Dr. Reddy's Laboratories Limited (RDY) 10-Year Financial Performance & Capital Metrics

RDY • • Industrial / General

HealthcareSpecialty & Generic PharmaGeneric PharmaceuticalsStandard Generics

AboutDr. 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, and Others segments. The company's Global Generics segment manufactures and markets prescription and over-the-counter finished pharmaceutical products that are marketed under a brand name or as a generic finished dosages with therapeutic equivalence to branded formulations. This segment also engages in the biologics business. The PSAI segment manufactures and markets active pharmaceutical ingredients and intermediates, which are principal ingredients for finished pharmaceutical products. This segment also provides contract research services; and manufactures and sells active pharmaceutical ingredients and steroids in accordance with the specific customer requirements. Its Proprietary Products segment focuses on the research and development of differentiated formulations. The Others segment engages in developing therapies in the fields of oncology and inflammation. The therapeutic categories primarily include gastro-intestinal, cardiovascular, anti-diabetic, dermatology, oncology, respiratory, stomatology, urology, and nephrology. The company has a collaboration, license, and option agreement with Curis, Inc. to discover, develop, and commercialize small molecule antagonists for immuno-oncology and precision oncology targets. Dr. Reddy's Laboratories Limited was incorporated in 1984 and is headquartered in Hyderabad, India.Show more

Revenue $325.54B +16.6%
EBITDA $88.9B +7.7%
Net Income $56.54B +1.5%
EPS (Diluted) 67.77 +1.5%
Gross Margin 58.5% -0.2%
EBITDA Margin 27.31% -7.7%
Operating Margin 22.07% -9.0%
Net Margin 17.37% -12.9%
ROE 18.31% -15.9%
ROIC 16.26% -14.8%
Debt/Equity 0.14 +94.4%
Interest Coverage 25.40 -35.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 20.5%
✓Strong 5Y profit CAGR of 23.7%
✓Strong 5Y sales CAGR of 13.3%
✓Healthy 5Y average net margin of 15.1%
✓Trading at only 0.0x book value

✗Weaknesses

✗Weak Piotroski F-Score: 2/9

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.19%

5Y13.27%

3Y14.94%

TTM14.1%

Profit (Net Income) CAGR

10Y9.81%

5Y23.73%

3Y33.87%

TTM9.92%

EPS CAGR

10Y-6.29%

5Y-10.41%

3Y33.72%

TTM9.95%

ROCE

10Y Avg19.36%

5Y Avg24.4%

3Y Avg24.64%

Latest21.97%

Peer Comparison

Standard Generics

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RDYDr. Reddy's Laboratories Limited	10.9B	13.09	0.19	16.61%	17.13%	16.19%	100%	0.14
CPHIChina Pharma Holdings, Inc.	6.38M	1.27	-4.70	-35.41%	-86.15%	-76699.41%		0.46
TEVATeva Pharmaceutical Industries Limited	37.11B	32.35	-22.31	4.41%	4.24%	9.82%	5.52%	3.16
VTRSViatris Inc.	14.79B	12.84	-24.23	-4.46%	-26.13%	-24.26%	13.37%	0.77

Profit & Loss

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	154.71B	140.81B	142.03B	153.85B	174.6B	2.56B	214.39B	245.88B	279.16B	325.54B
Revenue Growth %	0.04%	-0.09%	0.01%	0.08%	0.13%	-0.99%	82.89%	0.15%	0.14%	0.17%
Cost of Goods Sold+	62.43B	62.45B	65.72B	70.42B	80.59B	1.26B	100.55B	106.54B	115.56B	135.11B
COGS % of Revenue	0.4%	0.44%	0.46%	0.46%	0.46%	0.49%	0.47%	0.43%	0.41%	0.42%
Gross Profit+	92.28B	78.36B	76.3B	83.43B	94.01B	1.3B	113.84B	139.34B	163.61B	190.43B
Gross Margin %	0.6%	0.56%	0.54%	0.54%	0.54%	0.51%	0.53%	0.57%	0.59%	0.58%
Gross Profit Growth %	0.08%	-0.15%	-0.03%	0.09%	0.13%	-0.99%	86.72%	0.22%	0.17%	0.16%
Operating Expenses+	62.66B	64.86B	64.39B	62.54B	78.02B	866.36M	84.36B	82.2B	95.88B	118.58B
OpEx % of Revenue	0.41%	0.46%	0.45%	0.41%	0.45%	0.34%	0.39%	0.33%	0.34%	0.36%
Selling, General & Admin	45.7B	46.37B	46.91B	48.89B	0	659.9M	62.08B	68.03B	77.2B	93.87B
SG&A % of Revenue	0.3%	0.33%	0.33%	0.32%	-	0.26%	0.29%	0.28%	0.28%	0.29%
Research & Development	17.83B	19.55B	18.27B	15.61B	15.41B	208.37M	17.48B	19.38B	22.87B	27.38B
R&D % of Revenue	0.12%	0.14%	0.13%	0.1%	0.09%	0.08%	0.08%	0.08%	0.08%	0.08%
Other Operating Expenses	-986M	-1.15B	-843M	-691M	62.61B	1.91M	4.8B	-5.21B	-4.2B	-2.67B
Operating Income+	29.62B	13.5B	11.92B	20.89B	15.99B	431.44M	29.48B	57.14B	67.73B	71.84B
Operating Margin %	0.19%	0.1%	0.08%	0.14%	0.09%	0.17%	0.14%	0.23%	0.24%	0.22%
Operating Income Growth %	0.13%	-0.54%	-0.12%	0.75%	-0.23%	-0.97%	67.32%	0.94%	0.19%	0.06%
EBITDA+	39.87B	24.77B	23.63B	33.08B	28.46B	603.81M	41.3B	69.78B	82.57B	88.9B
EBITDA Margin %	0.26%	0.18%	0.17%	0.21%	0.16%	0.24%	0.19%	0.28%	0.3%	0.27%
EBITDA Growth %	0.16%	-0.38%	-0.05%	0.4%	-0.14%	-0.98%	67.4%	0.69%	0.18%	0.08%
D&A (Non-Cash Add-back)	10.25B	11.28B	11.71B	12.19B	12.47B	172.37M	11.82B	12.64B	14.84B	17.06B
EBIT	27.97B	15.29B	15.13B	23.33B	29.31B	362.4M	33.26B	61.8B	73.58B	79.61B
Net Interest Income+	573M	-76M	-248M	-119M	-90M	-144M	7M	-248M	567M	-152M
Interest Income	1.4B	558M	540M	770M	888M	826M	965M	1.18B	2.28B	2.68B
Interest Expense	826M	634M	788M	889M	983M	970M	958M	1.43B	1.71B	2.83B
Other Income/Expense	-2.48B	1.16B	2.42B	1.55B	2.04B	-75.64M	2.82B	3.22B	4.14B	4.94B
Pretax Income+	27.14B	14.65B	14.34B	22.44B	18.03B	355.8M	32.3B	60.37B	71.87B	76.78B
Pretax Margin %	0.18%	0.1%	0.1%	0.15%	0.1%	0.14%	0.15%	0.25%	0.26%	0.24%
Income Tax+	7.13B	2.61B	4.54B	3.65B	-1.47B	123.59M	8.73B	15.3B	16.19B	19.54B
Effective Tax Rate %	0.74%	0.82%	0.68%	0.84%	1.08%	0.65%	0.73%	0.75%	0.77%	0.74%
Net Income+	20.01B	12.04B	9.81B	18.8B	19.5B	232.21M	23.57B	45.07B	55.68B	56.54B
Net Margin %	0.13%	0.09%	0.07%	0.12%	0.11%	0.09%	0.11%	0.18%	0.2%	0.17%
Net Income Growth %	-0.1%	-0.4%	-0.19%	0.92%	0.04%	-0.99%	100.5%	0.91%	0.24%	0.02%
Net Income (Continuing)	20.01B	12.04B	9.81B	18.8B	19.5B	232.21M	23.57B	45.07B	55.68B	57.24B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	3.78B
EPS (Diluted)+	116.98	72.09	59.01	113.09	117.40	20.73	28.34	54.17	66.80	67.77
EPS Growth %	-0.1%	-0.38%	-0.18%	0.92%	0.04%	-0.82%	0.37%	0.91%	0.23%	0.01%
EPS (Basic)	117.34	72.24	59.13	113.28	117.63	20.79	28.42	54.29	66.80	67.85
Diluted Shares Outstanding	855.36M	834.99M	830.93M	830.98M	830.41M	831.58M	831.69M	831.91M	833.54M	834.3M
Basic Shares Outstanding	852.74M	833.24M	829.19M	829.58M	828.79M	829.22M	829.41M	830.17M	833.54M	833.31M
Dividend Payout Ratio	0.21%	0.28%	0.41%	0.21%	0.2%	17.86%	0.18%	0.11%	0.12%	0.12%

Balance Sheet

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	119.69B	100.38B	109.64B	114.5B	1.72B	2.03B	181.86B	204.25B	248.05B	250.11B
Cash & Short-Term Investments	39.95B	18.14B	20.97B	24.76B	340.25M	472.87M	44.37B	61.8B	81.47B	57.91B
Cash Only	39.95B	18.14B	2.64B	2.23B	27.14M	202.82M	14.85B	5.78B	7.11B	14.65B
Short-Term Investments	0	0	18.33B	22.53B	313.11M	270.04M	29.51B	56.02B	74.36B	43.25B
Accounts Receivable	48.6B	45.74B	50.2B	46.63B	816.3M	843.66M	80.27B	83.2B	95.34B	109.79B
Days Sales Outstanding	114.67	118.56	129.01	110.63	1.71	120.49	136.66	123.51	124.65	123.1
Inventory	25.58B	28.53B	29.09B	33.58B	463.52M	621.11M	50.88B	48.67B	63.55B	71.08B
Days Inventory Outstanding	149.55	166.73	161.55	174.04	2.1	180.23	184.71	166.75	200.74	192.04
Other Current Assets	12.17B	14.93B	18.21B	15.35B	90.68M	74.4M	5.2B	6.41B	2.94B	4.56B
Total Non-Current Assets+	87.96B	119.45B	115.96B	110.93B	1.35B	1.6B	110.97B	117.6B	139.47B	242.88B
Property, Plant & Equipment	53.96B	57.16B	57.87B	54.09B	691.75M	781.13M	62.17B	66.46B	76.89B	97.76B
Fixed Asset Turnover	2.87x	2.46x	2.45x	2.84x	252.40x	3.27x	3.45x	3.70x	3.63x	3.33x
Goodwill	3.85B	3.75B	3.94B	3.9B	52.79M	62.48M	4.42B	4.25B	4.25B	11.81B
Intangible Assets	20.8B	44.92B	44.66B	44.37B	365.61M	487.57M	27.25B	30.85B	36.95B	96.8B
Long-Term Investments	3.3B	6.84B	4.65B	3.34B	63.82M	115.59M	7.99B	5.36B	5.25B	15.2B
Other Non-Current Assets	1.06B	1.19B	1.2B	1.06B	11.16M	11.41M	948M	3.49B	5.35B	2.79B
Total Assets+	207.65B	219.82B	225.6B	225.43B	3.07B	3.63B	292.83B	321.85B	387.52B	492.99B
Asset Turnover	0.75x	0.64x	0.63x	0.68x	56.88x	0.70x	0.73x	0.76x	0.72x	0.66x
Asset Growth %	0.07%	0.06%	0.03%	-0%	-0.99%	0.18%	79.64%	0.1%	0.2%	0.27%
Total Current Liabilities+	64.65B	85B	69.69B	59.7B	962.5M	1.14B	94.02B	85.84B	96.04B	130.39B
Accounts Payable	0	0	9.21B	10.3B	142.03M	173.65M	15.97B	17.86B	21.55B	20.05B
Days Payables Outstanding	-	-	51.14	53.37	0.64	50.39	57.97	61.18	68.06	54.17
Short-Term Debt	22.72B	43.74B	25.56B	16.32B	274.92M	328.38M	27.08B	11.19B	12.72B	38.05B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	10.91B	8.91B	11.04B	9.21B	447.37M	515.05M	6.76B	9.19B	11.42B	13.52B
Current Ratio	1.85x	1.18x	1.57x	1.92x	1.79x	1.78x	1.93x	2.38x	2.58x	1.92x
Quick Ratio	1.46x	0.85x	1.16x	1.36x	1.31x	1.23x	1.39x	1.81x	1.92x	1.37x
Cash Conversion Cycle	-	-	239.42	231.3	3.16	250.33	263.39	229.08	257.33	260.97
Total Non-Current Liabilities+	14.67B	10.78B	29.45B	25.53B	58.68M	123.62M	8.29B	5.02B	10.93B	25.43B
Long-Term Debt	9.94B	4.85B	24.46B	21.45B	0	51.97M	3.8B	0	3.8B	3.8B
Capital Lease Obligations	747M	597M	630M	552M	17.24M	34.18M	1.95B	1.28B	2.19B	4.06B
Deferred Tax Liabilities	767M	1.2B	730M	610M	3.64M	4.62M	60M	833M	909M	14.11B
Other Non-Current Liabilities	3.98B	5.33B	4.36B	3.53B	11.95M	11.9M	882M	1.35B	2.84B	2.3B
Total Liabilities	79.31B	95.78B	99.14B	85.23B	1.02B	1.26B	102.3B	90.86B	106.97B	155.82B
Total Debt+	33.51B	49.19B	50.71B	38.38B	292.16M	414.53M	33.84B	13.47B	20.02B	46.77B
Net Debt	-6.44B	31.05B	48.08B	36.15B	265.02M	211.71M	18.99B	7.69B	12.91B	32.11B
Debt / Equity	0.26x	0.40x	0.40x	0.27x	0.14x	0.18x	0.18x	0.06x	0.07x	0.14x
Debt / EBITDA	0.84x	1.99x	2.15x	1.16x	0.01x	0.69x	0.82x	0.19x	0.24x	0.53x
Net Debt / EBITDA	-0.16x	1.25x	2.03x	1.09x	0.01x	0.35x	0.46x	0.11x	0.16x	0.36x
Interest Coverage	35.86x	21.29x	15.12x	23.50x	16.27x	0.44x	30.77x	40.02x	39.58x	25.40x
Total Equity+	128.34B	124.04B	126.46B	140.2B	2.05B	2.37B	190.53B	230.99B	280.55B	337.17B
Equity Growth %	0.15%	-0.03%	0.02%	0.11%	-0.99%	0.16%	79.49%	0.21%	0.21%	0.2%
Book Value per Share	150.04	148.56	152.19	168.71	2.47	2.85	229.08	277.66	336.58	404.13
Total Shareholders' Equity	128.34B	124.04B	126.46B	140.2B	2.05B	2.37B	190.53B	230.99B	280.55B	333.39B
Common Stock	853M	829M	830M	830M	10.98M	11.38M	832M	833M	834M	834M
Retained Earnings	99.55B	108.22B	113.86B	128.65B	1.91B	2.13B	175.71B	215.59B	265.26B	315.79B
Treasury Stock	0	0	0	-535M	-13.3M	-26.9M	-1.6B	-1.27B	-991M	-2.26B
Accumulated OCI	5.33B	7.8B	3.98B	3.04B	32M	127.02M	755M	886M	653M	3.98B
Minority Interest	0	0	0	0	0	0	0	0	0	3.78B

Cash Flow

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	41.25B	21.51B	18.03B	28.7B	29.84B	35.7B	28.11B	58.88B	45.43B	46.43B
Operating CF Margin %	0.27%	0.15%	0.13%	0.19%	0.17%	13.97%	0.13%	0.24%	0.16%	0.14%
Operating CF Growth %	0.65%	-0.48%	-0.16%	0.59%	0.04%	0.2%	-0.21%	1.09%	-0.23%	0.02%
Net Income	20.01B	12.04B	9.81B	18.8B	19.5B	17.24B	23.57B	45.07B	55.68B	57.24B
Depreciation & Amortization	10.25B	11.28B	11.71B	12.19B	12.47B	12.8B	11.82B	12.64B	14.84B	17.06B
Stock-Based Compensation	471M	398M	454M	389M	521M	584M	592M	397M	407M	424M
Deferred Taxes	7.13B	2.61B	4.54B	3.65B	-1.47B	9.18B	8.73B	15.3B	16.19B	19.54B
Other Non-Cash Items	3.57B	535M	488M	-547M	6.35B	6.63B	-2.69B	-6.67B	-21.5B	-17.85B
Working Capital Changes	-188M	-5.35B	-8.96B	-5.77B	-7.54B	-10.72B	-13.91B	-7.86B	-20.18B	-29.99B
Change in Receivables	833M	3.04B	-2.1B	1.8B	-12.45B	2.08B	-17.01B	-5.75B	-8.05B	-10.28B
Change in Inventory	-2.52B	-6.33B	-3.23B	-8.5B	-1.49B	-12.4B	-5.33B	-2.65B	-18.45B	-12.75B
Change in Payables	0	0	0	-1.8B	0	0	17.01B	0	0	0
Cash from Investing+	-20.42B	-18.47B	-14.88B	-7.73B	-4.92B	-22.66B	-26.39B	-41.37B	-40.28B	-58.08B
Capital Expenditures	-14.88B	-40.98B	-11.04B	-7.49B	-4.85B	-9.74B	-19.05B	-11.32B	-16.4B	-27.5B
CapEx % of Revenue	0.1%	0.29%	0.08%	0.05%	0.03%	3.81%	0.09%	0.05%	0.06%	0.08%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.37B	672M	-1.2B	1.51B	137M	-1.51B	4.19B	-6.68B	-8.16B	-2.28B
Cash from Financing+	-17B	-3.69B	-4.44B	-21.33B	-25.16B	-298M	-2.42B	-26.86B	-3.76B	18.91B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-4.11B	-3.39B	-3.99B	-4B	-3.92B	-4.15B	-4.15B	-4.98B	-6.65B	-6.66B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.61B	20.61B	-1.33B	-1.61B	-1.61B	-1.32B	-1.34B	-1.85B	-2.27B	3.57B
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	26.37B	-19.47B	6.99B	21.21B	23.73B	23.14B	9.06B	40.01B	18B	12.03B
FCF Margin %	0.17%	-0.14%	0.05%	0.14%	0.14%	9.06%	0.04%	0.16%	0.06%	0.04%
FCF Growth %	1.72%	-1.74%	1.36%	2.04%	0.12%	-0.02%	-0.61%	3.42%	-0.55%	-0.33%
FCF per Share	30.83	-23.32	8.41	25.53	28.57	27.83	10.89	48.09	21.59	14.42
FCF Conversion (FCF/Net Income)	2.06x	1.79x	1.84x	1.53x	1.53x	153.75x	1.19x	1.31x	0.82x	0.82x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	16.7%	9.54%	7.83%	14.1%	27.41%	10.52%	24.44%	21.38%	21.77%	18.31%
Return on Invested Capital (ROIC)	18.77%	7.31%	5.42%	8.93%	13.43%	13.23%	20.85%	19.12%	19.09%	16.26%
Gross Margin	59.65%	55.65%	53.72%	54.23%	53.84%	50.78%	53.1%	56.67%	58.61%	58.5%
Net Margin	12.94%	8.55%	6.9%	12.22%	11.17%	9.09%	10.99%	18.33%	19.95%	17.37%
Debt / Equity	0.26x	0.40x	0.40x	0.27x	0.14x	0.18x	0.18x	0.06x	0.07x	0.14x
Interest Coverage	35.86x	21.29x	15.12x	23.50x	16.27x	0.44x	30.77x	40.02x	39.58x	25.40x
FCF Conversion	2.06x	1.79x	1.84x	1.53x	1.53x	153.75x	1.19x	1.31x	0.82x	0.82x
Revenue Growth	4.4%	-8.98%	0.87%	8.32%	13.49%	-98.54%	8288.76%	14.69%	13.54%	16.61%

Revenue by Geography

	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	-	-	-	-	-	135.56B	149.35B
UNITED STATES Growth	-	-	-	-	-	-	10.17%
Others Countries Country	40.45B	49.58B	60.95B	68.96B	67.47B	72.83B	94.4B
Others Countries Country Growth	-	22.58%	22.93%	13.14%	-2.16%	7.94%	29.62%
India Country	28.8B	32.09B	36.25B	43.99B	50.5B	48.47B	55.83B
India Country Growth	-	11.40%	12.97%	21.33%	14.81%	-4.01%	15.18%
Russia Country	15.3B	16.9B	15.82B	20.88B	21.23B	22.3B	25.96B
Russia Country Growth	-	10.46%	-6.41%	32.01%	1.67%	5.05%	16.40%

Frequently Asked Questions

Valuation & Price

Dr. Reddy's Laboratories Limited (RDY) has a price-to-earnings (P/E) ratio of 0.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Dr. Reddy's Laboratories Limited (RDY) reported $342.15B in revenue for fiscal year 2025. This represents a 254% increase from $96.74B in 2012.

Dr. Reddy's Laboratories Limited (RDY) grew revenue by 16.6% over the past year. This is strong growth.

Yes, Dr. Reddy's Laboratories Limited (RDY) is profitable, generating $58.62B in net income for fiscal year 2025 (17.4% net margin).

Dividend & Returns

Yes, Dr. Reddy's Laboratories Limited (RDY) pays a dividend with a yield of 61.00%. This makes it attractive for income-focused investors.

Dr. Reddy's Laboratories Limited (RDY) has a return on equity (ROE) of 18.3%. This is reasonable for most industries.

Dr. Reddy's Laboratories Limited (RDY) generated $18.47B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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