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Swing Capital

Dr Reddys Laboratories Ltd

NSE: DRREDDY BSE: 500124Pharma

Dr. Reddy's Laboratories Ltd is a leading India-based pharmaceutical company which offers a portfolio of products and services, including Active Pharmaceutical Ingredients (APIs), Custom Pharmaceutical services (CPS), generics, biosimilars and differentiated formulations.

₹1,337
52W: ₹1148 — ₹1380
PE 34.6 · Book ₹376 · +256% vs book
Market Cap₹1,11,573 Cr
Stock P/E34.6Price to Earnings
ROCE12.7%Return on Capital
ROE10.7%Return on Equity
Div. Yield0.6%Face Value ₹1

Weaknesses

  • −The company has delivered a poor sales growth of 8.99% over past five years.
  • −Earnings include an other income of Rs.1,690 Cr.

Shareholding Pattern

Promoters26.63%
FIIs21.14%
DIIs30.72%
Public21.27%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters26.65%26.64%▼0.026.64%26.64%26.64%26.64%26.64%26.63%▼0.0
FIIs27.68%27.53%▼0.126.85%▼0.725.75%▼1.125.33%▼0.424.69%▼0.622.34%▼2.421.14%▼1.2
DIIs20.72%21.48%▲0.822.89%▲1.425.63%▲2.726.73%▲1.127.99%▲1.330.44%▲2.530.72%▲0.3
Public24.78%24.2%▼0.623.46%▼0.721.69%▼1.821.04%▼0.720.45%▼0.620.33%▼0.121.27%▲0.9

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales4,1035,1055,8416,6965,0155,5637,8104,6194,2833,822
Expenses3,4473,7263,8883,9753,8234,1203,9724,1384,1834,322
Operating Profit6561,3791,9532,7221,1921,4433,837480100-500
OPM %16%27%33%41%24%26%49%10%2%-13%
Net Profit4751,0351,4171,8828491,2012,96138791-219
EPS ₹5.712.4116.9922.5610.1814.3935.484.641.09-2.63

AI Insights

Revenue Trend

Mar 2026 revenue at ₹20,533Cr, down 11.2% YoY. OPM at 19%.

Debt Position

Borrowings at ₹5,737Cr. Debt-to-equity ratio: 0.18x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1,369Cr (13% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 30.72% (+8.73pp change). FIIs: 21.14% (-5.85pp change). Promoters hold 26.63%.

Margin & Efficiency

ROCE declining from 16% (Mar 2015) to 13% (Mar 2026). Working capital days: 96.

Valuation

PE 34.6x with 12.7% ROCE. Price is 256% above book value of ₹376. Dividend yield: 0.6%.

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