Dr Reddys Laboratories Ltd(DRREDDY)

NSE: DRREDDYBSE: 500124

₹ 1,224.5-1.17%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1.02 L crWebsite: www.drreddys.comUpdated: 24 Oct 2026

About

Dr. Reddy's Laboratories is an Indian multinational pharmaceutical company that develops, manufactures and markets branded and generic medicines, active pharmaceutical ingredients (API) and biosimilars in more than 80 countries. Revenue in FY26 was ₹33,700.2 Cr, and Global Generics made up 87% of it. In Q2 FY27 the company moved up to #8 in the Indian Pharmaceutical Market.^[1][2][3]

Business segments

Global Generics: ₹29,946 Cr in revenue (87% of FY26), covering branded, generic and OTC medicines sold in all geographies.^[2]
Pharmaceutical Services and Active Ingredients (PSAI): ₹4,267.2 Cr in revenue (12.4% of FY26).^[2]

Revenue by geography

North America: revenue of ₹2,489 Cr in Q2 FY27, up 13% QoQ but down 23% YoY on lower lenalidomide sales; the base business grew at double digits.^[3]
India: revenue of ₹1,851 Cr in Q2 FY27 (+17% YoY); MQT growth of 21.0% vs 14.7% for the IPM; the company moved up to #8 in the IPM.^[3]
Emerging Markets: revenue of ₹2,059 Cr in Q2 FY27 (+24% YoY, +12% QoQ); Russia ₹1,008 Cr (+15% YoY); Rest of World +44% YoY.^[3]
Europe: revenue of ₹1,393 Cr in Q2 FY27 (+1% YoY, -3% QoQ); price erosion and changes to the NRT operating model offset launches and forex gains.^[3]
PSAI: revenue of ₹831 Cr in Q2 FY27 (-12% YoY) on lower API volumes; gross margin 11.8% vs 18.0%.^[3]

Products and pipeline

As of Sep'26, 77 ANDAs and 3 NDAs were pending; 5 ANDAs were filed and 6 US products launched in Q2 FY27 (12 launches year to date).^[3]
28 global DMFs were filed in Q2 FY27.^[3]
Generic semaglutide was approved in 10 countries across Latin America, Africa and the Middle East, plus Canada and India, as of Q2 FY27; re-launch is a priority and the API issue is on track to be resolved.^[3]
Q2 FY27: the rituximab biosimilar received USFDA approval and the nivolumab biosimilar launched in India; the Gilead lenacapavir collaboration was expanded.^[3]
Abatacept biosimilar (IV): BLA filed with the USFDA in December 2025, with a goal date of mid-December 2026.^[4]
Denosumab biosimilar: EC and MHRA approvals received and launched in Germany in December 2025; the USFDA issued a CRL tied to partner Alvotech's Reykjavik facility.^[4]
Toripalimab passed ₹100 Cr in India sales in under 2 years as of Q1 FY27; about 40 peptides are in development, including tirzepatide, with in-house API capacity at CTO-6 of up to 800 kg.^[5]

Key operating numbers

R&D was 6.0% of revenue in Q2 FY27 vs 7.1% in Q1 FY27.^[3][5]
Gross margin was 52.1% in Q2 FY27 vs 46.5% in Q1 FY27; SG&A fell to 32.4% of revenue.^[3]
The Aurigene CDMO business (APSL) passed $100M in trailing 12-month revenue as of Q2 FY27 and signed a new long-term supply agreement.^[3]

Operations and facilities

USFDA status of the Mirfield site: VAI as of Q2 FY27.^[3]
The FTO-SEZ PU-01 formulations facility at Srikakulam was reclassified to VAI in Q4 FY26; the CTO SEZ API facility at Srikakulam received 0 observations.^[4]
Abatacept is made at the Bachupally biologics facility, which received a Form 483 with 7 observations in June 2026; the response was filed within the timeline.^[5]
Semaglutide pen capacity was set at 12 million pens for CY2026; a second fill-finish line (FTO-11) is being qualified to take capacity to 15M+ pens in CY2027.^[6]

Customers and distribution

Semaglutide injectable had been filed in about 30 countries as of Q1 FY27, as part of an 80-country program; Sandoz is the partner for Canada.^[5]
Integration of the acquired NRT consumer healthcare business was 95% complete by value as of March 2026, covering Canada, Australia and Western Europe.^[7]

Expansion and pipeline milestones

QDENGA dengue vaccine (Takeda partnership) is set to launch in India's private market in H1 CY2027.^[3]
Abatacept IV (US): launch targeted for early CY2027, subject to approval; abatacept SC US launch guided for February/March 2028.^[5]
Target for the biosimilar business: US$500 - 700M in annual sales by FY29, led by abatacept.^[7]

Recent developments

October 2026: the US IRS assessed Dr. Reddy's Laboratories Inc. a penalty of $32,350.20 for misclassifying the fiscal year reference in a tax payment; the company reported no material impact.^[8]
Q4 FY26: the CAR-T R&D programs were discontinued (₹135 Cr impairment), and partner Immutep discontinued the Eftilagimod Alfa trial (₹93 Cr impairment).^[7]

Market Cap

₹1,02,207 Cr

High / Low

₹1,414 / 1,080

Stock P/E

31.7

Price / Book

2.7

Book Value

₹454

EPS

₹50.3

No. of Shares

83.47 Cr

ROCE

13.7%

ROE

11.8%

OPM

16.4%

Debt / Equity

0.17

Sales

₹33,700 Cr

Net Profit

₹4,158 Cr

Promoter holding

26.6%

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Dr Reddys Laboratories Ltd(DRREDDY)

About

Business segments

Revenue by geography

Products and pipeline

Key operating numbers

Operations and facilities

Customers and distribution

Expansion and pipeline milestones

Recent developments

Signal history

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