AI-generated · cited to primary sources · not investment advice
Dr Reddy's Labs (500124) Jan 2026 Filing Analysis
How durable is the business?
India continued to expand. Revenue was Rs. 1,603 Cr in Q3 FY26, up 19% year over year, with more than 17% organic growth excluding the Stugeron acquisition. By Q1 FY27, India contributed 21% of company revenue and grew 17% year over year. Growth moderated slightly from 19% to 17%, but remained strong and above the domestic market, so the latest state is still expansion. (1 expanding)
“Our India business reported revenues of ₹1,603 crores in Q3FY26, delivering... year-on-year growth of 19%... The innovative portfolio would be somewhere between 10 to 15% of sales.”
PSAI revenue was US$92 million in Q3 FY26 and declined 5% year over year and 15% sequentially. By Q1 FY27 it was US$91 million, or 11% of company revenue, and declined a further 5% year over year and 10% sequentially because of lower customer volumes. This indicates a contracting API business and a slightly smaller absolute revenue base. (1 contracting)
“Our PSAI business reported revenues of US$92 million in Q3FY26, resulting in a decline of 5% year-over-year and 15% sequentially.”
See the full cited Business Model analysis of Dr Reddy's Labs
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