GSK India FY26: Margin Expansion Meets a Slowly Shifting Portfolio

FY26 standalone revenue was INR 3,790 crore (+2% YoY), EBITDA was INR 1,300 crore (+11% YoY) with a 34.3% margin, and PAT before exceptional items was INR 1,010 crore (+10% YoY) per the investor presentation.

Management attributed muted top-line growth mainly to supply constraints linked to a disruption at a key contract manufacturing partner, along with vaccine shipment phasing due to timing of regulatory clearances in Q4.

In the documents, innovation is defined as Oncology (Jemperli and Zejula) plus New Respiratory (Nucala and Trelegy Ellipta) plus Adult Vaccines (Shingrix).

Management stated that about 6% of Q4 top line came from the new portfolio led by innovation-driven medicines and vaccines.

The investor presentation states that Blenrep marketing authorization is secured and the India launch is expected in Q4 2026.

The investor presentation cited year-end cash of about INR 2,746 crore, ROCE of 61%, EPS excluding exceptionals of 59.6, and a final dividend of INR 57 per share, subject to shareholder approval.