CIPLA LTD

Develops, manufactures and sells pharmaceutical formulations across respiratory, cardiac, anti-diabetes and other chronic therapies. In FY26 the business reported two segments: Pharmaceuticals (₹20,617.25 cr, 94.6% of segment revenue) and New ventures (₹1,175.86 cr, 5.4%). The Pharmaceuticals segment covers India branded prescription drugs (One India crossed ₹12,500 cr for the first time, growing 9% YoY), North America generics ($780 mn in FY26; 186 approved ANDAs with 48 under approval; US #1 in Albuterol MDI with 21% share), and One Africa ($483 mn, growing at 1.4x the South African market). New ventures houses newer businesses such as biosimilars, where 1–2 products are to be added per year for the next 5–6 years through the Kemwell joint venture. R&D spend was ₹1,974 cr (7% of FY26 revenue), funding a complex respiratory and peptide pipeline; a US generic Ventolin launch commenced in Q1 FY27 with 6-month competitive generic therapy exclusivity. The largest FY26 cost lines were materials at 20.7% of revenue, employees at 19.1%, and other opex at 26.1%, with capex at 5.7%.