Investor presentation for Q4 and FY 2026 Audited Financial Results
DRREDDY · price
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Dr. Reddy's reported Q4FY26 revenues of ₹7,516 Cr (12% YoY) and FY26 revenues of ₹33,593 Cr (3% YoY). However, results were significantly impacted by one-time charges: a ₹453 Cr shelf stock adjustment for lenalidomide, ₹228 Cr impairment for CAR-T and Eftilagimod alfa, and ₹114 Cr VAT provision in Q4. Excluding these items, EBITDA margin was 19.5% in Q4 and 24.7% for FY26. North America revenues dropped 51% YoY to ₹1,756 Cr due to lower lenalidomide sales. The company achieved 20% YoY growth in India (₹1,566 Cr) and 29% YoY growth in Emerging Markets (₹1,806 Cr). Key launches included generic semaglutide injection (Obeda®) in India and first generic semaglutide approval in Canada. Net cash surplus stood at ₹3,271 Cr with RoCE of 16% (17.5% excluding one-time items).
One-time charges depressed Q4 profitability but underlying business showed solid growth across geographies. The stock may see near-term pressure from SSA and impairment charges, but strong base business growth and margin improvement excluding specific items are positive signals for long-term investors.