NYSE : RDY
Dr. Reddy's Laboratories Limited — Financial statements
Healthcare · Drug Manufacturers - Specialty & Generic · India
Last price 14.11 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 11.81B
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Financial statements
Dr. Reddy's Laboratories Limited (RDY) reported revenue of 329.84B INR (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year April - March; amounts in INR.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 329.84B | 335.93B | 325.54B | 279.16B | 245.88B | 214.39B |
| Cost of Revenue | 166.60B | 158.67B | 135.11B | 115.56B | 106.54B | 100.55B |
| Gross Profit | 163.24B | 177.26B | 190.43B | 163.61B | 139.34B | 113.84B |
| Selling, General & Admin | 111.58B | 106.76B | 93.87B | 77.20B | 68.03B | 62.08B |
| Research & Development | 22.61B | 24.06B | 27.38B | 22.87B | 19.38B | 17.48B |
| Other Operating Expenses | -1.01B | -2.80B | -2.84B | -1.77B | -1.48B | -1.64B |
| Operating Expenses | 133.18B | 128.02B | 118.41B | 98.30B | 85.93B | 77.92B |
| Operating Income | 30.06B | 49.25B | 72.01B | 65.31B | 53.42B | 35.92B |
| Interest Expense | -4.50B | -3.74B | -2.83B | -1.71B | -1.43B | -958.00M |
| Interest & Investment Income | 3.65B | 3.73B | 2.68B | 2.28B | 1.18B | 965.00M |
| Earnings From Equity Investments | 134.00M | 217.00M | 147.00M | 370.00M | 703.00M | |
| Currency Exchange Gain (Loss) | 1.76B | 1.78B | 1.32B | 278.00M | 2.23B | 1.83B |
| Other Non Operating Income (Expenses) | 2.29B | 2.36B | 3.55B | 3.15B | 876.00M | 277.00M |
| EBT Excluding Unusual Items | 33.26B | 53.51B | 76.95B | 69.45B | 56.64B | 38.74B |
| Gain (Loss) on Sale of Assets | 2.68B | 2.55B | 1.52B | 900.00M | -1.21B | 1.12B |
| Asset Writedown | -3.00B | -3.52B | -1.69B | -3.00M | -699.00M | -7.56B |
| Legal Settlements | 1.40B | 1.40B | 1.52B | 5.64B | ||
| Other Unusual Items | 877.00M | 877.00M | ||||
| Pretax Income | 35.22B | 54.82B | 76.78B | 71.87B | 60.37B | 32.30B |
| Income Tax Expense | 7.64B | 12.35B | 19.54B | 16.19B | 15.30B | 8.73B |
| Earnings From Continuing Operations | 27.58B | 42.47B | 57.24B | 55.68B | 45.07B | 23.57B |
| Minority Interest in Earnings | 402.00M | 384.00M | -701.00M | |||
| Net Income | 27.99B | 42.85B | 56.54B | 55.68B | 45.07B | 23.57B |
| Net Income to Common | 27.99B | 42.85B | 56.54B | 55.68B | 45.07B | 23.57B |
| Shares Outstanding (Basic) | 832.74M | 832.44M | 832.95M | 831.97M | 830.17M | 829.41M |
| Shares Outstanding (Diluted) | 833.40M | 833.33M | 834.18M | 833.54M | 831.94M | 831.69M |
| EPS (Basic) | 33.61 | 51.48 | 67.88 | 66.93 | 54.29 | 28.42 |
| EPS (Diluted) | 33.58 | 51.42 | 67.78 | 66.80 | 54.17 | 28.34 |
| Free Cash Flow | 13.84B | 33.43B | 18.92B | 29.03B | 47.55B | 13.45B |
| Free Cash Flow Per Share | 16.61 | 40.12 | 22.69 | 34.83 | 57.16 | 16.17 |
| Dividend Per Share | 8.00 | 8.00 | 8.00 | 8.00 | 8.00 | 6.00 |
| Gross Margin | 49.49% | 52.77% | 58.50% | 58.61% | 56.67% | 53.10% |
| Operating Margin | 9.12% | 14.66% | 22.12% | 23.39% | 21.73% | 16.75% |
| Profit Margin | 8.48% | 12.76% | 17.37% | 19.95% | 18.33% | 10.99% |
| Free Cash Flow Margin | 4.20% | 9.95% | 5.81% | 10.40% | 19.34% | 6.27% |
| EBITDA | 49.79B | 68.15B | 87.82B | 79.01B | 66.05B | 47.74B |
| EBITDA Margin | 15.10% | 20.29% | 26.98% | 28.30% | 26.86% | 22.27% |
| D&A For EBITDA | 19.73B | 18.90B | 15.81B | 13.70B | 12.64B | 11.82B |
| EBIT | 30.06B | 49.25B | 72.01B | 65.31B | 53.42B | 35.92B |
| EBIT Margin | 9.12% | 14.66% | 22.12% | 23.39% | 21.73% | 16.75% |
| Effective Tax Rate | 21.69% | 22.53% | 25.45% | 22.52% | 25.35% | 27.03% |
Balance sheet
Fiscal year April - March; amounts in INR.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 13.29B | 15.37B | 14.65B | 7.11B | 5.78B | 14.85B |
| Short-Term Investments | 34.55B | 72.45B | 43.25B | 74.36B | 56.02B | 29.51B |
| Cash & Short-Term Investments | 76.24B | 87.81B | 57.91B | 81.47B | 61.80B | 44.37B |
| Accounts Receivable | 101.40B | 101.22B | 90.42B | 80.30B | 72.48B | 66.76B |
| Other Receivables | 592.00M | 444.00M | 2.97B | 2.91B | 1.45B | 5.05B |
| Receivables | 101.99B | 101.66B | 93.39B | 83.21B | 73.94B | 71.81B |
| Inventory | 81.18B | 76.53B | 71.08B | 63.55B | 48.67B | 50.88B |
| Prepaid Expenses | 2.41B | 2.08B | 1.88B | 1.95B | 1.45B | 1.14B |
| Other Current Assets | 35.75B | 33.89B | 25.85B | 17.87B | 18.40B | 13.65B |
| Total Current Assets | 297.57B | 301.98B | 250.11B | 248.05B | 204.25B | 181.86B |
| Property, Plant & Equipment | 115.10B | 115.93B | 97.76B | 76.89B | 66.46B | 62.17B |
| Long-Term Investments | 16.30B | 16.37B | 15.20B | 5.25B | 5.36B | 7.99B |
| Goodwill | 12.98B | 12.89B | 11.81B | 4.25B | 4.25B | 4.42B |
| Other Intangible Assets | 104.17B | 105.06B | 96.80B | 36.95B | 30.85B | 27.25B |
| Long-Term Accounts Receivable | 54.00M | |||||
| Long-Term Deferred Tax Assets | 23.16B | 22.44B | 18.51B | 10.77B | 7.20B | 8.20B |
| Other Long-Term Assets | 5.21B | 4.68B | 2.79B | 5.35B | 3.49B | 894.00M |
| Total Assets | 574.48B | 579.35B | 492.99B | 387.52B | 321.85B | 292.83B |
| Accounts Payable | 36.08B | 22.36B | 20.05B | 21.55B | 17.86B | 15.97B |
| Accrued Expenses | 38.47B | 47.46B | 43.86B | 40.49B | 38.72B | 36.08B |
| Short-Term Debt | 58.26B | 59.13B | 38.05B | 12.72B | 7.39B | 27.08B |
| Current Portion of Long-Term Debt | 3.80B | 3.80B | ||||
| Current Portion of Leases | 2.33B | 2.20B | 857.00M | 1.31B | 1.00B | 1.02B |
| Current Income Taxes Payable | 2.81B | 4.31B | 3.03B | 2.34B | 2.14B | 1.61B |
| Current Unearned Revenue | 1.53B | 1.58B | 1.98B | 1.44B | 1.98B | 2.58B |
| Other Current Liabilities | 15.01B | 26.71B | 22.56B | 16.19B | 12.95B | 9.67B |
| Total Current Liabilities | 154.49B | 167.57B | 130.39B | 96.04B | 85.84B | 94.02B |
| Long-Term Debt | 3.80B | 3.80B | 3.80B | |||
| Long-Term Leases | 11.69B | 12.20B | 4.06B | 2.19B | 1.28B | 1.95B |
| Long-Term Unearned Revenue | 1.98B | 2.44B | 1.16B | 1.19B | 1.55B | 1.60B |
| Long-Term Deferred Tax Liabilities | 16.19B | 15.57B | 14.11B | 909.00M | 833.00M | 60.00M |
| Other Long-Term Liabilities | 764.00M | 1.12B | 2.30B | 2.84B | 1.35B | 882.00M |
| Total Liabilities | 185.11B | 198.89B | 155.82B | 106.97B | 90.86B | 102.30B |
| Common Stock | 835.00M | 835.00M | 834.00M | 834.00M | 833.00M | 832.00M |
| Additional Paid-In Capital | 11.48B | 11.36B | 11.13B | 10.77B | 9.69B | 9.28B |
| Retained Earnings | 359.00B | 351.98B | 315.79B | 265.91B | 216.48B | 176.47B |
| Treasury Stock | -1.48B | -1.81B | -2.26B | -991.00M | -1.27B | -1.60B |
| Comprehensive Income & Other | 16.34B | 14.70B | 7.89B | 4.03B | 5.26B | 5.55B |
| Total Common Equity | 386.18B | 377.06B | 333.39B | 280.55B | 230.99B | 190.53B |
| Minority Interest | 3.19B | 3.39B | 3.78B | |||
| Shareholders' Equity | 389.37B | 380.46B | 337.17B | 280.55B | 230.99B | 190.53B |
| Total Liabilities & Equity | 574.48B | 579.35B | 492.99B | 387.52B | 321.85B | 292.83B |
| Total Debt | 72.29B | 77.34B | 46.77B | 20.02B | 13.47B | 33.84B |
| Net Cash (Debt) | 3.96B | 10.47B | 11.14B | 61.45B | 48.33B | 10.52B |
| Net Cash Per Share | 4.75 | 12.57 | 13.36 | 73.72 | 58.09 | 12.65 |
| Filing Date Shares Outstanding | 833.07M | 832.69M | 832.00M | 832.64M | 830.78M | 829.79M |
| Total Common Shares Outstanding | 833.07M | 832.69M | 832.00M | 832.64M | 830.78M | 829.79M |
| Working Capital | 143.08B | 134.41B | 119.72B | 152.01B | 118.41B | 87.84B |
| Book Value Per Share | 463.56 | 452.82 | 400.71 | 336.94 | 278.04 | 229.61 |
| Tangible Book Value | 269.03B | 259.11B | 224.78B | 239.35B | 195.90B | 158.86B |
| Tangible Book Value Per Share | 322.94 | 311.17 | 270.16 | 287.45 | 235.80 | 191.45 |
| Land | 4.24B | 4.16B | 4.22B | 4.23B | 4.15B | |
| Buildings | 31.75B | 28.34B | 27.99B | 26.52B | 24.66B | |
| Machinery | 153.27B | 125.30B | 117.08B | 107.20B | 95.10B | |
| Construction In Progress | 15.27B | 24.84B | 14.46B | 9.96B | 13.30B |
Cash flow statement
Fiscal year April - March; amounts in INR.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 27.99B | 42.85B | 56.54B | 55.68B | 45.07B | 23.57B |
| Depreciation & Amortization | 21.43B | 20.61B | 17.06B | 14.84B | 12.64B | 11.82B |
| Loss (Gain) From Sale of Assets | -2.68B | -2.55B | -1.52B | -900.00M | 208.00M | -1.12B |
| Asset Writedown & Restructuring Costs | 3.00B | 3.52B | 1.69B | 3.00M | 699.00M | 7.56B |
| Loss (Gain) From Sale of Investments | -2.29B | -2.36B | -3.55B | -3.15B | -876.00M | -277.00M |
| Loss (Gain) on Equity Investments | -134.00M | -217.00M | -147.00M | -370.00M | -703.00M | |
| Stock-Based Compensation | 310.00M | 326.00M | 424.00M | 407.00M | 397.00M | 592.00M |
| Provision & Write-off of Bad Debts | 351.00M | 690.00M | 161.00M | 275.00M | 205.00M | 55.00M |
| Other Operating Activities | 5.68B | 5.44B | 5.83B | -1.40B | 8.76B | 5.10B |
| Change in Accounts Receivable | 1.14B | -6.72B | -10.28B | -8.05B | -5.75B | -17.01B |
| Change in Inventory | -10.69B | -8.60B | -12.75B | -18.45B | -2.65B | -9.91B |
| Change in Accounts Payable | -4.19B | 2.79B | 340.00M | 3.46B | 23.00M | 4.41B |
| Change in Other Net Operating Assets | -9.13B | 897.00M | -7.29B | 2.86B | 528.00M | 4.01B |
| Operating Cash Flow | 30.91B | 56.76B | 46.43B | 45.43B | 58.88B | 28.11B |
| Capital Expenditures | -17.07B | -23.33B | -27.50B | -16.40B | -11.32B | -14.66B |
| Sale of Property, Plant & Equipment | 1.17B | 309.00M | 512.00M | 1.06B | 82.00M | 370.00M |
| Cash Acquisitions | -3.37B | -3.15B | -53.10B | -326.00M | ||
| Sale (Purchase) of Intangibles | -5.73B | -13.70B | -6.16B | -11.01B | -7.54B | -1.44B |
| Investment in Securities | -6.44B | -27.17B | 24.80B | -15.72B | -23.37B | -11.20B |
| Other Investing Activities | 2.77B | 1.52B | 3.37B | 1.78B | 777.00M | 873.00M |
| Investing Cash Flow | -28.66B | -65.51B | -58.08B | -40.28B | -41.37B | -26.39B |
| Short-Term Debt Issued | 20.26B | 24.49B | 5.49B | 3.52B | ||
| Long-Term Debt Issued | 3.80B | |||||
| Total Debt Issued | 17.58B | 20.26B | 24.49B | 9.29B | 3.52B | |
| Short-Term Debt Repaid | -19.38B | |||||
| Long-Term Debt Repaid | -1.26B | -1.29B | -4.95B | -1.01B | -785.00M | |
| Lease Payments | -1.42B | -1.26B | -1.29B | -1.15B | -1.01B | -785.00M |
| Total Debt Repaid | -6.26B | -1.26B | -1.29B | -4.95B | -20.40B | -785.00M |
| Net Debt Issued (Repaid) | 11.32B | 18.99B | 23.20B | 4.35B | -20.40B | 2.73B |
| Issuance of Common Stock | 425.00M | 397.00M | 193.00M | 805.00M | 368.00M | 334.00M |
| Repurchase of Common Stock | -1.39B | |||||
| Common Dividends Paid | -6.66B | -6.66B | -6.66B | -6.65B | -4.98B | -4.15B |
| Other Financing Activities | -4.96B | -4.44B | 3.57B | -2.27B | -1.85B | -1.34B |
| Financing Cash Flow | 130.00M | 8.29B | 18.91B | -3.76B | -26.86B | -2.42B |
| Foreign Exchange Rate Adjustments | 907.00M | 1.24B | 224.00M | -59.00M | 286.00M | 733.00M |
| Net Cash Flow | 3.28B | 775.00M | 7.49B | 1.33B | -9.07B | 32.00M |
| Free Cash Flow | 13.84B | 33.43B | 18.92B | 29.03B | 47.55B | 13.45B |
| Free Cash Flow Margin | 4.20% | 9.95% | 5.81% | 10.40% | 19.34% | 6.27% |
| Free Cash Flow Per Share | 16.61 | 40.12 | 22.69 | 34.83 | 57.16 | 16.17 |
| Levered Free Cash Flow | -6.59B | 1.63B | 11.28B | 12.23B | 29.68B | 1.03B |
| Unlevered Free Cash Flow | -3.78B | 3.96B | 13.05B | 13.30B | 30.57B | 1.63B |
| Free Cash Flow After Leases | 12.43B | 32.17B | 17.63B | 27.88B | 46.54B | 12.66B |
| Cash Interest Paid | 4.96B | 4.44B | 3.48B | 2.27B | 1.85B | 1.34B |
| Cash Income Tax Paid | 11.50B | 13.53B | 19.99B | 20.05B | 10.71B | 7.44B |
| Change in Working Capital | -22.86B | -11.64B | -29.99B | -20.18B | -7.86B | -18.50B |
Ratios
Fiscal year April - March; amounts in INR.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 11.85B | 11.14B | 11.16B | 12.30B | 9.35B | 9.41B |
| Enterprise Value | 11.84B | 11.02B | 11.10B | 11.67B | 8.97B | 9.32B |
| Last Close Price | 14.17 | 13.77 | 13.05 | 14.45 | 11.15 | 10.84 |
| PE Ratio | 40.08 | 24.38 | 16.86 | 18.41 | 17.03 | 30.32 |
| PS Ratio | 3.44 | 3.11 | 2.93 | 3.67 | 3.12 | 3.33 |
| PB Ratio | 2.92 | 2.75 | 2.83 | 3.65 | 3.32 | 3.75 |
| P/TBV Ratio | 4.22 | 4.03 | 4.24 | 4.28 | 3.92 | 4.50 |
| P/FCF Ratio | 81.28 | 31.25 | 50.37 | 35.31 | 16.14 | 53.13 |
| P/OCF Ratio | 36.40 | 18.41 | 20.53 | 22.56 | 13.04 | 25.42 |
| EV/Sales Ratio | 3.44 | 3.08 | 2.91 | 3.48 | 3.00 | 3.30 |
| EV/EBITDA Ratio | 22.80 | 15.16 | 10.80 | 12.31 | 11.15 | 14.82 |
| EV/EBIT Ratio | 37.76 | 20.98 | 13.17 | 14.89 | 13.79 | 19.70 |
| EV/FCF Ratio | 81.23 | 30.91 | 50.10 | 33.49 | 15.49 | 52.61 |
| Debt / Equity Ratio | 0.19 | 0.20 | 0.14 | 0.07 | 0.06 | 0.18 |
| Debt / EBITDA Ratio | 1.40 | 1.11 | 0.53 | 0.25 | 0.20 | 0.71 |
| Debt / FCF Ratio | 5.22 | 2.31 | 2.47 | 0.69 | 0.28 | 2.52 |
| Net Debt / Equity Ratio | -0.01 | -0.03 | -0.03 | -0.22 | -0.21 | -0.06 |
| Net Debt / EBITDA Ratio | -0.08 | -0.15 | -0.13 | -0.78 | -0.73 | -0.22 |
| Net Debt / FCF Ratio | -0.29 | -0.31 | -0.59 | -2.12 | -1.02 | -0.78 |
| Asset Turnover | 0.59 | 0.63 | 0.74 | 0.79 | 0.80 | 0.77 |
| Inventory Turnover | 2.12 | 2.15 | 2.01 | 2.06 | 2.14 | 2.09 |
| Quick Ratio | 1.15 | 1.13 | 1.16 | 1.72 | 1.58 | 1.24 |
| Current Ratio | 1.93 | 1.80 | 1.92 | 2.58 | 2.38 | 1.93 |
| Return on Equity (ROE) | 7.34% | 11.83% | 18.53% | 21.77% | 21.38% | 12.96% |
| Return on Assets (ROA) | 3.37% | 5.74% | 10.22% | 11.51% | 10.86% | 8.04% |
| Return on Invested Capital (ROIC) | 6.17% | 10.96% | 19.70% | 25.19% | 21.99% | 15.03% |
| Return on Capital Employed (ROCE) | 7.20% | 12.00% | 19.90% | 22.40% | 22.60% | 18.10% |
| Earnings Yield | 2.50% | 4.10% | 5.93% | 5.43% | 5.87% | 3.30% |
| FCF Yield | 1.23% | 3.20% | 1.98% | 2.83% | 6.19% | 1.88% |
| Dividend Yield | 0.45% | 0.64% | 0.70% | 0.65% | 0.87% | 0.70% |
| Payout Ratio | 18.24% | 15.54% | 11.78% | 11.94% | 11.05% | 17.59% |
| Buyback Yield / Dilution | 0.05% | 0.10% | -0.08% | -0.19% | -0.03% | -0.01% |
| Total Shareholder Return | 0.50% | 0.74% | 0.62% | 0.46% | 0.84% | 0.68% |