GlaxoSmithKline Pharmaceuticals Limited (GLAXO.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+32.4%

₹3,404.05

vs ₹2,571.00 price

Levered DCF

₹3,292.32

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	37.33×	51.08×	57.03×	36.93×	16.66×	68.15×	228.62×	49.43×
P/B	17.06×	24.29×	18.93×	12.89×	10.6×	16.51×	11.7×	10.29×
P/S	10.12×	12.72×	9.78×	6.96×	8.65×	8.42×	6.66×	7.1×
EV / EBITDA	25.49×	35.29×	37.86×	24.8×	32.94×	44.83×	53.88×	29.95×
Gross margin	43.6%	60.5%	58.7%	57.9%	55.6%	53.8%	71.3%	71.3%
Operating margin	33.0%	29.9%	24.4%	23.2%	21.4%	17.9%	15.0%	18.0%
Net margin	27.1%	24.9%	17.1%	18.9%	51.9%	12.4%	2.9%	14.4%
Current ratio	2.03×	1.79×	1.84×	1.88×	2.18×	1.63×	1.73×	1.38×
Debt / equity	0.01×	0.01×	0.01×	0.01×	0.01×	0.02×	0.02×	0×
Interest coverage	461.5×	944.92×	466.16×	413.5×	350.1×	147.14×	75.66×	1,004.11×
Dividend yield	1.8%	1.6%	1.6%	6.8%	1.8%	2.8%	1.9%	1.3%
Payout ratio	68.9%	80.8%	91.8%	249.8%	29.9%	189.0%	438.2%	66.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	45.7%	47.5%	33.2%	35.1%	63.6%	24.2%	5.1%	20.8%
Return on invested capital	36.3%	37.1%	29.7%	26.5%	11.4%	18.5%	6.9%	19.0%
Return on assets	24.0%	22.6%	16.6%	18.4%	36.6%	11.5%	3.0%	11.4%
Free cash flow yield	2.5%	2.7%	1.6%	2.0%	2.7%	2.2%	1.6%	0.5%
Earnings yield	2.7%	2.0%	1.8%	2.7%	6.0%	1.5%	0.4%	2.0%
Enterprise value	₹376.1B	₹468.6B	₹336B	₹224.2B	₹279.7B	₹240.4B	₹212.4B	₹219.2B
Net debt / EBITDA	-0.72×	-0.4×	-0.05×	-0.02×	-0.31×	-0.69×	-0.16×	-0.13×
Cash conversion cycle (days)	1	-21	11	-7	12	52	65	58