Dr. Reddy’s H1 FY27 profit falls 52% to ₹13.7B

The company said its underlying base business, excluding North American lenalidomide, delivered double-digit growth except in Europe and API.

Rhea-AI Filing Summary

Dr. Reddy’s Laboratories Limited (RDY) reported consolidated revenue of ₹167.4 billion for the six months ended September 30, 2026, down 3.5% year over year, while profit attributable to equity holders fell 52% to ₹13.7 billion. EBITDA was ₹27.9 billion, down 40%, and profit before tax was ₹17.8 billion, down 52%. Net cash generated from operating activities was ₹4.4 billion, compared with ₹30.2 billion in the year-earlier half.

North American revenue fell 29% to ₹46.9 billion, which the company attributed largely to lower lenalidomide sales; India revenue rose 17% to ₹35.7 billion, and Q2 FY27 Emerging Markets revenue increased 24% to ₹20.6 billion. In August 2026, the company initiated a recall in Canada of Semaglutide batches due to elevated levels of an unspecified impurity above the approved specification limit and a packaging and labelling error; it recorded ₹710 million for expected product returns as a revenue reduction. Gross margin for the half was 49.4%, versus 55.8% a year earlier.

2 points · 0 major

NegativeiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 4 points

How the balance works

Positive

• Moderate pointIndia revenue rose 17% to ₹35.7 billion in H1FY27.
• Moderate pointQ2 FY27 Emerging Markets revenue rose 24% to ₹20.6 billion.

Negative

• Moderate pointH1FY27 EBITDA fell 40% to ₹27.9 billion.
• Moderate pointH1FY27 profit attributable to equity holders fell 52% to ₹13.7 billion.
• Moderate pointNet cash generated from operating activities was ₹4.4 billion, versus ₹30.2 billion a year earlier.
• Moderate pointNorth America revenue fell 29% to ₹46.9 billion in H1FY27.

Filing Explained

At September 30, 2026, Dr. Reddy’s reported a ₹25,024 million net cash surplus; Q2 revenue and parent-attributable profit were above Q1 figures.

Under this Form 6-K, Dr. Reddy’s Laboratories furnishes unaudited consolidated and standalone results for the quarter and half-year ended September 30, 2026. As of that date, the company reports a net cash surplus of ₹25,024 million under its disclosed measure, which adjusts cash and investments for borrowings, restricted cash, lease liabilities and equity investments.

In Q2 FY27, consolidated revenue was ₹86,708 million, compared with ₹80,705 million in Q1 FY27; profit attributable to equity holders was ₹9,250 million, compared with ₹4,435 million.

Separately from the Canadian recall, the company says certain semaglutide batches were out of specification due to an API issue and that, in the quarter ended June 30, 2026, it provided ₹2,230 million for inventory and ₹167 million for associated costs.

Key Figures

Consolidated revenue: ₹167.4 billion Profit attributable to equity holders: ₹13.7 billion EBITDA: ₹27.9 billion +5 more

8 metrics

Consolidated revenue ₹167.4 billion Six months ended September 30, 2026; down 3.5% year over year

Profit attributable to equity holders ₹13.7 billion H1FY27; down 52% year over year

EBITDA ₹27.9 billion H1FY27; down 40% year over year

Net cash generated from operating activities ₹4.4 billion H1FY27, compared with ₹30.2 billion in H1FY26

North America revenue ₹46.9 billion H1FY27; down 29% year over year

India revenue ₹35.7 billion H1FY27; up 17% year over year

Emerging Markets revenue ₹20.6 billion Q2 FY27; up 24% year over year

Gross margin 49.4% H1FY27, compared with 55.8% in H1FY26

Key Terms

IFRS, EBITDA, Non-GAAP financial measures, Free Cash Flow, +1 more

5 terms

IFRS financial

"International Financial Reporting Standards (IFRS)"

International Financial Reporting Standards (IFRS) are a set of common accounting rules used by many companies worldwide to prepare financial statements, so numbers like revenue, profit and assets are measured in the same way across borders. For investors, IFRS matters because it makes it easier to compare the financial health and performance of different companies—like using the same ruler to measure different objects—reducing surprises and helping informed investment decisions.

EBITDA financial

"Earnings before Interest, Tax, Depreciation & Amortization (EBITDA)"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

Non-GAAP financial measures financial

"This press release contains non-GAAP financial measures"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

Free Cash Flow financial

"Free Cash Flow before Acquisitions"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

FVTPL financial

"FVTPL (fair value through profit or loss)"

Fair value through profit or loss (FVTPL) is an accounting classification for financial assets or liabilities that are measured at their current market value, with any gains or losses recorded immediately in the company’s income statement. Investors care because this makes a firm’s reported profit more sensitive to market swings—similar to re-pricing items in a garage sale every day and counting the daily differences as your income—so it can increase volatility in reported earnings and affect valuation assessments.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were RDY’s H1 FY27 financial results?

For the six months ended September 30, 2026, consolidated revenue was ₹167.4 billion, down 3.5% year over year; profit attributable to equity holders was ₹13.7 billion, down 52%, and EBITDA was ₹27.9 billion, down 40%.

Why did RDY’s revenue decline in H1 FY27?

Dr. Reddy’s said lower lenalidomide revenue in North America primarily affected consolidated revenue. Excluding North American lenalidomide, the company said its underlying base business delivered double-digit growth across businesses except Europe and API, with additional support from favorable currency movements.

How much did RDY record for Canada Semaglutide product returns?

The company recorded ₹710 million toward expected product returns as a reduction of revenue after initiating a recall in Canada in August 2026 of Semaglutide batches due to elevated levels of an unspecified impurity above the approved specification limit and a packaging and labelling error.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/23/2026 - 02:43 PM EDT Accepted by SEC EDGAR 10/23/2026 - 02:43 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

October 2026

Commission File Number 1-15182

DR. REDDY’S LABORATORIES LIMITED

(Translation of registrant’s name into English)

8-2-337, Road No. 3, Banjara Hills

Hyderabad, Telangana 500 034, India

+91-40-49002900

______________

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐ No ☒

If “Yes” is marked, indicate below the file number assigned to registrant in connection with Rule 12g3-2(b): 82-________.

DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

We hereby furnish the United States Securities and Exchange Commission with copies of the following information about our public disclosures regarding our results of operations and financial condition for the quarter and half year ended September 30, 2026.

On October 23, 2026, we announced our results of operations for the quarter and half year ended September 30, 2026. We issued a press release announcing our results under International Financial Reporting Standards (“IFRS”), IFRS unaudited Consolidated Financial Results, Ind AS unaudited Consolidated Financial Results with audit report and Ind AS unaudited Standalone Financial Results with audit report for the quarter and half year ended September 30, 2026, a copy of which is attached to this Form 6-K as Exhibit 99.2 , 99.3 , 99.4 and 99.5 respectively. 

We have also made available to the public on our web site, www.drreddys.com, the following: IFRS unaudited Consolidated Financial Results, Ind AS unaudited Consolidated Financial Results and Ind AS unaudited Standalone Financial Results for the quarter and half year ended September 30, 2026.

2

Exhibits

Exhibit Number		Description of Exhibits
99.1		Outcome of the Board Meeting held on October 23, 2026
99.2		Press Release, “Dr. Reddy’s Q2 FY 2027 Financial Results”, October 23, 2026.
99.3		IFRS Unaudited Consolidated Financial Results for the quarter and half year ended September 30, 2026.
99.4		Ind AS Unaudited Consolidated Financial Results for the quarter and half year ended September 30, 2026.
99.5		Ind AS Unaudited Standalone Financial Results for the quarter and half year ended September 30, 2026.

3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	DR. REDDY’S LABORATORIES LIMITED (Registrant)
Date: October 23, 2026	By:	/s/ K Randhir Singh
		Name:	K Randhir Singh
		Title:	Company Secretary & Compliance Officer

4

Exhibit 99.1

	Dr. Reddy's Laboratories Ltd. 8-2-337, Road No. 3, Banjara Hills Hyderabad – 500 034, Telangana, India CIN: L85195TG1984PLC004507
	Tel: + 91 40 4900 2900
	Fax: + 91 40 4900 2999
	Email: mail@drreddys.com
	Web: www.drreddys.com

October 23, 2026

National Stock Exchange of India Ltd. (Scrip Code: DRREDDY)

BSE Limited. (Scrip Code: 500124)

New York Stock Exchange Inc. (Stock Code: RDY)

NSE IFSC Ltd. (Stock Code: DRREDDY)

Dear Sir/Madam,

Sub: Unaudited Financial Results for the quarter and half-year ended September 30, 2026

Pursuant to Regulations 30 and 33 and other applicable provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) and in furtherance to our letter dated September 22, 2026, we wish to inform you that the Board of Directors of the Company, at their meeting held today, i.e. October 23, 2026, inter alia considered and approved the following:

a. Unaudited Consolidated Financial Results of the Company for the quarter and half-year ended September 30, 2026, prepared in compliance with International Financial Reporting Standards (IFRS) as issued by International Accounting Standards Board (IASB);

b. Press Release on Unaudited Financial Results of the Company for the quarter and half-year ended September 30, 2026;

c. Unaudited Consolidated Financial Results of the Company for the quarter and half-year ended September 30, 2026, as per Indian Accounting Standards (Ind AS);

d. Unaudited Standalone Financial Results of the Company for the quarter and half-year ended September 30, 2026, as per Indian Accounting Standards (Ind AS); and

e. Limited Review Reports of the Statutory Auditors on the aforesaid Unaudited Standalone and Consolidated Financial Results as mentioned above.

The Board Meeting commenced at 3:00 p.m. IST and concluded at 4:38 p.m. IST.

This is for your information and records.

Thanking you.

Yours faithfully,

For Dr. Reddy’s Laboratories Limited

K Randhir Singh

Company Secretary, Compliance Officer & Head-CSR

Encl: as above

Exhibit 99.2

 

	CONTACT
DR. REDDY’S LABORATORIES LTD. 8-2-337, Road No. 3, Banjara Hills, Hyderabad - 500034. Telangana, India.	Investor relationS	Media relationS
	AISHWARYA SITHARAM	SANTOSH VYAS
	aishwaryasitharam@drreddys.com	santoshvyas@drreddys.com

Dr. Reddy’s Q2 & H1FY27 Financial Results

Hyderabad, India, October 23, 2026: Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY) today announced its consolidated financial results for the quarter and six months ended September 30, 2026. The information mentioned in this release is based on consolidated financial statements under International Financial Reporting Standards (IFRS).

Particulars		Q2FY27		H1FY27
Revenues		₹ 86,708 Mn [Down: 1.5% YoY; Up 7.4% QoQ]		₹ 167,413 Mn [Down: 3.5% YoY]
Gross Margin		52.1% [Q2FY26: 54.7%; Q1FY27: 46.5%]		49.4% [H1FY26: 55.8%]
EBITDA		₹ 17,828 Mn [20.6% of Revenues]		₹ 27,915 Mn [16.7% of Revenues]
Profit before Tax		₹ 12,277 Mn [14.2% of Revenues]		₹ 17,803 Mn [10.6% of Revenues]
Profit after Tax attributable to Equity Holders		₹ 9,250 Mn [10.7% of Revenues]		₹ 13,685 Mn [8.2% of Revenues]

Note: Q1FY27 results were impacted due to a ₹2,397 Mn provision towards inventory and associated costs related to semaglutide’s active pharmaceutical ingredient (‘semaglutide API related impact’).

Commenting on the results, Co-Chairman & MD, G V Prasad said: “We continued to improve the overall health of our business, delivering double-digit base business growth and EBITDA margins of over 20% during the quarter. We remain focused on strengthening our core businesses, enhancing productivity, and investing in strategic growth platforms to deliver consistent performance, while creating long-term value drivers.”

1

All amounts in millions, except EPS All US dollar amounts based on convenience translation rate of 1 USD = ₹95.83

Dr. Reddy’s Laboratories Limited & Subsidiaries

Revenue Mix by Segment for the quarter

Particulars		Q2FY27				Q2FY26				YoY				Q1FY27				QoQ
		(₹)				(₹)				Gr %				(₹)				Gr%
Global Generics			77,927				78,498				(1	)			71,993				8
North America			24,890				32,408				(23	)			22,048				13
Emerging Markets			20,595				16,548				24				18,328				12
India			18,508				15,780				17				17,177				8
Europe			13,935				13,761				1				14,440				(3	)
Pharmaceutical Services and Active Ingredients (PSAI)			8,310				9,450				(12	)			8,519				(2	)
Others			471				103				357				193				145
Total			86,708				88,051				(2	)			80,705				7

Revenue Mix by Segment for the half year

Particulars		H1FY27				H1FY26				YoY
		(₹)				(₹)				Gr%
Global Generics			149,920				154,118				(3	)
North America			46,938				66,531				(29	)
Emerging Markets			38,923				30,590				27
India			35,684				30,491				17
Europe			28,375				26,505				7
PSAI			16,829				17,631				(5	)
Others			664				1,754				(62	)
Total			167,413				173,503				(4	)

 

Branded businesses, namely India, Emerging Markets and the acquired consumer health portfolio in Nicotine Replacement Therapy, account for 53% of Q2FY27 revenues and 52% of H1FY27 revenues.

2

Consolidated Income Statement for the quarter

Particulars		Q2FY27								Q2FY26								YoY				Q1FY27								QoQ
		($)				(₹)				($)				(₹)				Gr %				($)				(₹)				Gr%
Revenues			905				86,708				919				88,051				(2	)			842				80,705				7
Cost of Revenues			433				41,504				416				39,911				4				450				43,165				(4	)
Gross Profit			472				45,204				502				48,140				(6	)			392				37,540				20
% of Revenues							52.1	%							54.7	%											46.5	%
Selling, General & Administrative Expenses			293				28,075				276				26,436				6				301				28,820				(3	)
% of Revenues							32.4	%							30.0	%											35.7	%
Research & Development Expenses			55				5,235				65				6,202				(16	)			60				5,766				(9	)
% of Revenues							6.0	%							7.0	%											7.1	%
Impairment of Non-Current Assets, net			1				123				7				662				(81	)			0				15				720
Other (Income)/Expense, net			(10	)			(912	)			(28	)			(2,673	)			(66	)			(9	)			(845	)			8
Results from Operating Activities			132				12,683				183				17,513				(28	)			39				3,784				235
Finance (Income)/Expense, net			3				329				(8	)			(774	)			(143	)			(18	)			(1,734	)			(119	)
Share of Profit of Equity Investees, net of tax			1				77				(1	)			(63	)			(222	)			(0	)			(8	)			(1,063	)
Profit before Income Tax			128				12,277				191				18,350				(33	)			58				5,526				122
% of Revenues							14.2	%							20.8	%											6.8	%
Income Tax Expense/(Benefit)			33				3,143				43				4,082				(23	)			12				1,178				167
Profit for the Period			95				9,134				149				14,268				(36	)			45				4,348				110
% of Revenues							10.5	%							16.2	%											5.4	%
Attributable to Equity holders of Parent Co.			97				9,250				150				14,372				(36	)			46				4,435				109
% of Revenues							10.7	%							16.3	%											5.5	%
Attributable to Non-controlling interests			(1	)			(116	)			(1	)			(104	)			13				(1	)			(87	)			35
Diluted Earnings per Share (EPS)			0.12				11.10				0.18				17.25				(36	)			0.06				5.32				109

Earnings before Interest, Tax, Depreciation & Amortization (EBITDA) Computation for the quarter

Particulars		Q2FY27								Q2FY26								Q1FY27
		($)				(₹)				($)				(₹)				($)				(₹)
Profit before Income Tax			128				12,277				191				18,350				58				5,526
Interest (Income) / Expense, net*			2				159				(6	)			(552	)			(9	)			(825	)
Depreciation			36				3,489				32				3,091				35				3,380
Amortization			19				1,780				20				1,960				21				1,992
Impairment			1				123				7				662				0.2				15
EBITDA			186				17,828				245				23,511				105				10,088
% of Revenues							20.6	%							26.7	%							12.5	%

*Includes income from Investment

3

Consolidated Income Statement for the half year

Particulars		H1FY27								H1FY26								YoY Gr%
		($)				(₹)				($)				(₹)
Revenues			1,747				167,413				1,811				173,503				(4	)
Cost of Revenues			884				84,669				801				76,736				10
Gross Profit			863				82,744				1,010				96,767				(14	)
% of Revenues							49.4	%							55.8	%
Selling, General & Administrative Expenses			594				56,895				543				52,083				9
% of Revenues							34.0	%							30.0	%
Research & Development Expenses			115				11,001				130				12,446				(12	)
% of Revenues							6.6	%							7.2	%
Impairment of Non-Current Assets, net			1				138				7				662				(79	)
Other (Income)/Expense, net			(18	)			(1,757	)			(36	)			(3,412	)			(49	)
Results from Operating Activities			172				16,467				365				34,988				(53	)
Finance (Income)/Expense, net			(15	)			(1,405	)			(24	)			(2,344	)			(40	)
Share of Profit of Equity Investees, net of tax			1				69				(1	)			(65	)			(206	)
Profit before Income Tax			186				17,803				390				37,397				(52	)
% of Revenues							10.6	%							21.6	%
Income Tax Expense			45				4,321				94				9,033				(52	)
Profit for the Period			141				13,482				296				28,364				(52	)
% of Revenues							8.1	%							16.3	%
Attributable to Equity holders of the Parent Co.			143				13,685				298				28,549				(1	)
% of Revenues							8.2	%							16.5	%
Attributable to Non-controlling interests			(2	)			(203	)			(2	)			(185	)			0
Diluted Earnings per Share (EPS)			0.17				16.42				0.36				34.26				(52	)

EBITDA Computation for the half year

Particulars		H1FY27								H1FY26
		($)				(₹)				($)				(₹)
Profit before Income Tax			186				17,803				390				37,397
Interest (Income) / Expense, net*			(7	)			(667	)			(16	)			(1,580	)
Depreciation			72				6,869				62				5,985
Amortization			39				3,772				40				3,831
Impairment			1				138				7				662
EBITDA			291				27,915				483				46,295
% of Revenues							16.7	%							26.7	%

*Includes income from Investment

Key Balance Sheet Items

Particulars		As on 30th Sep 2026								As on 30th Jun 2026								As on 30th Sep 2025
		($)				(₹)				($)				(₹)				($)				(₹)
Cash & Cash Equivalents and Other Investments			904				86,670				955				91,508				776				74,393
Trade Receivables			1,058				101,399				1,049				100,557				1,020				97,738
Inventories			847				81,182				840				80,473				791				75,821
Property, Plant, and Equipment			1,201				115,097				1,206				115,549				1,169				111,981
Goodwill and Other Intangible Assets			1,222				117,145				1,215				116,463				1,182				113,240
Loans and Borrowings (Current & Non-Current)			754				72,287				751				71,952				611				58,539
Trade Payables			377				36,082				391				37,497				420				40,248
Equity			4,063				389,370				4,036				386,735				3,778				362,082

4

Key Business Highlights for Q2FY27

· Partnered with Takeda for India’s 1^st Central Drugs Standard Control Organisation (CDSCO) approved dengue vaccine, QDENGA.

· Expanded collaboration with Gilead Sciences for investigational once-yearly lenacapavir for HIV prevention in 120 countries.

· In association with GARDP Foundation, secured Thai Food and Drug Administration (FDA) approval for zoliflodacin, a first-in-class antibiotic for uncomplicated urogenital gonorrhoea treatment within six months of the United States Food and Drug Administration (USFDA) approval.

· Secured approval from the USFDA for rituximab biosimilar for the United States (US).

· Launched nivolumab biosimilar in India.

· Secured 1^st biosimilar approval in India for abatacept intravenous (IV).

· First-to-market launch in the US of hospital drug, sugammadex injection 200 mg/2 mL (100 mg/mL) and 500 mg/5 mL (100 mg/mL) single-dose vials.

· Generic semaglutide approved in 10 countries till date across Latin America, Africa & the Middle East, as well as Canada and India.

· CDMO business under Aurigene Pharmaceutical Services Limited (APSL) generated revenues of $100+ million in the 12 months ended September 2026.

· APSL secured strategic long-term manufacturing and supply agreement for US, Europe, Canada & emerging markets with a leading global pharmaceutical company.

ESG Highlights for Q2FY27

· ‘Silver’ medal awarded by FinanceAsia in ‘Best Large Cap Company in India’ category at Asia’s Best Companies 2026.

· Improved CRISIL ESG Rating to 73/100 for FY26 from 66/100 in FY25, becoming the only pharma company in leadership category.

5

Other Updates for Q2FY27

· Certain batches of semaglutide were found to be out of specification due to an issue associated with the active pharmaceutical ingredient (API) used in the product, as communicated earlier. Appropriate measures are being taken to ensure product quality and resumption of supplies.

· Received Voluntary Action Indicated (VAI) classification, following a Good Manufacturing Practice (GMP) inspection conducted by the USFDA in September 2025 at API manufacturing facility in Mirfield, United Kingdom.

· Received a Form 483 with three observations, following a Pre-Approval Inspection (PAI) & GMP inspection at FTO-SEZ Process Unit-02, Srikakulam, Andhra Pradesh in July 2026, to which responses were provided within the stipulated timeline.

· Received a Form 483 with four observations, following a GMP inspection at formulations manufacturing facility, FTO-3, in Bachupally, Hyderabad in August 2026, to which responses were provided within the stipulated timeline.

· Received a Form 2953 with two observations, following a records assessment under Section 704(a)(4) of the Federal Food, Drug, and Cosmetic Act at API manufacturing facility in Mexico between July and September 2026, to which responses were provided within the stipulated timeline.

· Distribution & promotion agreement with Novartis India for select brands in India terminated, following a change in its controlling shareholding.

6

Revenue Analysis

· Q2FY27 consolidated revenues at ₹86.7 billion, decline of 1.5% YoY and growth of 7% QoQ.

H1FY27 consolidated revenues at ₹167.4 billion, growth of 3.5% YoY.

Growth was impacted primarily on account of lower lenalidomide revenues in North America. The underlying base business, i.e. excluding lenalidomide in North America, continued to deliver double-digit growth across businesses, excluding Europe and API, further supported by favourable currency movements.

Global Generics (GG)

· Q2FY27 revenues at ₹77.9 billion, decline of 0.7% YoY and growth of 8% QoQ, accounting for 90% of Q2FY27 consolidated revenues.

H1FY27 revenues at ₹149.9 billion, decline of 2.7% YoY, accounting for 90% of H1FY27 consolidated revenues.

Branded businesses, namely India, Emerging Markets and the acquired consumer health portfolio in Nicotine Replacement Therapy (NRT), account for 53% of Q2FY27 consolidated revenues and 52% of H1FY27 consolidated revenues.

North America

· Q2FY27 revenues at ₹24.9 billion, decline of 23% YoY and growth of 13% QoQ.

H1FY27 revenues at ₹46.9 billion, decline of 29% YoY.

Decline was largely due to lower lenalidomide sales.

· During the quarter, we launched six new products, while a total of 12 new products were launched in H1FY27.

· We filed five new Abbreviated New Drug Applications (ANDAs) with the USFDA during the quarter, taking the total to 10 for H1FY27.

· As of September 30, 2026, filings pending approval from USFDA were 80, including:

- 77 ANDAs (46 are Paragraph IV applications, and 27 may have a ‘First to File’ status) and

- Three New Drug Applications (NDAs) filed u/s 505(b)(2), of which one is a Paragraph IV application.

Emerging Markets

· Q2FY27 revenues at ₹20.6 billion, growth of 24% YoY and 12% QoQ, accounting for 24% of Q2FY27 consolidated revenues.

H1FY27 revenues at ₹38.9 billion, growth of 23% YoY, accounting for 23% of H1FY27 consolidated revenues.

YoY growth was largely driven by new launches across markets, further aided by favourable forex.

- Q2FY27 Russia revenues at ₹10.1 billion, growth of 15% YoY and 12% QoQ.

H1FY27 Russia revenues at ₹19.1 billion, growth of 21% YoY.

Growth was aided by acquisitions, price increases and favorable currency movements.

- Q2FY27 Other Commonwealth of Independent States (CIS) countries and Romania revenues at ₹2.6 billion, growth of 13% YoY and 21% QoQ.

H1FY27 CIS and Romania revenues at ₹4.8 billion, growth of 12% YoY.

Favourable currency movements were the key driver of growth.

- Q2FY27 Rest of World (RoW) revenues at ₹7.9 billion, growth of 44% YoY and 11% QoQ.

7

H1FY27 RoW revenues at ₹15.0 billion, growth of 43% YoY.

Growth was led by new product launches across countries, aided by favourable currency tailwinds.

· During Q2FY27, we launched 27 new products across countries, taking the total to 70 for H1FY27.

India

· Q2FY27 revenues at ₹18.5 billion, growth of 17% YoY and 8% QoQ, accounting for 21% of Q2FY27 consolidated revenues.

H1FY27 revenues at ₹35.7 billion, growth of 17% YoY, accounting for 21% of H1FY27 consolidated revenues.

Growth was driven by revenues from new brand launches, supported by price increases, volume growth, and contributions from recently acquired portfolios.

As per IQVIA data published for September 2026, our rank in the Indian Pharmaceutical Market (IPM) was at 8^th on a Moving Quarterly Total (MQT) and 9^th on a Moving Annual Total (MAT) basis. We continued to outperform IPM, with secondary sales growth of 21.0% as compared to IPM growth of 14.7% on a MQT basis and 19.4% as compared to IPM growth of 13.2% on a MAT basis.

· During the quarter, we launched four new brands, taking the total to 11 for H1FY27.

Europe

· Q2FY27 revenues at ₹13.9 billion, growth of 1% YoY and decline of 3% QoQ, accounting for 16% of Q2FY27 consolidated revenues.

H1FY27 revenues at ₹28.4 billion, growth of 7% YoY, accounting for 17% of H1FY27 consolidated revenues.

Revenues from new generic product launches and favourable currency movements were partially offset by pricing pressure in generics. NRT revenues declined primarily due to continued impact of operating model change post-integration, as highlighted in Q1FY27.

- Q2FY27 NRT revenues at ₹6.6 billion, decline of 6% YoY and flat QoQ.

H1FY27 NRT revenues at ₹13.1 billion, decline of 4% YoY.

- Q2FY27 Germany revenues at ₹3.9 billion, decline of 1% YoY and 3% QoQ.

H1FY27 Germany revenues at ₹8.0 billion, growth of 12% YoY.

- Q2FY27 UK revenues at ₹1.9 billion, growth of 24% YoY and decline of 16% QoQ.

H1FY27 UK revenues at ₹4.3 billion, growth of 29% YoY.

- Q2FY27 Rest of Europe revenues at ₹1.5 billion, growth of 20% YoY and decline of 2% QoQ.

H1FY27 Rest of Europe revenues at ₹3.0 billion, growth of 24% YoY.

· During the quarter, we launched six new products in the region, taking the total to 30 for H1FY27.

Pharmaceutical Services and Active Ingredients (PSAI)

· Q2FY27 revenues at ₹8.3 billion, decline of 12% YoY and 2% QoQ.

H1FY27 revenues at ₹16.8 billion, decline of 5% YoY.

Lower volume uptake in the API business, was partially offset by double digit growth in CDMO business and currency tailwinds.

· During the quarter, we filed 28 Drug Master Files (DMFs) globally, taking the total to 66 for H1FY27.

8

Income Statement Highlights

Note : Q1FY27 margins were affected by ‘semaglutide API related impact’.

Gross Margins

· Q2FY27 at 52.1% (GG: 56.2%, PSAI: 11.8%), a decline of 254 basis points (bps) YoY and an increase of 562 bps QoQ.

H1FY27 at 49.4% (GG: 54.0%, PSAI: 1.1%), a decline of 635 bps YoY.

The YoY decline for the quarter and for the half year ended September 2026 was primarily on account of lower sales of lenalidomide in North America.

Selling, General & Administrative (SG&A) Expenses

· Q2FY27 at ₹28.1 billion, increase of 6% YoY and a decrease of 3% QoQ.

As % to Revenues – Q2FY27: 32.4% | Q2FY26: 30.0% | Q1FY27: 35.7%.

H1FY27 at ₹56.9 billion, increase of 9% YoY.

As % to Revenues – H1FY27: 34.0% | H1FY26: 30.0%.

The YoY increase was primarily attributable to higher personnel costs, including increments, adverse currency movement and elevated freight outward costs due to supply chain disruptions arising from the Middle East crisis.

Research & Development (R&D) Expenses

· Q2FY27 at ₹5.2 billion, decrease of 16% YoY and 9% QoQ.

As % to Revenues – Q2FY27: 6.0% | Q2FY26: 7.0% | Q1FY27: 7.1%.

H1FY27 at ₹11.0 billion, decrease of 12% YoY.

As % to Revenues – H1FY27: 6.6% | H2FY26: 7.2%.

R&D expenditure was lower due to reduced development spends in generics.

Profit before Tax (PBT)

· Q2FY27 at ₹12.3 billion, decline of 33% YoY and an increase of 122% QoQ.

As % to Revenues – Q2FY27: 14.2% | Q2FY26: 20.8% | Q1FY27: 6.8%.

H1FY27 at ₹17.8 billion, decline of 52% YoY.

As % to Revenues – H1FY27: 10.6% | H1FY26: 21.6%.

Income Tax

· Q2FY27 at ₹3.1 billion.

As % to PBT – Q2FY27: 25.6% | Q2FY26: 22.2% | Q1FY27: 21.3%.

H1FY27 at ₹4.3 billion.

As % to PBT – H1FY27: 24.3% | H1FY26: 24.2%.

The ETR was higher in Q2FY27 primarily due to an adverse jurisdictional mix for the quarter, in comparison to the same period in the previous year.

9

Profit attributable to Equity Holders of Parent Company

· Q2FY27 at ₹9.3 billion, decline of 36% YoY and increase of 109% QoQ.

As % to Revenues – Q2FY27: 10.7% | Q2FY26: 16.3% | Q1FY27: 5.5%.

H1FY27 at ₹13.7 billion, decline of 52% YoY.

As % to Revenues – H1FY27: 8.2% | H1FY26: 16.5%.

Diluted Earnings per Share (EPS)

· Q2FY27 is ₹11.10.

H1FY27 is ₹16.42.

10

Other Financial Highlights

EBITDA

· Q2FY27 at ₹17.8 billion, decline of 24% YoY and increase of 77% QoQ.

As % to Revenues – Q2FY27: 20.6% | Q2FY26: 26.7% | Q1FY27: 12.5%.

H1FY27 at ₹27.9 billion, decline of 40% YoY.

As % to Revenues – H1FY27: 16.7% | H1FY26: 26.7%.

Others:

· Operating Working Capital: As on 30^th September 2026 at ₹146.5 billion

· Capital Expenditure: Q2FY27 at ₹1.9 billion.

· Free Cash Flow: Q2FY27 at ₹1.7 billion.

· Net Cash Surplus: As on 30^th September 2026 at ₹25.0 billion.

· Net Debt to Equity: As on 30^th September 2026 is (0.06).

· Annualized Return on Capital Employed (RoCE): Q2FY27 stood at 9.5%.

11

About key metrics and non-GAAP Financial Measures

This press release contains non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical performance, financial position or cash flows that are adjusted to exclude or include amounts from the most directly comparable financial measure calculated and presented in accordance with IFRS.

The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with IFRS. Our non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. These measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes.

We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business.

For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please refer to "Reconciliation of GAAP to Non-GAAP Results" table in this press release.

12

All amounts in millions, except EPS

Reconciliation of GAAP Measures to Non-GAAP Measures

Operating Working Capital

Particulars		As on 30th Sep 2026
		(₹)
Inventories			81,182
Trade Receivables			101,399
Less:
Trade Payables			(36,082	)
Operating Working Capital			146,499

Free Cash Flow

Particulars		Three months ended 30th Sep 2026
		(₹)
Net cash generated from operating activities			10,164
Less:
Taxes			(4,880	)
Investments in Property, Plant & Equipment and intangibles			(3,579	)
Free Cash Flow before Acquisitions			1,705
Less:
Acquisitions related pay-out			-
Free Cash Flow			1,705

Net Cash Surplus and Debt to Equity

Particulars		As on 30th Sep 2026
		(₹)
Cash and Cash Equivalents			13,294
Investments			73,376
Short-term Borrowings			(58,260	)
Long-term Borrowings (Current & Non-current)			(14,027	)
Less:
Restricted Cash Balance – Unclaimed Dividend and others			(214	)
Lease liabilities (Included in Short-term and Long-term Borrowings)			14,027
Equity Investments (Included in Investments)			(3,172	)
Net Cash Surplus			25,024
Equity			389,370
Net Debt/Equity			(0.06	)

13

Computation of RoCE

Particulars		As on 30th Sep 2026
		(₹)
Profit before Tax			12,277
Less:
Interest and Investment Income (Excluding forex gain/loss)			159
Earnings Before Interest and taxes [A]			12,436
Average Capital Employed [B]			359,967
Annualized Return on Capital Employed (A/B) (Ratio)			9.5	%

Computation of Capital Employed

		As on
Particulars		Sep 30, 2026				Mar 31, 2026
Property Plant and Equipment			115,097				115,930
Intangibles			104,165				105,059
Goodwill			12,980				12,893
Investment in Equity Accounted Associates			5,867				5,673
Other Current Assets			38,465				36,256
Other Non-Current Assets			1,051				1,226
Inventories			81,182				76,531
Trade Receivables			101,399				101,219
Derivative Financial Instruments			(5,034	)			(6,743	)
Less:
Other Liabilities			45,055				53,702
Provisions			7,374				7,659
Trade payables			36,082				33,411
Operating Capital Employed			366,661				353,272
Average Capital Employed			359,967

Computation of EBITDA

Refer page no. 3 & 4.

14

Earnings Call Details

The management of the Company will host an Earnings call to discuss the Company’s financial performance and answer any questions from the participants.

Date: Friday, October 23, 2026

Time: 19:30 pm IST | 10:00 am ET

Conference Joining Information

Pre-register with the below link and join

https://drreddys.zoom.us/webinar/register/WN_fADmy9O6Tbqdycq7Ed8YOA

Audio Link and Transcript will be available on the Company’s website: www.drreddys.com

About Dr. Reddy’s: Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY) is a global pharmaceutical company headquartered in Hyderabad, India. Established in 1984, we are committed to providing access to affordable and innovative medicines. Driven by our purpose of ‘Good Health Can’t Wait’, we offer a portfolio of products and services including APIs, generics, branded generics, biosimilars and OTC. Our major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Our major markets include – USA, India, Russia & CIS countries, China, Brazil, and Europe. As a company with a history of deep science that has led to several industry firsts, we continue to plan and invest in businesses of the future. As an early adopter of sustainability and ESG actions, we released our first Sustainability Report in 2004. Our current ESG goals aim to set the bar high in environmental stewardship; access and affordability for patients; diversity; and governance.

For more information, log on to: www.drreddys.com.

Disclaimer: This press release may include statements of future expectations and other forward-looking statements that are based on the management’s current views and assumptions and involve known or unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may", "will", "should", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to without limitation, (i) general economic conditions such as performance of financial markets, credit defaults , currency exchange rates , interest rates, persistency levels and frequency / severity of insured loss events (ii) mortality and morbidity levels and trends, (iii) changing levels of competition and general competitive factors, (iv) changes in laws and regulations and in the policies of central banks and/or governments, (v) the impact of acquisitions or reorganization , including related integration issues, and (vi) the susceptibility of our industry and the markets addressed by our, and our customers’, products and services to economic downturns as a result of natural disasters, epidemics, pandemics or other widespread illness, including coronavirus (or COVID-19), and (vii) other risks and uncertainties identified in our public filings with the Securities and Exchange Commission, including those listed under the "Risk Factors" and "Forward-Looking Statements" sections of our Annual Report on Form 20-F for the year ended March 31, 2026, our quarterly financial statements filed in Form 6-K with the US SEC for the quarter ended June 30, 2026, and our other filings with US SEC. The company assumes no obligation to update any information contained herein.

15

Exhibit 99.3

Dr. Reddy’s Laboratories Ltd. 8-2-337, Road No. 3, Banjara Hills, Hyderabad - 500 034, Telangana, India. CIN : L85195TG1984PLC004507   Tel      : +91 40 4900 2900 Fax     : +91 40 4900 2999 Email : mail@drreddys.com www.drreddys.com

DR. REDDY'S LABORATORIES LIMITED

Unaudited consolidated financial results of Dr. Reddy's Laboratories Limited and its subsidiaries for the quarter and half year ended 30 September 2026 prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB)

All amounts in Indian Rupees millions

				Quarter ended												Half year ended								Year ended
Sl. No.		Particulars		30.09.2026				30.06.2026				30.09.2025				30.09.2026				30.09.2025				31.03.2026
				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Audited)
1		Revenues			86,708				80,705				88,051				167,413				173,503				335,933
2		Cost of revenues			41,504				43,165				39,911				84,669				76,736				158,669
3		Gross profit (1 - 2)			45,204				37,540				48,140				82,744				96,767				177,264
4		Selling, general and administrative expenses			28,075				28,820				26,436				56,895				52,083				106,763
5		Research and development expenses			5,235				5,766				6,202				11,001				12,446				24,058
6		Impairment of non-current assets, net			123				15				662				138				662				3,519
7		Other income, net			(912	)			(845	)			(2,673	)			(1,757	)			(3,412	)			(7,627	)
		Total operating expenses			32,521				33,756				30,627				66,277				61,779				126,713
8		Results from operating activities [(3) - (4 + 5 + 6 + 7)]			12,683				3,784				17,513				16,467				34,988				50,551
		Finance income			919				2,989				1,681				3,908				4,081				7,870
		Finance expense			(1,248	)			(1,255	)			(907	)			(2,503	)			(1,737	)			(3,738	)
9		Finance income, net			(329	)			1,734				774				1,405				2,344				4,132
10		Share of profit/(losses) of equity accounted investees, net of tax			(77	)			8				63				(69	)			65				134
11		Profit before tax (8 + 9 + 10)			12,277				5,526				18,350				17,803				37,397				54,817
12		Tax expense, net			3,143				1,178				4,082				4,321				9,033				12,351
13		Profit for the period/year (11 - 12)			9,134				4,348				14,268				13,482				28,364				42,466
		Attributable to:
		Equity holders of the parent company			9,250				4,435				14,372				13,685				28,549				42,850
		Non-controlling interests			(116	)			(87	)			(104	)			(203	)			(185	)			(384	)
14		Earnings per equity share attributable to equity shareholders of parent
		Basic earnings per share of Re.1/- each			11.11				5.32				17.26				16.43				34.30				51.48
		Diluted earnings per share of Re.1/- each			11.10				5.32				17.25				16.42				34.26				51.42
					(Not annualised)				(Not annualised)				(Not annualised)				(Not annualised)				(Not annualised)

Segment information All amounts in Indian Rupees millions

				Quarter ended												Half year ended								Year ended
Sl. No.		Particulars		30.09.2026				30.06.2026				30.09.2025				30.09.2026				30.09.2025				31.03.2026
				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Audited)
		Segment wise revenue and results:
1		Segment revenue:
		a) Global Generics			77,927				71,993				78,498				149,920				154,118				299,033
		b) Pharmaceutical Services and Active Ingredients			10,415				10,527				11,584				20,942				21,293				42,043
		c) Others			471				193				103				664				1,754				2,127
		Total			88,813				82,713				90,185				171,526				177,165				343,203
		Less: Inter-segment revenues			2,105				2,008				2,134				4,113				3,662				7,270
		Net revenues			86,708				80,705				88,051				167,413				173,503				335,933
2		Segment results:
		Gross profit from each segment
		a) Global Generics			43,833				37,123				46,428				80,956				92,514				169,698
		b) Pharmaceutical Services and Active Ingredients			980				381				1,700				1,361				2,782				5,984
		c) Others			391				36				12				427				1,471				1,582
		Total			45,204				37,540				48,140				82,744				96,767				177,264
		Less: Selling and other un-allocable expenditure, net of other income			32,927				32,014				29,790				64,941				59,370				122,447
		Total profit before tax			12,277				5,526				18,350				17,803				37,397				54,817

Global Generics segment includes operations of Biologics business. Inter-segment revenues represent sale from Pharmaceutical Services and Active Ingredients to Global Generics and Others at cost.

Segmental capital employed
As certain assets of the Company including manufacturing facilities, development facilities, treasury assets and liabilities are often deployed interchangeably across segments, it is impractical to allocate these assets and liabilities to each segment. Hence, the details for capital employed have not been disclosed in the above table.

 

Consolidated statements of financial position

All amounts in Indian Rupees millions

		As at				As at
Particulars		30.09.2026				31.03.2026
		(Unaudited)				(Audited)
ASSETS
Current assets
Cash and cash equivalents			13,294				15,368
Other investments			62,948				72,446
Trade and other receivables			101,399				101,219
Inventories			81,182				76,531
Derivative financial instruments			287				155
Other current assets			38,465				36,256
Total current assets			297,575				301,975
Non-current assets
Property, plant and equipment			115,097				115,930
Goodwill			12,980				12,893
Other intangible assets			104,165				105,059
Investment in equity accounted investees			5,867				5,673
Other investments			10,428				10,695
Deferred tax assets			23,155				22,436
Tax assets			4,163				3,459
Other non-current assets			1,051				1,226
Total non-current assets			276,906				277,371
Total assets			574,481				579,346
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables			36,082				33,411
Short-term borrowings			58,260				59,135
Long-term borrowings, current portion			2,334				6,003
Provisions			7,255				7,550
Tax liabilities			2,805				4,310
Derivative financial instruments			5,321				6,898
Other current liabilities			42,434				50,259
Total current liabilities			154,491				167,566
Non-current liabilities
Long-term borrowings			11,693				12,203
Deferred tax liabilities			16,187				15,568
Provisions			119				109
Other non-current liabilities			2,621				3,443
Total non-current liabilities			30,620				31,323
Total liabilities			185,111				198,889
Equity
Share capital			835				835
Treasury shares			(1,484	)			(1,815	)
Share premium			11,479				11,364
Share based payment reserve			1,750				1,684
Capital redemption reserve			173				173
Retained earnings			359,005				351,984
Other reserves			3,979				3,979
Other components of equity			10,442				8,859
Equity attributable to equity holders of the parent company			386,179				377,063
Non-controlling interests			3,191				3,394
Total equity			389,370				380,457
Total liabilities and equity			574,481				579,346

 

Consolidated statements of cash flows

All amounts in Indian Rupees millions

		Half year ended
Particulars		30.09.2026				30.09.2025
		(Unaudited)				(Unaudited)
Cash flows from/(used in) operating activities :
Profit for the period			13,482				28,364
Adjustments for:
Tax expense, net			4,321				9,033
Fair value changes and profit on sale of financial instruments measured at FVTPL*, net			(1,209	)			(1,277	)
Depreciation and amortization			10,641				9,816
Impairment of non-current assets			138				662
Allowance for credit losses (on trade receivables and other advances)			340				679
Gain on sale or de-recognition of non-current assets, net			(405	)			(268	)
Share of (profit)/losses of equity accounted investees			69				(65	)
Inventories write-down			5,622				3,450
Foreign exchange (gain)/loss, net			(585	)			(509	)
Interest income, net			543				(303	)
Equity settled share-based payment expense			196				212
Changes in operating assets and liabilities:
Trade and other receivables			177				(7,689	)
Inventories			(10,274	)			(8,186	)
Trade and other payables			1,864				8,846
Other assets and other liabilities, net			(13,741	)			(3,718	)
Cash generated from operations			11,179				39,047
Income tax paid, net			(6,822	)			(8,845	)
Net cash generated from operating activities			4,357				30,202
Cash flows (used in)/from investing activities :
Purchase of property, plant and equipment			(5,826	)			(12,084	)
Proceeds from sale of property, plant and equipment			1,003				142
Purchase of other intangible assets			(2,201	)			(8,198	)
Proceeds from sale of other intangible assets			2,214				239
Purchase of other investments			(14,461	)			(17,724	)
Proceeds from sale of other investments			25,595				8,182
Proceeds from disposal of subsidiary			5				-
Investment in associates			-				(51	)
Payment for acquisition of businesses			(220	)			-
Interest and dividend received			2,006				759
Net cash (used in)/from in investing activities			8,115				(28,735	)
Cash flows (used in)/from financing activities :
Proceeds from issuance of equity shares (including treasury shares)			316				288
(Repayments)/Proceeds from short-term borrowings, net			(1,043	)			2,675
(Repayment) of long term borrowings			(3,799	)			-
Payment of principal portion of lease liabilities			(717	)			(565	)
Dividend paid			(6,664	)			(6,659	)
Interest paid			(2,779	)			(2,265	)
Net cash used in financing activities			(14,686	)			(6,526	)
Net increase in cash and cash equivalents			(2,214	)			(5,059	)
Effect of exchange rate changes on cash and cash equivalents			36				372
Cash and cash equivalents at the beginning of the period(1)			15,368				14,593
Cash and cash equivalents at the end of the period(2)			13,190				9,906

*FVTPL (fair value through profit or loss)

⁽¹⁾ Adjusted for bank-overdraft of Rs.61 million for the year ended 31 March 2025.

⁽²⁾ Adjusted for bank-overdraft of Rs.104 million for the half year ended 30 September 2026.

 

Notes:

1	The above Statement of unaudited consolidated financial results of Dr. Reddy’s Laboratories Limited (the “parent company”), together with its subsidiaries (collectively, the “Company”), joint ventures and associates, have been prepared in accordance with recognition and measurement principles of IAS 34 as issued by the International Accounting Standards Board (IASB), and were reviewed and recommended by Audit Committee and approved by the Board of Directors at their meetings held on 23 October 2026. The Auditors have carried out a limited review on the unaudited consolidated financial results and issued an unmodified report there on.
2	In August 2026, the Company initiated recall of Semaglutide batches in Canada due to elevated levels of unspecified impurity exceeding the approved specification limit and a packaging and labelling error (unrelated to the Semaglutide API issue as detailed under Note 5 below). Accordingly, the Company recorded Rs. 710 million towards expected product returns as a reduction of "Revenue from sale of goods" in the Company's Global Generics Segment.
3	Revenues for the quarter ended 30 September 2026 includes:  - Rs.529 million from the sale of the Company’s territorial rights relating to Bendamustine HCL in the United States; and - Rs.976 million towards achievement of certain milestones under various license agreements with a customer in Russia pertaining to biosimilars. These transactions pertain to the Company’s Global Generics segment.
4	During the year ended 31 March 2026, consequent to resolution of a shelf stock adjustment claim arising from reduction in price of its generic product Lenalidomide in the United States, the Company has recorded an amount of Rs. 4,530 million (USD 50 million) as a reduction of “Revenue from sale of goods” in the Company's Global Generics Segment.
5	Certain batches of Semaglutide were found to be out of specification due to an issue associated with the active pharmaceutical ingredient (API) used in the product. Consequently, based on its best estimate, the Company has made a provision of Rs. 2,230 million towards inventory and Rs. 167 million towards other associated costs during the quarter ended 30 June 2026.
6	During the year ended 31 March 2026, the Company decided to discontinue certain of its R&D programs associated with Chimeric Antigen Receptor T-cell (CAR-T) therapy portfolio in light of the development status and clinical trial outcomes. Consequent to this decision, the Company has recognized a net loss of Rs. 1,350 million in the Company's Global Generic segment, comprising of: a. Impairment of non-current assets of Rs. 1,291 million (i.e., towards Property, plant and equipment, Other Intangible assets and Right of use assets) and b. Other development program related wind down cost under Selling, general and administrative expenses (“SG&A”) of Rs. 59 million. In August 2026, the company sold certain assets related to this CAR-T program and novated the related lease agreement to the acquirer resulting in impairment loss reversal of Rs. 137 million.
7	During the year ended 31 March 2026, the Company recorded below Impairment losses in the Company’s Global Generic segment a. Rs. 914 million (USD 10 million) consequent to discontinuation of the Phase III study in first line non-small cell lung cancer conducted by Immutep Limited following the results of the futility analysis. b. Rs. 47 million, consequent to certain technical challenges in product development, the Company decided to discontinue development of conjugated estrogen at its site in Middleburgh, New York comprising the below financial impacts: - Impairment loss of the entire carrying value of Rs. 535 million for property, plant and equipment; - Inventory related provisions of Rs. 260 million; - Other development program related wind down costs of Rs. 129 million; - Gain recognized under Other Income, net from the write back of liabilities no longer required of Rs. 877 million.
8	“Other income, net” includes: a. Rs. 1,400 million recognised pursuant to settlement of product related litigations representing payment for avoided litigation costs by the Company and its affiliates in the United States and the United Kingdom during the year ended 31 March 2026. b. Gain on sale of non-current assets, net amounting to Rs. 1,890 million towards divestment of certain product related intangibles i.e., trademarks during the quarter ended 31 March 2026.
9	During the year ended 31 March 2026, based on a final order received from the Federal Tax Service authority in respect of one of its foreign subsidiaries, based on its estimate the Company had recorded a VAT provision of Rs. 1,836 million under “Selling, general and administrative expenses” including applicable interest and penalties and covering the periods both under audit as well as subsequent period up to 31 March 2026. The Company believes that the likelihood of any further liability that may arise on account of this field tax audit is not probable. This transaction pertains to Company's Global Generics segment.
10	The Company considered the on-going uncertainties relating to geo-political conflicts (including Russia, Ukraine and the Middle East) in assessing the recoverability of receivables, intangible assets, investments and other assets. For this purpose, the Company considered internal and external sources of information up to the date of approval of these financial results. Based on its judgments, estimates and assumptions, the Company expects to fully recover the carrying amount of receivables, goodwill, intangible assets, investments and other assets. The Company will continue to closely monitor any material changes to future economic conditions.

	By order of the Board
	For Dr. Reddy’s Laboratories Limited
Place: Hyderabad	G V Prasad
Date: 23 October 2026	Co-Chairman & Managing Director
	DIN: 00057433

Exhibit 99.4

  Chartered Accountants Meenakshi Pride Rock Tower III [Block – M], 8th & 9th floors Survey No. 23, Gachibowli Serilingampally Municipality Ranga Reddy District Hyderbad-500032 Telangana, India

INDEPENDENT AUDITOR’S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF DR. REDDY’S LABORATORIES LIMITED

1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Dr. Reddy’s Laboratories Limited (“the Parent”) and its subsidiaries (the Parent and its subsidiaries together referred to as “the Group”), and its share of the net profit/ (loss) after tax and other comprehensive income/ (loss) of its associates and joint ventures for the quarter and half year ended September 30, 2026 (“the Statement”) being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“the Listing Regulations”).

2. This Statement, which is the responsibility of the Parent’s Management and approved by the Parent’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of Parent’s personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

4. The Statement includes the results of the entities included in Appendix A.

5. Based on our review conducted and procedures performed as stated in paragraph 3 above nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Regd. Office: One International Center, Tower 3, 31st floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharastra, India.

Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737

Page 1 of 4

 

6. The consolidated financial results of the Group for the quarter ended June 30, 2026, and quarter and half year ended September 30, 2025, included in the Statement, were reviewed by another auditor who expressed an unmodified conclusion on those statements on July 22, 2026, and October 24, 2025, respectively. The consolidated financial results for the year ended March 31, 2026, included in the Statement were audited by another auditor who expressed an unmodified opinion on the financial statement on May 12, 2026.

Our conclusion on the Statement is not modified in respect of this matter.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants

(Firm’s Registration No. 117366W/W-100018)

Vikas Bagaria

Partner

(Membership No. 060408)

(UDIN: 26060408CABHEY4392)

Place: Hyderabad

Date: October 23, 2026

Page 2 of 4

 

Appendix A:

Results of the entities included in Statement

Sno	Particulars	Remarks
1	Aurigene Discovery Technologies (Malaysia) Sdn. Bhd.	Subsidiary
2	Aurigene Oncology Limited	Subsidiary
3	Aurigene Pharmaceutical Services Limited	Subsidiary
4	beta Institute gemeinnützige GmbH	Subsidiary
5	betapharm Arzneimittel GmbH	Subsidiary
6	Cheminor Employees Welfare Trust	Other consolidating entities
7	Cheminor Investments Limited	Subsidiary
8	Clean Renewable Energy KK 2A Private Limited	Associate
9	Dr. Reddy’s (Beijing) Pharmaceutical Co. Limited	Subsidiary
10	Dr. Reddy’s and Nestlé Health Science Limited	Subsidiary
11	Dr. Reddy’s Bio-Sciences Limited	Subsidiary
12	Dr. Reddy’s Employees ESOS Trust	Other consolidating entities
13	Dr. Reddy’s Farmaceutica Do Brasil Ltda.	Subsidiary
14	Dr. Reddy’s Finland Oy	Subsidiary
15	Dr. Reddy’s Formulations Limited	Subsidiary
16	Dr. Reddy’s Laboratories (Australia) Pty. Limited	Subsidiary
17	Dr. Reddy’s Laboratories (EU) Limited	Subsidiary
18	Dr. Reddy’s Laboratories (Proprietary) Limited	Subsidiary
19	Dr. Reddy’s Laboratories (Thailand) Limited	Subsidiary
20	Dr. Reddy’s Laboratories (UK) Limited	Subsidiary
21	Dr. Reddy’s Laboratories Canada, Inc.	Subsidiary
22	Dr. Reddy’s Laboratories Chile SPA	Subsidiary
23	Dr. Reddy’s Laboratories Inc.	Subsidiary
24	Dr. Reddy’s Laboratories Jamaica Limited	Subsidiary
25	Dr. Reddy’s Laboratories Japan KK	Subsidiary
26	Dr. Reddy’s Laboratories Kazakhstan LLP	Subsidiary
27	Dr. Reddy’s Laboratories LLC, Russia	Subsidiary
28	Dr. Reddy’s Laboratories LLC, Ukraine	Subsidiary
29	Dr. Reddy’s Laboratories Malaysia Sdn. Bhd.	Subsidiary
30	Dr. Reddy’s Laboratories New York, LLC	Subsidiary
31	Dr. Reddy’s Laboratories Philippines Inc.	Subsidiary
32	Dr. Reddy’s Laboratories Romania Srl	Subsidiary
33	Dr. Reddy’s Laboratories SA	Subsidiary
34	Dr. Reddy’s Laboratories SAS	Subsidiary
35	Dr. Reddy’s Laboratories Taiwan Limited	Subsidiary

Page 3 of 4

 

Sno	Particulars	Remarks
36	Dr. Reddy’s New Zealand Limited	Subsidiary
37	Dr. Reddy’s Research Foundation	Other consolidating entities
38	Dr. Reddy’s Srl	Subsidiary
39	Dr. Reddy's Denmark ApS	Subsidiary
40	Dr. Reddy's Netherlands B.V.	Subsidiary
41	DRES Energy Private Limited	Joint venture
42	DRL Impex Limited	Subsidiary
43	Idea2Enterprises (India) Pvt. Limited	Subsidiary
44	Imperial Owners and Land Possessions Private Limited	Subsidiary
45	Industrias Quimicas Falcon de Mexico, S.A. de CV	Subsidiary
46	Kunshan Rotam Reddy Pharmaceutical Co. Limited (including Kunshan Rotam Reddy Medicine Company Limited)	Joint venture
47	Lacock Holdings Limited	Subsidiary
48	Nimbus Health GmbH	Subsidiary
49	North Star OpCo Limited	Subsidiary
50	North Star Sweden AB	Subsidiary
51	Northstar Switzerland SARL	Subsidiary
52	O2 Renewable Energy IX Private Limited	Associate
53	Promius Pharma LLC	Subsidiary
54	Reddy Holding GmbH	Subsidiary
55	Reddy Netherlands B.V.	Subsidiary
56	Reddy Pharma Iberia SAU	Subsidiary
57	Reddy Pharma Italia SRL	Subsidiary
58	Reddy Pharma SAS	Subsidiary
59	Svaas Wellness Limited (ceased to be step subsidiary w.e.f April 7, 2026)	Subsidiary
60	Dr. Reddy’s Laboratories (Vietnam) Company Limited effective from May 09, 2025	Subsidiary

Page 4 of 4

Dr. Reddy’s Laboratories Ltd. 8-2-337, Road No. 3, Banjara Hills, Hyderabad - 500 034, Telangana, India. CIN : L85195TG1984PLC004507   Tel      : +91 40 4900 2900 Fax     : +91 40 4900 2999 Email : mail@drreddys.com www.drreddys.com

DR. REDDY'S LABORATORIES LIMITED

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2026

All amounts in Indian Rupees millions 

				Quarter ended												Half year ended								Year ended
Sl. No.		Particulars		30.09.2026				30.06.2026				30.09.2025				30.09.2026				30.09.2025				31.03.2026
				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Audited)
1		Revenue from operations
		a) Sales			82,778				78,608				86,386				161,386				169,052				326,213
		b) License fees and service income			3,930				2,097				1,663				6,027				4,449				9,720
		c) Other operating income			270				293				234				563				503				1,069
		Total revenue from operations			86,978				80,998				88,283				167,976				174,004				337,002
2		Other income			1,562				3,547				3,239				5,109				6,142				13,584
3		Total income (1 + 2)			88,540				84,545				91,522				173,085				180,146				350,586
4		Expenses
		a) Cost of materials consumed			16,610				16,538				14,413				33,148				34,771				65,012
		b) Purchase of stock-in-trade			15,375				19,738				17,459				35,113				29,618				61,616
		c) Changes in inventories of finished goods, work-in-progress and stock-in-trade			(304	)			(2,425	)			(635	)			(2,729	)			(5,077	)			(4,236	)
		d) Employee benefits expense			16,119				16,516				14,521				32,635				29,556				59,909
		e) Depreciation and amortisation expense			5,267				5,366				5,046				10,633				9,807				20,588
		f) Impairment of non-current assets, net			123				15				673				138				673				3,518
		g) Finance costs			1,248				1,255				907				2,503				1,737				3,738
		h) Other expenses			21,749				22,017				21,753				43,766				42,628				86,648
		Total expenses			76,187				79,020				74,137				155,207				143,713				296,793
5		Profit before tax and before share of equity accounted investees(3 - 4)			12,353				5,525				17,385				17,878				36,433				53,793
6		Share of profit/(loss) of equity accounted investees, net of tax			(77	)			8				63				(69	)			65				134
7		Profit before tax (5+6)			12,276				5,533				17,448				17,809				36,498				53,927
8		Tax expense/(benefit):
		a) Current tax			3,052				1,575				1,847				4,627				12,108				13,945
		b) Deferred tax			92				(398	)			2,233				(306	)			(3,077	)			(1,594	)
9		Net profit after taxes and share of profit of associates (7 - 8)			9,132				4,356				13,368				13,488				27,467				41,576
10		Net profit after taxes attributable to
		a) Equity shareholders of the parent company			9,248				4,443				13,471				13,691				27,652				41,960
		b) Non-controlling interests			(116	)			(87	)			(103	)			(203	)			(185	)			(384	)
11		Other comprehensive income/(loss)
		a) (i) Items that will not be reclassified subsequently to profit or loss			(13	)			(7	)			(14	)			(20	)			(9	)			143
		(ii) Income tax relating to items that will not be reclassified to profit or loss			-				2				-				2				-				(56	)
		b) (i) Items that will be reclassified subsequently to profit or loss			0				1,888				862				1,888				2,939				6,916
		(ii) Income tax relating to items that will be reclassified to profit or loss			52				(333	)			270				(281	)			237				392
		Total other comprehensive income/(loss)			39				1,550				1,118				1,589				3,167				7,395
12		Total comprehensive income (9 + 11)			9,171				5,906				14,486				15,077				30,634				48,971
13		Total comprehensive income attributable to
		a) Equity shareholders of the parent company			9,287				5,993				14,589				15,280				30,819				49,355
		b) Non-controlling interest			(116	)			(87	)			(103	)			(203	)			(185	)			(384	)
14		Paid-up equity share capital (face value Re. 1/- each)			835				835				835				835				835				835
15		Other equity																							378,080
16		Earnings per equity share attributable to equity shareholders of parent (face value Re. 1/- each)
		Basic			11.10				5.33				16.18				16.44				33.22				50.41
		Diluted			11.09				5.33				16.17				16.42				33.19				50.35
					(Not annualised)				(Not annualised)				(Not annualised)				(Not annualised)				(Not annualised)

See accompanying notes to the financial results

 

DR. REDDY'S LABORATORIES LIMITED

Segment information All amounts in Indian Rupees millions

				Quarter ended												Half year ended								Year ended
Sl. No.		Particulars		30.09.2026				30.06.2026				30.09.2025				30.09.2026				30.09.2025				31.03.2026
				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Audited)
		Segment wise revenue and results:
1		Segment revenue :
		a) Global Generics			77,965				72,083				78,235				150,048				153,967				299,460
		b) Pharmaceutical Services and Active Ingredients			10,636				10,730				12,079				21,366				21,953				42,672
		c) Others			482				193				103				675				1,746				2,140
		Total			89,083				83,006				90,417				172,089				177,666				344,272
		Less: Inter-segment revenue			2,105				2,008				2,134				4,113				3,662				7,270
		Total revenue from operations			86,978				80,998				88,283				167,976				174,004				337,002
2		Segment results:
		Gross profit from each segment
		a) Global Generics			43,833				37,127				46,431				80,960				92,517				169,696
		b) Pharmaceutical Services and Active Ingredients			984				386				1,706				1,370				2,793				6,002
		c) Others			391				36				5				427				1,464				1,581
		Total			45,208				37,549				48,142				82,757				96,774				177,279
		Less: Selling and other un-allocable expenditure/(income), net			32,932				32,016				30,694				64,948				60,276				123,352
		Total profit before tax			12,276				5,533				17,448				17,809				36,498				53,927

Global Generics includes operations of Biologics business. Inter-segment revenue represents sale from Pharmaceutical Services and Active Ingredients to Global Generics and Others at cost.

Segmental capital employed

As certain assets of the Company including manufacturing facilities, development facilities and treasury assets and liabilities are often deployed interchangeably across segments, it is impractical to allocate these assets and liabilities to each segment. Hence, the details for capital employed have not been disclosed in the above table.

 

DR. REDDY'S LABORATORIES LIMITED

Consolidated Balance Sheet All amounts in Indian Rupees millions

		As at
Particulars		30.09.2026				31.03.2026
		(Unaudited)				(Audited)
ASSETS
Non-current assets
Property, plant and equipment			102,690				100,778
Capital work-in-progress			12,067				14,602
Goodwill			14,877				14,797
Other intangible assets			104,165				105,058
Investment in equity accounted investees			5,867				5,673
Financial assets
Investments			6,341				8,942
Other financial assets			5,281				2,917
Deferred tax assets, net			22,904				22,190
Tax assets, net			4,204				3,503
Other non-current assets			595				981
Total non-current assets			278,991				279,441
Current assets
Inventories			81,182				76,534
Financial assets
Investments			32,816				38,233
Trade receivables			101,399				101,234
Derivative financial instruments			287				155
Cash and cash equivalents			13,294				15,368
Other bank balances			22,632				18,119
Other financial assets			11,268				22,255
Other current assets			34,444				29,895
Total current assets			297,322				301,793
TOTAL ASSETS			576,313				581,234
EQUITY AND LIABILITIES
Equity
Equity share capital			835				835
Other equity			387,235				378,080
Equity attributable to equity shareholders of the parent company			388,070				378,915
Non-Controlling interests			3,191				3,394
Total equity			391,261				382,309
Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities			11,693				12,203
Other financial liabilities			226				432
Provisions			356				338
Deferred tax liabilities, net			16,079				15,467
Other non-current liabilities			2,395				3,011
Total non-current liabilities			30,749				31,451
Current liabilities
Financial liabilities
Borrowings			58,260				62,935
Lease liabilities			2,334				2,203
Trade payables
Total outstanding dues of micro enterprises and small enterprises			349				334
Total outstanding dues of creditors other than micro enterprises and small enterprises			32,014				30,045
Derivative financial instruments			5,321				6,898
Other financial liabilities			34,134				40,085
Other current liabilities			10,715				11,921
Tax Liabilities,net			2,847				4,353
Provisions			8,329				8,700
Total current liabilities			154,303				167,474
TOTAL EQUITY AND LIABILITIES			576,313				581,234

 

DR. REDDY'S LABORATORIES LIMITED

Consolidated statement of cashflows All amounts in Indian Rupees millions

		Half year ended
Particulars		30.09.2026				30.09.2025
		(Unaudited)				(Unaudited)
Cash flows from/(used in) operating activities :
Profit before tax			17,809				36,498
Adjustments for:
Fair value changes and profit on sale of financial instruments measured at FVTPL*, net			(1,209	)			(1,277	)
Depreciation and amortisation expense			10,633				9,807
Impairment of non-current assets,net			138				673
Allowance for credit losses (on trade receivables and other advances)			340				679
Profit on sale/disposal of assets,net			(405	)			(268	)
Share of profit of equity accounted investees			69				(65	)
Unrealized exchange (gain)/loss, net			(585	)			(509	)
Interest income			(1,965	)			(2,040	)
Finance costs			2,503				1,737
Equity settled share-based payment expense			196				212
Inventories write-down			5,622				3,450
Changes in operating assets and liabilities:
Trade receivables			177				(7,689	)
Inventories			(10,274	)			(8,186	)
Trade and other payables			1,864				8,846
Other assets and other liabilities, net			(13,743	)			(2,820	)
Cash generated from operations			11,170				39,049
Income tax paid, net			(6,822	)			(8,845	)
Net cash generated from operating activities			4,348				30,204
Cash flows (used in)/from investing activities :
Purchase of property, plant and equipment			(5,817	)			(12,086	)
Proceeds from sale of property, plant and equipment			1,003				143
Purchase of other intangible assets			(2,201	)			(8,198	)
Proceeds from sale of other intangible assets			2,214				239
Investment in equity accounted investees			-				(51	)
Payment for acquisition of businesses			(220	)			-
Purchase of investments (including bank deposits)			(14,461	)			(17,724	)
Proceeds from sale of investments (including bank deposits)			25,595				8,183
Interest and dividend received			2,006				759
Proceeds from disposal of subsidiary			5				-
Net cash (used in)/from investing activities			8,124				(28,736	)
Cash flows (used in) financing activities :
Proceeds from issuance of equity shares (including treasury shares)			316				288
Proceeds/(Repayment) of short-term borrowings, net			(1,043	)			2,675
Repayment of long-term loans and borrowings			(3,799	)			-
Payment of principal portion of lease liabilities			(717	)			(565	)
Dividend paid			(6,664	)			(6,659	)
Interest paid			(2,779	)			(2,265	)
Net cash from/(used in) financing activities			(14,686	)			(6,526	)
Net increase/(decrease) in cash and cash equivalents			(2,214	)			(5,059	)
Effect of exchange rate changes on cash and cash equivalents			36				372
Cash and cash equivalents at the beginning of the period (1)			15,368				14,593
Cash and cash equivalents at the end of the period (2)			13,190				9,906

 *FVTPL (fair value through profit or loss)

⁽¹⁾Adjusted for bank overdraft of Rs.61 million for the year ended 31 March,2025

⁽²⁾Adjusted for bank overdraft of Rs.104 for half year ended 30 September,2026

Notes:

1 The above statement of unaudited consolidated financial results of Dr. Reddy's Laboratories Limited ("the parent company"), together with its subsidiaries (collectively, the "Company"), joint ventures and associates, have been prepared in accordance with the Indian Accounting Standards ("Ind AS") prescribed under section 133 of Companies Act,2013 ("the Act") read with relevant rules issues thereunder, other accounting principles generally accepted in India and guidelines issues by the Securities and Exchange Board of India ("SEBI") were reviewed and recommended by Audit Committee and approved by the Board of Directors at their meetings held on 23 October 2026. The Statutory Auditors have carried out a limited review on the unaudited consolidated financial results and issued an unmodified report thereon.

2 In August 2026, the Company initiated recall of Semaglutide batches in Canada due to elevated levels of unspecified impurity exceeding the approved specification limit and a packaging and labelling error (unrelated to the Semaglutide API issue as detailed under Note 5 below). Accordingly, the Company recorded Rs. 710 million towards expected product returns as a reduction of "Revenue from operations" in the Company's Global Generics Segment.

 

DR. REDDY'S LABORATORIES LIMITED

3 License and service income for the quarter ended 30 September 2026 includes:

- Rs.529 million from the sale of the Company’s territorial rights relating to Bendamustine HCL in the United States; and
- Rs.976 million towards achievement of certain milestones under various license agreements with a customer in Russia pertaining to biosimilars.

These transactions pertain to the Company’s Global Generics segment.

4 During the year ended 31 March 2026, consequent to the resolution of a shelf stock adjustment claim arising from reduction in price of its generic product Lenalidomide in the United States, the Company has recorded an amount of Rs. 4,530 million (USD 50 million) as a reduction from "Revenue from operations" in the Company's Global Generics Segment.

5 Certain batches of Semaglutide were found to be out of specification due to an issue associated with the active pharmaceutical ingredient (API) used in the product. Consequently, based on its best estimate, the Company has made a provision of Rs. 2,230 million towards inventory and Rs. 167 million towards other associated costs during the quarter ended 30 June 2026.

6 During the year ended 31 March 2026, the Company decided to discontinue certain of its R&D programs associated with Chimeric Antigen Receptor T-cell (CAR-T) therapy portfolio in light of the development status and clinical trail outcomes. Consequent to this decision, the Company has recognized a net loss of Rs.1,350 million in the Company's Global Generic segment, comprising of

a. Impairment of non-current assets of Rs. 1,291 million (i.e., towards Property, plant and equipment, other Intangible assets and Right to use assets ) and
b. Other development program related wind down cost under "Other expenses" of Rs. 59 million.

In August 2026, the company sold certain assets related to this CAR-T program and novated the related lease agreement to the acquirer resulting in impairment loss reversal of Rs. 137 million.

7 During the year ended 31 March 2026, the Company recorded below Impairment losses in the Company’s Global Generic segment

a. Rs. 914 million (USD 10 million) consequent to discontinuation of the Phase III study in first line non-small cell lung cancer conducted by Immutep Limited following the results of the futility analysis.
b. Rs. 934 million, consequent to certain technical challenges in product development, the Company decided to discontinue development of conjugated estrogen at its site in Middleburgh, New York comprising the below financial impacts:
- Impairment loss of the entire carrying value of Rs. 545 million for property, plant and equipment;
- Inventory related provisions of Rs. 260 million;
- Other development program related wind down costs of Rs. 129 million.

8 Other income includes:
a. Rs. 1,400 million recognised prusuant to settlement of product related litigations representing payment for avoided litigation costs by the Company and its affiliates in the United States and the United Kingdom during the year ended 31 March 2026.
b. Gain on sale of non-current assets, net amounting to Rs. 1,890 million towards divestment of certain product related intangibles i.e., trademarks during the year ended 31 March 2026.

9 During the year ended 31 March 2026 based on a final order received from the Federal Tax Service authority in respect of one of its foreign subsidiaries, based on its estimate, the Company had recorded a VAT provision of Rs.1,836 million under “Other expenses” including applicable interest and penalties and covering the periods both under audit as well as subsequent period up to 31 March 2026.

The Company believes that the likelihood of any further liability that may arise on account of this field tax audit is not probable. This transaction pertains to Company's Global Generics segment.

10 The Company considered the on-going uncertainties relating to geo-political conflicts (including Russia, Ukraine and the Middle East) in assessing the recoverability of receivables, goodwill, intangible assets, investments and other assets. For this purpose, the Company considered internal and external sources of information up to the date of approval of these financial results. Based on its judgments, estimates and assumptions, the Company expects to fully recover the carrying amount of receivables, goodwill, intangible assets, investments and other assets. The Company will continue to closely monitor any material changes to future economic conditions.

	By order of the Board
	For Dr. Reddy’s Laboratories Limited
	G V Prasad
Place: Hyderabad	Co-Chairman & Managing Director
Date: 23 October 2026	DIN:00057433

Exhibit 99.5

  Chartered Accountants Meenakshi Pride Rock Tower III [Block - M], 8th & 9th floors Survey No. 23, Gachibowli Serilingampally Municipality Ranga Reddy District Hyderbad-500032 Telangana, India

INDEPENDENT AUDITOR’S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF DR. REDDY’S LABORATORIES LIMITED

1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of Dr. Reddy’s Laboratories Limited (“the Company”), for the quarter and Half year ended September 30, 2026 (“the Statement”), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“the Listing Regulations”).

2. This Statement, which is the responsibility of the Company’s Management and approved by the Company’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’, issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company’s personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

4. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Regd. Office: One International Center, Tower 3, 31st floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharastra, India.

Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737

Page 1 of 2

 

5. The standalone financial results of the Company for the quarter ended June, 30, 2026 and quarter and half year ended September 30, 2025 included in the Statement, were reviewed by another auditor who expressed an unmodified conclusion on those statements on July 22, 2026 and October 24, 2025 respectively. The Standalone financial results for the year ended March 31, 2026, included in the Statement were audited by another auditor who expressed an unmodified opinion on the financial statements on May 12, 2026.

Our conclusion on the Statement is not modified in respect of this matter.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants

(Firm’s Registration No. 117366W/W-100018)

 

Vikas Bagaria

Partner

(Membership No. 060408)

(UDIN: 26060408XLHVUB4882)

Place: Hyderabad

Date: October 23, 2026

Page 2 of 2

  Dr. Reddy's Laboratories Ltd. 8-2-337, Road No. 3, Banjara Hills, Hyderabad - 500 034, Telangana, India. CIN: L85195TG1984PLC004507   Tel: + 91 40 4900 2900 Fax: + 91 40 4900 2999 Email: mail@drreddys.com Web: www.drreddys.com

DR. REDDY'S LABORATORIES LIMITED

STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2026

All amounts in Indian Rupees millions

				Quarter ended												Half year ended								Year ended
Sl. No.		Particulars		30.09.2026				30.06.2026				30.09.2025				30.09.2026				30.09.2025				31.03.2026
				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Audited)
1		Revenue from operations
		a) Sales			53,643				50,517				45,587				104,160				123,107				201,022
		b) License fees and service income			1,839				633				442				2,472				809				3,584
		c) Other operating income			244				216				157				460				365				722
		Total revenue from operations			55,726				51,366				46,186				107,092				124,281				205,328
2		Other income			2,173				4,404				3,642				6,577				7,625				16,896
		Total income (1 + 2)			57,899				55,770				49,828				113,669				131,906				222,224
3		Expenses
		a) Cost of materials consumed			12,842				13,056				10,090				25,898				21,445				43,325
		b) Purchase of stock-in-trade			7,226				9,022				7,238				16,248				13,876				26,358
		c) Changes in inventories of finished goods, work-in-progress and stock-in-trade			(72	)			(520	)			(23	)			(592	)			(2,152	)			(2,305	)
		d) Employee benefits expense			9,574				9,670				8,679				19,244				17,552				35,499
		e) Depreciation and amortisation expense			3,337				3,177				2,948				6,514				5,746				12,074
		f) Impairment of non current assets, net			(115	)			15				37				(100	)			37				1,405
		g) Finance costs			770				731				334				1,501				526				1,483
		h) Other expenses			15,324				15,649				15,362				30,973				30,350				61,872
		Total expenses			48,886				50,800				44,665				99,686				87,380				179,711
4		Profit  before tax (1 + 2 - 3)			9,013				4,970				5,163				13,983				44,526				42,513
5		Tax expense
		a) Current tax			1,969				501				777				2,470				10,194				9,177
		b) Deferred tax			86				422				513				508				847				1,139
6		Net profit for the period / year (4 - 5)			6,958				4,047				3,873				11,005				33,485				32,197
7		Other comprehensive income / (loss)
		a) (i) Items that will not be reclassified to profit or loss			-				-				-				-				-				134
		(ii) Income tax relating to items that will not be reclassified to profit or loss			-				-				-				-				-				(34	)
		b) (i) Items that will be reclassified to profit or loss			(210	)			1,325				(1,186	)			1,115				(938	)			(1,698	)
		(ii) Income tax relating to items that will be reclassified to profit or loss			52				(333	)			299				(281	)			236				427
		Total other comprehensive income / (loss)			(158	)			992				(887	)			834				(702	)			(1,171	)
8		Total comprehensive income (6 + 7)			6,800				5,039				2,986				11,839				32,783				31,026
9		Paid-up equity share capital (face value Re. 1/- each)			835				835				835				835				835				835
10		Other equity																							312,821
11		Earnings per equity share (face value Re. 1/- each)
		Basic			8.35				4.86				4.65				13.21				40.23				38.68
		Diluted			8.35				4.86				4.65				13.20				40.19				38.64
					(Not annualised)				(Not annualised)				(Not annualised)				(Not annualised)				(Not annualised)

See accompanying notes to the financial results. 

 

DR. REDDY'S LABORATORIES LIMITED

Segment information All amounts in Indian Rupees millions

				Quarter ended												Half year ended								Year ended
Sl. No.		Particulars		30.09.2026				30.06.2026				30.09.2025				30.09.2026				30.09.2025				31.03.2026
				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Audited)
		Segment wise revenue and results
1		Segment revenue
		a) Global Generics			50,028				45,777				40,170				95,805				112,411				182,027
		b) Pharmaceutical Services and Active Ingredients			7,627				7,449				8,040				15,076				15,143				29,750
		c) Others			143				107				20				250				277				464
		Total			57,798				53,333				48,230				111,131				127,831				212,241
		Less: Inter-segment revenue			2,072				1,967				2,044				4,039				3,550				6,913
		Total revenue from operations			55,726				51,366				46,186				107,092				124,281				205,328
2		Segment results
		Profit / (loss) before tax and interest from each segment
		a) Global Generics			10,390				5,642				5,976				16,032				44,363				43,716
		b) Pharmaceutical Services and Active Ingredients			(1,659	)			(1,716	)			65				(3,375	)			(156	)			(883	)
		c) Others			96				60				48				156				274				494
		Total			8,827				3,986				6,089				12,813				44,481				43,327
		Less: (i) Finance costs			770				731				334				1,501				526				1,483
		(ii) Other un-allocable (income) / expenditure, net			(956	)			(1,715	)			592				(2,671	)			(571	)			(669	)
		Total profit before tax			9,013				4,970				5,163				13,983				44,526				42,513

Global Generics includes operations of Biologics business. Inter-segment revenue represents sale from Pharmaceutical Services and Active Ingredients to Global Generics at cost.

Segmental capital employed

As certain assets of the Company including manufacturing facilities, development facilities and treasury assets and liabilities are often deployed interchangeably across segments, it is impractical to allocate these assets and liabilities to each segment. Hence, the details for capital employed have not been disclosed in the above table.

 

DR. REDDY'S LABORATORIES LIMITED

Balance sheet All amounts in Indian Rupees millions

		As at				As at
Particulars		30.09.2026				31.03.2026
		(Unaudited)				(Audited)
ASSETS
Non-current assets
Property, plant and equipment			80,757				77,527
Capital work-in-progress			11,227				13,691
Goodwill			853				853
Other intangible assets			28,113				28,921
Financial assets
Investments			119,629				123,613
Loans			3				5
Other financial assets			5,046				2,686
Tax assets, net			3,188				2,650
Other non-current assets			542				843
Total non-current assets			249,358				250,789
Current assets
Inventories			52,069				49,556
Financial assets
Investments			29,591				32,335
Trade receivables			49,907				41,186
Derivative instruments			202				39
Cash and cash equivalents			3,720				3,375
Other bank balances			22,273				16,201
Loans			1,538				1,002
Other financial assets			9,325				19,351
Other current assets			25,720				22,187
Total current assets			194,345				185,232
TOTAL ASSETS			443,703				436,021
EQUITY AND LIABILITIES
Equity
Equity share capital			835				835
Other equity			318,509				312,821
Total Equity			319,344				313,656
Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities			2,523				2,501
Provisions			120				120
Deferred tax liabilities, net			6,687				5,899
Other non-current liabilities			2,082				2,420
Total non-current liabilities			11,412				10,940
Current liabilities
Financial liabilities
Borrowings			54,500				54,190
Lease liabilities			750				679
Trade payables
Total outstanding dues of micro enterprises and small enterprises			348				316
Total outstanding dues of creditors other than micro enterprises and small enterprises			23,170				18,726
Derivative instruments			5,233				6,785
Other financial liabilities			20,458				20,268
Other current liabilities			5,334				6,320
Provisions			3,154				3,069
Liabilities for current tax, net			-				1,072
Total current liabilities			112,947				111,425
TOTAL EQUITY AND LIABILITIES			443,703				436,021

 

DR. REDDY'S LABORATORIES LIMITED

Statement of cashflows All amounts in Indian Rupees millions

		Half year ended
Particulars		30.09.2026				30.09.2025
		(Unaudited)				(Unaudited)
Cash flows from/(used in) operating activities :
Profit before tax			13,983				44,526
Adjustments for:
Fair value changes and profit on sale of financial instruments measured at FVTPL*, net			(897	)			(1,097	)
Depreciation and amortisation expense			6,514				5,746
Impairment of non current assets, net			(100	)			37
Allowance for credit losses (on trade receivables and other advances)			152				143
Profit on sale or de-recognition of non-current assets, net			(66	)			15
Unrealized exchange (gain)/loss, net			(1,304	)			(1,593	)
Interest income			(4,099	)			(3,905	)
Finance costs			1,501				526
Equity settled share-based payment expense			185				197
Inventories write-down			4,091				2,419
Gain on investments			(22	)			-
Changes in operating assets and liabilities:
Trade receivables			(8,799	)			(6,890	)
Inventories			(6,604	)			(5,277	)
Trade payables			4,476				5,407
Other assets and other liabilities, net			(4,173	)			(3,857	)
Cash generated from operations			4,838				36,397
Income taxes paid, net			(4,080	)			(5,981	)
Net cash generated from operating activities			758				30,416
Cash flows from/(used in) investing activities :
Purchase of property, plant and equipment			(5,138	)			(9,936	)
Proceeds from sale of property, plant and equipment			633				86
Purchase of other intangible assets			(555	)			(5,141	)
Payment for acquisition of business			(220	)			-
Proceeds from sale of other intangible assets			1,077				-
Purchase of investments (including bank deposits)			(15,595	)			(13,177	)
Proceeds from sale of investments (including bank deposits)			22,173				4,325
Equity investments in subsidiary/associates			-				(5,705	)
Proceeds from disposal of subsidiary			5				-
Interest income received			5,866				2,438
Loans and advances repaid/(given) by/to subsidiaries			(498	)			-
Net cash used in investing activities			7,748				(27,110	)
Cash flows from/(used in) financing activities :
Proceeds from issuance of equity shares (including treasury shares)			316				288
Proceeds/(Repayment of) from short-term loans and borrowings, net			310				2,718
Payment of principal portion of lease liabilities			(250	)			(219	)
Dividend paid			(6,664	)			(6,659	)
Interest paid			(1,832	)			(1,035	)
Net cash from/(used in) financing activities			(8,120	)			(4,907	)
Net decrease in cash and cash equivalents			386				(1,601	)
Effect of exchange rate changes on cash and cash equivalents			(41	)			(105	)
Cash and cash equivalents at the beginning of the period			3,375				3,197
Cash and cash equivalents at the end of the period			3,720				1,491

* FVTPL ( Fair value through profit or loss)

 

Notes:

1 The above statement of unaudited standalone financial results of Dr. Reddy's Laboratories Limited ("the Company"), which have been prepared in accordance with the Indian Accounting Standards (''Ind AS'') prescribed under Section 133 of the Companies Act, 2013 ("the Act'') read with relevant rules issued thereunder, other accounting principles generally accepted in India and guidelines issued by the Securities and Exchange Board of India ("SEBI'') were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meetings held on 23 October 2026. The Statutory Auditors have carried out a limited review on the unaudited standalone financial results and issued unmodified report thereon.

2 License and service income for the quarter ended 30 September 2026 includes:

- Rs. 529 million from the sale of the Company’s territorial rights relating to Bendamustine HCL in the United States; and

- Rs. 976 million towards achievement of certain milestones under various license agreements with a customer in Russia pertaining to biosimilars.

These transactions pertain to the Company’s Global Generics segment.

3 Revenue from sale of goods for the year ended 31 March 2026 includes the consequential impact of reduction in selling price of Lenalidomide product in the United States of USD 50 million. This transaction pertains to the Company’s Global Generics segment.

4 Certain batches of Semaglutide were found to be out of specification due to an issue associated with the active pharmaceutical ingredient (API) used in the product. Consequently, based on its best estimate, the Company has made a provision of Rs. 2,230 million towards inventory and Rs. 167 million towards other associated costs during the quarter ended 30 June 2026.

5 The Company has decided to discontinue certain of its R&D programs associated with Chimeric Antigen Receptor T-cell (CAR-T) therapy portfolio in light of current development status and recent clinical trial outcomes. Consequent to this decision, the Company has recognized a net loss of Rs. 1,350 million during the quarter ended 31 March 2026 in the Company’s Global Generics segment, comprising of :

a. Impairment of non-current assets of Rs. 1,135 million (i.e., towards Property, plant and equipment, Intangibles and Right of use assets),

b. Research and development cost reimbursment to subsidiary of Rs.198 million and

c. Other development program related wind down cost of Rs. 17 million.

In August 2026, the company sold certain assets related to this CAR-T program and novated the related lease agreement to the acquirer resulting in impairment loss reversal of Rs. 137.

6 "Other income” for the year ended 31 March 2026 includes gain on sale of non-current assets, net of Rs. 1,890 million towards divestment of certain product related intangibles i.e., trademarks

7 During the year ended 31 March 2026 based on a final order received from the Federal Tax Service authority in respect of one of its foreign subsidiaries, based on its estimate, the Company had recorded a VAT provision of Rs.1,836 million under “Other expenses” including applicable interest and penalties and covering the periods both under audit as well as subsequent period up to 31 March 2026.

The Company believes that the likelihood of any further liability that may arise on account of this field tax audit is not probable. This transaction pertains to the Company’s Global Generics segment.

8 The Company considered the on-going uncertainties relating to geo-political conflicts (including in Russia, Ukraine and the Middle East) in assessing the recoverability of receivables, goodwill, intangible assets, investments and other assets. For this purpose, the Company considered internal and external sources of information up to the date of approval of these financial results. Based on its judgments, estimates and assumptions, the Company expects to fully recover the carrying amount of receivables, goodwill, intangible assets, investments and other assets. The Company will continue to closely monitor any material changes to future economic conditions

		By order of the Board
		For Dr. Reddy’s Laboratories Limited
Place:	Hyderabad	G V Prasad
Date:	23 October 2026	Co-Chairman & Managing Director
		DIN: 00057433

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 8.3 KB
• EX-99.2 EXHIBIT 99.2 253.9 KB
• EX-99.3 EXHIBIT 99.3 142.0 KB
• EX-99.4 EXHIBIT 99.4 246.3 KB
• EX-99.5 EXHIBIT 99.5 193.5 KB