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Dr. Reddy's Laboratories Limited Q3 FY26 earnings call summary

NSE: DRREDDY · BSE: 500124

Earnings call of 21 Jan 2026, summarised by AI from the filing.

Dr. Reddy's Q3 FY26 revenue ₹8,727 cr, up 4.4% YoY, with gross margin guided at 50-55% from Q4 without Lenalidomide.

Key takeaways

  1. Revenue ₹8,727 cr, growth of 4.4% YoY and decline of 0.9% sequentially, despite lower Lenalidomide sales.
  2. Change Lenalidomide arrangement ends from Q4 FY26; should be assumed as zero going forward.
  3. Risk Lower Lenalidomide sales and price erosion in US and Europe generics impacted revenue and margins.

Original filing on BSE

Dr. Reddy's Laboratories Limited Q1 FY27 results

As filed: Revenue ₹8,100 cr (−6% year on year), EBITDA ₹860 cr (−60% year on year), PAT ₹436 cr (−69% year on year), EBITDA margin 10.6% (−1,000 bps).

The Q1 FY27 score, against the company's own trend, is for premium members.

Earlier results and the share price after them

  • Q4 FY26: Revenue ₹7,546 cr (−12% year on year), EBITDA ₹383 cr (−81% year on year), PAT ₹221 cr (−86% year on year), EBITDA margin 5.1% (−1,000 bps). Score 0 of 100, Below trend. Revenue, EBITDA and profit growth were well below the company's own trend. EBITDA margin fell 1000 bps year on year. Other income 244% of PBT. Tax rate -11%. Revenue fell 14% from last quarter. Revenue rose ₹-981.6 cr on a year ago, against ₹1,414 cr the year before. Share price after the results: +0.5% in 30 days (Nifty 500: −0.8%).
  • Q3 FY26: Revenue ₹8,753 cr (+4% year on year), EBITDA ₹1,888 cr (−17% year on year), PAT ₹1,190 cr (−15% year on year), EBITDA margin 21.6% (−556 bps). Score 14 of 100, Below trend. Revenue, EBITDA and profit growth were well below the company's own trend. EBITDA margin fell 556 bps year on year. Profit fell 11% from last quarter. Revenue rose ₹372 cr on a year ago, against ₹1,144 cr the year before. Share price after the results: +14.3% in 30 days (Nifty 500: +2.5%).
  • Q2 FY26: Revenue ₹8,828 cr (+10% year on year), EBITDA ₹2,011 cr (−3% year on year), PAT ₹1,337 cr (0% year on year), EBITDA margin 22.8% (−305 bps). Score 29 of 100, Below trend. Revenue and profit growth were below the company's own trend; EBITDA growth was well below it. EBITDA margin fell 305 bps year on year. Profit fell 5% from last quarter. Revenue rose ₹790 cr on a year ago, against ₹1,135 cr the year before. Share price after the results: −3.1% in 28 days (Nifty 500: +0.4%).
  • Q1 FY26: Revenue ₹8,572 cr (+11% year on year), EBITDA ₹2,174 cr (+2% year on year), PAT ₹1,410 cr (+1% year on year), EBITDA margin 25.4% (−233 bps). Score 38 of 100, Below trend. Revenue and profit growth were below the company's own trend; EBITDA growth was well below it. EBITDA margin fell 233 bps year on year. Profit fell 11% from last quarter. Revenue rose ₹876 cr on a year ago, against ₹938 cr the year before. Share price after the results: +2.4% in 30 days (Nifty 500: −1.9%).
  • Q4 FY25: Revenue ₹8,528 cr (+20% year on year), EBITDA ₹1,999 cr (+9% year on year), PAT ₹1,587 cr (+21% year on year), EBITDA margin 23.4% (−230 bps). Score 56 of 100, In line with trend. Revenue growth was well above the company's own trend; EBITDA growth was in line with it; profit growth was above it. EBITDA margin fell 230 bps year on year. Other income 26% of PBT. Revenue rose ₹1,414 cr on a year ago, more than the ₹799 cr it added the year before. Share price after the results: +14.3% in 28 days (Nifty 500: +6.9%).
  • Q3 FY25: Revenue ₹8,381 cr (+16% year on year), EBITDA ₹2,273 cr (+12% year on year), PAT ₹1,404 cr (+2% year on year), EBITDA margin 27.1% (−83 bps). Score 58 of 100, In line with trend. Revenue and EBITDA growth were above the company's own trend; profit growth was below it. EBITDA margin fell 83 bps year on year.
  • Q2 FY25: Revenue ₹8,038 cr (+16% year on year), EBITDA ₹2,076 cr (+3% year on year), PAT ₹1,342 cr (−9% year on year), EBITDA margin 25.8% (−328 bps). Score 33 of 100, Below trend. EBITDA margin fell 328 bps year on year. Consolidated profit -9% but standalone +58%. Not enough history for a trend yet: scored on growth alone. Profit fell 4% from last quarter.

Past price moves after results do not indicate future moves. Not a recommendation.

Dr. Reddy's Laboratories Limited earnings call, investor presentation and press release summaries

Figures from the company's filings with NSE and BSE. Not investment advice.