One India business delivered its highest-ever quarterly revenue of INR 3,516 Cr, growing 12% YoY.
North America business generated sales of $172 Mn.
One Africa business generated sales of $123 Mn, with its South Africa private business growing 1.3x faster than the market.
Emerging Markets & Europe business generated sales of $101 Mn, showing resilient performance.
Key drivers included strong chronic portfolio growth, new product launches, and successful market execution.
Segment-wise Performance
One India (48% of Revenue): Revenue of INR 3,516 Cr. Maintained #2 rank in the overall chronic segment. Delivered double-digit growth in Respiratory, Cardiac, Urology, Anti-diabetes, and Dermatology therapies.
Trade Generics: Delivered strong double-digit QoQ growth. Has 3 brands with TTM revenue > INR 100 Cr and 5 brands with TTM revenue between INR 50-100 Cr. 18 new launches in Q2FY27.
Consumer Health: Anchor and transitioned brands continued to grow. Haircare delivered strong double-digit growth. Omnigel, Nicotex, Prolyte, and Cipladine maintained market leadership.
North America (22% of Revenue): Sales of $172 Mn. gProventil ranked #1 in the U.S. Albuterol MDI market with a 22% share. Over 50 million inhaler units supplied cumulatively.
One Africa (16% of Revenue): Sales of $123 Mn. South Africa business held #3 rank overall with an 8.5% market share. Private business revenue was ZAR 1,294 Mn for the quarter. 10 brands have MAT revenue > 100 Mn ZAR.
Emerging Markets & Europe (13% of Revenue): Sales of $101 Mn.
API and Others (1% of Revenue): Not specified.
Financial Highlights
Revenue: Rs. 7,404 Cr (Q2FY26: Rs. 7,589 Cr).
EBITDA: Rs. 1,388 Cr (Q2FY26: Rs. 1,895 Cr).
PAT: Rs. 878 Cr (Q2FY26: Rs. 1,351 Cr).
EBITDA Margin: 18.7% (Q2FY26: 25.0%).
PAT Margin: 11.9% (Q2FY26: 17.8%).
R&D Spend: INR 423 Cr, representing 5.7% of revenue.
Drivers of performance: Performance was driven by revenue growth in key markets, partially offset by investments and market dynamics.
Key Risks: Not explicitly disclosed in the presentation.
Geographical Revenue Split
Domestic (One India): Rs. 3,516 Cr, 48% of Total Revenue.
Export/International: 52% of Total Revenue, comprising:
North America: $172 Mn (22% of total)
One Africa: $123 Mn (16% of total)
Emerging Markets & Europe: $101 Mn (13% of total)
API and Others: 1% of total
Regional Breakdown: Not specified beyond the provided segments.
Net Tangible Assets: Rs. 8,266 Cr (Sep-25: Rs. 6,996 Cr).
Goodwill and Intangibles: Rs. 7,107 Cr (Sep-25: Rs. 5,374 Cr).
Financial Health Insights: Strong liquidity position with significant cash reserves.
Capex & Cash Flow Health
Capital Expenditure: Not specified.
Free Cash Flow: Not specified.
Operating Cash Flow: Not specified.
Net Debt Movement: Not specified.
Investment Rationale: Not explicitly stated for the quarter.
Strategic & R&D Initiatives
gAdvair Diskus: Received U.S. FDA approval for all three strengths (100/50, 250/50, and 500/50 mcg).
Strategic Alliance - HER2 ADC: Signed an exclusive licensing agreement with CTTQ (SinoBiopharma Group) for TQB2102, a bispecific HER2 ADC, for India, South Africa, and five other emerging markets.
Strategic Alliance - Biosimilar: Signed an exclusive U.S. licensing and supply partnership with Qilu Pharmaceutical for QL2107, a Pembrolizumab (Keytruda) biosimilar. Qilu will handle development and supply; Cipla will handle U.S. commercialization.
Investments in Innovation: R&D spend of INR 423 Cr (5.7% of revenue).
Expected impact: The new alliances strengthen Cipla's oncology and biosimilars portfolio and support improved access to advanced therapies.
Strategic Rationale: Expanding presence in high-growth areas like ADCs, immunotherapy, and biosimilars.
Industry Trends & Business Environment
Macro/Industry Trends: Geopolitical uncertainties mentioned as a factor for the Emerging Markets & Europe segment.
Impact on Company: The company reported resilient performance in its Emerging Markets & Europe segment despite these uncertainties.
Management Commentary & Growth Outlook
Strategic Outlook: Not explicitly quoted in the presentation.
FY Guidance: Not provided.
Market Share Targets: Not provided.
Risks and Opportunities: Not highlighted beyond the standard disclaimer.
ESG Updates
Renewable Electricity Share: 77% for India manufacturing operations (Goal: 80% by FY30).
GHG Emissions (Scope 1 & 2): 44% absolute reduction from FY24 baseline (Goal: 30% reduction by FY30). A pilot project for green propellants in MDIs is ongoing.
Water Neutrality: Achieved 2.6 times water positivity in FY26. Next certification is scheduled for March 2027.
Zero Waste to Landfill: Cipla Medpro Manufacturing (CMM) certified in July 2026. India manufacturing certification targeted for March 2027.
AMR (Antimicrobial Resistance): Certification for 2 sites targeted for March 2027.
Occupational Health and Safety: Zero fatalities in manufacturing operations.
DEI (Diversity, Equity, Inclusion): Women representation in the Leadership Group at 15.8% (Goal: 20% from FY25 baseline).
Responsible Procurement: Preparation of a supplier assessment ESG framework is underway (Goal: 80% of critical Indian suppliers to comply).
Achievement: Cipla Pharmaceuticals Limited, Kurkumbh, achieved a Silver Certification under LEED v4 BD+C and a Bronze Medal from EcoVadis, ranking in the top 35% globally.
