Dr. Reddy’s Laboratories Limited Q3 FY26 Concall Decoded:Revenue up 4.4% YoY, but profits slipped 14%—Revlimid finally stopped paying the rent.
1. Opening Hook
January 2026 and Revlimid has officially gone from cash cow to nostalgic memory. Dr. Reddy’s showed up to the earnings call saying, “Relax, base business is fine,” while margins quietly packed their bags. Forex helped, Labour Codes didn’t, and the US generics business looked like it skipped leg day—sorry, no gym references, just skipped effort.
Management sounded confident, pipelines sounded exciting, and investors sounded… cautiously optimistic. Semaglutide is the new shiny object, India is suddenly behaving like a startup, and Europe is the long-term rebound story nobody argued with.
But here’s the fun part: the numbers don’t scream panic, they whisper transition. And transitions are where narratives get expensive—or rewarding.
Stick around. The interesting bits show up after Revlimid exits stage left.
2. At a Glance
Revenue up 4.4% – Growth survived Revlimid’s funeral, barely.
EBITDA margin 23.5% – Labour Codes sent margins a legal notice.
Adjusted EBITDA 24.8% – Management says “ignore that one-time thing.”
PAT down 14% – Profits didn’t like the new normal.
India up 19% – Domestic business decided to carry the group project.
