GSK India Q1 FY26 Results: Revenue ₹805 cr, PAT ₹205 cr

What was announced, and why it matters

GlaxoSmithKline Pharmaceuticals Ltd (GSK India) reported its first-quarter results for the period ended 30 June 2025 (Q1 FY26), alongside commentary that the quarter reflected flat growth but improving profitability. Separately, GSK’s global leadership announced the group’s first-quarter 2026 results on 29 April 2026, outlining growth in Specialty Medicines and vaccines at the parent level. For investors tracking GSK’s listed Indian arm, the key focus stayed on revenue stability, cost movements, and portfolio mix in the June-quarter numbers.

Q1 FY26 headline numbers for GSK India

For Q1 FY26, GSK India reported revenue from operations of ₹805 crore and profit after tax (PAT) of ₹205 crore. The company’s earnings summary described revenue as slightly lower year-on-year, while profitability improved due to better gross margin and cost management. It also stated that the board approved unaudited standalone and consolidated financial results for the quarter ended 30 June 2025, and that statutory auditors carried out a limited review with no material misstatements noted.

Quarterly performance: QoQ and YoY movements

On a sequential basis (QoQ), the company’s June-quarter numbers were lower than the preceding quarter’s levels in the provided quarterly comparison set. Total revenue for the quarter ended June 2025 was ₹805.17 crore versus ₹995.30 crore in the March 2026 period shown in the table, a decline of 17.37% QoQ. Net income for June 2025 was ₹205.01 crore versus ₹277.86 crore in March 2026, down 22.01% QoQ.

Year-on-year (YoY), the same comparison table showed total revenue at ₹805.17 crore versus ₹814.65 crore in June 2024, a 1.16% decline. Net income (PAT) was ₹205.01 crore versus ₹182.33 crore in June 2024, up 12.44% YoY, indicating improved profitability even as revenue stayed broadly flat.

Costs and operating profit: what changed

Operating costs moved lower in the June 2025 quarter compared with the March 2026 period in the table. Total operating expense was ₹569.49 crore in June 2025 versus ₹657.54 crore in March 2026, down 13.17% QoQ. Other operating expenses were ₹113.69 crore, lower than ₹135.63 crore in the prior period.

However, operating income fell to ₹235.68 crore in June 2025 from ₹337.76 crore in March 2026, a 26.00% QoQ drop, reflecting the combined effect of lower revenue and the underlying cost structure. Depreciation and amortisation was ₹15.52 crore in June 2025, compared with ₹13.17 crore in March 2026.

Margins, EBITDA, and EPS details from the earnings summary

The Q1 FY26 earnings summary stated that EBITDA and PAT margins improved by 290 basis points each, supported by better gross margin and cost management. It reported EBITDA of ₹251 crore for Q1 FY26, up 9.3% year-on-year, with a margin of 31.2%. PAT before exceptional items was reported at ₹205 crore, up 12.7% year-on-year, with a margin of 25.6%.

On per-share metrics, the summary stated EPS for Q1 stood at ₹12.08, a 13% year-on-year increase. In the quarterly comparison table, diluted normalised EPS was shown at ₹12.10 for June 2025 versus ₹10.76 in June 2024.

Portfolio notes: vaccines and seasonality in general medicines

The company’s narrative around the quarter pointed to mixed drivers across portfolios. It said General Medicine saw softer seasonality and that general medicines sales were below anticipated levels, citing seasonal disruption as a factor affecting overall results. At the same time, the earnings summary highlighted specialty and vaccine segments as growth drivers, naming Boostrix, Varilrix, and Havrix.

GSK India also stated it remained focused on strengthening leadership positions in anti-infectives, pain management, and dermatology. The emphasis, based on the company’s own description, was on sustained profitability and continued investment across key portfolios.

Consolidated vs standalone: figures cited in disclosures

Multiple figures were cited across the material. The earnings summary listed standalone revenue from operations for Q1 FY26 at ₹804.83 crore (from ₹80,483 lakh), versus ₹811.00 crore (from ₹81,100 lakh) year-on-year. It also listed standalone net profit for Q1 FY26 at ₹204.70 crore (from ₹20,470 lakh), up from ₹181.65 crore (from ₹18,165 lakh) year-on-year.

In a separate disclosure excerpt, GSK India said its consolidated net profit increased 12% year-on-year to ₹279 crore for the June quarter, while total income declined marginally to ₹849 crore from ₹850 crore.

Market reaction: the stock’s immediate move

According to the provided information, shares of the company were trading 8.22% lower at ₹2,898.40 per share on BSE following the update referenced in that excerpt. The move highlighted that, even with improved profitability, the market also tracked revenue growth momentum and near-term execution factors like seasonality.

How recent quarters compare (context from other reported periods)

The material also referenced results for other quarters, offering additional context on business variability across periods. For Q2 FY26, it stated revenue from operations was ₹974 crore, EBITDA margins were 34.4% (up 250 bps), and PAT was ₹255 crore. For Q3 FY26, it cited revenue of ₹1,041.26 crore (from ₹1,04,126 lakh), PBT of ₹399.93 crore (from ₹39,993 lakh), PAT of ₹295.62 crore (from ₹29,562 lakh), and EPS of ₹16.54.

It also included an FY25 shareholder payout update, stating that a final dividend of ₹42 per equity share for FY25 was approved at the AGM held on 27 June 2025.

Global GSK Q1 2026 snapshot (announced 29 April 2026)

At the parent level, GSK’s first-quarter 2026 update (announced 29 April 2026) reported total Q1 sales of £7.6 billion. It showed Specialty Medicines sales of £3.2 billion, vaccines sales of £2.1 billion, and General Medicines sales of £2.3 billion.

The global update also included an outlook for 2026, expecting turnover growth of 3% to 5%, core operating profit growth of 7% to 9%, and core EPS growth of 7% to 9%.

Key numbers table

What to watch next

The quarter’s data showed a business balancing near-term revenue softness with stronger profitability, supported by gross margin improvement and cost management. Portfolio commentary pointed to vaccines and specialty segments as supports, while general medicines performance was affected by seasonality and disruption. Investors are likely to continue tracking whether revenue growth re-accelerates while the company maintains the higher margin profile indicated in Q1 FY26 disclosures.