Dr. Reddy’s FY26: Base Business Resilience Amid Lenalidomide Reset
Frequently Asked Questions
Reported consolidated revenues were ₹7,516 crore in Q4 FY26 and ₹33,593 crore in FY26.
Key items disclosed were a shelf stock adjustment for lenalidomide of ₹453 crore, VAT liability provision of ₹114.1 crore, and impairments for CAR-T and Eftilagimod alfa totaling ₹227.7 crore.
Q4 FY26 revenues were North America ₹1,756 crore, Europe ₹1,452 crore, India ₹1,566 crore, and Emerging Markets ₹1,806 crore, with PSAI at ₹912 crore.
Management stated expectations of gross margin above 50% in FY27, R and D spend of 7 to 8% of revenues, SG and A at similar nominal levels as FY26, and ETR of 24 to 25%.
Semaglutide injection received approval in Canada and was launched in India; tablets were approved in India. The USFDA accepted the BLA for IV abatacept for review, with inspection and approval pending.
Management disclosed net cash surplus of ₹3,271 crore and net debt to equity of -0.09 as of March 31, 2026.
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