NSE: CIPLA · BSE: 500087
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pharmaceuticals (95%), New ventures (5%). Diversified, R&D-intensive Indian pharma major with a global generics footprint weighted to chronic and respiratory therapies.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 21,763 | 22,753 | 25,774 | 27,548 | 28,163 |
| EBITDA (ex other income) | 4,371 | 4,845 | 6,096 | 7,128 | 5,607 |
| margin % | 20.1 | 21.3 | 23.7 | 25.9 | 19.9 |
| Owners' profit | 2,517 | 2,802 | 4,122 | 5,273 | 3,879 |
| EPS, as reported (₹) | 31.20 | 34.72 | 51.05 | 65.29 | 48.03 |
| ROE % · ROCE % | 12.1 · 16.2 | 11.9 · 17.0 | 15.5 · 21.1 | 16.8 · 21.6 | 11.2 · 14.9 |
| Debt / equity (x) | 0.04 | 0.02 | 0.01 | 0.00 | 0.01 |
| Cash from operations | 3,326 | 3,238 | 4,134 | 5,005 | 3,940 |
| Capex | (544) | (841) | (1,098) | (1,162) | (1,599) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,051 | 7,073 | 6,730 | 6,957 | 7,589 | 7,074 | 6,541 | 7,119 |
| Profit before tax | 1,789 | 1,916 | 1,504 | 1,770 | 1,854 | 893 | 707 | 1,082 |
| Net profit | 1,305 | 1,575 | 1,214 | 1,292 | 1,353 | 674 | 543 | 786 |
| EPS (₹) | 16.13 | 19.45 | 15.13 | 16.07 | 16.73 | 8.37 | 6.87 | 9.77 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Pharmaceuticals | 20,617 | 94.6 |
| New ventures | 1,176 | 5.4 |
| Total, before eliminations | 21,793 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,20,165 | 34.8 | 5.01 | 22.5 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,51,896 | 86.3 | 15.03 | 65.0 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,56,538 | 73.9 | 8.90 | 38.9 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,17,055 | 26.1 | 3.96 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| LAURUS LABS LIMITED | 1,15,722 | 105.7 | 21.31 | 64.4 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 1,09,385 | 33.9 | 2.86 | 14.6 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD ◆ | 1,09,060 | 32.3 | 3.16 | 16.7 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,03,353 | 50.6 | 6.24 | 28.4 | 11.7 | 10.8 | — | 27.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 32.3 | 30.1 | 84 of 158 | 47% |
| P/B | 3.2 | 3.0 | 89 of 163 | 46% |
| ROCE | 14.7 | 10.8 | 67 of 183 | 64% |
| ROE | 11.2 | 9.8 | 77 of 166 | 54% |
| Debt / Equity | 0.0 | 0.2 | 44 of 166 | 74% |
| EBITDA margin | 19.7 | 17.5 | 76 of 165 | 54% |
| Revenue growth | 2.3 | 16.3 | 121 of 161 | 25% |
| Profit growth | (39.2) | 30.9 | 126 of 158 | 20% |
| Market cap | 109060 | 810 | 7 of 181 | 97% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Cipla posts earnings call audio for September 2026 quarter | investor communications | low | — | — |
| 27 Oct 2026 · Cipla grants 8,679 stock options and 27,140 employee stock appreciation rights | capital market events | low | — | — |
| 27 Oct 2026 · Rashmi Joshi appointed additional independent director for five years | management changes | medium | — | — |
| 27 Oct 2026 · Rashmi Joshi appointed additional independent director for five years | management changes | medium | — | — |
| 27 Oct 2026 · Q2FY27 revenue and EBITDA fall; One India hits record high | investor communications | medium | — | — |
| 27 Oct 2026 · Cipla Q2 FY27 revenue falls 2% while India sales rise 12% | compliance | low | — | — |
| 27 Oct 2026 · Cipla Q2 profit falls 37% as revenue slips | results | high | — | — |
| 23 Oct 2026 · USFDA completes Cipla unit inspection with no Form 483 observations | regulatory legal | high | — | — |
| 15 Oct 2026 · Quarterly demat compliance certificate under SEBI Reg 74(5) filed | compliance | minimal | — | — |
| 13 Oct 2026 · Cipla Q2FY27 earnings call scheduled for 27 October 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.