RDY

MKT CAP:$11B

Dr. Reddy's Laboratories Limited

Market Cap

$11B

Healthcare·Drug Manufacturers - Specialty & Generic·🇮🇳 India·NYSE

Healthcare·Drug·🇮🇳·NYSE

Stock Price

$13.30-$0.56 (-4.04%)

Apr 17, 2026

Company Details

Dr. Reddy's Laboratories Limited, together with its subsidiaries, operates as an integrated pharmaceutical company worldwide. It operates through Global Generics, Pharmaceutical Services and Active Ingredients (PSAI), Proprietary Products, ...

CEO

Erez Israeli

IPO Date

Apr 11, 2001

Website

www.drreddys.com

Key Metrics TTM

Revenue

$3.2B

+91.3% YoY

Net Income

$598M

EPS (Diluted)

$2.07

Free Cash Flow

$340M

Revenue / Share

$3.78

Gross Margin

58.4%

Operating Margin

23.5%

Net Margin

19.0%

FCF Margin

10.8%

P/S

3.6x

P/E

19.0x

Earnings Reports

Q1 2026

May 8, 2026

PENDING

Q4 2025

Jun 6, 2025

$903MEPS $0.20

Q1 2025

Jun 30, 2024

$815M+13.9%EPS $0.18

FY 2024

Jun 12, 2024

$3.0B+13.5%EPS $0.71

Q1 2024

Jun 30, 2023

$716M+29.2%EPS $0.89

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 18	$375M	$201M	$28M
Q1 19	$395M	$220M	$51M
Q2 19	$403M	$222M	$54M
Q3 19	$409M	$220M	$61M
Q4 19	$427M	$224M	$57M
Q1 20	$408M	$211M	$84M
Q2 20	$510M	$293M	$78M
Q1 21	$469M	$263M	$86M
Q4 21	$7M	$4M	$1M
Q1 22	$522M	$273M	$70M
Q3 22	$565M	$304M	$98M
Q1 23	$554M	$276M	$130M
Q3 23	$719M	$426M	$174M
Q1 24	$716M	$420M	$187M
Q1 25	$815M	$492M	$190M
Q4 25	$903M	$502M	$187M

Valuation

Quarter	P/S	P/E
Q4 18	7.5x	108.9x
Q1 19	7.3x	77.5x
Q2 19	7.2x	66.9x
Q3 19	7.2x	61.1x
Q4 19	6.9x	56.8x
Q1 20	6.9x	51.2x
Q2 20	6.5x	39.9x
Q1 21	6.3x	38.6x
Q4 21	8.1x	45.7x
Q1 22	7.5x	47.5x
Q3 22	7.3x	57.4x
Q1 23	6.9x	43.2x
Q3 23	4.8x	28.8x
Q1 24	4.4x	23.5x
Q1 25	4.0x	20.4x
Q4 25	3.6x	19.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 18	$61M	$44M
Q1 19	-$53M	-$78M
Q2 19	$114M	$91M
Q3 19	$173M	$155M
Q4 19	$71M	$57M
Q1 20	$104M	$89M
Q2 20	$107M	$95M
Q1 21	$116M	$96M
Q4 21	$2M	$1M
Q1 22	-$37M	-$72M
Q3 22	$184M	$137M
Q1 23	$71M	-$22M
Q3 23	$247M	$214M
Q1 24	$119M	-$10M
Q1 25	$90M	$22M
Q4 25	$234M	$114M

Capital Expenditures

Quarter	CapEx
Q4 18	$17M
Q1 19	$24M
Q2 19	$23M
Q3 19	$18M
Q4 19	$14M
Q1 20	$15M
Q2 20	$13M
Q1 21	$20M
Q4 21	$423.1K
Q1 22	$35M
Q3 22	$48M
Q1 23	$92M
Q3 23	$33M
Q1 24	$129M
Q1 25	$68M
Q4 25	$119M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 18	-0.5%	+0.9%
Q1 19	+12.2%	-0.8%
Q2 19	+7.1%	+4.0%
Q3 19	+1.2%	-0.8%
Q4 19	+13.6%	+6.5%
Q1 20	+3.3%	-6.0%
Q2 20	+26.4%	+23.6%
Q1 21	+14.7%	+10.1%
Q4 21	-98.4%	-98.4%
Q1 22	+28.0%	+39.7%
Q3 22	+10.8%	+8.0%
Q1 23	+18.1%	+10.7%
Q3 23	+10336.7%	+9157.7%
Q1 24	+37.0%	+16.8%
Q1 25	+44.2%	+33.8%
Q4 25	+63.1%	+68.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 18	$1M	0.3%
Q1 19	$892.0K	0.2%
Q2 19	$849.5K	0.2%
Q3 19	$1M	0.3%
Q4 19	$1M	0.3%
Q1 20	$2M	0.4%
Q2 20	$2M	0.3%
Q1 21	$2M	0.3%
Q4 21	$0	0.0%
Q1 22	$2M	0.3%
Q3 22	$2M	0.3%
Q1 23	$2M	0.3%
Q3 23	$1M	0.2%
Q1 24	$1M	0.2%
Q1 25	$1M	0.1%
Q4 25	$1M	0.1%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 18	$46M	$128M
Q1 19	$44M	$129M
Q2 19	$44M	$131M
Q3 19	$39M	$128M
Q4 19	$39M	$131M
Q1 20	$38M	$128M
Q2 20	$39M	$178M
Q1 21	$42M	$136M
Q4 21	$596.4K	$2M
Q1 22	$48M	$160M
Q3 22	$44M	$164M
Q1 23	$46M	$165M
Q3 23	$51M	$191M
Q1 24	$53M	—
Q1 25	$66M	$241M
Q4 25	$77M	$255M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$2M	$4M	$6M
Q1 23	$846.7K	$4M	$5M
Q2 23	$1M	$2M	$4M
Q3 23	$803.4K	$5M	$6M
Q4 23	$61M	$595M	$656M
Q1 24	$64M	$563M	$627M
Q2 24	$142M	$578M	$720M
Q3 24	$961.6K	$8M	$9M
Q4 24	$75M	$790M	$865M
Q1 25	$52M	$953M	$1.0B
Q2 25	$120M	$549M	$670M
Q3 25	$130M	$498M	$628M
Q4 25	$156M	$459M	$615M
Q1 26	$96M	$613M	$708M
Q2 26	$105M	$636M	$741M
Q3 26	$198M	$679M	$877M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 18	831M	+0.1%	+0.2%
Q1 19	831M	-0.0%	+0.1%
Q2 19	831M	+0.0%	+0.1%
Q3 19	831M	-0.1%	-0.0%
Q4 19	830M	-0.0%	-0.1%
Q1 20	830M	+0.0%	-0.0%
Q2 20	830M	-0.1%	-0.1%
Q1 21	831M	+0.1%	+0.0%
Q4 21	831M	+0.1%	+0.1%
Q1 22	831M	-0.0%	+0.1%
Q3 22	832M	+0.1%	+0.2%
Q1 23	832M	+0.0%	+0.1%
Q3 23	832M	+0.0%	+0.1%
Q1 24	833M	+0.1%	+0.2%
Q1 25	834M	+0.2%	+0.3%
Q4 25	834M	+0.0%	+0.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 18	$16.0K	24K
Q1 19	$16.8K	24K
Q2 19	$17.1K	24K
Q3 19	$17.4K	24K
Q4 19	$19.4K	22K
Q1 20	$18.6K	22K
Q2 20	$23.2K	22K
Q1 21	$21.7K	22K
Q4 21	$303	23K
Q1 22	$23.0K	23K
Q3 22	$24.8K	23K
Q1 23	$22.3K	25K
Q3 23	$29.0K	25K
Q1 24	$27.7K	26K
Q1 25	$30.1K	27K
Q4 25	$33.4K	27K

Revenue / Employee