CIPLA

Cipla share price & financials

Price
₹1,351.8
Market cap
₹1.1L Cr
Sector
Healthcare
Calls analysed
7
Latest concall · Q1 FY27 · call held 23 Jul 2026

Cipla Limited Q1 FY27

Revenue ₹7,119 cr +2%EBITDA Margin 16.7% PAT ₹789 cr Gross Margin 62.5%

What went well

  • Highest ever Q1 revenue of INR 7,119 crores, up 2% YoY (4% adjusted for accounting change).
  • One India business achieved its highest ever quarterly revenue with 12% YoY growth.
  • Branded prescription business in India grew 15.4% as per IQVIA data, with chronic portfolio mix strengthening to 60.4%.

What to watch

  • EBITDA margin at 16.7% was impacted by higher-than-normal inventory write-offs and war-related costs (1-2% of revenue).
  • South Africa revenue was impacted by the loss of a tender, with continued impact expected in coming quarters.
Read the full call →

What Cipla Limited does

Founded in 1935, Cipla is a global pharmaceutical company that develops, manufactures and markets branded prescription drugs, trade generics and consumer-health products. It earns across four regional businesses — One India, North America, One Africa and Emerging Markets & Europe — spanning respiratory, anti-retroviral, urology, cardiology, anti-infective and CNS therapies. Its manufacturing network produces over 50 dosage forms and more than 1,500 products, and it is the fourth-largest player by prescription for generic inhalation products in the US.

Segments

  • One India
  • North America
  • One Africa
  • Emerging Markets & Europe
  • API & Others
Manufacturing sites worldwide
46
Markets served
74
Products manufactured
1,500+ across 50+ dosage forms
ANDAs & NDAs (as on 31 Mar 2026)
285 total (181 approved, 49 tentatively approved, 55 under approval)
Rank in Indian pharma market
No.3 in India; No.2 in South Africa prescription market
India Trade Generics position
No.1 (India's largest trade generic business)
Founded 1935Headquarters Mumbai, India Company website

Guidance record · Q1 FY27

what the last two calls moved 15 tracked 3 delivered 1 missed 11 open
  • Product Supply delayed said Q3 FY26 Promised: resume in H1 FY'27 Q1 FY27: Management states the timing is 'a little bit fluid' and dependent on regulatory approvals, confirming the delay beyond FY27. No contribution is included in projections.
  • Product Launch on track said Q4 FY25 Promised: 2 to 3 peptide assets in FY '26 Q1 FY27: Management confirmed 'one peptide, which is large' is among the key upcoming launches for FY27, keeping the delayed promise on track.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 0.6%, net profit down 33.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue4,775 4,971 4,798 5,046 5,226 +9%4,498 −10%4,210 −12%5,078 +1%
EBITDA1,438 1,662 1,319 1,624 1,523 +6%721 −57%567 −57%1,086 −33%
Net profit1,178 1,438 1,485 1,303 1,211 +3%617 −57%385 −74%862 −34%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −12.6% 1Y

₹1.2k₹1.3k₹1.4k₹1.5k₹1.6k₹1.7kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 30 Oct 2025Q3 FY26 — 23 Jan 2026Q4 FY26 — 13 May 2026Q1 FY27 — 23 Jul 2026

1Y: ₹1,563.8 on 10 Sept 2025 → ₹1,366. High ₹1,663.6 (21 Oct 2025), low ₹1,192.4 (2 Apr 2026).

How the price took the results

close before → close after

Q1 FY27
−1.6%
23 Jul
Q4 FY26
+2.7%
13 May
Q3 FY26
−4.0%
23 Jan
Q2 FY26
−2.6%
30 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 2.7% a year over 3 years, FY23 to FY26. Operating margin widened to 23.4%.

Year endingFY23FY24FY25FY26
Revenue₹20.6k Cr₹17.0k Cr₹19.0k Cr₹19.0k Cr
Operating profit₹4.6k Cr₹4.6k Cr₹5.8k Cr₹4.4k Cr
Operating margin22.2%27.2%30.3%23.4%
Interest₹85 Cr₹21 Cr₹15 Cr₹20 Cr
Depreciation₹987 Cr₹588 Cr₹575 Cr₹658 Cr
Net profit₹2.7k Cr₹4.1k Cr₹5.2k Cr₹3.5k Cr
Net margin13.0%24.0%27.1%18.5%
ROCE13.0%19.0%20.0%14.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹161 Cr₹161 Cr₹161 Cr₹161 Cr₹162 Cr₹162 Cr
Reserves₹19.8k Cr₹22.4k Cr₹24.5k Cr₹27.8k Cr₹32.8k Cr₹34.0k Cr
Borrowings₹52 Cr₹23 Cr₹50 Cr₹46 Cr₹467 Cr₹125 Cr
Other liabilities₹3.0k Cr₹2.9k Cr₹2.9k Cr₹3.0k Cr₹6.8k Cr₹4.2k Cr
Total liabilities₹23.0k Cr₹25.4k Cr₹27.6k Cr₹31.1k Cr₹40.2k Cr₹38.5k Cr
Fixed assets₹4.1k Cr₹3.9k Cr₹3.8k Cr₹3.7k Cr₹10.9k Cr₹5.2k Cr
Capital work in progress₹355 Cr₹268 Cr₹504 Cr₹670 Cr₹1.4k Cr₹978 Cr
Investments₹9.7k Cr₹11.0k Cr₹11.9k Cr₹13.8k Cr₹8.2k Cr₹17.6k Cr
Other assets₹8.8k Cr₹10.3k Cr₹11.4k Cr₹12.9k Cr₹19.6k Cr₹14.7k Cr
Total assets₹23.0k Cr₹25.4k Cr₹27.6k Cr₹31.1k Cr₹40.2k Cr₹38.5k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +5.37 pp while FIIs trimmed −5.04 pp. The shareholder count grew 5% to 5,78,679.

Promoters
29.2%
FIIs
20.2%
DIIs
34.4%
Government
0.3%
Public
15.9%

Since Jun 2025

  • DIIs +5.37 pp
  • FIIs −5.04 pp
  • Public −0.37 pp

How it drifted, 12 quarters

Over this window DIIs went from 23.9% to 34.4% — +10.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 33.5%, FIIs 25.7%, DIIs 23.9%, Government 0.2%, Public 16.7%.Dec '23: Promoters 33.5%, FIIs 25.7%, DIIs 24.1%, Government 0.2%, Public 16.5%.Mar '24: Promoters 33.5%, FIIs 25.8%, DIIs 24.1%, Government 0.2%, Public 16.4%.Jun '24: Promoters 30.9%, FIIs 27.8%, DIIs 24.7%, Government 0.2%, Public 16.4%.Sep '24: Promoters 30.9%, FIIs 28.8%, DIIs 23.9%, Government 0.2%, Public 16.1%.Dec '24: Promoters 29.2%, FIIs 26.6%, DIIs 27.5%, Government 0.2%, Public 16.4%.Mar '25: Promoters 29.2%, FIIs 26.3%, DIIs 27.9%, Government 0.3%, Public 16.4%.Jun '25: Promoters 29.2%, FIIs 25.2%, DIIs 29.0%, Government 0.3%, Public 16.3%.Sep '25: Promoters 29.2%, FIIs 24.5%, DIIs 30.0%, Government 0.3%, Public 16.0%.Dec '25: Promoters 29.2%, FIIs 23.9%, DIIs 30.4%, Government 0.3%, Public 16.1%.Mar '26: Promoters 29.2%, FIIs 22.6%, DIIs 31.7%, Government 0.3%, Public 16.3%.Jun '26: Promoters 29.2%, FIIs 20.2%, DIIs 34.4%, Government 0.3%, Public 15.9%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 6 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Cipla Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Yusuf Khwaja Hamied 18.69%unchanged
LICI ULIP-Growth Fund Insurer9.75%newly disclosed
Sophie Ahmed 5.71%unchanged
HDFC Trustee Company Limited-HDFC Flexi Cap Fund Mutual fund4.48%newly disclosed
M K Hamied 3.46%unchanged
SBI Nifty 50 Equal Weight Index Fund Mutual fund3.24%newly disclosed
ICICI Prudential Equity Savings Fund Mutual fund2.36%newly disclosed
Nippon Life India Trustee Ltd-A/C Nippon India Nif Mutual fund1.96%+0.27 pp
DSP Nifty 50 Index Fund Mutual fund1.90%newly disclosed
Parag Parikh Arbitrage Fund Mutual fund1.87%newly disclosed
NPS Trust A/C - LIC Pension Fund - Ups - Cg Schem Pension / PF1.71%unchanged
Kamil Hamied 1.36%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in CIPLA

Filings to Aug 2026

1 new, 16 added, 9 trimmed, 0 sold out — net +1.19 L shares (+0.2%).

Held by funds
₹9.9k Cr
43 schemes
Biggest holder
HDFC Flexi Cap Fund
₹2.9k Cr · 2.6% of that fund
SchemeHoldingLast month
HDFC Flexi Cap Fund HDFC Mutual Fund₹2.9k Cr−4.31 L
SBI Nifty 50 ETF SBI Mutual Fund₹1.5k Cr+0.57 L
SBI ELSS Tax Saver Fund SBI Mutual Fund₹670 Crheld
Nippon India Pharma Fund Nippon India Mutual Fund₹577 Cr+3.00 L
Nippon India Large Cap Fund Nippon India Mutual Fund₹576 Crheld
SBI Contra Fund SBI Mutual Fund₹541 Crheld
Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund₹483 Cr+0.69 L
Nippon India Multi Cap Fund Nippon India Mutual Fund₹335 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

16 added, 9 trimmed — net +1.19 L shares (+0.2%)

Funds are sitting on
+14%
vs est. average cost
Held by funds
₹9.9k Cr
43 schemes · ≈ 8.2% of the company
Biggest holder
HDFC Flexi Cap Fund
₹2.9k Cr · 2.6% of that fund
Longest holder
Nippon India Pharma Fund
14y · since Sep '12

Shares held by these funds +9%

Aug '23 6.80 cr shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹1366, this stock must grow earnings at 26% every year for 7 years. Our analysis caps realistic growth at ~10%. At that growth it is worth ₹591 — downside of 57%.

Growth the price implies
26.3% a year
for 7 years, fading to 4%
It has actually compounded at
9.7% a year
net profit, FY23–FY26 · EPS 10.1%
The gap
0.2 pp
-57% downside if it only repeats history
Price today ₹1,366 Value at the reference growth ₹591.23

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Cipla Limited

Guides on how to read this kind of business and the numbers that matter.