DR. REDDY S LABORATORIES

Develops, manufactures and sells generic pharmaceuticals globally, with operations spanning India, the US, Europe and emerging markets. Global Generics made up 85.8% of FY26 segment revenue at Rs 18,202.7 crore with a 24.0% segment EBIT margin, while Pharmaceutical Services and Active Ingredients (PSAI) contributed 14.0% at Rs 2,975.0 crore with a -3.0% segment EBIT margin. The Q1 FY27 geographic mix was North America Generics US$236M, Emerging Markets Rs 1,833 crore (+31% YoY), India Rs 1,718 crore (+17% YoY), Europe EUR 131M and PSAI US$91M. Manufacturing sits at facilities in Bachupally (biologics) and Srikakulam (FTO-SEZ), with FY27 capex guided at around Rs 1,800 crore and 27 US product launches targeted. Recent regulatory actions include USFDA approval for a rituximab biosimilar (to be commercialized in the US by Fresenius Kabi), a bosutinib first-to-file launch with 180-day exclusivity in the US, and Form 483s with 7 observations at Bachupally and 3 at Srikakulam. Q1 FY27 was hit by a Rs 240 crore semaglutide API provision and lower lenalidomide, with EBITDA margin at 12.5%; semaglutide supply is targeted to resume by November 2026. Materials accounted for 19.3% of FY26 revenue, employees 17.8% and other operating expenses 26.8%.