Cipla LimitedQuarter ended 30 September 2026 Results & Financial Update
Cipla Limited: Quarter ended 30 September 2026 consolidated results and company financials – revenue ₹7,403.93 Cr, PAT ₹851.51 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
Find an answer
Ask this result
Chart · Market context
Cipla price & chart
Market price₹1,355.00
1Y return—Price return
Loading market chart…
TradingView Lightweight Charts™ · Copyright © 2025 TradingView, Inc.TradingView
Market chartPrice chart temporarily unavailableThe price chart could not be loaded right now. The reported financial results remain available above.
Spotted a factual error?Tell us the number, date or statement and we will re-check the underlying records and calculations.Report an error
Quarterly Results AnalysisExplore Cipla Quarter ended 30 September 2026 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Cipla Limited reported consolidated revenue from operations of INR 7,403.93 crore for the quarter ended September 30, 2026, marking a 3.99% sequential expansion over the INR 7,119.28 crore recorded in the previous quarter, while declining 2.44% year-on-year against INR 7,589.44 crore. Total income for the quarter stood at INR 7,555.09 crore compared to INR 7,858.39 crore in the corresponding period of the previous year.
Profit after tax (PAT) for the quarter stood at INR 851.51 crore, reflecting an 8.40% increase compared to INR 785.55 crore in the preceding quarter, but lower by 37.08% compared to INR 1,353.37 crore in the year-ago quarter. Owner-attributable profit for the period was reported at INR 877.54 crore. Basic earnings per share (EPS) for the quarter rose to INR 10.86 from INR 9.77 in the June 2026 quarter, compared to INR 16.73 in the September 2025 quarter.
Profit before tax (PBT) came in at INR 1,177.34 crore, up 8.82% sequentially from INR 1,081.93 crore, while decreasing 36.48% year-on-year from INR 1,853.53 crore. Reported EBITDA for the quarter was INR 1,388 crore, translating to an operating margin of 18.7%, expanding by 200 basis points sequentially from the previous quarter's trajectory and comparing with 25.0% in the same quarter last year.
The One-India business delivered its highest-ever quarterly sales of INR 3,516 crore, registering a solid 12% year-on-year growth. This expansion was underpinned by robust performance in the branded prescription business where key therapies like respiratory, urology, cardiac, anti-diabetes, and dermatology achieved strong double-digit growth. Trade generics delivered double-digit sequential growth backed by 15-plus new product launches, while anchor consumer health brands such as Nicotex, Omnigel, and Cipladine maintained leadership positions.
The North America business recorded quarterly revenue of $172 million, representing a $10 million improvement over the previous quarter. Growth was supported by the leading market position of gProventil (Albuterol MDI), which captured a 22% market share, and a significant regulatory milestone in the form of U.S. FDA approval for gAdvair Diskus.
In international markets, One Africa revenue stood at INR 1,171 crore, with the South Africa private market growing 1.3 times faster than the broader market. Emerging Markets and Europe (EMEU) generated revenue of $101 million amidst geopolitical uncertainties and market-specific headwinds through disciplined cost execution.
01 · Business model
What does Cipla do?
Cipla Limited is a global pharmaceutical company founded in 1935, operating with 46 manufacturing sites that produce over 50 dosage forms and more than 1,500 products. The company serves over 80 markets worldwide with core strengths across respiratory, anti-retrovirals, urology, cardiology, anti-infectives, and central nervous system segments.
The company's revenue engines are anchored by its One-India business (comprising branded prescription, trade generics, and consumer health), North America operations focusing on complex generics and respiratory portfolios, One Africa spanning South Africa private and tender markets, and Emerging Markets and Europe.
Cipla holds strong market positions, ranking as the third-largest pharmaceutical company in India by IQVIA MAT data, second-largest in the South African prescription market, and a leading player in the U.S. Albuterol MDI market.
The operating model combines in-house development and manufacturing networks with selective licensing partnerships, advanced drug delivery platforms such as Metered Dose Inhalers (MDIs) and Dry Powder Inhalers (DPIs), and targeted investments in biosimilars and specialty pipelines.
02 · Historical context
What shaped the business before this quarter
During the year ended March 31, 2026, the Group reassessed its operating segments consequent to a change in the Chief Operating Decision Maker (CODM) and determined that it operates as a single operating segment, namely Pharmaceutical and related products.
Effective November 21, 2025, the Government of India consolidated multiple labour legislations into four New Labour Codes, prompting the Group to recognize an incremental gratuity and leave liability of INR 275.91 crore under exceptional items during FY26.
The Board approved the Scheme of Amalgamation of wholly owned subsidiary Inzpera Healthsciences Limited with Cipla Limited on March 19, 2026, with NCLT approval awaited.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter ended 30 September 2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹7,403.93 Cr | ₹7,589.44 Cr | ₹7,119.28 Cr |
| Total income | ₹7,555.09 Cr | ₹7,858.39 Cr | ₹7,330.18 Cr |
| EBITDA | ₹1,388.00 Cr | ₹1,895.00 Cr | — |
| Profit before tax | ₹1,177.34 Cr | ₹1,853.53 Cr | ₹1,081.93 Cr |
| Profit after tax | ₹851.51 Cr | ₹1,353.37 Cr | ₹785.55 Cr |
| EPS | ₹10.86 | ₹16.73 | ₹9.77 |
| EBITDA margin | 18.70% | 25.00% | — |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Achieved highest-ever quarterly sales of INR 3,516 crore, up 12% year-on-year, driven by strong double-digit growth across key chronic therapies in the branded prescription segment and broad-based portfolio expansion in trade generics.
Generated quarterly revenue of $172 million, marking a $10 million sequential increase, aided by strong uptake in Albuterol MDI and steady commercial execution across complex generic filings.
What drove margins
EBITDA margin expanded by 200 basis points sequentially to reach 18.7% for the quarter (compared to 25.0% in Q2FY26), driven by operating leverage and cost discipline across segments.
Effective April 1, 2026, the Group reclassified certain marketing and promotional expenditures as a reduction from revenue from operations (amounting to INR 131.27 crore in Q2FY25 comparatives), altering gross revenue presentation without impacting net profit.
Research and development investments stood at INR 423 crore during the quarter, representing 5.7% of sales, directed toward product filings and key development programs.
05 · Demand, customers & order book
Where demand is coming from
Cumulative supply of over 50 million inhaler units to the U.S. market for gProventil, which secured a 22% market share.
Key in-house brand franchise Dytor scaled to over INR 800 crore, while Foracort crossed INR 1,000 crore as the biggest respiratory brand in IPM.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Recorded INR 3,516 crore in sales (up 12% YoY), led by branded prescription growth of 15% in key therapies, robust trade generics with 15+ new launches, and steady consumer health franchise performance.
Posted $172 million in revenue; gProventil maintained No. 1 rank in the U.S. Albuterol MDI market with a 22% market share.
Delivered INR 1,171 crore in revenue, with South Africa private market secondary growth at 6.5% versus market growth of 5.0%.
Contributed $101 million in revenue through resilient execution in DTM and B2B segments despite geopolitical uncertainties.
Recorded quarterly revenue of INR 107 crore compared to INR 259 crore in the corresponding period of the previous year.
Geography and market mix
Received U.S. FDA approval for gAdvair Diskus across all three strengths (100/50, 250/50, and 500/50 mcg), marking the first dry powder inhaler approval from Cipla's U.S. manufacturing network.
South Africa private business continued to outperform the broader market by growing approximately 1.3x faster, with the prescription business maintaining its No. 2 market position.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Operations span 46 manufacturing sites globally producing over 50 dosage forms and more than 1,500 products.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Entered an exclusive U.S. licensing and supply partnership with Qilu Pharmaceutical for QL2107, a Keytruda biosimilar, strengthening the oncology-focused biosimilars portfolio.
Signed an exclusive licensing agreement with CTTQ (SinoBiopharma Group) for TQB2102 across India, South Africa, and five emerging markets, targeting HER2-low breast cancer.
09 · Reported developments
What changed operationally
secured U.S. FDA approval for gAdvair Diskus and expanded chronic therapeutic portfolios in India with new launches such as Revesmart, Galvus DM, Dytor E FDC, and Rizontem.
Secured licensing deals for advanced oncology biosimilars and bispecific ADCs, broadening future growth vectors in regulated and emerging markets.
10 · Pressure points & risks
What is not going smoothly
NPPA demand notices under litigation aggregate to INR 2,011 crore (principal of INR 863 crore and interest of INR 1,148 crore), against which the company maintains no provision based on legal advice of a favorable outcome.
API and Others revenue declined 59% year-on-year to INR 107 crore from INR 259 crore in Q2FY26.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Reported a net cash position of INR 9,823 crore as of September 30, 2026, with total debt primarily comprising lease liabilities and working capital requirements.
Inventories stood at INR 6,778.44 crore, trade receivables at INR 5,999.88 crore, and trade payables at INR 3,266.10 crore as at September 30, 2026.
Capital allocation & funding
Total consolidated debt as at September 30, 2026, stood at INR 699 crore, which includes lease liabilities and short-term borrowings.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
ESOS and ESAR Allotments
Paid-up equity share capital increased to INR 161.57 crore following the allotment of equity shares pursuant to ESOS 2013-A and Cipla ESAR Scheme 2021 during the quarter.
13 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations increased by 3.99% from INR 7,119.28 crore in Q1FY27 to INR 7,403.93 crore in Q2FY27.
Net profit after tax increased by 8.40% from INR 785.55 crore in Q1FY27 to INR 851.51 crore in Q2FY27.
14 · Key Q&A
The quarter, answered directly
What does Cipla do?
Cipla Limited is a global pharmaceutical company founded in 1935, operating with 46 manufacturing sites that produce over 50 dosage forms and more than 1,500 products. The company serves over 80 markets worldwide with core strengths across respiratory, anti-retrovirals, urology, cardiology, anti-infectives, and central nervous system segments.
What is the clearest takeaway from Quarter ended 30 September 2026?
Cipla Limited reported consolidated revenue from operations of INR 7,403.93 crore for the quarter ended September 30, 2026, marking a 3.99% sequential expansion over the INR 7,119.28 crore recorded in the previous quarter, while declining 2.44% year-on-year against INR 7,589.44 crore. Total income for the quarter stood at INR 7,555.09 crore compared to INR 7,858.39 crore in the corresponding period of the previous year.
What drove revenue or demand?
Achieved highest-ever quarterly sales of INR 3,516 crore, up 12% year-on-year, driven by strong double-digit growth across key chronic therapies in the branded prescription segment and broad-based portfolio expansion in trade generics.
What mattered most for margins or profitability?
EBITDA margin expanded by 200 basis points sequentially to reach 18.7% for the quarter (compared to 25.0% in Q2FY26), driven by operating leverage and cost discipline across segments.
What changed operationally beyond the headline numbers?
Operations span 46 manufacturing sites globally producing over 50 dosage forms and more than 1,500 products.
What are the main pressure points disclosed for the quarter?
NPPA demand notices under litigation aggregate to INR 2,011 crore (principal of INR 863 crore and interest of INR 1,148 crore), against which the company maintains no provision based on legal advice of a favorable outcome.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
Scenario revenue / income₹0 cr
Scenario operating profit₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%
The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
U.S. Commercial Execution: Commercial rollout and market uptake of newly approved gAdvair Diskus and progression of the 281 total ANDA/NDA pipeline in the United States.
- 02
Litigation Developments: Further proceedings in the Supreme Court and Bombay High Court regarding NPPA DPCO demand notices totaling INR 2,011 crore.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.