Dr. Reddy's Laboratories Limited (RDY) Financials

RDY

FY2026 annual

Revenue $3.6B -6.1% YoY

Net Income $452.0M -32.6% YoY

Free Cash Flow $358.0M +60.5% YoY

Operating Cash Flow $607.0M +11.4% YoY

Market Cap $10.4B as of Oct 10, 2026

Price / Sales 2.9x on $3.6B revenue, FY2026

Price / Earnings 23.0x on $452.0M net income, FY2026

Price / Book 2.6x on $3.9B equity, Q4 FY2025

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period FY2026, ended May 29, 2026 Reported May 29, 2026 Currency USD FYE May

Newest figures come from the 20-F for FY2026, filed May 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the RDY SEC filings page.

Dr. Reddy's Laboratories Limited (RDY) reported $3.6B in revenue for fiscal year 2026, down 6.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI RDY FY2026 2026-10-04

The business still turns earnings into cash, but lower margins and heavier reinvestment are reducing what reaches free cash flow.

In FY2026, operating cash flow of $607M exceeded net income of $452M, so reported earnings were not the constraint on cash generation. Free cash flow was $358M, showing that capital spending absorbed a substantial portion of internally generated cash.

Revenue reached $3.81B in FY2025 before falling to $3.58B in FY2026, indicating the latest weakness was not merely slower growth. Net profit margin compressed from 17.6% to 12.6%, so lower revenue arrived with a disproportionate reduction in profitability.

The balance sheet is larger but less liquid relative to short-term obligations: the current ratio declined from 2.6x in FY2024 to 1.8x in FY2026. Meanwhile, debt-to-equity rose from 0.4x to 0.5x, suggesting expansion has been accompanied by somewhat greater reliance on liabilities rather than equity alone.

Financial Health Signals

Financial Health Score 36/100

Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Dr. Reddy's Laboratories Limited's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Not available for Dr. Reddy's Laboratories Limited, and counted as zero in the overall score.

Growth

Dr. Reddy's Laboratories Limited's revenue declined 6.1% year-over-year, from $3.8B to $3.6B. This contraction results in a growth score of 42/100.

Leverage

Dr. Reddy's Laboratories Limited has a moderate D/E ratio of 0.52. This balance of debt and equity financing earns a leverage score of 60/100.

Liquidity

Dr. Reddy's Laboratories Limited's current ratio of 1.80 indicates adequate short-term liquidity, earning a score of 53/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Dr. Reddy's Laboratories Limited has a free cash flow margin of 10.0%, earning a moderate score of 62/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Not available for Dr. Reddy's Laboratories Limited, and counted as zero in the overall score.

Piotroski F-Score Partial

3/7

Dr. Reddy's Laboratories Limited passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.34x

For every $1 of reported earnings, Dr. Reddy's Laboratories Limited generates $1.34 in operating cash flow ($607.0M OCF vs $452.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

Export CSV

Earnings & Revenue

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt

$172.0M

YoY+102.4%

QoQ+102.4%

Dr. Reddy's Laboratories Limited held $172.0M in cash as of Q4 2025; long-term debt is not reported for that period.

Shares Outstanding

834M

Dr. Reddy's Laboratories Limited had 834M shares outstanding in Q4 2025.

Free Cash Flow

Not reported for Q4 2025.

Dividends Per Share

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

None of these metrics is reported for Q4 2025.

RDY Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

RDY quarterly income statement

Metric	FY2620-F	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K
Revenue	$3.6B-6.1%	$3.8B+13.8%	$3.4B+12.0%	$3.0B+5.9%	$2.8B+8.9%	$2.6B+12.0%	$2.3B+4.1%	$2.2B+2.0%	$2.2B
Interest Expense	$44.0M+33.3%	$33.0M+57.1%	$21.0M+23.5%	$17.0M+30.8%	$13.0M0.0%	$13.0M0.0%	$13.0M-23.5%	$17.0M+30.8%	$13.0M
Income Tax	$132.0M-42.4%	$229.0M+18.0%	$194.0M+4.3%	$186.0M+61.7%	$115.0M-8.0%	$125.0M+757.9%	-$19.0M-135.8%	$53.0M-24.3%	$70.0M
Net Income	$452.0M-32.6%	$671.0M+0.4%	$668.0M+21.9%	$548.0M+76.2%	$311.0M+31.8%	$236.0M-8.9%	$259.0M-4.8%	$272.0M+80.1%	$151.0M
Diluted Shares (Avg)	833M-0.1%	834M	834M+0.2%	832M+400.1%	166M0.0%	166M+0.1%	166M-0.1%	166M0.0%	166M

Metric	Q4'2510-K	Q4'2410-K	Q4'2310-K	Q4'2210-K	Q4'2110-K	Q4'2010-K	Q4'1910-K	Q4'1810-K

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

RDY Balance Sheet

RDY quarterly balance sheet

Metric	FY2620-F	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K
Total Assets	$6.2B+7.0%	$5.8B+24.1%	$4.7B+18.7%	$3.9B+1.5%	$3.9B+6.3%	$3.6B+17.8%	$3.1B-5.5%	$3.3B-5.9%	$3.5B
Current Assets	$3.2B+9.9%	$2.9B-1.6%	$3.0B+18.2%	$2.5B+5.0%	$2.4B+18.3%	$2.0B+17.2%	$1.7B+4.4%	$1.7B-1.7%	$1.7B
Cash & Equivalents	$164.0M-4.7%	$172.0M+102.4%	$85.0M+21.4%	$70.0M-64.3%	$196.0M-3.4%	$203.0M+651.9%	$27.0M-15.6%	$32.0M-22.0%	$41.0M
Inventory	$816.0M-1.9%	$832.0M+9.0%	$763.0M+28.9%	$592.0M-11.8%	$671.0M+8.1%	$621.0M+33.5%	$465.0M-4.3%	$486.0M+8.7%	$447.0M
Accounts Receivable	$1.1B+2.0%	$1.1B+9.9%	$963.0M+9.2%	$882.0M+0.2%	$880.0M+29.6%	$679.0M+1.8%	$667.0M+15.8%	$576.0M-7.7%	$624.0M
Goodwill	$137.0M-0.7%	$138.0M+170.6%	$51.0M-1.9%	$52.0M-10.3%	$58.0M-6.5%	$62.0M+17.0%	$53.0M-5.4%	$56.0M-8.2%	$61.0M
Total Liabilities	$2.1B+16.2%	$1.8B+42.1%	$1.3B+16.1%	$1.1B-18.0%	$1.3B+6.6%	$1.3B+23.3%	$1.0B-16.8%	$1.2B-19.1%	$1.5B
Current Liabilities	$1.8B+17.0%	$1.5B+32.6%	$1.2B+10.3%	$1.0B-15.7%	$1.2B+8.7%	$1.1B+18.0%	$966.0M+11.9%	$863.0M-19.3%	$1.1B
Non-Current Liabilities	$334.0M+12.1%	$298.0M+125.8%	$132.0M+116.4%	$61.0M-44.0%	$109.0M-12.1%	$124.0M+110.2%	$59.0M-84.0%	$369.0M-18.4%	$452.0M
Total Equity	$4.1B+2.7%	$3.9B+17.3%	$3.4B+19.8%	$2.8B+11.9%	$2.5B+6.1%	$2.4B+15.1%	$2.1B+1.4%	$2.0B+4.4%	$1.9B
Retained Earnings	$3.8B+1.5%	$3.7B+16.1%	$3.2B+21.3%	$2.6B+13.3%	$2.3B+8.6%	$2.1B+11.5%	$1.9B+2.8%	$1.9B+6.3%	$1.7B

Metric	Q4'2510-K	Q4'2410-K	Q4'2310-K	Q4'2210-K	Q4'2110-K	Q4'2010-K	Q4'1910-K	Q4'1810-K
Total Assets	$5.8B+24.1%	$4.7B+18.7%	$3.9B+1.5%	$3.9B+6.3%	$3.6B+17.8%	$3.1B-5.5%	$3.3B-5.9%	$3.5B
Current Assets	$2.9B-1.6%	$3.0B+18.2%	$2.5B+5.0%	$2.4B+18.3%	$2.0B+17.2%	$1.7B+4.4%	$1.7B-1.7%	$1.7B
Cash & Equivalents	$172.0M+102.4%	$85.0M+21.4%	$70.0M-64.3%	$196.0M-3.4%	$203.0M+651.9%	$27.0M-15.6%	$32.0M-22.0%	$41.0M
Inventory	$832.0M+9.0%	$763.0M+28.9%	$592.0M-11.8%	$671.0M+8.1%	$621.0M+33.5%	$465.0M-4.3%	$486.0M+8.7%	$447.0M
Accounts Receivable	$1.1B+9.9%	$963.0M+9.2%	$882.0M+0.2%	$880.0M+29.6%	$679.0M+1.8%	$667.0M+15.8%	$576.0M-7.7%	$624.0M
Goodwill	$138.0M+170.6%	$51.0M-1.9%	$52.0M-10.3%	$58.0M-6.5%	$62.0M+17.0%	$53.0M-5.4%	$56.0M-8.2%	$61.0M
Total Liabilities	$1.8B+42.1%	$1.3B+16.1%	$1.1B-18.0%	$1.3B+6.6%	$1.3B+23.3%	$1.0B-16.8%	$1.2B-19.1%	$1.5B
Current Liabilities	$1.5B+32.6%	$1.2B+10.3%	$1.0B-15.7%	$1.2B+8.7%	$1.1B+18.0%	$966.0M+11.9%	$863.0M-19.3%	$1.1B
Non-Current Liabilities	$298.0M+125.8%	$132.0M+116.4%	$61.0M-44.0%	$109.0M-12.1%	$124.0M+110.2%	$59.0M-84.0%	$369.0M-18.4%	$452.0M
Total Equity	$3.9B+17.3%	$3.4B+19.8%	$2.8B+11.9%	$2.5B+6.1%	$2.4B+15.1%	$2.1B+1.4%	$2.0B+4.4%	$1.9B
Retained Earnings	$3.7B+16.1%	$3.2B+21.3%	$2.6B+13.3%	$2.3B+8.6%	$2.1B+11.5%	$1.9B+2.8%	$1.9B+6.3%	$1.7B

Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments, Long-Term Debt.

RDY Cash Flow Statement

RDY quarterly cash flow statement

Metric	FY2620-F	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K
Operating Cash Flow	$607.0M+11.4%	$545.0M0.0%	$545.0M-23.9%	$716.0M+93.5%	$370.0M-24.2%	$488.0M+23.2%	$396.0M-4.6%	$415.0M+49.8%	$277.0M
Depreciation & Amortization	$220.0M+10.0%	$200.0M+12.4%	$178.0M+15.6%	$154.0M-1.3%	$156.0M-10.9%	$175.0M+6.1%	$165.0M-6.3%	$176.0M-2.2%	$180.0M
Capital Expenditures	$249.0M-22.7%	$322.0M+63.5%	$197.0M+42.8%	$138.0M-28.5%	$193.0M+45.1%	$133.0M+107.8%	$64.0M-36.6%	$101.0M-29.4%	$143.0M
Free Cash Flow	$358.0M+60.5%	$223.0M-35.9%	$348.0M-39.8%	$578.0M+226.6%	$177.0M-50.1%	$355.0M+6.9%	$332.0M+5.7%	$314.0M+134.3%	$134.0M
Investing Cash Flow	-$700.0M-2.6%	-$682.0M-41.2%	-$483.0M+4.0%	-$503.0M-44.5%	-$348.0M-12.3%	-$310.0M-376.9%	-$65.0M+42.0%	-$112.0M+51.1%	-$229.0M
Financing Cash Flow	$88.0M-60.4%	$222.0M+593.3%	-$45.0M+86.2%	-$327.0M-921.9%	-$32.0M-700.0%	-$4.0M+98.8%	-$334.0M-8.4%	-$308.0M-352.9%	-$68.0M
Dividends Paid	$71.0M-9.0%	$78.0M-2.5%	$80.0M+31.1%	$61.0M+10.9%	$55.0M-3.5%	$57.0M+9.6%	$52.0M-10.3%	$58.0M-4.9%	$61.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$8.0M	N/A

Metric	Q4'2510-K	Q4'2410-K	Q4'2310-K	Q4'2210-K	Q4'2110-K	Q4'2010-K	Q4'1910-K	Q4'1810-K

Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.

RDY Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

RDY quarterly financial ratios

Metric	FY2620-F	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K
Net Margin	12.6%-5.0pp	17.6%-2.3pp	19.9%+1.6pp	18.3%+7.3pp	11.0%+1.9pp	9.1%-2.1pp	11.2%-1.0pp	12.2%+5.3pp	6.9%
Return on Equity	11.2%-5.9pp	17.0%-2.8pp	19.9%+0.4pp	19.5%+7.1pp	12.4%+2.4pp	10.0%-2.6pp	12.6%-0.8pp	13.4%+5.6pp	7.8%
Return on Assets	7.3%-4.3pp	11.6%-2.7pp	14.4%+0.4pp	14.0%+5.9pp	8.1%+1.6pp	6.5%-1.9pp	8.4%+0.1pp	8.3%+4.0pp	4.4%
Current Ratio	1.80-0.1x	1.92-0.7x	2.58+0.2x	2.41+0.5x	1.93+0.2x	1.780.0x	1.79-0.1x	1.92+0.3x	1.57
Debt-to-Equity	0.52+0.1x	0.46+0.1x	0.380.0x	0.39-0.1x	0.540.0x	0.530.0x	0.50-0.1x	0.61-0.2x	0.78
Asset Turnover	0.58-0.1x	0.66-0.1x	0.720.0x	0.760.0x	0.730.0x	0.710.0x	0.75+0.1x	0.68+0.1x	0.63
FCF Margin	10.0%+4.2pp	5.9%-4.5pp	10.4%-8.9pp	19.3%+13.1pp	6.3%-7.4pp	13.7%-0.7pp	14.3%+0.2pp	14.1%+8.0pp	6.1%

Metric	Q4'2510-K	Q4'2410-K	Q4'2310-K	Q4'2210-K	Q4'2110-K	Q4'2010-K	Q4'1910-K	Q4'1810-K
Current Ratio	1.92-0.7x	2.58+0.2x	2.41+0.5x	1.93+0.2x	1.780.0x	1.79-0.1x	1.92+0.3x	1.57
Debt-to-Equity	0.46+0.1x	0.380.0x	0.39-0.1x	0.540.0x	0.530.0x	0.50-0.1x	0.61-0.2x	0.78

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Dr. Reddy's Laboratories Limited RDY	FY2026	$3.6B	$452.0M	12.6%	$10.4B	36/100
Viatris Inc. VTRS	FY2025	$14.3B	-$3.5B	-24.6%	$20.3B	28/100
Neurocrine Biosciences Inc NBIX	FY2025	$2.9B	$478.6M	16.7%	$14.5B	80/100
Teva Pharmaceutical Industries Limited TEVA	FY2025	$17.3B	$1.4B	8.2%	$47.9B	34/100
United Therapeutics Corp UTHR	FY2025	$3.2B	$1.3B	41.9%	$23.6B	88/100

Where Dr. Reddy's Laboratories Limited Ranks

Frequently Asked Questions

What is Dr. Reddy's Laboratories Limited's annual revenue?

Dr. Reddy's Laboratories Limited (RDY) reported $3.6B in total revenue for fiscal year 2026. This represents a -6.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Dr. Reddy's Laboratories Limited's revenue growing?

Dr. Reddy's Laboratories Limited (RDY) revenue declined by 6.1% year-over-year, from $3.8B to $3.6B in fiscal year 2026.

Is Dr. Reddy's Laboratories Limited profitable?

Yes, Dr. Reddy's Laboratories Limited (RDY) reported a net income of $452.0M in fiscal year 2026, with a net profit margin of 12.6%.

What is Dr. Reddy's Laboratories Limited's net profit margin?

Dr. Reddy's Laboratories Limited (RDY) had a net profit margin of 12.6% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

What is Dr. Reddy's Laboratories Limited's return on equity (ROE)?

Dr. Reddy's Laboratories Limited (RDY) has a return on equity of 11.2% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

What is Dr. Reddy's Laboratories Limited's free cash flow?

Dr. Reddy's Laboratories Limited (RDY) generated $358.0M in free cash flow during fiscal year 2026. This represents a 60.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Dr. Reddy's Laboratories Limited's operating cash flow?

Dr. Reddy's Laboratories Limited (RDY) generated $607.0M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are Dr. Reddy's Laboratories Limited's total assets?

Dr. Reddy's Laboratories Limited (RDY) had $6.2B in total assets as of fiscal year 2026, including both current and long-term assets.

What are Dr. Reddy's Laboratories Limited's capital expenditures?

Dr. Reddy's Laboratories Limited (RDY) invested $249.0M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

How many shares does Dr. Reddy's Laboratories Limited have outstanding?

Dr. Reddy's Laboratories Limited (RDY) had 835M shares outstanding as of fiscal year 2026.

What is Dr. Reddy's Laboratories Limited's current ratio?

Dr. Reddy's Laboratories Limited (RDY) had a current ratio of 1.80 as of fiscal year 2026, which is generally considered healthy.

What is Dr. Reddy's Laboratories Limited's debt-to-equity ratio?

Dr. Reddy's Laboratories Limited (RDY) had a debt-to-equity ratio of 0.52 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Dr. Reddy's Laboratories Limited's return on assets (ROA)?

Dr. Reddy's Laboratories Limited (RDY) had a return on assets of 7.3% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

What is Dr. Reddy's Laboratories Limited's P/E ratio?

Dr. Reddy's Laboratories Limited (RDY) trades at 23.0x earnings, its market capitalization divided by net income of $452.0M net income, FY2026. The market capitalization is $10.4B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Dr. Reddy's Laboratories Limited's price-to-sales ratio?

Dr. Reddy's Laboratories Limited (RDY) trades at 2.9x sales, its market capitalization divided by revenue of $3.6B revenue, FY2026. The market capitalization is $10.4B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Dr. Reddy's Laboratories Limited's Piotroski F-Score?

Dr. Reddy's Laboratories Limited (RDY) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Dr. Reddy's Laboratories Limited's earnings high quality?

Dr. Reddy's Laboratories Limited (RDY) has an earnings quality ratio of 1.34x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Dr. Reddy's Laboratories Limited?

Dr. Reddy's Laboratories Limited (RDY) scores 36 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.