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Dr. Reddy's Q3FY26: Revenue Grows 4.4% to ₹8,727 Cr; Adjusted EBITDA Margin at 24.8%
Dr. Reddy's reported a resilient Q3FY26 with revenue growth of 4.4% YoY to ₹8,727 crores, driven by double-digit growth in the base business excluding Lenalidomide. Reported PAT declined 14% YoY to ₹1,210 crores, impacted by lower Lenalidomide sales and a one-time provision for new Indian Labour Codes. Adjusted for this one-off, the EBITDA margin remained healthy at 24.8%. The company continues to strengthen its pipeline with the US BLA filing for Abatacept and DCGI approval for Semaglutide in India.
Key Highlights
Consolidated revenue reached ₹8,727 crores, up 4.4% YoY, supported by branded markets and favorable forex.
Adjusted EBITDA margin stood at 24.8% after excluding a one-time labor code provision; reported margin was 23.5%.
Net cash surplus remains robust at ₹3,069 crores ($342 million) as of December 31, 2025.
Received DCGI marketing authorization for Semaglutide injection in India and filed US BLA for Abatacept biosimilar.
USFDA issued a Complete Response Letter (CRL) for Denosumab biosimilar due to partner Alvotech's facility observations.
💼 Action for Investors
Investors should monitor the ramp-up of the base business to offset the declining Lenalidomide contribution and track regulatory progress on the Semaglutide and Abatacept pipelines. The stock remains a solid play on biosimilars and emerging market growth, supported by a strong net-cash balance sheet.