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Major Indian generic-drug maker selling generics, APIs and biosimilars across the US, Europe, Russia/CIS and India.
Major Indian generic-drug maker selling generics, APIs and biosimilars across the US, Europe, Russia/CIS and India.
North America, mainly generics sold to wholesalers, pharmacy chains and purchasing groups, is the largest region, and profit swings come from a few limited-competition generic launches, since prices on older products fall as competitors enter. Active ingredients sold to other drugmakers add a smaller line. The Reddy family and associates are the promoters.
In one line: India's Teva Pharmaceutical.
Moat: narrow (scale, regulatory licence, distribution). Large vertically integrated API-to-formulation manufacturing and broad regulatory filings.
Headquarters: Hyderabad, India · Founded: 1984 · Employees: 27,527
Size Dr. Reddy's Laboratories (DRREDDY.NS) is an India Health Care company (Pharmaceuticals: Major) with a market value of $12.1B, the 97th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,373 on 6 Nov 2026.
Performance Over six months the shares gained 5.0%, against +5.5% for the median peer and 0.0% for the India market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue fell 3.6% over the last twelve months (peer median +24.0%); the operating margin is 8.9% (peer median 17.1%).
Valuation It trades at 31.8× forward earnings against a peer median of 30.9× (9th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 30% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +18 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.4 points below its cost of capital (10.0% WACC).
Next results Next results expected around 22 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹330B | ₹336B | ₹326B | ₹279B | ₹246B |
| Revenue growth | — | +3% | +17% | +14% | — |
| Gross profit | ₹151B | ₹165B | ₹180B | ₹156B | ₹133B |
| EBITDA | ₹50.8B | ₹67.4B | ₹86.6B | ₹78.7B | ₹64.9B |
| Net income | ₹28.0B | ₹42.9B | ₹56.5B | ₹55.7B | ₹45.1B |
| Free cash flow | ₹11.7B | ₹30.5B | ₹18.8B | ₹28.5B | ₹46.5B |
| Capital expenditure | ₹26.2B | ₹38.4B | ₹34.4B | ₹27.4B | ₹18.9B |
| Total debt | ₹72.3B | ₹77.3B | ₹46.8B | ₹20.0B | ₹13.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Dr. Reddy's Laboratories DRREDDY.NS | $12.1B | +5% | -4% | 9% | 31.8× | 30.1% |
| Sun Pharmaceutical Industries SUNPHARMA.NS | $47.3B | +1% | +12% | 23% | 35.4× | 28.4% |
| Cipla CIPLA.NS | $12.1B | +4% | -1% | 13% | 29.0× | 28.2% |
| Lupin LUPIN.NS | $9.65B | -19% | +24% | 24% | 20.9× | 8.8% |
| Teva Pharmaceutical Industries Limited Sponsored ADR TEVA | $49.7B | +19% | -4% | 19% | 15.1× | 10.2% |
| Viatris VTRS | $22.9B | +17% | +5% | 10% | 7.5× | 12.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DRREDDY.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.1% | +5.7% | 5th highest of 21 |
| 6-month return | +5.0% | +5.5% | 11th highest of 21 |
| Distance from 52-week high | -3.0% | -10.4% | 3rd highest of 21 |
| Revenue growth (TTM) | -3.6% | +24.0% | 2nd lowest of 20 |
| Operating margin | 8.9% | 17.1% | 6th lowest of 20 |
| Forward P/E | 31.8× | 30.9× | 9th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 30.1% | 26.7% | 6th most demanding of 15 |
| Growth delivered (Del g) | +12.1% | +12.6% | 7th lowest of 15 |
| Hurdle (Req g minus delivered) | +18.0 pp | -10.7 pp | 5th most demanding of 15 |
| ROIC minus cost of capital | -4.4 pp | +1.6 pp | 4th lowest of 18 |
| EV / EBITDA | 22.5× | 18.2× | 6th most expensive of 12 |
| Net debt / EBITDA | -0.1× | 0.3× | 6th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dr. Reddy's Laboratories DRREDDY.NS | India | $12.1B | +5% | -4% | 9% | 31.8× | 30.1% | +12.1% |
| Zhangzhou Pientzehuang Pharmaceutical 600436.SS | China | $12.3B | -5% | -19% | 19% | 42.1× | 25.8% | +6.8% |
| Recordati REC.MI | Italy | $12.3B | +3% | +9% | 30% | 16.7× | 1.9% | +12.6% |
| Zydus Lifesciences ZYDUSLIFE.NS | India | $12.7B | +27% | +24% | 17% | 29.8× | n/a | n/a |
| Sbp 1177.HK | Hong Kong | $12.7B | +4% | +15% | 30% | 18.3× | -5.4% | +5.4% |
| Pharmaron Beijing 3759.HK | Hong Kong | $11.3B | +45% | +24% | 14% | 22.9× | n/a | n/a |
| Repligen RGEN | United States | $11.1B | +41% | +14% | 9% | 71.3× | 56.4% | +15.0% |
| Mankind Pharma MANKIND.NS | India | $11.1B | +7% | +13% | 21% | 43.2× | 27.6% | +18.1% |
| Laurus Labs LAURUSLABS.NS | India | $13.3B | +94% | +23% | 24% | 77.0× | 50.9% | +7.3% |
| Sichuan Kelun-Biotech Biopharmaceutical 6990.HK | Hong Kong | $13.9B | 0% | +44% | -38% | 1,255.9× | 56.2% | +33.7% |
| Akeso 9926.HK | Hong Kong | $10.2B | -38% | +42% | -25% | n/a | n/a | n/a |
| Yunnan Baiyao 000538.SZ | China | $14.7B | +4% | +5% | 11% | 18.0× | -0.5% | +4.7% |
| Ipsen IPN.PA | France | $14.7B | -4% | +14% | 30% | 10.9× | -7.3% | +7.2% |
| Spyre Therapeutics SYRE | United States | $9.86B | +38% | n/a | n/a | n/a | n/a | n/a |
| Jazz Pharmaceuticals Public JAZZ | United States | $15.1B | +4% | +13% | 25% | 8.9× | -3.9% | +12.5% |
| Madrigal Pharmaceuticals MDGL | United States | $9.28B | -22% | +93% | -11% | 79.5× | n/a | n/a |
| PharmaEssentia 6446.TW | Taiwan | $15.8B | +118% | +64% | 38% | 39.2× | 29.3% | +94.8% |
| TG Therapeutics TGTX | United States | $9.16B | +40% | +76% | 17% | 30.9× | 50.3% | +426.7% |
| ImmunityBio IBRX | United States | $9.15B | +1% | +193% | -152% | n/a | n/a | n/a |
| Ascendis Pharma A/S ASND | United States | $16.0B | +8% | +128% | 10% | 40.8× | 36.4% | +152.4% |
| Orion ORNAV.HE | Finland | $16.1B | +51% | +34% | 38% | 23.5× | -6.3% | +11.7% |