Detailed financial statements for Dr. Reddy's Laboratories Limited (RDY): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Dr. Reddy's Laboratories Limited, alongside its associated companies, functions as a holistic pharmaceutical entity with a global footprint. Its business operations are divided into several key divisions. The Global Generics segment is responsible for the manufacturing and sale of both prescription and over-the-counter finished pharmaceutical products.
Analysis Summary
Dr. Reddy's Laboratories Limited reported revenue of 353.47B INR in the most recent fiscal year, growing at a 5-year CAGR of 168.0%. Net income reached 45.09B INR, with a 186.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 50.2%, operating margin 10.6%, net margin 10.0%. Free cash flow grew at 6.8% CAGR over 5 years.
At the current price of $12.32, RDY trades at a P/E of 30.37 and an ROE of 12.20%. Market capitalisation stands at $10.3B, placing it among large-cap names.
Balance sheet quality for RDY: current ratio of 1.8, net cash position of 10.27B INR. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of 32.10B INR represents 71% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 140.81B INR | 142.03B INR | 153.85B INR | 174.60B INR | 2.56B INR | 214.39B INR | 245.88B INR | 279.16B INR | 325.54B INR | 353.47B INR |
| Cost of Revenue | 62.45B INR | 65.72B INR | 70.42B INR | 80.59B INR | 1.26B INR | 100.55B INR | 106.54B INR | 115.56B INR | 135.11B INR | 166.95B INR |
| Gross Profit | 78.36B INR | 76.30B INR | 83.43B INR | 94.01B INR | 1.30B INR | 113.84B INR | 139.34B INR | 163.61B INR | 190.43B INR | 186.52B INR |
| Research & Development | 19.55B INR | 18.27B INR | 15.61B INR | 15.41B INR | 208.4M INR | 17.48B INR | 19.38B INR | 22.87B INR | 27.38B INR | 25.31B INR |
| Selling, General & Admin | 46.37B INR | 46.91B INR | 48.89B INR | 0 | 659.9M INR | 62.08B INR | 68.03B INR | 77.20B INR | 93.87B INR | 112.34B INR |
| Operating Expenses | 64.86B INR | 64.39B INR | 62.54B INR | 78.02B INR | 866.4M INR | 84.36B INR | 82.20B INR | 95.88B INR | 118.58B INR | 137.65B INR |
| Operating Income | 13.50B INR | 11.92B INR | 20.89B INR | 15.99B INR | 431.4M INR | 29.48B INR | 57.14B INR | 67.73B INR | 71.84B INR | 48.87B INR |
| EBITDA | 24.55B INR | 23.73B INR | 35.52B INR | 41.78B INR | 534.8M INR | 45.08B INR | 74.43B INR | 88.42B INR | 96.67B INR | 83.29B INR |
| Interest Expense | 634.0M INR | 788.0M INR | 889.0M INR | 13.9M INR | 970.0M INR | 958.0M INR | 1.43B INR | 1.71B INR | 2.83B INR | 3.93B INR |
| Pre-tax Income | 14.65B INR | 14.34B INR | 22.44B INR | 18.03B INR | 355.8M INR | 32.30B INR | 60.37B INR | 71.87B INR | 76.78B INR | 57.68B INR |
| Income Tax | 2.61B INR | 4.54B INR | 3.65B INR | -1.47B INR | 123.6M INR | 8.73B INR | 15.30B INR | 16.19B INR | 19.54B INR | 13.00B INR |
| Net Income | 12.04B INR | 9.81B INR | 18.80B INR | 19.50B INR | 232.2M INR | 23.57B INR | 45.07B INR | 55.68B INR | 56.54B INR | 45.09B INR |
| EPS | $72.24 | $59.13 | $113.28 | $117.63 | $20.79 | $28.42 | $54.29 | $66.80 | $67.85 | $53.92 |
| EPS (Diluted) | $72.09 | $59.01 | $113.09 | $117.40 | $20.73 | $28.34 | $54.17 | $66.80 | $67.77 | $53.92 |
| Shares Outstanding (Diluted) | 835.0M INR | 830.9M INR | 831.0M INR | 830.4M INR | 831.6M INR | 831.7M INR | 831.9M INR | 833.5M INR | 834.3M INR | 833.3M INR |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 88.05B INR | 87.27B INR | 76.33B INR | 81.18B INR |
| Gross Profit | 48.14B INR | 46.81B INR | 34.22B INR | 37.76B INR |
| Operating Income | 17.51B INR | 14.24B INR | 473.2M INR | 2.97B INR |
| EBITDA | 24.31B INR | 19.56B INR | 8.76B INR | 2.97B INR |
| Net Income | 14.37B INR | 12.10B INR | 2.24B INR | 4.46B INR |
| EPS | $17.27 | $14.53 | $2.68 | $5.35 |
| EPS (Diluted) | $17.25 | $14.52 | $2.68 | $5.35 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 18.14B INR | 2.64B INR | 2.23B INR | 27.1M INR | 202.8M INR | 14.85B INR | 5.78B INR | 7.11B INR | 14.65B INR | 15.06B INR |
| Short-term Investments | 0 | 18.33B INR | 22.53B INR | 313.1M INR | 270.0M INR | 29.51B INR | 56.02B INR | 74.36B INR | 43.25B INR | 71.01B INR |
| Receivables | 45.74B INR | 50.20B INR | 46.63B INR | 816.3M INR | 843.7M INR | 80.27B INR | 83.20B INR | 95.34B INR | 109.79B INR | 99.22B INR |
| Inventory | 28.53B INR | 29.09B INR | 33.58B INR | 463.5M INR | 621.1M INR | 50.88B INR | 48.67B INR | 63.55B INR | 71.08B INR | 75.02B INR |
| Total Current Assets | 100.38B INR | 109.64B INR | 114.50B INR | 1.72B INR | 2.03B INR | 181.86B INR | 204.25B INR | 248.05B INR | 250.11B INR | 296.00B INR |
| Property, Plant & Equipment | 57.16B INR | 57.87B INR | 54.09B INR | 691.8M INR | 781.1M INR | 62.17B INR | 66.46B INR | 76.89B INR | 97.76B INR | 113.63B INR |
| Goodwill | 3.75B INR | 3.94B INR | 3.90B INR | 52.8M INR | 62.5M INR | 4.42B INR | 4.25B INR | 4.25B INR | 11.81B INR | 12.64B INR |
| Intangible Assets | 44.92B INR | 44.66B INR | 44.37B INR | 365.6M INR | 487.6M INR | 27.25B INR | 30.85B INR | 36.95B INR | 96.80B INR | 102.98B INR |
| Total Assets | 219.82B INR | 225.60B INR | 225.43B INR | 3.07B INR | 3.63B INR | 292.83B INR | 321.85B INR | 387.52B INR | 492.99B INR | 567.88B INR |
| Accounts Payable | 0 | 9.21B INR | 10.30B INR | 142.0M INR | 173.6M INR | 15.97B INR | 17.86B INR | 21.55B INR | 20.05B INR | 32.75B INR |
| Short-term Debt | 43.74B INR | 25.56B INR | 16.32B INR | 274.9M INR | 328.4M INR | 27.08B INR | 11.19B INR | 12.72B INR | 38.05B INR | 63.85B INR |
| Total Current Liabilities | 85.00B INR | 69.69B INR | 59.70B INR | 962.5M INR | 1.14B INR | 94.02B INR | 85.84B INR | 96.04B INR | 130.39B INR | 164.25B INR |
| Long-term Debt | 4.85B INR | 24.46B INR | 21.45B INR | 0 | 52.0M INR | 3.80B INR | 0 | 3.80B INR | 3.80B INR | 11.96B INR |
| Total Liabilities | 95.78B INR | 99.14B INR | 85.23B INR | 1.02B INR | 1.26B INR | 102.30B INR | 90.86B INR | 106.97B INR | 155.82B INR | 194.95B INR |
| Retained Earnings | 108.22B INR | 113.86B INR | 128.65B INR | 1.91B INR | 2.13B INR | 175.71B INR | 215.59B INR | 265.26B INR | 315.79B INR | 345.02B INR |
| Total Equity | 124.04B INR | 126.46B INR | 140.20B INR | 2.05B INR | 2.37B INR | 190.53B INR | 230.99B INR | 280.55B INR | 333.39B INR | 369.60B INR |
| Total Debt | 49.19B INR | 50.71B INR | 38.38B INR | 292.2M INR | 414.5M INR | 33.84B INR | 13.47B INR | 20.02B INR | 46.77B INR | 75.81B INR |
| Net Debt | 31.05B INR | 29.75B INR | 13.62B INR | -48.1M INR | -58.3M INR | -10.52B INR | -48.33B INR | -61.45B INR | -11.14B INR | -10.27B INR |
| Working Capital | 15.38B INR | 39.95B INR | 54.80B INR | 760.8M INR | 887.1M INR | 87.84B INR | 118.41B INR | 152.01B INR | 119.72B INR | 131.75B INR |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 9.91B INR | 18.66B INR | 15.06B INR | 11.20B INR |
| Total Assets | 542.00B INR | 562.90B INR | 567.88B INR | 575.30B INR |
| Total Liabilities | 179.92B INR | 187.14B INR | 194.95B INR | 188.57B INR |
| Total Equity | 358.49B INR | 372.37B INR | 369.60B INR | 383.43B INR |
| Total Debt | 58.54B INR | 67.73B INR | 75.81B INR | 71.95B INR |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 12.04B INR | 9.81B INR | 18.80B INR | 19.50B INR | 17.24B INR | 23.57B INR | 45.07B INR | 55.68B INR | 57.24B INR | 45.09B INR |
| Depreciation & Amortization | 11.28B INR | 11.71B INR | 12.19B INR | 12.47B INR | 12.80B INR | 11.82B INR | 12.64B INR | 14.84B INR | 17.06B INR | 21.68B INR |
| Stock-based Compensation | 398.0M INR | 454.0M INR | 389.0M INR | 521.0M INR | 584.0M INR | 592.0M INR | 397.0M INR | 407.0M INR | 424.0M INR | 0 |
| Change in Working Capital | -5.35B INR | -8.96B INR | -5.77B INR | -7.54B INR | -10.72B INR | -13.91B INR | -7.86B INR | -20.18B INR | -29.99B INR | -12.24B INR |
| Operating Cash Flow | 21.51B INR | 18.03B INR | 28.70B INR | 29.84B INR | 35.70B INR | 28.11B INR | 58.88B INR | 45.43B INR | 46.43B INR | 56.65B INR |
| Capital Expenditure | -40.98B INR | -11.04B INR | -7.49B INR | -6.12B INR | -12.56B INR | -19.05B INR | -18.87B INR | -27.43B INR | -34.40B INR | -24.54B INR |
| Acquisitions | -103.0M INR | 1.75B INR | 536.0M INR | 0 | -15.51B INR | -326.0M INR | 0 | -12.0M INR | -53.41B INR | -2.99B INR |
| Stock Repurchased | -15.69B INR | 0 | -535.0M INR | -474.0M INR | -1.19B INR | 0 | 0 | 0 | -1.39B INR | 0 |
| Dividends Paid | -3.39B INR | -3.99B INR | -4.00B INR | -3.92B INR | -4.15B INR | -4.15B INR | -4.98B INR | -6.65B INR | -6.66B INR | -7.01B INR |
| Free Cash Flow | -19.47B INR | 6.99B INR | 21.21B INR | 23.73B INR | 23.14B INR | 9.06B INR | 40.01B INR | 18.00B INR | 12.03B INR | 32.10B INR |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 15.57B INR | 10.91B INR | 15.44B INR | -927.0M INR |
| Capital Expenditure | -10.13B INR | -7.32B INR | -4.69B INR | -3.70B INR |
| Free Cash Flow | 5.44B INR | 3.59B INR | 10.75B INR | -4.63B INR |
| Dividends Paid | -6.66B INR | 0 | 41.1M INR | 0 |
| Stock-based Compensation | 100.0M INR | 20.0M INR | 0 | 97.0M INR |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +0.9% | +8.3% | +13.5% | -98.5% | +8,288.8% | +14.7% | +13.5% | +16.6% | +8.6% | |
| Net Income Growth (YoY) | -18.5% | +91.7% | +3.7% | -98.8% | +10,049.5% | +91.2% | +23.6% | +1.5% | -20.3% | |
| EPS Growth (YoY) | -18.1% | +91.6% | +3.8% | -82.3% | +36.7% | +91.0% | +23.0% | +1.6% | -20.5% | |
| Shares Change (YoY) | -0.5% | +0.0% | -0.1% | +0.1% | +0.0% | +0.0% | +0.2% | +0.1% | -0.1% | |
| FCF Growth (YoY) | +135.9% | +203.7% | +11.8% | -2.5% | -60.9% | +341.6% | -55.0% | -33.2% | +166.8% | |
| Gross Margin | 55.6% | 53.7% | 54.2% | 53.8% | 50.8% | 53.1% | 56.7% | 58.6% | 58.5% | 52.8% |
| Operating Margin | 9.6% | 8.4% | 13.6% | 9.2% | 16.9% | 13.7% | 23.2% | 24.3% | 22.1% | 13.8% |
| EBITDA Margin | 17.4% | 16.7% | 23.1% | 23.9% | 20.9% | 21.0% | 30.3% | 31.7% | 29.7% | 23.6% |
| Net Margin | 8.5% | 6.9% | 12.2% | 11.2% | 9.1% | 11.0% | 18.3% | 19.9% | 17.4% | 12.8% |
| FCF Margin | -13.8% | 4.9% | 13.8% | 13.6% | 905.5% | 4.2% | 16.3% | 6.4% | 3.7% | 9.1% |
| Effective Tax Rate | 17.8% | 31.6% | 16.3% | -8.1% | 34.7% | 27.0% | 25.3% | 22.5% | 25.4% | 22.5% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-23.32 | $8.41 | $25.53 | $28.57 | $27.83 | $10.89 | $48.09 | $21.59 | $14.42 | $38.53 |
| Dividends Per Share | $4.06 | $4.80 | $4.82 | $4.72 | $4.99 | $4.99 | $5.99 | $7.98 | $7.99 | $8.41 |
| Shares Outstanding (Basic) | 833.2M INR | 829.2M INR | 829.6M INR | 828.8M INR | 829.2M INR | 829.4M INR | 830.2M INR | 833.5M INR | 833.3M INR | 832.4M INR |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 12.20% |
| Return on Invested Capital | 8.10% |
| Return on Assets | 7.94% |
| Gross Margin | 50.18% |
| Operating Margin | 10.64% |
| Net Margin | 10.00% |
Financial Health
| Debt / Equity | 0.19 |
| Current Ratio | 1.90 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 7.21 | 7.14 | 4.97 | 5.22 | 43.38 | 29.85 | 17.23 | 18.45 | 16.63 | 24.00 |
| P/B | 3.50 | 2.77 | 3.33 | 248.25 | 315.97 | 3.69 | 3.36 | 3.66 | 2.82 | 2.91 |
| P/S | 3.08 | 2.46 | 3.04 | 2.91 | 292.64 | 3.28 | 3.16 | 3.68 | 2.89 | 3.05 |
| Gross Margin | 55.6% | 53.7% | 54.2% | 53.8% | 50.8% | 53.1% | 56.7% | 58.6% | 58.5% | 52.8% |
| Operating Margin | 9.6% | 8.4% | 13.6% | 9.2% | 16.9% | 13.7% | 23.2% | 24.3% | 22.1% | 13.8% |
| Net Margin | 8.5% | 6.9% | 12.2% | 11.2% | 9.1% | 11.0% | 18.3% | 19.9% | 17.4% | 12.8% |
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Explore sector: Healthcare · Drug Manufacturers - Specialty & Generic
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