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Informist, Saturday, Aug. 1, 2026

MUMBAI - GlaxoSmithKline Pharmaceuticals Ltd. is expected to report stable net profit growth for the June quarter, supported by a healthy Indian pharma market, new launches, and healthy growth in legacy brands, according to brokerages tracking the company. The pharma company's revenue is seen up during the quarter due to price hikes and healthy demand.

Of the three estimates on the company's earnings, 360 ONE Capital Market Pvt. Ltd. expects the company to post a consolidated net profit of INR 2.1 billion for the June quarter while ICICI Securities Ltd. expects it at INR 2.3 billion. At the lower end of the band, the net profit is 6% higher on year and at the upper end of the band it is 15% higher. The company's net profit was INR 2 billion in the year-ago quarter.   

GlaxoSmithKline is expected to report consolidated net sales of INR 8.69 billion for the quarter by ICICI Securities whereas Motilal Oswal Financial Services Ltd. expects the sales to be INR 8.78 billion. At the lower end of the band, the company's net sales are likely to be 8% higher on year and at the upper end of the band they are likely to be 9% higher on year. The company had reported net sales of INR 8.05 billion a year ago.

Steady recovery of growth of the Indian pharmaceutical market is expected to support the growth in the company's net profit, 360 ONE said. However, the impact of the war in West Asia will weigh on the growth, the brokerage said. The company's revenue growth will be supported by price hikes, volume growth, and favourable currency benefits, according to brokerages.

The company's earnings before interest, tax, depreciation, and amortisation are estimated at INR 2.86 billion by Motilal Oswal and at INR 2.87 billion by ICICI Securities, both up 14% on year but both down 17% on quarter. The company had reported an EBITDA  of INR 2.51 billion in the year-ago quarter.

GlaxoSmithKline's EBITDA margins are expected to contract by 150 basis points due to consistent investments in research and development, product filings, marketing and promotions, according to brokerages. The EBITDA margins will also be affected due to the war in West Asia leading to a spike in overall manufacturing costs, according to 360 ONE Capital. The war in West Asia had an impact on the Indian pharma market in the March quarter and is expected to have an ongoing impact on the next two quarters as well, majorly on players with higher import dependency, 360 ONE Capital said. The company will detail its June quarter earnings Monday.

Friday the company's shares ended at INR 2,655.40 on the National Stock Exchange, up almost 2% from Thursday. The stock is up 10% since the company reported its March quarter earnings on May 13.

Of the two brokerage reports on the company available with Informist, one has a 'buy' recommendation on the stock with an average target price of INR 2,850 per share. This signifies an upside of 7% from the current market price. One brokerage has a 'hold' on the stock with a target price of INR 2,600.

The following are the June quarter earnings estimates for GlaxoSmithKline from three brokerages in descending order of the estimates of net profit in INR billion:

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Reported by Ritwika Dutta 

Edited by Pankaj Aher

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