Cipla logo

Cipla

CIPLA NSE

Key Fundamentals

LargecapPharmaceuticalsHealthcare
Market Cap
1.1L Cr
Volatility
Moderate
P/E Ratio
32.2
EBITDA
₹6,765 Cr
Return on Equity
11.21%
Debt to Equity
0.02
Book Value
₹426.21
EPS
₹55.04
52W High
₹1,673
52W Low
₹1,165.7

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 25.7%

Weaknesses

2
  • The company has delivered a poor sales growth of 8.01% over past five years.
  • Promoter holding has decreased over last 3 years: -4.24%

Growth Rate

Revenue Growth
2.24% lower than 3Y
Net Income Growth
-26.86% lower than 3Y
Cash Flow Change
-21.28% lower than 3Y
ROE
-33.71% lower than 3Y
ROCE
-31.02% lower than 3Y
EBITDA Margin (Avg.)
-17.18% lower than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

Cipla has a market capitalisation of about Rs 1,14,431 crore and trades at a P/E of 33.8 and a P/B of 3.29. It reported its highest-ever annual revenue of Rs 28,163 crore in FY26 and holds net cash of Rs 10,526 crore. However, TTM profit is down 34%, and consolidated profit fell 55% YoY in Q4 FY26 and 39% YoY in Q1 FY27 as gRevlimid sales in North America faded. Five-year compounded sales growth is 8% and TTM sales growth is 2%, while ROE has eased to 12% last year from a 3-year average of 15%.

Bull Case 8
  • The balance sheet is strong. The company is almost debt free and reported net cash of Rs 10,526 crore at the end of Q4 FY26, with debt mainly made up of lease liabilities and working capital lines. That is roughly 9% of its Rs 1,14,431 crore market cap.
  • FY26 revenue of Rs 28,163 crore was the company's highest ever. This suggests the core businesses held up even as the high-margin gRevlimid contribution shrank.
  • Profit growth has been steady over the long run. Profit compounded at 10% over 3 and 5 years and 11% over 10 years, ahead of 10-year sales CAGR of 7%, which points to margin gains over time.
  • The US pipeline has a new product. Cipla received approval for the first AB-rated generic Ventolin, a respiratory product that could help offset North America revenue, which fell to about US$155 mn in Q4 FY26.
  • The company keeps returning cash to shareholders. It maintains a 25.7% dividend payout, declared a Rs 13 per share final dividend for FY26, and has a dividend yield of 0.93%.
  • The domestic business is growing. The One India business delivered double-digit growth in Q4 FY26 and in branded prescriptions, giving a relatively stable base alongside the more volatile US generics market.
  • R&D spending remains steady. R&D was Rs 509 crore, or 7.8% of sales, in Q4 FY26, supporting future filings and launches.
  • Profit recovered sequentially. Q1 FY27 profit of about Rs 789 crore was up roughly 42-45% QoQ from about Rs 543-555 crore in Q4 FY26, suggesting the Q4 impairment-hit quarter may have been the low point.
Bear Case 8
  • Earnings have fallen sharply. TTM compounded profit growth is -34%. Consolidated profit fell 57% YoY to Rs 676 crore in Q3 FY26, 55% to Rs 555 crore in Q4 FY26, and 39% to Rs 789 crore in Q1 FY27.
  • Most of the gRevlimid profit is gone. Contribution in Q4 FY26 was described as negligible, and US revenue fell by US$12 mn QoQ to US$155 mn, also because there were no Lanreotide supplies. The earnings base needs new launches to rebuild.
  • The valuation is high relative to growth. A P/E of 33.8 and P/B of 3.29 compare with TTM sales growth of 2% and 5-year sales CAGR of about 8%, leaving little room for execution misses.
  • Top-line growth has slowed. Q4 FY26 revenue fell about 3% YoY to Rs 6,541 crore, and Q1 FY27 revenue rose only 2.3% YoY to Rs 7,119 crore.
  • Return ratios are falling. ROE dropped to 12% last year from a 3-year average of 15%, and the 10-year average is only 13%.
  • Margins are under pressure. Q4 FY26 EBITDA was Rs 997 crore at a 15.2% margin and PAT margin was 8.5%, hit by an impairment charge and a weaker US product mix.
  • Promoter holding has fallen by 4.24 percentage points over the last 3 years.
  • Shareholder returns have been modest. The stock returned -7% over 1 year, 6% CAGR over 3 years and 9% CAGR over 10 years. The Emerging Markets and Europe business, at US$90 mn in Q4 FY26, also faces geopolitical uncertainty.

This is AI-generated analysis, not financial advice. Do your own due diligence. Quarterly figures come from public news reports and company releases found by web search and have not been independently verified. ROE uses the last-year figure (12%) from the growth metrics because the headline ROE field was empty. Debt-to-equity is null because it was not provided, although the company reports a net cash position.

AI News Digest

1d ago
Headwinds 1
  • Pithampur FDA observations still open Sep 11

    Macquarie flagged 5 repeat observations still outstanding at the Pithampur plant, with microbial contamination and adverse environmental conditions named as critical compliance concerns. The FDA will need robust remediation and substantial CAPA evidence, which keeps US regulatory risk alive.

Positives 2
  • Exclusive US Keytruda biosimilar rights Sep 4

    Subsidiary InvaGen signed an exclusive US licensing and supply deal with Qilu Pharmaceutical for QL2107, a biosimilar of Keytruda. Qilu handles development and supply, and Cipla handles commercialization, which builds out its oncology biosimilar portfolio.

  • Macquarie Outperform, target ₹1,675 Sep 11

    Macquarie kept its Outperform rating with a ₹1,675 target price and noted that key observations from the previous Pithampur inspection, which followed a Field Alert Report submission, appear to be addressed. It expects only a limited near-term earnings impact from the plant's compliance issues.

Neutral 2
  • Niche assigns ESG rating 68 Sep 18

    Niche gave Cipla an ESG rating of 68 and sent it directly to the exchanges. Cipla learned of it through a BSE alert on September 17, 2026.

  • NCLT approves Inzpera amalgamation Sep 3

    The NCLT approved Cipla's scheme of amalgamation with Inzpera Healthsciences. Shareholders and creditors have 30 days to submit representations, and the internal restructuring isn't expected to have a material financial impact.

TL;DR: Cipla's US oncology pipeline gained depth with exclusive US rights to QL2107, a Keytruda biosimilar from Qilu, and Macquarie kept its Outperform rating with a ₹1,675 target. The main risk is US FDA compliance at Pithampur, where 5 repeat observations, including microbial contamination, are still unresolved. Overall sentiment is steady to slightly improving because analysts see a limited earnings impact. The next re-rating likely depends on credible CAPA progress at Pithampur and clear timelines for the biosimilar launch.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
6,329
6,678
6,604
6,163
6,694
7,051
7,073
6,730
6,957
7,589
7,074
6,541
7,119
Expenses
4,835
4,944
4,856
4,847
4,978
5,165
5,084
5,192
5,179
5,695
5,819
5,586
5,927
Operating Profit
1,494
1,734
1,748
1,316
1,716
1,886
1,989
1,538
1,778
1,895
1,255
955
1,192
OPM %
24%
26%
26%
21%
26%
27%
28%
23%
26%
25%
18%
15%
17%
Other Income
136
176
-10
249
160
191
222
289
259
269
-70
148
211
Interest
16
26
30
18
18
15
15
14
14
13
14
13
17
Depreciation
239
290
233
288
247
272
280
309
253
297
278
383
304
PBT
1,375
1,594
1,474
1,259
1,611
1,789
1,916
1,504
1,770
1,854
893
707
1,082
Tax %
28%
28%
28%
26%
27%
27%
17%
19%
27%
27%
24%
22%
27%
Net Profit
998
1,155
1,068
932
1,175
1,305
1,575
1,214
1,292
1,353
674
543
786
EPS in Rs
12.33
14.01
13.08
11.63
14.58
16.13
19.45
15.13
16.06
16.73
8.37
6.87
9.77
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
11,345
13,790
14,394
15,156
16,362
17,132
19,160
21,763
22,753
25,774
27,548
28,163
28,324
Expenses
9,183
11,310
11,898
12,329
13,265
13,926
14,907
17,211
17,726
19,483
20,420
22,280
23,027
Operating Profit
2,163
2,480
2,496
2,826
3,097
3,206
4,252
4,553
5,027
6,291
7,128
5,883
5,297
OPM %
19%
18%
17%
19%
19%
19%
22%
21%
22%
24%
26%
21%
19%
Other Income
164
208
208
280
477
344
266
99
293
552
862
606
558
Interest
168
207
159
114
168
197
161
106
110
90
62
54
57
Depreciation
505
754
1,323
1,323
1,326
1,175
1,068
1,052
1,172
1,051
1,107
1,211
1,262
PBT
1,654
1,727
1,222
1,669
2,079
2,178
3,290
3,493
4,038
5,702
6,821
5,224
4,536
Tax %
24%
19%
15%
15%
27%
29%
27%
27%
30%
27%
22%
26%
—
Net Profit
1,229
1,383
1,035
1,417
1,492
1,500
2,389
2,547
2,833
4,154
5,269
3,862
3,356
EPS in Rs
14.71
16.93
12.51
17.52
18.96
19.18
29.82
31.19
34.71
51.05
65.28
48.02
41.74
Div. Payout %
14%
12%
16%
17%
16%
21%
17%
16%
24%
25%
25%
27%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
161
161
161
161
161
161
161
161
161
161
162
162
Reserves
10,641
11,356
12,383
14,068
14,851
15,602
18,165
20,680
23,246
26,545
31,032
34,270
Borrowings
1,703
5,202
4,113
4,098
4,316
2,816
2,014
1,056
803
559
438
614
Other Liabilities
3,166
4,331
4,213
4,346
4,433
4,843
4,514
4,960
5,089
5,267
5,702
7,297
Total Liabilities
15,670
21,049
20,869
22,673
23,762
23,423
24,855
26,857
29,300
32,533
37,334
42,343
Fixed Assets
6,830
9,368
9,492
9,950
9,608
9,683
9,516
9,683
9,160
9,607
10,006
12,434
CWIP
581
2,061
1,683
981
676
825
969
766
1,093
1,153
1,566
2,042
Investments
640
759
973
1,259
2,554
1,471
2,710
2,551
3,662
5,449
7,933
8,223
Other Assets
7,620
8,862
8,721
10,483
10,923
11,444
11,661
13,857
15,384
16,323
17,828
19,643
Total Assets
15,670
21,049
20,869
22,673
23,762
23,423
24,855
26,857
29,300
32,533
37,334
42,343
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
1,173
1,741
2,382
1,463
1,691
3,068
3,755
3,326
3,238
4,134
5,005
3,940
Investing
-950
-4,533
-1,304
-834
-1,688
114
-2,374
-1,858
-2,376
-2,982
-3,682
-2,234
Financing
165
3,104
-1,326
-385
-349
-2,949
-1,240
-1,600
-958
-1,200
-1,293
-1,234
Net Cash Flow
388
312
-248
243
-345
234
141
-132
-97
-49
30
473
Free Cash Flow
548
688
1,284
723
1,187
2,083
2,964
2,645
2,102
2,819
3,490
928
CFO/OP
72
91
113
77
74
122
113
98
90
91
94
94
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
64
62
65
75
93
83
66
57
65
68
73
73
Inventory Days
329
273
239
271
250
267
232
230
228
217
231
252
Days Payable
126
106
108
142
123
139
103
108
112
102
116
123
Cash Conversion Cycle
267
230
196
204
220
211
195
180
181
182
188
202
Working Capital Days
89
-10
99
118
132
113
94
95
113
120
128
106
ROCE %
15%
13%
7%
9%
11%
12%
17%
17%
18%
23%
23%
15%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Govt.0.28%DIIs34.35%Promot.29.21%Others2.20%Public13.74%FIIs20.21%As ofJun 2026

Documents

Frequently Asked Questions about Cipla

What does Cipla Ltd do?
Incorporated in 1935, Cipla Ltd is in the business of manufacturing, developing, and marketing a wide range of branded and generic formulations and APIs[1]
Where is Cipla Ltd (CIPLA) listed?
Cipla Ltd trades as CIPLA on the NSE and under code 500087 on the BSE.
Which sector does Cipla Ltd belong to?
Cipla Ltd is classified under the Healthcare sector, in the Pharmaceuticals industry.
What is the market capitalisation of Cipla Ltd?
Cipla Ltd has a market capitalisation of ₹1,08,722 Cr, which places it in the Large Cap band.
What is the PE ratio of Cipla Ltd?
Cipla Ltd trades at a PE ratio of 32.20, on earnings per share of ₹55.04, against a book value of ₹426.21 per share.
What is the 52-week high and low of Cipla Ltd?
Over the last 52 weeks Cipla Ltd has traded between ₹1,165.7 and ₹1,673.
Does Cipla Ltd pay dividends?
Cipla Ltd has a dividend yield of 0.97%.
What is the Return on Equity (ROE) of Cipla Ltd?
Cipla Ltd reported a return on equity of 11.21%. Its debt-to-equity ratio is 0.02.

Company Information

Incorporated in 1935, Cipla Ltd is in the business of manufacturing, developing, and marketing a wide range of branded and generic formulations and APIs[1]

Website cipla.com
CEO Mr. Umang Vohra B.E., M.B.A.
Employees 30,313
Listed 1995-02-08
Face Value ₹ 2
Issued Size 80,77,71,798

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