing ahead of the market (Evolution Index >100; Source: IQVIA). Key promoted brands such as Augmentin, Calpol, and T-Bact continued to reinforce their leadership positions in their respective categories, while the tail-end distributed portfolio saw significant headwinds. The Vaccines business grew on strong demand and continued leadership in the self-pay private paediatric vaccines market. Shingrix achieved critical mass with 55k prescriptions, reflecting 56% year-on-year growth, as increasing awareness of preventive healthcare and adult immunisation translated into positive outcomes.
The Oncology business, led by specialised therapies Jemperli (dostarlimab) and Zejula (niraparib), tracked strongly during the year. A key milestone was Jemperli's first-line approval by Indian regulators for primary advanced and recurrent endometrial cancer, significantly expanding the eligible patient population. The innovative portfolio contributed 6% to total sales in Q4. Additionally, the company received market authorisation in India for Blenrep (belantamab mafodotin), an anti-BCMA ADC therapy indicated for relapsed or refractory multiple myeloma in adults. Multiple myeloma is the third most common blood cancer globally, with approximately 180,000 new cases a year. Launch plans will be announced at an appropriate time.
Management Commentary
Commenting on the full-year results, Mr. Bhushan Akshikar, Managing Director, GSK India, said: "The strong delivery of our Oncology portfolio signals a key inflection point in GSK India's journey to evolve into an innovation-led company, focused on areas of high unmet medical need. Our progress is underpinned by scientific rigour, disciplined execution and an unwavering commitment to our patients in India. Building on this momentum, we will continue to invest in innovative, high-growth therapy areas to make a positive impact at scale. Our ambition is driven by a sharp focus on topline growth and sustainable profitability."
Corporate Actions
The Board of Directors has recommended a final dividend of Rs. 57 per equity share of face value Rs. 10 each for the year ended 31st March 2026, compared to a total dividend of Rs. 54 per equity share (including a final dividend of Rs. 42 per equity share) for the year ended 31st March 2025. This is subject to shareholder approval at the 101st Annual General Meeting. If approved, dividend payment will be made on and after Wednesday, 1st July 2026.
| Parameter | Details |
|---|---|
| Dividend per Share | Rs. 57 |
| Face Value | Rs. 10 |
| Record Date | Friday, 29th May 2026 |
| AGM Date | Tuesday, 30th June 2026 |
| AGM Number | 101st Annual General Meeting |
| Dividend Payment Date (if approved) | On and after Wednesday, 1st July 2026 |
Historical Stock Returns for GlaxoSmithKline Pharmaceuticals
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.66% | -5.64% | -7.27% | -13.99% | -33.23% | +42.48% |
How quickly could GSK India resolve its supply chain disruptions, and what revenue upside could be unlocked once key product availability normalizes?
With Blenrep receiving market authorization for multiple myeloma in India, how might its launch pricing and reimbursement strategy impact adoption rates in a price-sensitive market?
As the innovative oncology portfolio now contributes 6% to total sales, what is the realistic timeline for this segment to become the primary revenue driver, potentially displacing General Medicines?
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