CIPLA · Biotechnology & Drugs · INE059A01026
Analyst mean 2.32 · 37 analysts · 66% bullishWhat the numbers mean when read together — computed from the filings, not a score.
Operating cash flow is 117% of trailing profit — the earnings are converting to cash, not just accruals.
Last operating cash flow ₹3,940 cr against trailing net profit ₹3,356 cr. A ratio at or above ~0.9 means reported profit is showing up as real cash.
Net margin has narrowed from 18.6% to 11% year-on-year — profitability per rupee of sales is shrinking.
Quarter net margin 11% vs 18.6% four quarters earlier. Sustained compression signals pricing pressure, cost inflation, or mix deterioration.
Free cash flow is positive and consistent — the business funds itself after capex.
Latest free cash flow ₹928 cr. Negative in only 0 of 12 years. A self-funding business needs less external capital and dilutes less.
Capital work-in-progress has stayed high (16% of fixed assets) without converting to productive assets — worth checking whether projects are genuinely progressing.
CWIP ₹2,042 cr vs ₹1,153 cr two years earlier, against fixed assets ₹12,434 cr. Perennial CWIP that never becomes a fixed asset can hide stalled projects or capitalised costs that should have been expensed.
Markers show corporate actions (splits, bonus, dividends). Prices are split-adjusted so the series is continuous.
| Metric | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,051 | 7,073 | 6,730 | 6,957 | 7,589 | 7,074 | 6,541 | 7,119 |
| Expenses | 5,165 | 5,084 | 5,192 | 5,179 | 5,695 | 5,819 | 5,586 | 5,927 |
| Other Income | 191 | 222 | 289 | 259 | 269 | -70 | 148 | 211 |
| Depreciation | 272 | 280 | 309 | 253 | 297 | 278 | 383 | 304 |
| Profit before tax | 1,789 | 1,916 | 1,504 | 1,770 | 1,854 | 893 | 707 | 1,082 |
| Net Profit | 1,305 | 1,575 | 1,214 | 1,292 | 1,353 | 674 | 543 | 786 |
| EPS | 16.13 | 19.45 | 15.13 | 16.06 | 16.73 | 8.37 | 6.87 | 9.77 |
| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 161 | 161 | 161 | 161 | 162 | 162 |
| Reserves | 18,165 | 20,680 | 23,246 | 26,545 | 31,032 | 34,270 |
| Borrowings | 2,014 | 1,056 | 803 | 559 | 438 | 614 |
| Fixed Assets | 9,516 | 9,683 | 9,160 | 9,607 | 10,006 | 12,434 |
| CWIP | 969 | 766 | 1,093 | 1,153 | 1,566 | 2,042 |
| Investments | 2,710 | 2,551 | 3,662 | 5,449 | 7,933 | 8,223 |
| Total Assets | 24,855 | 26,857 | 29,300 | 32,533 | 37,334 | 42,343 |