普通外文研报

Dr Reddy's Laboratories Ltd: Weak F4Q26; Semaglutide Ramp-up Key to Watch

发布日期: 2026-05-12研究机构: Morgan Stanley公司 / 股票: REDY.NS报告页数: 14原文语言: 英语证据页码: 1

研报英文原文证据摘录

Update

May 12, 2026 08:39 PM GMT

Morgan Stanley India Company Private Limited+MDr Reddy's Laboratories Ltd | Asia Pacific Binay Singh

Equity Analyst

Weak F4Q26; Semaglutide Binay.Singh@morganstanley.comAlka Katiyar +91 22 6118-1158

Alka.Katiyar@morganstanley.com +91 22 6118-1172

Ramp-up Key to Watch Dhara P Shah

Research Associate

What’s Changed Dhara.Shah@morganstanley.com +91 22 6118-2047

Dr Reddy's Laboratories Ltd (REDY.NS) From To Dr Reddy's Laboratories Ltd (REDY.NS, DRRD IS)

Price Target Rs1,259.00 Rs1,215.00

India Healthcare | India

Stock Rating Equal-weight

Adjusted revenues and EBITDA were 2% and 13% below MSe. Industry View Attractive

Semaglutide ramp-up is slighlty delayed, awaiting Brazil PriceUp/downsidetarget to price target (%) Rs1,215.00(4)

approval. DRL expects 6/7mn pen sales in C2026, and, in FY28, Shr price, close (May 12, 2026) Rs1,270.00 52-Week Range Rs1,379.70-1,143.90

to see 40mn+ capacity. Maintain EW. Sh out, dil, curr (mn) 834

Mkt cap, curr (mn) Rs1,059,180

EV, curr (mn) Rs1,048,038

Key Takeaways Avg daily trading value (mn) Rs2,269

Fiscal Year Ending 03/25 03/26e 03/27e 03/28e

One-offs distorted Q4: SSA Rs4.5bn+ impairments sharply hit revenue and

EPS (Rs)** 55.48 51.32 54.29 63.96

margins, adjusted EBITDA margin was ~15%-16%. EPS (Rs)§ - 61.03 54.80 63.75

Revenue, net (Rs mn) 325,536 335,932 361,840 393,363

Base business resilient: Ex-gRevlimid, delivered double-digit growth across India & EBITDA (Rs mn) 86,454 67,182 65,337 76,022

EM, reflecting strong core execution. ModelWare net inc (Rs 46,273 42,848 45,278 53,344

mn)

US stabilizing post gRevlimid: Adj. F4Q26 run-rate ~US$250mn; company guiding P/E 20.6 24.4 23.4 19.9

P/BV 2.8 2.7 2.5 2.3

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