CIPLA · Healthcare
Cipla Ltd. reported revenue of ₹6,541 cr for January to March 2026, −2.8% on the year and −7.5% on the quarter. Over the last four quarters revenue comes to ₹28,161 cr, +2.2% on the four before.
Operating profit (EBITDA) was ₹955 cr, a margin of 14.6%, −825 bps on the year and −314 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 14.6% to 28.1%). Operating costs grew +7.6%, faster than revenue at −2.8%, so operating profit grew less than sales.
Net profit was ₹543 cr, −55.3% on the year and −19.4% on the quarter, with earnings per share of ₹6.87. Profit before other income, one-offs and tax fell 54.0%, so the profit growth came from the business itself. The tax rate of 22% is in line with its recent average. Profit over the last four quarters totals ₹3,862 cr, −26.7% on the four before.
On earnings per share of ₹48.03 over the last four quarters, the stock at ₹1,321.60 trades at 27.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 14.6%, −825 bps on the year (−314 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹6,678 cr | ₹6,604 cr | ₹6,163 cr | ₹6,694 cr | ₹7,051 cr | ₹7,073 cr | ₹6,730 cr | ₹6,957 cr | ₹7,589 cr | ₹7,074 cr | ₹6,541 cr | ₹7,119 cr |
| YoY | — | — | — | +6% | +6% | +7% | +9% | +4% | +8% | +0% | −3% | +2% |
| EBITDA margin | 26.0% | 26.5% | 21.4% | 25.6% | 26.7% | 28.1% | 22.9% | 25.6% | 25.0% | 17.7% | 14.6% | 16.7% |
| Other income, % of PBT | 11% | −1% | 20% | 10% | 11% | 12% | 19% | 15% | 15% | −8% | 21% | 20% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 28% | 28% | 26% | 27% | 27% | 17% | 19% | 27% | 27% | 24% | 22% | 27% |
| Net profit | ₹1,155 cr | ₹1,068 cr | ₹932 cr | ₹1,175 cr | ₹1,305 cr | ₹1,575 cr | ₹1,214 cr | ₹1,292 cr | ₹1,353 cr | ₹674 cr | ₹543 cr | ₹786 cr |
| YoY | — | — | — | +18% | +13% | +47% | +30% | +10% | +4% | −57% | −55% | −39% |
| Core profit YoY | — | — | — | +17% | +13% | +14% | +20% | +4% | −1% | −43% | −54% | −42% |
| EPS | ₹14.01 | ₹13.08 | ₹11.63 | ₹14.58 | ₹16.13 | ₹19.45 | ₹15.13 | ₹16.06 | ₹16.73 | ₹8.37 | ₹6.87 | ₹9.77 |
| Flags | · | · | · | ✓ | ✓ | 2 | ✓ | ✓ | ✓ | 1 | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Cipla Ltd. reported revenue of ₹6,541 cr (−2.8% on the year) and net profit of ₹543 cr (−55.3% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved −54.0% on the year, against −55.3% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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