Cipla Q1 FY27: Record Revenue, A Tough Margin Reset, and Clear Execution Levers

Revenue from operations was INR 7,119 crore, EBITDA was INR 1,192 crore (16.7% margin) and profit attributable to shareholders was INR 789 crore (11.1% margin).

One India revenue was INR 3,452 crore (+12% YoY). North America revenue was USD 162 million. One Africa revenue was USD 103 million (+1% YoY). Emerging Markets and Europe revenue was USD 106 million (+5% YoY).

The presentation disclosed: One India 48%, North America 22%, One Africa 14%, Emerging markets and Europe 14%, and API and Others 2%.

From 1 April 2026, Cipla began presenting certain marketing and proportional expenditures as a reduction from revenue instead of operating expenditure, affecting comparability of reported growth rates.

Management maintained FY27 EBITDA margin guidance at 18.5% to 20%.

Management highlighted scaling up gVentolin shipments and four significant launches for the remainder of FY27: three respiratory assets (including generic Advair) and one key peptide opportunity.

U.S. FDA inspection and PAI at Verna, Goa was classified as VAI. A routine GMP inspection at the Invagen facility ended with one Form 483 observation. A reinspection of the Indore facility was expected anytime soon.