Financial Results Overview

Full Year FY26 (Year Ended March 31, 2026)

  • Total Income: ₹3,033.5 crore, up 12.8% YoY (FY25: ₹2,689.2 crore).
  • Operating Revenue: ₹2,950.9 crore, up 12.5% YoY (FY25: ₹2,622.8 crore).
  • Gross Profit: ₹1,673.7 crore, up 13.2% YoY; Gross Margin: 56.7% (up 32 bps YoY).
  • EBITDA: ₹600.8 crore, up 12.8% YoY; EBITDA Margin: 20.4% (up 5 bps YoY).
  • Profit After Tax (PAT): ₹420.1 crore, up 9.8% YoY (FY25: ₹382.6 crore).
  • Net Margin: 13.8% (down 38 bps YoY).
  • EPS: ₹9.2, up 9.8% YoY.
  • R&D Spends: ₹89 crore, representing 3.0% of consolidated revenue.

Q4 FY26 (Quarter Ended March 31, 2026)

  • Total Income: ₹891.3 crore, up 23.1% YoY (Q4FY25: ₹723.8 crore) and up 15.1% QoQ (Q3FY26: ₹774.6 crore).
  • Operating Revenue: ₹856.1 crore, up 20.8% YoY and 13.5% QoQ.
  • Gross Profit: ₹465.5 crore, up 21.5% YoY; Gross Margin: 54.4% (up 27 bps YoY, down 372 bps QoQ).
  • EBITDA: ₹195.4 crore, up 54.0% YoY; EBITDA Margin: 22.8% (up 491 bps YoY, up 152 bps QoQ).
  • PAT: ₹149.0 crore, up 64.3% YoY; Net Margin: 16.7% (up 419 bps YoY, up 204 bps QoQ).
  • EPS: ₹3.3, up 63.6% YoY.

Business Performance by Geography

US & North America Market

  • Q4FY26 Revenue: ₹406.2 crore, up 23.6% YoY.
  • FY26 Revenue: ₹1,533.5 crore, up 24.0% YoY.
  • Revenue scaled 2.4x from FY22 to FY26.
  • The business manufactures and distributes 100+ products.
  • 112 new SKUs were launched in FY26, with 51 products currently in the pipeline.

UK and Europe Market

  • Q4FY26 Revenue: ₹307.7 crore, up 12.3% YoY.
  • FY26 Revenue: ₹1,015.0 crore, down 1.4% YoY.
  • Price erosion in UK products stabilized in Q4FY26.
  • Strong regulatory pipeline: 18 products approved and 30 filings done in FY26; 24 products awaiting approval as of March 31, 2026; 200+ products to be filed over the next 4 years.

Australia & New Zealand Market

  • Q4FY26 Revenue: ₹123.4 crore, up 61.3% YoY. This was the highest-ever quarterly performance, more than doubling sequentially from Q3.
  • FY26 Revenue: ₹303.1 crore, up 19.9% YoY.
  • Launched Branded Prescription Division 'Nova Pharma' and introduced 11 Rx brands under it in FY26.

Rest of World (RoW) Market

  • Q4FY26 Revenue: ₹18.9 crore, down 35.7% YoY.
  • FY26 Revenue: ₹99.4 crore, down 4.1% YoY.
  • Performance was impacted by ongoing geopolitical disruptions, with order fulfilment constrained by logistics challenges. Deliveries were deferred to subsequent quarters.

Other Financial Highlights

  • Cash Generated from Operations: ₹458 crore during FY26.
  • Capital Expenditure (Capex): ₹131 crore on a net basis during FY26. The major capex cycle is noted as nearly complete.
  • Working Capital Cycle: ~138 days for FY26.
  • Cash Balance: ₹990 crore as of March 31, 2026.

Management Commentary

Mark Saldanha, Managing Director, stated that FY26 was a milestone year where the company delivered on its guidance, achieving historic highs in revenue, EBITDA, and PAT. Growth was led by new launches across markets, including the Rx branded portfolio in Australia. The UK market saw a strong recovery in Q4. He noted the company is monitoring emerging input cost pressures but is well-positioned for sustainable growth due to its underlying momentum, balance sheet strength, and disciplined execution.

Forward-Looking Statements & Disclaimer

The press release contains forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. The company undertakes no obligation to update these statements except as required by law.

Earnings Conference Call Details

An earnings conference call is scheduled for May 27, 2026, at 4:30 pm IST. The leadership team will discuss the financial performance and take questions. Access numbers and a Diamond pass link were provided. A transcript will be made available on the company's website.