What were Dr. Reddy’s (RDY) earnings per share in Q1 FY27?

For Q1 FY27, diluted earnings per share attributable to equity shareholders were ₹5.32 under IFRS. This compares with ₹17.02 in Q1 FY26 and reflects lower lenalidomide revenues and the semaglutide API provision weighing on overall profitability.

Dr. Reddy’s Laboratories (NYSE: RDY) Q1 FY27 results and API hit

Q: How did Dr. Reddy’s (RDY) perform financially in Q1 FY27?

Dr. Reddy’s reported Q1 FY27 revenue of ₹80,705 Mn , down 6% YoY and up 7% QoQ. Gross margin was 46.5%, EBITDA was ₹10,088 Mn (12.5% margin), and profit attributable to equity holders was ₹4,435 Mn, implying diluted EPS of ₹5.32.

Q: What was the impact of the semaglutide API provision on RDY’s Q1 FY27 results?

The company booked a ₹2,397 Mn provision for semaglutide API inventory and related costs, reducing gross profit, EBITDA and PBT margins by around 3 percentage points. Excluding this impact, Q1 FY27 gross, EBITDA and PBT margins were 49.4%, 15.4% and 9.8%, respectively.

Q: How did RDY’s key geographies perform in Q1 FY27?

In Q1 FY27, North America revenue fell 35% YoY to ₹22,048 Mn, mainly from lower lenalidomide sales. Emerging Markets grew 31% YoY to ₹18,328 Mn, India grew 17% to ₹17,177 Mn, and Europe rose 13% to ₹14,440 Mn, aided by new launches and favorable currency.

Q: What is Dr. Reddy’s (RDY) cash and leverage position as of June 30, 2026?

As of 30 June 2026, Dr. Reddy’s held cash and other investments of ₹91,508 Mn . After adjusting for borrowings, leases and equity investments, net cash surplus was ₹30,568 Mn, with net debt/equity of -0.08 , indicating a net cash balance sheet.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

Dr. Reddy’s Laboratories reported Q1 FY27 consolidated revenue of ₹80,705 Mn, down 6% year-on-year and up 7% sequentially. Gross margin was 46.5%, EBITDA was ₹10,088 Mn (12.5% margin), and profit after tax attributable to equity holders was ₹4,435 Mn, with diluted EPS of ₹5.32.

Performance was impacted by sharply lower lenalidomide revenues and a ₹2,397 Mn semaglutide API provision that reduced gross profit, EBITDA and PBT margins by about 3 percentage points; excluding this, gross, EBITDA and PBT margins were 49.4%, 15.4% and 9.8%, and annualised RoCE was 8%. PBT margin was 6.8% versus 22.3% a year earlier.

Revenue decline was concentrated in North America, while management highlighted double-digit base-business growth across key geographies. Emerging Markets revenue grew 31% YoY to ₹18,328 Mn and India grew 17% to ₹17,177 Mn; branded businesses contributed 52% of Q1 FY27 revenue. As of 30 June 2026, cash and other investments were ₹91,508 Mn, net cash surplus was ₹30,568 Mn and net debt/equity was -0.08 on equity of ₹386,735 Mn. The board appointed Dr. Sridevi Khambhampaty as Global Head of Biologics and approved Deloitte Haskins & Sells LLP as independent registered public accounting firm for U.S. reporting.

Positive

Emerging Markets and India delivered strong growth, with Emerging Markets revenue up 31% YoY to ₹18,328 Mn and India up 17% to ₹17,177 Mn, while branded businesses accounted for 52% of Q1 FY27 revenues, supporting diversification beyond lenalidomide.

Negative

Group revenue declined 6% YoY to ₹80,705 Mn in Q1 FY27, with North America revenue down 35% as lenalidomide sales fell sharply.
Profitability contracted significantly: gross margin fell from 56.9% to 46.5%, and profit attributable to equity holders dropped 69% YoY to ₹4,435 Mn, weighed by a ₹2,397 Mn semaglutide API provision and less favorable product mix.

Filing Explained

After acquisition payments, cash flow was negative 2,378 million rupees for the three months ended June 30, 2026.

As a Form 6-K, this filing furnishes Dr. Reddy’s interim information on its financial condition and results for the quarter ended June 30, 2026; the consolidated results are unaudited.

The filing also furnishes IFRS consolidated results and Ind AS consolidated and standalone results, with review reports for the Ind AS statements. This is a current-period results disclosure rather than an annual audited report.

The release highlights annualised return on capital employed of 8% excluding the semaglutide API impact, while its reported calculation shows 5.3% on average capital employed of ₹356,973 million.

Key Figures

Q1 FY27 Revenue: ₹ 80,705 Mn Q1 FY27 Gross Margin: 46.5 % Q1 FY27 EBITDA: ₹ 10,088 Mn +5 more

8 metrics

Q1 FY27 Revenue ₹ 80,705 Mn Consolidated revenues for the quarter ended 30 June 2026; down 6% YoY and up 7% QoQ

Q1 FY27 Gross Margin 46.5 % Consolidated gross profit margin in Q1 FY27 under IFRS

Q1 FY27 EBITDA ₹ 10,088 Mn EBITDA for Q1 FY27, representing 12.5% of revenues

Profit attributable to equity holders ₹ 4,435 Mn Profit after tax attributable to equity holders in Q1 FY27; 5.5% of revenues

Semaglutide API provision ₹ 2,397 Mn Provision for inventory and associated costs related to semaglutide API in Q1 FY27

Net cash surplus ₹ 30,568 Mn Net cash surplus as of 30 June 2026 after considering borrowings, leases and equity investments

Equity ₹ 386,735 Mn Total equity on the consolidated balance sheet as of 30 June 2026

Annualised RoCE 5.3 % Annualised Return on Capital Employed based on earnings and average capital employed at 30 June 2026

Key Terms

semaglutide API related impact, lenalidomide, Return on Capital Employed, Global Generics, +1 more

5 terms

lenalidomide medical

"performance reflected the expected transition beyond lenalidomide revenues"

An oral medication that helps the immune system and directly slows growth of certain blood cancers and bone marrow disorders, often used long-term after diagnosis. Think of it as a targeted tool doctors use to control disease where stopping or changing the tool—because of safety issues, generic competition, regulatory moves, or patent status—can significantly change sales and future profit expectations, so investors watch approvals, safety advisories, and market exclusivity closely.

Return on Capital Employed financial

"Annualised Return on Capital Employed (A/B) (Ratio) 5.3 %"

Return on capital employed (ROCE) is a percentage that shows how much operating profit a company generates from the money invested in its business — including equity and long‑term debt. Investors use it to judge whether a company uses its resources efficiently, similar to measuring how much output a factory gets from its equipment; a higher ROCE suggests management is getting more profit from each dollar of capital, which can indicate better long‑term value.

Global Generics financial

"Global Generics segment includes operations of Biologics business"

non-GAAP financial measures financial

"This press release contains non-GAAP financial measures within the meaning of Regulation G"

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.

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

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Available on EDGAR 07/22/2026 - 01:37 PM Accepted by SEC EDGAR 07/22/2026 - 01:36 PM

FAQ

How did Dr. Reddy’s (RDY) perform financially in Q1 FY27?

Dr. Reddy’s reported Q1 FY27 revenue of ₹80,705 Mn, down 6% YoY and up 7% QoQ. Gross margin was 46.5%, EBITDA was ₹10,088 Mn (12.5% margin), and profit attributable to equity holders was ₹4,435 Mn, implying diluted EPS of ₹5.32.

What was the impact of the semaglutide API provision on RDY’s Q1 FY27 results?

The company booked a ₹2,397 Mn provision for semaglutide API inventory and related costs, reducing gross profit, EBITDA and PBT margins by around 3 percentage points. Excluding this impact, Q1 FY27 gross, EBITDA and PBT margins were 49.4%, 15.4% and 9.8%, respectively.

How did RDY’s key geographies perform in Q1 FY27?

In Q1 FY27, North America revenue fell 35% YoY to ₹22,048 Mn, mainly from lower lenalidomide sales. Emerging Markets grew 31% YoY to ₹18,328 Mn, India grew 17% to ₹17,177 Mn, and Europe rose 13% to ₹14,440 Mn, aided by new launches and favorable currency.

What is Dr. Reddy’s (RDY) cash and leverage position as of June 30, 2026?

As of 30 June 2026, Dr. Reddy’s held cash and other investments of ₹91,508 Mn. After adjusting for borrowings, leases and equity investments, net cash surplus was ₹30,568 Mn, with net debt/equity of -0.08, indicating a net cash balance sheet.

What leadership and auditor changes did RDY announce alongside Q1 FY27 results?

The board appointed Dr. Sridevi Khambhampaty as Global Head of Biologics, Senior Management Personnel and Management Council member effective 22 July 2026. It also approved Deloitte Haskins & Sells LLP as independent registered public accounting firm for Form 20-F and 6-K reporting.

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

July 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 x

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 x

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 ended June 30, 2026.

On July 22, 2026, we announced our results of operations for the quarter ended June 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 review report and Ind AS Unaudited Standalone Financial Results with review report for the quarter ended June 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 ended June 30, 2026.

Exhibits

Exhibit Number		Description of Exhibits

99.1		Outcome of the Board Meeting held on July 22, 2026

99.2		Press Release, “Dr. Reddy’s Q1 FY2027 Financial Results”, July 22, 2026.

99.3		IFRS Unaudited Consolidated Financial Results for the quarter ended June 30, 2026.

99.4		Ind AS Unaudited Consolidated Financial Results for the quarter ended June 30, 2026.

99.5		Ind AS Unaudited Standalone Financial Results for the quarter ended June 30, 2026.

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: July 22, 2026	By:	/s/ K Randhir Singh
		Name:	K Randhir Singh
		Title:	Company Secretary & Compliance Officer

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

July 22, 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: Outcome of Board Meeting held on July 22, 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 June 22, 2026, we would like to inform that the Board of Directors of the Company, at their meeting held today, i.e. July 22, 2026, have inter alia considered and approved the following:

Unaudited Financial Results for the quarter ended June 30, 2026:

Unaudited Consolidated Financial Results of the Company for the quarter ended June 30, 2026, prepared in compliance with International Financial Reporting Standards (IFRS) as issued by International Accounting Standards Board (IASB);

Press Release on Unaudited Financial Results of the Company for the quarter ended June 30, 2026;

Unaudited Consolidated Financial Results of the Company for the quarter ended June 30, 2026, as per Indian Accounting Standards;

Unaudited Standalone Financial Results of the Company for the quarter ended June 30, 2026, as per Indian Accounting Standards; and

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

Appointment of Senior Management Personnel

Pursuant to the recommendation of the Nomination, Governance and Compensation Committee, the Board of Directors of the Company, at their meeting held today, approved the appointment of Dr. Sridevi Khambhampaty as Global Head of Biologics and Senior Management Personnel of the Company, and her induction as a Member of the Management Council, effective July 22, 2026.

The updated list of the Company’s Senior Management Personnel, reflecting the above appointment, is enclosed as Annexure A1.

Appointment of M/s Deloitte Haskins & Sells, LLP as Independent Registered Public Accounting Firm

This is in continuation of our letter dated May 12, 2026, wherein the Company had informed that it has appointed M/s Deloitte Haskins & Sells, LLP, (Firm Registration No. 117366W/W-100018), as the Statutory Auditors of the Company, in terms of the provisions of Companies Act, 2013, for a term of five consecutive years, commencing from the conclusion of the 42nd AGM till the conclusion of the 47th AGM, subject to the approval of the shareholders at the ensuing AGM.

We further wish to inform that to align with the above and basis the recommendation of the Audit Committee, the Board of Directors have approved the appointment of M/s Deloitte Haskins & Sells, LLP, as the Independent Registered Public Accounting Firm of the Company for the purpose of auditing the financial statements of the Company to be included in the Company’s Annual Report on Form 20-F and reviewing the interim financial statements to be filed with the U.S. Securities and Exchange Commission on Form 6-K.

The disclosure required under Regulation 30 of the SEBI Listing Regulations read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, is enclosed as Annexure A and B.

The Board Meeting commenced at 2:30 p.m. IST and concluded at 4:03 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

Annexure A

Details of Dr. Sridevi Khambhampaty

Sl.no.	Particulars	Details
1.	Reason for change viz. appointment, ~~re-appointment, resignation, removal, death or otherwise~~	Appointment of Dr. Sridevi Khambhampaty as Global Head of Biologics and Senior Management Personnel of the Company, and her induction as a Member of the Management Council
2.	Date of appointment/~~re-appointment/cessation~~ (as applicable) & term of appointment/re-appointment	July 22, 2026.
3.	Brief profile (in case of appointment)	As mentioned below
4.	Disclosure of relationships between directors (in case of appointment of a director)	Not applicable

Brief Profile of Dr. Sridevi Khambhampaty

Dr. Sridevi is an accomplished biopharmaceutical leader with over two decades of experience spanning Biologics R&D, Quality, and Business leadership. Most recently, she served as the CEO of Shilpa Biologics, where she led the organization’s growth and strategic direction. Prior to this, she held senior leadership roles at Syngene International and Intas Biopharma.

In her previous stint at Dr Reddy’s, Dr. Sridevi led teams in Product Development and Quality Control at Biologics and contributed to several of our current products in biosimilars. She brings deep expertise in biologics, development strategy, regulatory sciences, and cross-functional leadership, along with extensive experience in building and scaling high-performing teams. She holds a PhD in Biological Sciences from NCBS (TIFR) and completed her postdoctoral research at Stanford University School of Medicine.

Annexure A1

List of revised Senior Management Personnel

Sl.No	Name of the SMP	Designation
1	Mr. Satish Reddy	Chairman and Whole-time Director
2	Mr. G V Prasad	Co-Chairman and Managing Director (KMP)
3	Mr. Erez Israeli	Chief Executive Officer (KMP)
4	Mr. M V Ramana	CEO Global Generics
5	Mr. Sanjay Sharma	Chief Operating Officer
6	Mr. M V Narasimham	Chief Financial Officer (KMP)
7	Mr. Deepak Sapra	Chief Executive Officer, API and Services
8	Mr. Krishna Venkatesh	Global Head of IPDO - Integrated Product Development Organization
9	Mr. Patrick Aghanian	Head - Consumer Health Organization
10	Mr. Phanimitra B	Chief Digital and Information Officer
11	Mr. Milan Kalawadia	Chief Executive Officer, North America
12	Mr. M S Madhu Sundar	Global Head of Quality and PV
13	Mr. Sandeep Khandelwal	Global Generics India Head
14	Dr. Sridevi Khambhampaty	Global Head of Biologics
15	Mr. K Randhir Singh	Company Secretary, Compliance Officer and Head-CSR (KMP)

Annexure B

Details of M/s Deloitte Haskins & Sells, LLP, Chartered Accountants as Independent Registered Public Accounting Firm

Sl.no.	Particulars	Details
1.	Reason for change viz. appointment, re-appointment, ~~resignation, removal, death or otherwise~~	Appointment
2.	Date of appointment/~~re-appointment/cessation~~ (as applicable) & term of appointment/re-appointment	July 22, 2026
3.	Brief profile (in case of appointment)	Deloitte Haskins & Sells, Mumbai was constituted in 1997 and has been converted to a Limited Liability Partnership (LLP), with the name Deloitte Haskins & Sells LLP (“DHS LLP” or “Firm”), w.e.f. November 20, 2013. DHS LLP is registered with the Institute of Chartered Accountants of India (Registration No. 117366W/W-100018) and is a part of Deloitte Haskins & Sells & Affiliates being the Network of Firms registered with the ICAI. The registered office of the Firm is One International Center, Tower 3, 31st Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400013, Maharashtra, India.
4.	Disclosure of relationships between directors (in case of appointment of a director)	Not applicable

Exhibit 99.2

DR. REDDY’S LABORATORIES LTD.

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

Hyderabad - 500034. Telangana, India.

CONTACT

Investor relationS

Media relationS

AISHWARYA SITHARAM

aishwaryasitharam@drreddys.com

SANTOSH VYAS

santoshvyas@drreddys.com

Dr. Reddy’s Q1FY27 Financial Results

Hyderabad, India, July 22, 2026: Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY) today announced its consolidated financial results for the quarter ended June 30, 2026. The information mentioned in this release is based on consolidated financial statements under International Financial Reporting Standards (IFRS).

Particulars	Q1FY27

*Revenues*	₹ 80,705 Mn [Down: 5.6% YoY; Up: 7.4% QoQ]

*Gross Margin*	46.5% [Q4FY26: 56.9%; Q4FY26: 44.8%]

*EBITDA*	₹ 10,088 Mn [12.5% of Revenues]

*Profit before Tax*	₹ 5,526 Mn [6.8% of Revenues]

*Profit after Tax* attributable to Equity Holders	₹ 4,435 Mn [5.5% of Revenues]

Notes: Results include the adverse impact of a provision of ₹ 2,397 Mn towards inventory and other associated costs related to semaglutide’s active pharmaceutical ingredient (’semaglutide API related impact’), resulting in a decrease in gross profit, EBITDA and PBT margins by ~3%.

Commenting on the results, Co-Chairman & MD, G V Prasad said: “Our Q1FY27 performance reflected the expected transition beyond lenalidomide revenues, along with an unexpected impact related to semaglutide API. However, our underlying base business continued to deliver healthy double-digit growth across all key geographies. Our focus remains on improving the health of our base business through disciplined execution and operational excellence, while building our future pipeline of peptides, biosimilars, and innovative assets to deliver long-term growth.”

All amounts in millions, except EPS

All US dollar amounts based on convenience translation rate of 1 USD = ₹94.66

Dr. Reddy’s Laboratories Limited & Subsidiaries

Revenue Mix by Segment for the quarter

Particulars	Q1FY27		Q1FY26		YoY			Q4FY26		QoQ
	(₹)		(₹)		Gr%			(₹)		Gr%
Global Generics		71,993		75,620		(5	)		65,802		9
North America		22,048		34,123		(35	)		17,562		26
Emerging Markets		18,328		14,042		31			18,057		2
India		17,177		14,711		17			15,663		10
Europe		14,440		12,744		13			14,520		(0.6	)
Pharmaceutical Services and Active Ingredients (PSAI)		8,519		8,181		4			9,124		(7	)
Others		193		1,651		(88	)		236		(18	)
Total		80,705		85,452		(6	)		75,162		7

Branded businesses, namely India, Emerging Markets and the acquired consumer health portfolio in

Nicotine Replacement Therapy, account for 52% of Q1FY27 revenues.

Consolidated Income Statement for the quarter

Particulars	Q1FY27						Q1FY26						YoY			Q4FY26						QoQ
	($)			(₹)			($)			(₹)			Gr%			($)			(₹)			Gr%
Revenues		853			80,705			903			85,452			(6	)		794			75,162			7
Cost of Revenues		456			43,165			389			36,825			17			438			41,471			4
Gross Profit		397			37,540			514			48,627			(23	)		356			33,691			11
% of Revenues					46.5	%					56.9	%								44.8	%
Selling, General & Administrative Expenses		304			28,820			271			25,647			12			293			27,762			4
% of Revenues					35.7	%					30.0	%								36.9	%
Research & Development Expenses		61			5,766			66			6,244			(8	)		58			5,463			6
% of Revenues					7.1	%					7.3	%								7.3	%
Impairment of Non-Current Assets, net		0.2			15			-			-			-			27			2,586			(99	)
Other (Income)/Expense, net		(9	)		(845	)		(8	)		(739	)		14			(36	)		(3445	)		(75	)
Results from Operating Activities		40			3,784			185			17,475			(78	)		14			1,325			186
Finance (Income)/Expense, net		(18	)		(1,734	)		(17	)		(1,570	)		10			(7	)		(620	)		180
Share of Profit of Equity Investees, net of tax		(0.1	)		(8	)		(0.02	)		(2	)		300			(0.5	)		(46	)		(83	)
Profit before Income Tax		58			5,526			201			19,047			(71	)		21			1,991			178
% of Revenues					6.8	%					22.3	%								2.6	%
Income Tax Expense/(Benefit)		12			1,178			52			4,950			(76	)		(2	)		(214	)		(650	)
Profit for the Period		46			4,348			149			14,096			(69	)		23			2,205			97
% of Revenues					5.4	%					16.5	%								2.9	%
Attributable to Equity holders of the Parent Co.		47			4,435			150			14,178			(69	)		23			2,201			102
% of Revenues					5.5	%					16.6	%								2.9	%
Attributable to Non-controlling interests		(1	)		(87	)		(1	)		(82	)		6			0.04			4			(2,697	)
Diluted Earnings per Share (EPS)		0.06			5.32			0.18			17.02			(84	)		0.03			2.64			101

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

Particulars	Q1FY27					Q1FY26					Q4FY26
		($)		(₹)			($)		(₹)			($)		(₹)
Profit before Income Tax		58		5,526			201		19,047			21		1,991
Interest (Income) / Expense, net*		(9	)	(825	)		(11	)	(1,028	)		(4	)	(346	)
Depreciation		36		3,380			31		2,894			37		3,459
Amortization		21		1,992			20		1,871			22		2,117
Impairment		0		15			-		-			27		2,586
EBITDA		107		10,088			241		22,784			104		9,807
% of Revenues				12.5	%				26.7	%				13.0	%

*Includes income from Investment

Key Balance Sheet Items

Particulars	As on 30^th Jun 2026			As on 31^st Mar 2026			As on 30^th Jun 2025
		($)	(₹)		($)	(₹)		($)	(₹)
Cash and Cash Equivalents and Other Investments		967	91,508		1,041	98,509		773	73,169
Trade Receivables		1,062	100,557		1,069	101,219		1,005	95,137
Inventories		850	80,473		808	76,531		799	75,600
Property, Plant, and Equipment		1,221	115,549		1,225	115,930		1,086	102,784
Goodwill and Other Intangible Assets		1,230	116,463		1,246	117,952		1,136	107,572
Loans and Borrowings (Current & Non-Current)		760	71,952		817	77,341		514	48,644
Trade Payables		396	37,497		353	33,411		396	37,457
Equity		4,086	386,735		4,019	380,457		3,737	353,755

Key Business Highlights for Q1FY27

First-to-market launch in the United States of Bosutinib Tablets 400mg, with 180-days of generic drug exclusivity.

Launched generic semaglutide injection in Canada, indicated for treatment of Type 2 diabetes, after receiving the Notice of Compliance from Pharmaceutical Drugs Directorate.

Launched generic semaglutide tablets in India for treatment of Type 2 diabetes.

’Celevida GLP+’ launched in India by Dr. Reddy’s-Nestlé Health Science to support nutritional needs of GLP-1 users.

Toripalimab, in-licensed novel therapy for treatment of nasopharyngeal carcinoma, surpassed revenues of ₹100 crores in less than two years of launch in India.

Entered into an agreement with Innoviva Specialty Therapeutics to exclusively develop and commercialise, XACDURO^® (sulbactam for injection; durlobactam for injection), used in treatment of hospital-acquired bacterial pneumonia in select markets across South and Central America, the Caribbean, Russia and CIS countries.

Filed Marketing Authorization Application abatacept intravenous (IV) presentation with European Medicines Agency (EMA).

Fast Track Designation granted by USFDA for partnered product, COYA 302, for the treatment of Amyotrophic Lateral Sclerosis (ALS).

ESG Highlights for Q1FY27

Completed 25 years of listing on the New York Stock Exchange as the first and only Indian pharmaceutical company listed on the exchange.

Placed in the top 1% globally by FTSE Russell.

Ranked 165^th globally and 5^th among Indian companies by TIME–Statista among the World’s Most Sustainable Companies.

Other Updates for Q1FY27

Received a Form 483 with seven observations, following a Pre-License Inspection (PLI) by United States Food and Drug Administration (USFDA) at our biologics manufacturing facility in Bachupally, Hyderabad in June 2026, to which responses were provided within the stipulated timeline.

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. Appropriate measures are being taken to ensure product quality and resumption of supplies.

Revenue Analysis

Q1FY27 consolidated revenues at ₹80.7 billion, decline of 6% YoY and growth of 7% QoQ.

Growth was impacted primarily on account of lower lenalidomide revenues. The underlying base business, i.e. excluding lenalidomide, continued to deliver healthy double-digit growth across all geographies, including North America, aided by favourable currency movements.

Global Generics (GG)

Q1FY27 revenues at ₹72.0 billion, decline of 5% YoY and growth of 9% QoQ, accounting for 89% of consolidated revenues.

Branded businesses, namely India, Emerging Markets and the acquired consumer health portfolio in Nicotine Replacement Therapy (NRT), account for 52% of Q1FY27 revenues.

North America

Q1FY27 revenues at ₹22.0 billion, decline of 35% YoY and growth of 26% QoQ, accounting for 27% of consolidated revenues.

Decline was largely due to lower Lenalidomide sales.

During the quarter, we launched six new products in the region.

During the quarter, we filed five new Abbreviated New Drug Applications (ANDAs) and one New Drug Application (NDA) with the USFDA.

As of June 30, 2026, filings pending approval from USFDA were 79 including:

76 ANDAs (45 are Paragraph IV applications, and 24 may have a ‘First to File’ status) and

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

Emerging Markets

Q1FY27 revenues at ₹18.3 billion, growth of 31% YoY and 2% QoQ, accounting for 23% of consolidated revenues.

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

Q1FY27 Russia revenues at ₹9.0 billion, growth of 28% YoY and 8% QoQ.

YoY growth was supported by price increase in certain brands, new product launches and favorable currency movements.

Q1FY27 Other Commonwealth of Independent States (CIS) countries and Romania revenues at ₹2.2 billion, growth of 12% YoY and decline of 6% QoQ.

YoY growth was largely on account of higher sales volumes and favourable exchange movements.

Q1FY27 Rest of World (RoW) revenues at ₹7.1 billion, growth of 42% YoY and decline of 3% QoQ.

YoY growth was largely on account of higher sales volumes from existing products and new product launches across countries, aided by favourable currency movements.

During the quarter, we launched 43 new products across countries.

India

Q1FY27 revenues at ₹17.2 billion, growth of 17% YoY and 10% QoQ, accounting for 21% of consolidated revenues.

Growth was driven by revenues from new brand launches, including innovative assets and recently acquired portfolios, price increases and higher sales volumes.

As per IQVIA data published for June 2026, our rank in the Indian Pharmaceutical Market (IPM) was at 9^th on a Moving Quarterly Total (MQT) and 10^th on a Moving Annual Total (MAT) basis. We continued to outperform the IPM, with secondary sales growth of 14.6% as compared to IPM growth of 13.5% on a MQT basis and 13.5% as compared to IPM growth of 11.1% on a MAT basis.

During the quarter, we launched seven new brands.

Europe

Q1FY27 revenues at ₹14.4 billion, growth of 13% YoY and flat QoQ, accounting for 18% of consolidated revenues.

Revenues from new generic product launches and favourable forex movement were moderated by pricing pressure in generics. NRT revenues declined primarily due to the change in operating model post-integration, under which rebates and discounts are offered to distributors, as compared to the transition period when sales were managed by the seller, Haleon.

Q1FY27 NRT revenues at ₹6.6 billion, decline of 2% YoY and 6% QoQ.

Q1FY27 Germany revenues at ₹4.1 billion, growth of 29% YoY and 6% QoQ.

Q1FY27 UK revenues at ₹2.3 billion, growth of 33% YoY and flat QoQ.

Q1FY27 Rest of Europe revenues at ₹1.5 billion, growth of 29% YoY and 4% QoQ.

During the quarter, we launched 24 new generic products in the region.

Pharmaceutical Services and Active Ingredients (PSAI)

Q1FY27 revenues at ₹8.5 billion, growth of 4% YoY and decline of 7% QoQ.

Growth was largely on account of momentum in our services business, aided by favourable currency fluctuations.

During the quarter, we filed 38 Drug Master Files (DMFs) globally.

Income Statement Highlights:

Gross Margin

Q1FY27 at 46.5% (GG: 51.6%, PSAI: 4.5%), a decline of 1,039 basis points (bps) YoY and an increase of 169 bps QoQ.

The YoY decline for the quarter was primarily on account of an adverse product mix, primarily on account of reduced sales of Lenalidomide, price erosion in North America and Europe Generics, a semaglutide API related impact indicated earlier and elevated solvent costs arising on account of the Middle East crisis.

Excluding the semaglutide API related impact, gross margin was 49.4% (GG: 53.8%| PSAI: 12.9%).

Selling, General & Administrative (SG&A) Expenses

Q1FY27 at ₹28.8 billion, increase of 12% YoY and 4% QoQ.

As % to Revenues – Q1FY27: 35.7 % | Q1FY26: 30.0% | Q4FY26: 36.9%.

The YoY increase was due to higher personnel costs, including increments, adverse forex movement, targeted investments in branded businesses and higher freight costs due to Middle East crisis.

Research & Development (R&D) Expenses

Q1FY27 at ₹5.8 billion, decrease of 8% YoY and increase of 6% QoQ.

As % to Revenues – Q1FY27: 7.1% | Q1FY26: 7.3% | Q4FY26: 7.3%.

R&D expenditure was lower due to reduced development spends in biosimilars. R&D spends remain focused on complex generics, including peptides and biosimilars.

Profit before Tax (PBT)

Q1FY27 at ₹5.5 billion, decline of 71% YoY and increase of 178% QoQ.

As % to Revenues – Q1FY27: 6.8% | Q1FY26: 22.3% | Q4FY26: 2.6%.

Excluding the semaglutide API related impact, PBT margin was 9.8%.

Income Tax

Q1FY27 expense at ₹1.2 billion. As % to PBT – Q1FY27: 21.3% | Q1FY26: 26.0% | Q4FY26: (10.8)%.

The ETR was lower in Q1FY27 primarily due to reversal of previously recognized tax provisions no longer required consequent to favorable resolution of tax assessment pertaining to earlier year and a favourable jurisdictional mix for the quarter, in comparison to the same period in the previous year.

Profit attributable to Equity Holders of Parent Company

Q1FY27 at ₹4.4 billion, decline of 69% YoY and increase of 101% QoQ.

As % to Revenues (before semaglutide API related impact) – Q1FY27: 5.5% | Q1FY26: 16.6% | Q4FY26: 2.9%.

Diluted Earnings per Share (EPS)

Q1FY27 is ₹5.32.

Other Financial Highlights:

EBITDA

Q1FY27 at ₹10.1 billion, a decline of 1,416 bps YoY and 55 bps QoQ.

As % to Revenues – Q1FY27: 12.5% | Q1FY26: 26.7% | Q4FY26: 13.0%.

Excluding the semaglutide API related impact, EBITDA margin was 15.4%.

Others:

Operating Working Capital: As on 30^th June 2026 at ₹143.5 billion

Capital Expenditure: Q1FY27 at ₹3.1 billion.

Cash Flow (before acquisition related payout): Q1FY27 at ₹(2.2) billion.

Net Cash Surplus: As on 30^th June 2026 at ₹30.6 billion.

Net Debt to Equity: As on 30^th June 2026 is (0.08).

Annualised Return on Capital Employed (RoCE): Q1FY27 stood at 5.3%.

Excluding the semaglutide API related impact, annualised RoCE at 8%.

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.

All amounts in millions, except EPS

Reconciliation of GAAP Measures to Non-GAAP Measures

Operating Working Capital

Particulars	As on 30^th Jun 2026
		(₹)
Inventories		80,473
Trade Receivables		100,557
Less:
Trade Payables		(37,497	)
Operating Working Capital		143,533

Free Cash Flow

Particulars	Three months ended 30^th Jun 2026
		(₹)
Net cash generated from operating activities		1,015
Less:
Taxes		(1,942	)
Investments in Property, Plant & Equipment and intangibles		(1,231	)
Free Cash Flow before Acquisitions		(2,158	)
Less:
Acquisitions related pay-out		(220	)
Cash Flow		(2,378	)

Net Cash Surplus and Debt to Equity

Particulars	As on 30^th Jun 2026
		(₹)
Cash and Cash Equivalents		11,204
Investments		80,304
Short-term Borrowings		(57,688	)
Long-term Borrowings (Current & Non-current)		(14,264	)
Less:
Restricted Cash Balance – Unclaimed Dividend and others		(102	)
Lease liabilities (Included in Short-term and Long-term Borrowings)		14,264
Equity Investments (Included in Investments)		(3,150	)
Net Cash Surplus		30,568
Equity		386,735
Net Debt/Equity		(0.08	)

Computation of RoCE

Particulars	As on 30^th Jun 2026
		(₹)
Profit before Tax		5,526
Less:
Interest and Investment Income (Excluding forex gain/loss)		(825	)
Earnings Before Interest and taxes [A]		4,701

Average Capital Employed [B]		356,973

Annualised Return on Capital Employed (A/B) (Ratio)		5.3	%

Computation of Capital Employed:

Particulars	As on
	30^th Jun 2026			31^st Mar 2026
Property Plant and Equipment		115,549			115,930
Intangibles		103,603			105,059
Goodwill		12,860			12,893
Investment in Equity Accounted Associates		5,798			5,673
Other Current Assets		36,364			36,256
Other Non-Current Assets		1,111			1,226
Inventories		80,473			76,531
Trade Receivables		100,557			101,219
Derivative Financial Instruments		(4,538	)		(6,743	)
Less:
Other Liabilities		46,540			53,702
Provisions		7,066			7,659
Trade payables		37,497			33,411
Operating Capital Employed		360,674			353,272
Average Capital Employed		356,973

Computation of EBITDA

Refer page no. 3.

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: Wednesday, July 22, 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_xVkKzh0MSyaxs-eKX8_0wg

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, and our other filings with US SEC. The company assumes no obligation to update any information contained herein.

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 ended 30 June 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									Year ended
		30.06.2026			31.03.2026			30.06.2025			31.03.2026
Sl. No.	Particulars	(Unaudited)			(Audited)			(Unaudited)			(Audited)
1	Revenues		80,705			75,162			85,452			335,933
2	Cost of revenues		43,165			41,471			36,825			158,669
3	Gross profit (1 - 2)		37,540			33,691			48,627			177,264
4	Selling, general and administrative expenses		28,820			27,762			25,647			106,763
5	Research and development expenses		5,766			5,463			6,244			24,058
6	Impairment of non-current assets, net		15			2,586			-			3,519
7	Other income, net		(845	)		(3,445	)		(739	)		(7,627	)
	Total operating expenses		33,756			32,366			31,152			126,713
8	Results from operating activities [(3) - (4 + 5 + 6 + 7)]		3,784			1,325			17,475			50,551
	Finance income		2,989			1,677			2,400			7,870
	Finance expense		(1,255	)		(1,057	)		(830	)		(3,738	)
9	Finance income, net		1,734			620			1,570			4,132
10	Share of profit of equity accounted investees, net of tax		8			46			2			134
11	Profit before tax (8 + 9 + 10)		5,526			1,991			19,047			54,817
12	Tax expense, net		1,178			(214	)		4,951			12,351
13	Profit for the period/year (11 - 12)		4,348			2,205			14,096			42,466

	Attributable to:
	Equity holders of the parent company		4,435			2,201			14,178			42,850
	Non-controlling interests		(87	)		4			(82	)		(384	)

14	Earnings per equity share attributable to equity shareholders of parent
	Basic earnings per share of Re.1/- each		5.32			2.64			17.04			51.48
	Diluted earnings per share of Re.1/- each		5.32			2.64			17.02			51.42
			(Not annualised)			(Not annualised)			(Not annualised)

Segment information		All amounts in Indian Rupees millions
		Quarter ended						Year ended
		30.06.2026		31.03.2026		30.06.2025		31.03.2026
Sl. No.	Particulars	(Unaudited)		(Audited)		(Unaudited)		(Audited)
	Segment wise revenue and results:
1	Segment revenue:
	a) Global Generics		71,993		65,802		75,620		299,033
	b) Pharmaceutical Services and Active Ingredients		10,527		11,075		9,709		42,043
	c) Others		193		236		1,651		2,127
	Total		82,713		77,113		86,980		343,203
	Less: Inter-segment revenues		2,008		1,951		1,528		7,270
	Net revenues		80,705		75,162		85,452		335,933

2	Segment results:
	Gross profit from each segment
	a) Global Generics		37,123		31,809		46,086		169,698
	b) Pharmaceutical Services and Active Ingredients		381		1,817		1,082		5,984
	c) Others		36		65		1,459		1,582
	Total		37,540		33,691		48,627		177,264
	Less: Selling and other un-allocable expenditure, net of other income		32,014		31,700		29,580		122,447
	Total profit before tax		5,526		1,991		19,047		54,817

Global Generics segment includes operations of Biologics business. Inter-segment revenues represent 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, 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.

Notes:

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 presented as per the format of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, and were reviewed and recommended by Audit Committee and approved by the Board of Directors at their meetings held on 22 July 2026. The Auditors have carried out a limited review on the unaudited consolidated financial results and issued an unmodified report there on.

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.2,397 million towards inventory and other associated costs during the quarter ended 30 June 2026.

During the quarter 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.

During the quarter 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.

During the quarter ended 31 March 2026, the Company has recorded an impairment loss of 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. This transaction pertains to Company’s Global Generics segment.

During the year ended 31 March 2026, consequent to certain technical challenges in product development, the Company decided to discontinue development of conjugated estrogen at its site in Middleburgh, New York. Consequent to discontinuance of development, the Company recorded the following financial impacts in the Company’s Global Generic segment, resulting in a net loss of Rs.47 million:

- 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.

“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.

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 (including provision of Rs.1,141 million recorded during the quarter ended 31 March 2026) 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.

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.

The figures for the quarter ended 31 March 2026 are the balancing figures between audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the relevant financial year, which were subject to limited review.

	By order of the Board
	For Dr. Reddy’s Laboratories Limited


Place: Hyderabad	G V Prasad
Date: 22 July 2026	Co-Chairman & Managing Director
	DIN: 00057433

Exhibit 99.4

THE SKYVIEW 10

18th Floor, NORTH LOBBY

Survey No. 83/1, Raidurgam

Hyderabad - 500 032, India

Tel: +91 40 6141 6000

Independent Auditor’s Review Report on the Quarterly Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to

The Board of Directors of

Dr. Reddy’s Laboratories Limited

We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Dr. Reddy’s Laboratories Limited (the “Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”), its associates and joint ventures for the quarter ended June 30, 2026 (the “Statement”) attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).

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

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. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons 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 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.

We also performed procedures in accordance with the Master Circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

The Statement includes the results of the following entities:

Holding Company:

Dr. Reddy’s Laboratories Limited

Subsidiaries:

Aurigene Discovery Technologies (Malaysia) Sdn. Bhd.

Aurigene Oncology Limited

Aurigene Pharmaceutical Services Limited

beta Institut gemeinnützige GmbH

betapharm Arzneimittel GmbH

Cheminor Investments Limited

S.R. Batliboi & Associates LLP, a Limited Liability Partnership with LLP Identity No. AAB-4295

Regd. Office: 22, Camac Street, Block B, 3rd Floor, Kolkata-700 016

Dr. Reddy’s Farmaceutica Do Brasil Ltda.

Dr. Reddy’s Laboratories (EU) Limited

Dr. Reddy’s Laboratories (Proprietary) Limited

10.

Dr. Reddy’s Laboratories (UK) Limited

11.

Dr. Reddy’s Laboratories Canada, Inc.

12.

Dr. Reddy’s Laboratories Chile SPA

13.

Dr. Reddy’s Laboratories Inc.

14.

Dr. Reddy’s Laboratories Japan KK

15.

Dr. Reddy’s Laboratories Kazakhstan LLP

16.

Dr. Reddy’s Laboratories Malaysia Sdn. Bhd.

17.

Dr. Reddy’s Laboratories New York, LLC

18.

Dr. Reddy’s Laboratories Philippines Inc.

19.

Dr. Reddy’s Laboratories Romania SRL

20.

Dr. Reddy’s Laboratories SA

21.

Dr. Reddy’s Laboratories Taiwan Limited

22.

Dr. Reddy’s Laboratories (Thailand) Limited

23.

Dr. Reddy’s Laboratories LLC, Ukraine

24.

Dr. Reddy’s New Zealand Limited

25.

Dr. Reddy’s SRL

26.

Dr. Reddy’s Bio-Sciences Limited

27.

Dr. Reddy’s Laboratories (Australia) Pty. Limited

28.

Dr. Reddy’s Laboratories SAS

29.

Dr. Reddy’s Netherlands B.V.

30.

Dr. Reddy’s (Beijing) Pharmaceutical Co. Limited

31.

DRL Impex Limited

32.

Dr. Reddy’s Formulations Limited

33.

Idea2Enterprises (India) Pvt. Limited

34.

Imperial Owners and Land Possessions Private Limited

35.

Industrias Quimicas Falcon de Mexico, S.A. de CV

36.

Lacock Holdings Limited

37.

Dr. Reddy’s Laboratories LLC, Russia

38.

Promius Pharma LLC

39.

Reddy Holding GmbH

40.

Reddy Netherlands B.V.

41.

Reddy Pharma Iberia SAU

42.

Reddy Pharma Italia S.R.L.

43.

Reddy Pharma SAS

44.

Svaas Wellness Limited (ceased to be step subsidiary w.e.f April 07, 2026)

45.

Nimbus Health GmbH

46.

Dr. Reddy’s Laboratories Jamaica Limited

47.

Dr. Reddy’s and Nestle Health Science Limited

48.

Northstar Switzerland SARL

49.

North Star OpCo Limited

50.

North Star Sweden AB

51.

Dr. Reddy’s Denmark ApS

52.

Dr. Reddy’s Finland Oy

53.

Dr. Reddy’s Laboratories (Vietnam) Company Limited

Associates:

O2 Renewabale Energy IX Private Limited

Clean Renewable Energy KK 2A Private Limited

Joint Venture:

DRES Energy Private Limited

Kunshan Rotam Reddy Pharmaceutical Co. Limited (Including Kunshan Rotam Reddy Medicine Company Limited)

Other Consolidating Entities:

Dr Reddy’s Employees ESOS Trust

Cheminors Employees Welfare Trust

Dr. Reddy’s Research Foundation

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 recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (‘Ind AS’) specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For S.R. Batliboi & Associates LLP

Chartered Accountants

ICAI Firm registration number: 101049W/E300004

per Shankar Srinivasan

Partner

Membership No.: 213271

UDIN: 26213271WECXGO5648

Place: Hyderabad

Date: July 22, 2026

Dr. Reddys 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 ENDED 30 JUNE 2026

		Quarter ended									Year ended
		30.06.2026			31.03.2026			30.06.2025			31.03.2026
Sl. No.	Particulars	(Unaudited)			(Audited)			(Unaudited)			(Audited)

1	Revenue from operations
	a) Sales		78,608			72,957			82,666			326,213
	b) License fees and service income		2,097			2,205			2,786			9,720
	c) Other operating income		293			302			269			1,069

	Total revenue from operations		80,998			75,464			85,721			337,002
2	Other income		3,547			4,754			2,903			13,584
3	Total income (1 + 2)		84,545			80,218			88,624			350,586

4	Expenses
	a) Cost of materials consumed		16,538			11,986			20,358			65,012
	b) Purchase of stock-in-trade		19,738			16,577			12,159			61,616
	c) Changes in inventories of finished goods, work-in-progress and stock-in-trade		(2,425	)		3,564			(4,442	)		(4,236	)
	d) Employee benefits expense		16,516			14,468			15,035			59,909
	e) Depreciation and amortisation expense		5,366			5,571			4,761			20,588
	f) Impairment of non-current assets, net		15			2,575			-			3,518
	g) Finance costs		1,255			1,057			830			3,738
	h) Other expenses		22,017			22,469			20,875			86,648
	Total expenses		79,020			78,267			69,576			296,793
5	Profit before tax and share of equity accounted investees (3 - 4)		5,525			1,951			19,048			53,793
6	Share of profit of equity accounted investees, net of tax		8			46			2			134
7	Profit before tax (5+6)		5,533			1,997			19,050			53,927
8	Tax expense/(benefit):
	a) Current tax		1,575			(237	)		10,261			13,945
	b) Deferred tax		(398	)		21			(5,310	)		(1,594	)
9	Net profit after taxes and share of profit of associates (7 - 8)		4,356			2,213			14,099			41,576
10	Net profit after taxes attributable to
	a) Equity shareholders of the parent company		4,443			2,209			14,181			41,960
	b) Non-controlling interests		(87	)		4			(82	)		(384	)
11	Other comprehensive income/(loss)
	a) (i) Items that will not be reclassified subsequently to profit or loss		(7	)		168			5			143
	(ii) Income tax relating to items that will not be reclassified to profit or loss		2			(56	)		-			(56	)
	b) (i) Items that will be reclassified subsequently to profit or loss		1,888			2,167			2,077			6,916
	(ii) Income tax relating to items that will be reclassified to profit or loss		(333	)		179			(33	)		392
	Total other comprehensive income/(loss)		1,550			2,458			2,049			7,395
	Total comprehensive income (9 + 11)		5,906			4,671			16,148			48,971
12	Total comprehensive income attributable to
	a) Equity shareholders of the parent company		5,993			4,667			16,230			49,355
	b) Non-controlling interest		(87	)		4			(82	)		(384	)
13	Paid-up equity share capital (face value Re. 1/- each)		835			835			835			835
14	Other equity											378,080
15	Earnings per equity share attributable to equity shareholders of parent(face value Re. 1/- each)
	Basic		5.33			2.65			17.04			50.41
	Diluted		5.33			2.65			17.02			50.35
			(Not annualised)			(Not annualised)			(Not annualised)

See accompanying notes to the financial results

DR. REDDY’S LABORATORIES LIMITED

Segment information

		Quarter ended						Year ended
		30.06.2026		31.03.2026		30.06.2025		31.03.2026
Sl. No.	Particulars	(Unaudited)		(Audited)		(Unaudited)		(Audited)
	Segment wise revenue and results:
1	Segment revenue :
	a) Global Generics		72,083		65,925		75,732		299,460
	b) Pharmaceutical Services and Active Ingredients		10,730		11,247		9,874		42,672
	c) Others		193		243		1,643		2,140
	Total		83,006		77,415		87,249		344,272
	Less: Inter-segment revenue		2,008		1,951		1,528		7,270
	Total revenue from operations		80,998		75,464		85,721		337,002
2	Segment results:
	Gross profit from each segment
	a) Global Generics		37,127		31,768		46,086		169,696
	b) Pharmaceutical Services and Active Ingredients		386		1,849		1,087		6,002
	c) Others		36		74		1,459		1,581
	Total		37,549		33,691		48,632		177,279
	Less: Selling and other un-allocable expenditure/(income), net		32,016		31,694		29,582		123,352
	Total profit before tax		5,533		1,997		19,050		53,927

Global Generics includes operations of Biologics business. Inter-segment revenue represents sales 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.

Notes:

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 issued 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 22 July 2026. Thc Statulory Auditors have carried out a limited review on the unaudited consolidated financial results and issued an unmodified report thereon.

During the quarter 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.

During the quarter ended 31 March 2026, the Company decided to discontinue some 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.

- 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;

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 quarter ended 31 March 2026.

DR. REDDY’S LABORATORIES LIMITED

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 (including provision of Rs.1,141 million recorded during the quarter ended 31 March 2026) 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.

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.

The figures for the quarter ended 31 March 2026 are the balancing figures between audited figures in respect of the full financial year and the published unaudited year to date figures upto the third quarter of the relevant financial year, which were subject to limited review.



	By order of the Board
	For Dr. Reddy’s Laboratories Limited



Place: Hyderabad	G V Prasad
Date: 22 July 2026	Co-Chairman & Managing Director

Exhibit 99.5

THE SKYVIEW 10

18th Floor, “NORTH LOBBY”

Survey No. 83/1, Raidurgam

Hyderabad - 500 032, India

Tel : +91 40 6141 6000

Independent Auditor’s Review Report on the Quarterly Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to

The Board of Directors

Dr. Reddy’s Laboratories Limited

We have reviewed the accompanying statement of unaudited standalone financial results of Dr. Reddy’s Laboratories Limited (the “Company”) for the quarter ended 30 June 2026 (the “Statement”) attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).

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

Based on our review conducted as 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 Standards (‘Ind AS’) specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants

ICAI Firm registration number: 101049W/E300004

per Shankar Srinivasan

Partner

Membership No.:213271

UDIN: 26213271UIZJGF2392

Place: Hyderabad

Date: July 22, 2026

S.R. Batliboi & Associates LLP, a Limited Liability Partnership with LLP Identity No. AAB-4295

Regd. Office : 22, Camac Street, Block ‘B’, 3rd Floor, Kolkata-700 016

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 STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2026

All amounts in Indian Rupees millions

		Quarter ended									Year ended
		30.06.2026			31.03.2026			30.06.2025			31.03.2026
Sl. No.	Particulars	(Unaudited)			(Audited)			(Unaudited)			(Audited)

1	Revenue from operations
	a) Sales		50,517			37,197			77,520			201,022
	b) License fees and service income		633			829			367			3,584
	c) Other operating income		216			194			208			722
	Total revenue from operations		51,366			38,220			78,095			205,328

2	Other income		4,404			5,672			3,983			16,896

	Total income (1 + 2)		55,770			43,892			82,078			222,224

3	Expenses
	a) Cost of materials consumed		13,056			11,212			11,355			43,325
	b) Purchase of stock-in-trade		9,022			4,790			6,638			26,358
	c) Changes in inventories of finished goods, work-in-progress and stock-in-trade		(520	)		1,162			(2,129	)		(2,305	)
	d) Employee benefits expense		9,670			8,345			8,873			35,499
	e) Depreciation and amortisation expense		3,177			3,185			2,798			12,074
	f) Impairment of non current assets, net		15			1,211			-			1,405
	g) Finance costs		731			543			192			1,483
	h) Other expenses		15,649			16,499			14,988			61,872

	Total expenses		50,800			46,947			42,715			179,711

4	Profit/(loss) before tax (1 + 2 - 3)		4,970			(3,055	)		39,363			42,513

5	Tax expense/(benefit)
	a) Current tax		501			(1,147	)		9,417			9,177
	b) Deferred tax		422			286			334			1,139

6	Net profit/(loss) for the period/year (4 - 5)		4,047			(2,194	)		29,612			32,197

7	Other comprehensive income
	a) (i) Items that will not be reclassified to profit or loss		-			134			-			134
	(ii) Income tax relating to items that will not be reclassified to profit or loss		-			(34	)		-			(34	)
	b) (i) Items that will be reclassified to profit or loss		1,325			(854	)		248			(1,698	)
	(ii) Income tax relating to items that will be reclassified to profit or loss		(333	)		214			(63	)		427
	Total other comprehensive income/(loss)		992			(540	)		185			(1,171	)
8	Total comprehensive income/(loss) (6 + 7)		5,039			(2,734	)		29,797			31,026

9	Paid-up equity share capital (face value Re. 1/- each)		835			835			835			835

10	Other equity											312,821

11	Earnings per equity share (face value Re. 1/- each)
	Basic		4.86			(2.63	)		35.59			38.68
	Diluted		4.86			(2.63	)		35.54			38.64
			(Not annualised)			(Not annualised)			(Not annualised)

See accompanying notes to the financial results.

DR. REDDY’S LABORATORIES LIMITED

Segment information

		Quarter ended									Year ended
		30.06.2026			31.03.2026			30.06.2025			31.03.2026
Sl. No.	Particulars	(Unaudited)			(Audited)			(Unaudited)			(Audited)
	Segment wise revenue and results
1	Segment revenue
	a) Global Generics		45,777			31,487			72,241			182,027
	b) Pharmaceutical Services and Active Ingredients		7,449			8,350			7,103			29,750
	c) Others		107			130			257			464
	Total		53,333			39,967			79,601			212,241

	Less: Inter-segment revenue		1,967			1,747			1,506			6,913
	Total revenue from operations		51,366			38,220			78,095			205,328

2	Segment results
	Profit/(loss) before tax and interest from each segment
	a) Global Generics		5,642			(3,141	)		38,387			43,716
	b) Pharmaceutical Services and Active Ingredients		(1,716	)		67			(221	)		(883	)
	c) Others		60			147			226			494
	Total		3,986			(2,927	)		38,392			43,327

	Less: (i) Finance costs		731			543			192			1,483
	(ii) Other un-allocable (income)/expenditure, net		(1,715	)		(415	)		(1,163	)		(669	)
	Total profit/(loss) before tax		4,970			(3,055	)		39,363			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

Notes:

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 22 July 2026. The Statutory Auditors have carried out a limited review on the unaudited standalone financial results and issued unmodified report thereon.

Revenue from sale of goods for the quarter 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.

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

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

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

DR. REDDY’S LABORATORIES LIMITD

“Other income” for the quarter 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.

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.

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:	22 July 2026
		Co-Chairman & Managing Director

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

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Dr. Reddy’s Laboratories (NYSE: RDY) Q1 FY27 results and API hit

Rhea-AI Filing Summary

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