Dr. Reddy's Laboratories Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
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Dr. Reddy's reported FY26 revenues of ₹335,933 million, up 3.2% YoY, driven by Emerging Markets (+23%), India (+16%) and Europe (+55%, including NRT acquisition), partially offset by a 22% decline in North America due to lower Lenalidomide sales. Q4FY26 was severely impacted by one-offs: a ₹4,530 million Shelf Stock Adjustment for Lenalidomide, ₹2,277 million in impairments (CAR-T program discontinuation + Eftilagimod alfa), ₹1,141 million VAT provision, and ₹1,170 million New Labour Codes provision. PAT for FY26 fell 24% to ₹42,850 million (Q4: ₹2,201 million, down 86% YoY). EBITDA margin compressed to 22.8% in FY26 vs 28.3% in FY25. The Board recommended ₹8 dividend per share, appointed Deloitte Haskins & Sells as new statutory auditors (replacing previous auditor), and added two independent directors. The auditors issued an un-modified (clean) opinion.
Dr. Reddy's faced a challenging Q4/FY26 due to major one-time hits from Lenalidomide pricing and discontinued R&D programs. Underlying business remains solid with strong growth in India, Emerging Markets and Europe, but margin compression and North America weakness are near-term concerns. The clean audit opinion and new auditor appointment (Deloitte) are neutral-to-positive governance signals.