DRREDDY · Biotechnology & Drugs · INE089A01031
Analyst mean 2.97 · 38 analysts · 47% bullishWhat the numbers mean when read together — computed from the filings, not a score.
Operating cash flow is 178% of trailing profit — the earnings are converting to cash, not just accruals.
Last operating cash flow ₹5,674 cr against trailing net profit ₹3,184 cr. A ratio at or above ~0.9 means reported profit is showing up as real cash.
Net margin has narrowed from 16.4% to 5.4% year-on-year — profitability per rupee of sales is shrinking.
Quarter net margin 5.4% vs 16.4% 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 ₹2,004 cr. Negative in only 0 of 12 years. A self-funding business needs less external capital and dilutes less.
Borrowings rose 286% over two years while the company also carries ₹5,285 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.
Borrowings moved to ₹7,734 cr from ₹2,002 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
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 | 8,038 | 8,381 | 8,528 | 8,572 | 8,828 | 8,753 | 7,546 | 8,100 |
| Expenses | 5,962 | 6,108 | 6,530 | 6,398 | 6,818 | 6,866 | 7,164 | 7,240 |
| Other Income | 314 | 154 | 528 | 290 | 330 | 271 | 480 | 356 |
| Depreciation | 397 | 471 | 455 | 476 | 505 | 521 | 557 | 537 |
| Profit before tax | 1,917 | 1,874 | 2,005 | 1,905 | 1,745 | 1,543 | 200 | 553 |
| Net Profit | 1,342 | 1,404 | 1,587 | 1,410 | 1,337 | 1,190 | 221 | 436 |
| EPS | 15.05 | 16.94 | 19.09 | 16.99 | 16.14 | 14.50 | 2.65 | 5.32 |
| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 83 | 83 | 83 | 83 | 83 | 84 |
| Reserves | 17,558 | 19,129 | 23,203 | 28,171 | 33,466 | 37,808 |
| Borrowings | 3,031 | 3,384 | 1,347 | 2,002 | 4,677 | 7,734 |
| Fixed Assets | 8,206 | 8,122 | 9,219 | 10,426 | 18,226 | 22,063 |
| CWIP | 1,565 | 1,293 | 1,030 | 1,419 | 2,466 | 1,460 |
| Investments | 2,212 | 2,616 | 4,986 | 4,930 | 4,051 | 5,285 |
| Total Assets | 26,588 | 29,746 | 32,209 | 38,780 | 48,023 | 56,577 |