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Dr Reddy shares: Shares of pharma major Dr Reddy's Laboratories swung between gains and losses in morning deals on the BSE on Wednesday, 13 May, a day after reporting a 86% year-on-year (YoY) drop in its March-quarter (Q4FY26) profit.Dr Reddy shares: Shares of pharma major Dr Reddy's Laboratories
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Dr Reddy's shares volatile after a 86% YoY decline in Q4 profit
Dr Reddy's Laboratories shares volatile after a 86% YoY decline in Q4 profit. Should you buy?
Dr Reddy shares: Shares of pharma major Dr Reddy's Laboratories swung between gains and losses in morning deals on the BSE on Wednesday, 13 May, a day after reporting a 86% year-on-year (YoY) drop in its March-quarter (Q4FY26) profit.
Dr Reddy's Laboratories share price opened at ₹1,220.20 against its previous close of ₹1,270.10 and climbed 2.6% to an intraday high of ₹1,303.55. The stock, however, erased all gains later and declined as much as 4% to hit an intraday low of ₹1,220.20.
Dr Reddy's Q4FY26 consolidated net profit dropped 86% YoY to ₹220 crore. Even sequentially, or on a quarter-on-quarter (QoQ) basis, the profit fell by nearly by 82%.
Revenue for the quarter dropped 11.64% YoY and nearly 14% QoQ to ₹7,516.2 crore. EBITDA declined 60% YoY and 52% QoQ to ₹980 crore for the March quarter, while gross margin in Q4FY26 declined 1,074 basis points YoY and 881 basis points QoQ to 44.8%.
Should you buy Dr Reddy's shares after the Q4 show?
Brokerage firms have largely maintained their views on the stock but trimmed their estimates, discounting lower margins for the base business.Brokerage firm ICICI Securities maintained an "add" view on the stock, while reducing the target price to ₹1,365 from ₹1,435 earlier. ICICI also cut its FY27-28E EPS estimates by nearly 5% to factor in lower margins for the base business.
"Management has maintained its ex-Revlimid revenue growth and margin guidance for the near term, while better traction in global generic semaglutide sales could scale its EBITDA margin back to 25%. DR Reddy's ability to capture market share in the global generic semaglutide opportunity and the timely approval of biosimilar abatacept in the US and Europe are the two main catalysts for growth revival off the high base of Revlimid," ICICI Securities said.
Brokerage firm Motilal Oswal has a neutral view on the stock with a target price of ₹1,195, suggesting a 6% downside potential.
Motilal pointed out that Dr Reddy's earnings decelerated in FY25 and FY26 after recording a robust show during FY20-25. It expects the earnings to further decline in FY27 due to a lower pace of niche launches.
"Certain niche products like b-abatacept are under regulatory process, which might revive FY28 earnings, subject to timely approval," said Motilal Oswal.
Equirus Securities has a "short" view on the stock with a target price of ₹1,091, as the brokerage firm expects downward revisions to Street estimates, given the muted base business performance.
"DR Reddy’s Q4 EBITDAM at 14.8% was muted and reflected that its underlying business has been weak over the last three years, but it was completely masked by the gRevlimid contribution. DRRD indicated that margins for the underlying business are expected to remain range-bound, while Semaglutide and Abatacept are expected to uplift margins going forward. We are building in 19% and 20% margins in FY27E and FY28E, respectively," Equirus said.
"Near-to-mid-term catalysts appear fully factored into current valuations. We reiterate 'short' with a March 2027 target price of ₹1,091, set at 21 times P/E," said Equirus.
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Disclaimer: This story is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
Source: LiveMint
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