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Dr. Reddy’s Laboratories
Dr. Reddy’s Laboratories (DRREDDY) investor relations material
Dr. Reddy’s Laboratories Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary21 Jan, 2026
Executive summary
Q3 FY26 revenue grew 4.4% year-over-year to ₹87.3 billion, with double-digit growth in the base business and broad-based gains across India, Europe, and Emerging Markets, but North America declined due to lower Lenalidomide sales and price erosion.
EBITDA margin was 23.5%, impacted by a one-time provision for new labor codes; adjusted margin was 24.8%.
Profit after tax for Q3 FY26 was ₹12.1 billion, down 14% year-over-year.
Net cash surplus at quarter-end was ₹30.7 billion, and annualized ROCE was 20.4%.
Strategic collaborations, new product launches, and ESG initiatives, including Net Zero Climate Targets, supported business momentum.
Financial highlights
Consolidated revenues were ₹87.3 billion, up 4.4% year-over-year, down 0.9% sequentially.
Gross profit margin was 53.6%, down 505 bps year-over-year, mainly due to lower Lenalidomide sales and adverse product mix.
SG&A spend rose 12% year-over-year to ₹26.9 billion, about 31% of revenue, driven by investments in branded franchises and labor code provision.
R&D spend was ₹6.1 billion, 7% of revenue, down 8% year-over-year.
EBITDA was ₹20.5 billion (23.5% margin), down 11% year-over-year.
Profit after tax attributable to equity holders was ₹12.1 billion, down 14% year-over-year.
Diluted EPS for the quarter was ₹14.52.
Free cash flow generated was ₹3.7 billion.
Outlook and guidance
India business growth of 15%-16% is considered sustainable, with potential upside from new launches and acquisitions.
SG&A growth is expected to moderate, with cost containment measures in place.
R&D spend guidance remains at 7%-8% of revenue, with ongoing investments in new molecules.
Focus on strengthening core businesses, advancing pipeline products, operational efficiencies, and select M&A.
Gross margin for global generics and PSAI expected in the 50%-55% range from Q4 onwards, post-Revlimid.
New Labour Codes: Impact on Q3FY26 margins?
North America Generics: Lenalidomide outlook?
Biosimilar USFDA CRLs: What are next steps?
Sema Canada launch timeline and pricing outlook?
US biosimilar launch delays: Denosumab & Rituximab?
India business organic growth sustainability drivers?
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Next Dr. Reddy’s Laboratories earnings date
Q4 25/268 May, 2026
Dr. Reddy’s Laboratories
Next Dr. Reddy’s Laboratories earnings date
Q4 25/268 May, 2026
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Frequently asked questions
Dr. Reddy’s Laboratories, an integrated pharmaceutical company worldwide, discovers, develops, manufactures and markets innovative branded generic pharmaceuticals and formulations in specialty areas primarily neurology and psychiatry. The company also markets and distributes products, including pharmaceutical intermediates and active pharmaceutical ingredients (APIs); animal health-related products; nutraceuticals/food supplements; and chemicals. The company offers a range of products comprising of tablets, capsules, fine granules, liquids and injectable pharmaceuticals, transdermal patches, ointments, creams, sprays and others. It markets its products through wholesalers and distributors to pharmacies, pharmacists and hospitals; chain drug stores; mass market retailers; e-commerce websites; government institutions; missionary organizations; etc.
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