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GlaxoSmithKline Pharmaceuticals Limited (GLAXO) Fair Value & Analysis

Healthcare · IN · Market cap ₹409B

GP GlaxoSmithKline Pharmaceuticals Limited GLAXO · NSE
Price₹2,689
Fair Value₹960.13
Upside-64.3%
Quality80/100
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Healthy Growth
Highly profitable · 27.1% net margin
Low debt · generates free cash flow
2.31% dividend yield
Mixed vs. peers (8/14)
Wide moat 87/100
Evidence: High Range ₹675.27 – ₹1,414 Share as image

Fair value as of: Aug 13, 2026

From 25 valuation models · updated 3 days ago

Share price +8.3% over the past month.

A strong business, but screening 64% overvalued on our models.

What matters now

  • A high-quality business (quality 80/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case (₹1,414). The favourable scenario is already priced in.
  • A fairly wide model range (₹675.27 to ₹1,414) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

₹3,380 ₹1,139 Fair Value ₹960.13 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹1,139 – ₹3,380 · fair‑value band ₹675.27 – ₹1,414 · the ₹2,689 price screens above the ₹960.13 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

Full chart & analysis →

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Analysis

GlaxoSmithKline Pharmaceuticals Limited (GLAXO) currently trades at ₹2,689, while our model-based Fair Value estimate is ₹960.13, implying the stock looks roughly 64.3% overvalued today. The Quality Score stands at 80/100 (high quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, GlaxoSmithKline Pharmaceuticals Limited generated revenue of ₹38.2B at a net margin of 27.1%. Revenue grew 2.1% year over year. It earns a return on equity of 49.1%. The balance sheet holds a net cash position of ₹10.7B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹675.27 (bear case) to ₹1,414 (bull case); at ₹2,689, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 18% below its 52-week high and 29% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -20% fair-value upside, at -64%, GLAXO screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF ₹727.89 ₹1,015 ₹1,429 80
Residual Income ₹393.41 ₹489.36 ₹2,848 76
Rev-Margin DCF ₹578.38 ₹831.42 ₹1,104 74
All 25 models by family
DCF Models
FCF DCF ₹706.45 ₹1,013 ₹1,474 38
Owner Earnings ₹759.51 ₹1,092 ₹1,590 31
5Y Revenue Exit ₹578.38 ₹823.71 ₹1,124 39
5Y EBITDA Exit ₹757.83 ₹1,143 ₹1,573 41
5Y P/E Exit ₹864.51 ₹1,333 ₹1,801 38
10Y Revenue Exit ₹604.57 ₹835.97 ₹1,119 36
10Y EBITDA Exit ₹733.57 ₹1,057 ₹1,454 37
10Y P/E Exit ₹801.78 ₹1,188 ₹1,624 35
Earnings-Based
Graham-Dodd ₹415.84 ₹978.24 ₹1,259 54
PEG = 1.0 ₹168.23 ₹240.33 ₹312.43 46
EPV ₹590.34 ₹683.03 ₹765.43 59
Dividend Discount
Gordon GGM ₹405.40 ₹721.61 ₹1,138 70
DDM Multi-Stage ₹405.40 ₹611.97 ₹850.50 61
Multiples
P/E Multiple ₹1,009 ₹1,345 ₹1,682 63
P/S Multiple ₹592.18 ₹789.57 ₹986.97 58
P/B Multiple ₹451.73 ₹602.30 ₹752.88 55
EV/EBIT ₹1,013 ₹1,329 ₹1,645 53
EV/EBITDA ₹887.13 ₹1,161 ₹1,435 54
EV/Revenue ₹538.80 ₹741.83 ₹944.86 43
Asset-Based
NCAV (Graham) ₹66.92 ₹89.68 ₹133.85 50
Growth DCF
Growth DCF ₹727.89 ₹1,015 ₹1,429 80
Rev-Margin DCF ₹578.38 ₹831.42 ₹1,104 74
Economic Profit
Residual Income ₹393.41 ₹489.36 ₹2,848 76
ROIC Compounder ₹601.30 ₹709.06 ₹814.19 72
Growth Earnings
Growth-Adj P/E ₹761.52 ₹1,088 ₹1,414 68

Widest divergence: Growth Earnings (₹1,088) versus Asset-Based (₹89.68). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) ₹38.2B
Revenue growth (YoY) +2.1%
Net margin 27.1%
Return on equity 49.1%
Free cash flow ₹9.7B FY2026
P/E ratio 44.0
More key figures
Operating margin 34.4%
EPS (TTM) ₹61.12
Dividend yield 2.3%
EPS growth (YoY) +5.7%
Net cash ₹10.7B FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 80/100

Of which business quality 78 · Market factors (momentum, volatility) 58

Profitability 87
Margins and returns on capital today
Quality Growth 41
Are margins and returns improving?
Cashflow 81
Earnings quality: real cash, not paper profit
Fin. Strength 92
Balance sheet, leverage, solvency risk
Investment 69
Disciplined investing over empire-building
Low Volatility 91
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 42
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

GlaxoSmithKline Pharmaceuticals Limited manufactures, distributes, and trades in pharmaceuticals in India and internationally. The company offers adult and pediatric vaccines, such as Shingrix, Havrix, Fluarix Tetra, Varilrix, Infanrix Hexa, Boostrix, Synflorix, Menveo, and Priorix.

Full company description

GlaxoSmithKline Pharmaceuticals Limited manufactures, distributes, and trades in pharmaceuticals in India and internationally. The company offers adult and pediatric vaccines, such as Shingrix, Havrix, Fluarix Tetra, Varilrix, Infanrix Hexa, Boostrix, Synflorix, Menveo, and Priorix. It also provides respiratory specialty medicines, such as NUCALA for severe eosinophilic asthma, eosinophilic granulomatosis with polyangiitis, and hypereosinophilic syndrome; Trelegy Ellipta for the treatment of chronic obstructive pulmonary disease; and Seretide. In addition, the company offers general medicines, including Augmentin, an oral antibiotic for respiratory tract infections, surgical prophylaxis, dental infections, and skin infections; Ceftum, an anti-infective medicine; Calpol and Calpol T for pain management; Eltroxin for the treatment of hypothyroidism; Neosporin, Betnovate, T-bact, Physiogel, Tenovate, and Flutivate for dermatology indications; and CobadexCZS and CCM, which are mineral, vitamins, and nutrition products. Further, it provides oncology medicines, including Jemperli and Zejula. The company was formerly known as SmithKline Beecham Pharmaceuticals India Ltd. and changed its name to GlaxoSmithKline Pharmaceuticals Limited in 2001. The company was incorporated in 1924 and is headquartered in Mumbai, India. GlaxoSmithKline Pharmaceuticals Limited operates as a subsidiary of GSK plc.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

GlaxoSmithKline Pharmaceuticals Limited reported revenue of ₹38.2B in FY2026 versus ₹32.6B in FY2022, a compound +4.0%/yr. Reported net income was ₹10.4B in FY2026, compounding −11.6%/yr from FY2022.

Growth Quality 80/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
₹38.2B
Latest YoY
+2.6%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.8%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.7%
Avg. growth/yr (21Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.9%
Revenue +4.0%/yr
FY22 ₹32.6B
FY23 ₹32.3B
FY24 ₹34.4B
FY25 ₹37.3B
FY26 ₹38.2B
Net income −11.6%/yr
FY22 ₹16.9B
FY23 ₹6.1B
FY24 ₹5.9B
FY25 ₹9.3B
FY26 ₹10.4B
Character of growth · EPS growth decomposed (2015-2026) +9.9 % p.a.
Revenue per share +3.3 pp

of which total revenue +3.3 pp · buybacks/dilution +0.0 pp

EBIT margin +3.7 pp
Tax rate +1.4 pp
Residual (interest, one-offs) +1.5 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

GLAXO screens 64% overvalued. Compare with Eli Lilly and Company →

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Cite: Fair Value Calculator (2026). "GlaxoSmithKline Pharmaceuticals Limited Fair Value". https://www.fairvalue-calculator.com/stock/GLAXO

Peer Group

Drug Manufacturers - General · 77 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 80 · Top 25%
Fair Value upside −64% · Bottom 25%
Return on equity (TTM) 49% · Top 25%
Return on assets 19% · Top 25%
Net margin (TTM) 27% · Top 25%
Operating margin (TTM) 34% · Top 25%
Revenue growth 2% · Below median
Dividend yield (TTM) 2.3% · Above median

Valuation Multiples vs Drug Manufacturers - General median · lower = cheaper

P/E (TTM) 44.0× · Pricier than 75% of peers
P/B 18.05× · Pricier than 75% of peers
P/S (TTM) 10.71× · Pricier than 75% of peers
P/FCF 0.4× · Cheaper than median
EV/EBITDA 31.0× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 0
FUTURE 11 · sector 25
PAST 100 · sector 49
HEALTH 100 · sector 94
DIVIDEND 46 · sector 45

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Drug Manufacturers - General stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Eli Lilly and Company LLY $1,220 $389.47 -68%
Johnson & Johnson, JNJ $260.86 $169.04 -35%
AbbVie Inc ABBV $248.76 $67.72 -73%
Roche Holding 1RO €392.80 €240.14 -39%
Merck & Co MRK €115.42 €118.21 +2%
Novartis AG NVSN 2,742 MXN 1,964 MXN -28%
AstraZeneca PLC AZN $158.50 $127.32 -20%
Novo Nordisk A/S NOVOB kr 299.50 kr 409.46 +37%
Sanofi SNYN 770.00 MXN 1,041 MXN +35%
GSK plc GSKN 917.00 MXN 879.08 MXN -4%

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Frequently asked questions

Is GlaxoSmithKline Pharmaceuticals Limited (GLAXO) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹960.13 versus a price of ₹2,689, about −64% (overvalued).
What is the fair value of GLAXO?
Our model-based fair value for GlaxoSmithKline Pharmaceuticals Limited is ₹960.13 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹2,689.
What is the quality score of GLAXO?
GlaxoSmithKline Pharmaceuticals Limited has a Quality Score of 80/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of GlaxoSmithKline Pharmaceuticals Limited (GLAXO)?
GlaxoSmithKline Pharmaceuticals Limited reported trailing-twelve-month revenue of about ₹38.2B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of GLAXO?
The net profit margin of GlaxoSmithKline Pharmaceuticals Limited is about 27.1%, meaning it keeps roughly 27.1% of revenue as net income. Based on the latest reported figures.
Does GlaxoSmithKline Pharmaceuticals Limited pay a dividend?
GlaxoSmithKline Pharmaceuticals Limited currently shows a dividend yield of about 2.31% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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