Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,777.70 last close on 30 Oct 2026 +0.95%
Research updated
Cipla Ltd.
NSE: CIPLAHealthcareDrug Manufacturers - Specialty & Generic
- Last close
- ₹1,378.90
- Day change
- +₹20.90 (+1.54%)vs
- Market cap
- ₹1.08 lakh crIndian rupees
- Research updated
- 2 reports
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About Cipla
Cipla Ltd. is an Indian pharmaceutical company that develops, manufactures, and markets a broad range of medicines and healthcare products for patients and healthcare providers worldwide. Its current business centers on pharmaceuticals and new ventures, with a portfolio that includes generic medicines, active pharmaceutical ingredients, biosimilars, and consumer health products across therapeutic areas such as respiratory care, cardiovascular disease, infectious diseases, metabolic disorders, oncology, dermatology, and central nervous system conditions. The company also supports access-to-medicine initiatives through its global access business, supplying essential treatments in low- and middle-income markets. Cipla Ltd. plays an important role in the pharmaceutical market through its focus on off-patent medicines, complex generics, and large-scale manufacturing capabilities across multiple sites.
- Sector
- Healthcare
- Industry
- Drug Manufacturers - Specialty & Generic
- Listing
- NSE: CIPLA
- Chief executive
- Mr. Umang Vohra B.E., M.B.A.
- Employees
- 30,313
- Headquarters
- Mumbai, India
- ISIN
- INE059A01026
- Website
- cipla.com
Public research · Report of
Business model & financial foundation
Cipla (NSE: CIPLA), Pharmaceuticals - branded and complex generics formulations: revenue of ₹28,163 crore in FY26 (+2.2% on FY25), an EBITDA margin of 21.0%, net profit of ₹3,879 crore and net cash of ₹10,526 crore.
- Revenue, FY26 (₹ crore)
- 28,163
- consolidated
- Revenue growth, FY26
- +2.2%
- on FY25
- Net profit, FY26 (₹ crore)
- 3,879
- to owners
- Return on equity, FY26
- 11.8%
- on average equity
- Net debt, FY26 (₹ crore)
- -10,526
- Net debt incl leases less cash and liquid investments (neg = net cash)
- Market capitalisation (₹ crore)
- 1,05,936
- at the close of 23 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Cipla Limited (formerly The Chemical, Industrial & Pharmaceutical Laboratories Ltd) |
| Exchange and ticker | NSE: CIPLA; BSE: 500087 |
| ISIN | INE059A01026 |
| CIN | L24239MH1935PLC002380 |
| Sector | Healthcare |
| Industry | Pharmaceuticals - branded and complex generics formulations |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP (FY26); B S R & Co LLP appointed from 25 Jun 2026 for five years |
| Market capitalisation | ₹1,05,936 crore (23 Oct 2026) |
| Shares outstanding | 80.77 crore shares (FY26) |
| Price | ₹1,331 (close, 23 Oct 2026) |
| 52-week range | ₹1,166 - ₹1,673 (to 23 Oct 2026) |
| Website | https://www.cipla.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Cipla (EU) Ltd | 100% | UK holding company for Europe and emerging markets; holds US subsidiaries |
| Cipla USA Inc | 100% | US generics marketing (respiratory, complex generics) |
| InvaGen Pharmaceuticals Inc | 100% | US manufacturing (New York) of solid orals and inhalation (gAdvair, gVentolin) |
| Cipla Medpro South Africa (Pty) Ltd | n.d. | South Africa private and tender pharma and OTC |
| Cipla Health Ltd | n.d. | India consumer health (Nicotex, Omnigel, Cipladine) |
| Inzpera Healthsciences | 100% | Paediatrics and wellness portfolio, acquired Dec 2025 for INR 110.65 cr |
Holding percentages beyond the wholly-owned entities confirmed in the results annexure were not retrieved from AOC-1 (gap).
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 29.21% | 29.21% | 29.21% | 29.21% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 24.55% | 23.93% | 22.56% | 20.21% |
| Domestic institutions | 30.25% | 30.72% | 31.97% | 34.63% |
| of which mutual funds | 20.23% | 19.21% | 18.66% | 20.56% |
| Retail | 6.63% | 6.78% | 7.00% | 6.85% |
| Other | 9.36% | 9.36% | 9.26% | 9.10% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | revenue usd, FY26 (US$ million) | Share |
|---|---|---|---|---|
| One India (Rx+Gx+CHL) | 12,680 | 45.0% | ||
| North America | 6,871 | 24.4% | 780.0 | 46.8% |
| One Africa | 4,287 | 15.2% | 483.0 | 29.0% |
| Emerging Markets & Europe | 3,576 | 12.7% | 405.0 | 24.3% |
| API & others | 749.0 | 2.7% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Sun Pharmaceutical Industries (SUNPHARMA) | Largest Indian pharma; India branded plus US specialty and generics |
| Dr Reddy's Laboratories (DRREDDY) | US generics-heavy peer facing a similar post-exclusivity (gRevlimid) cliff; India and EM branded |
| Lupin (LUPIN) | US respiratory/inhalation and India chronic branded peer |
| Zydus Lifesciences (ZYDUSLIFE) | |
| Torrent Pharmaceuticals (TORNTPHARM) | India chronic branded franchise peer |
| Aurobindo Pharma (AUROPHARMA) | US generics scale peer |
| Mankind Pharma (MANKIND) | India branded and consumer health franchise peer |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations (incl. other operating income) | 21,623 | 22,473 | 25,774 | 27,548 | 28,163 |
| Cost of revenue (vendor classification) * | 9,230 | 8,961 | 9,592 | 9,763 | 10,452 |
| Other operating costs (vendor classification) * | 4,354 | 4,827 | 5,455 | 5,701 | 6,287 |
| EBITDA (vendor classification) * | 4,714 | 5,115 | 6,693 | 7,432 | 6,255 |
| EBIT * | 3,598 | 4,133 | 5,773 | 6,865 | 5,272 |
| Finance costs | 104.9 | 94.6 | 90.0 | 62.0 | 54.0 |
| Profit before tax * | 3,493 | 4,038 | 5,702 | 6,821 | 5,224 |
| Tax * | 933.8 | 1,203 | 1,547 | 1,530 | 1,354 |
| Profit after tax (vendor: before the non-controlling share is taken out) * | 2,547 | 2,833 | 4,154 | 5,269 | 3,862 |
| Diluted EPS (₹) * | 31.17 | 34.69 | 51.01 | 65.24 | 48.00 |
| Revenue from sale of products | 25,447 | 27,145 | 27,712 | ||
| Other operating income | 328.0 | 402.0 | 451.0 | ||
| Material cost | 8,820 | 8,929 | 9,549 | ||
| Employee benefits expense | 4,310 | 4,833 | 5,366 | ||
| Other expenses | 6,353 | 6,658 | 7,322 | ||
| EBITDA (company definition, excl. other income) | 6,291 | 7,128 | 5,925 | ||
| Depreciation, impairment and amortisation | 1,051 | 1,107 | 1,253 | ||
| Other income | 862.0 | 882.0 | |||
| Exceptional items | -195.0 | 0.00 | -276.0 | ||
| Share of profit/(loss) of associates | -22.0 | -8.00 | |||
| Non-controlling interest (as reported sign) | -4.00 | -18.0 | |||
| Profit attributable to shareholders | 4,122 | 5,273 | 3,879 | ||
| R&D expense (opex incl depreciation) | 1,974 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 21,117 | 23,714 | 26,802 | 31,289 | 34,520 |
| Borrowings * | 1,056 | 803.1 | 559.4 | 438.2 | 613.8 |
| Cash and cash equivalents * | 677.7 | 627.6 | 640.1 | 588.7 | 1,018 |
| Trade receivables | 3,424 | 4,057 | 4,771 | 5,506 | 5,620 |
| Inventories | 5,350 | 5,156 | 5,238 | 5,642 | 6,597 |
| Trade payables | 2,508 | 2,535 | 2,474 | 2,837 | 3,230 |
| Net property, plant and equipment * | 5,164 | 4,991 | 5,069 | 0.32 | 0.28 |
| Capital work in progress * | 537.1 | 891.8 | 1,102 | 1,443 | 1,943 |
| Total assets * | 27,101 | 29,463 | 32,718 | 37,387 | 42,496 |
| Net debt incl leases less cash and liquid investments (neg = net cash) | -7,707 | -10,369 | -10,526 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 3,175 | 3,649 | 4,134 | 5,005 | 3,940 |
| Free cash flow (vendor definition) * | 2,625 | 2,055 | 2,785 | 3,457 | 860.7 |
| Dividends paid (the provider's sign: an outflow is negative) * | -403.4 | -403.5 | -686.2 | -1,050 | -1,292 |
| Capex: purchase of PPE and intangibles (negative = outflow) | -527.7 | -812.0 | -1,064 | -1,548 | -3,079 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 80.67 | 80.70 | 80.73 | 80.76 | 80.77 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations (incl. other operating income) | 7,051 | 7,073 | 6,730 | 6,957 | 7,589 | 7,074 | 6,541 | 7,119 |
| Cost of revenue (vendor classification) * | 2,283 | 2,264 | 2,189 | 2,171 | 2,632 | 2,249 | 2,667 | |
| Other operating costs (vendor classification) * | 1,675 | 1,622 | 1,770 | 1,696 | 1,862 | 1,881 | 1,762 | |
| EBITDA (vendor classification) * | 2,076 | 2,211 | 1,827 | 2,037 | 1,461 | 1,145 | 1,403 | |
| EBIT * | 1,804 | 1,931 | 1,518 | 1,784 | 907.1 | 720.2 | 1,099 | |
| Finance costs | 15.0 | 15.0 | 14.0 | 14.0 | 13.0 | 14.0 | 13.0 | 17.0 |
| Profit before tax | 1,789 | 1,916 | 1,504 | 1,770 | 1,854 | 893.0 | 707.0 | 1,082 |
| Tax expense | 483.0 | 332.0 | 279.0 | 478.0 | 500.0 | 219.0 | 157.0 | 295.0 |
| Profit for the period | 1,305 | 1,575 | 1,214 | 1,292 | 1,353 | 674.0 | 543.0 | 786.0 |
| Diluted EPS (₹) * | 16.12 | 19.43 | 15.12 | 16.06 | 8.36 | 6.86 | 9.76 | |
| Revenue from sale of products | 6,961 | 6,962 | 6,598 | 6,837 | 7,447 | 6,963 | 6,464 | n.r. |
| Other operating income | 90.0 | 111.0 | 132.0 | 120.0 | 142.0 | 112.0 | 77.0 | n.r. |
| Material cost | 2,283 | 2,264 | 2,189 | 2,171 | 2,498 | 2,632 | 2,249 | 2,667 |
| Employee benefits expense | 1,208 | 1,198 | 1,233 | 1,312 | 1,315 | 1,325 | 1,414 | 1,497 |
| Other expenses | 1,675 | 1,622 | 1,770 | 1,696 | 1,882 | 1,862 | 1,881 | 1,762 |
| EBITDA (company definition, excl. other income) | 1,886 | 1,989 | 1,538 | 1,778 | 1,895 | 1,255 | 997.0 | 1,192 |
| Depreciation, impairment and amortisation | 272.0 | 280.0 | 309.0 | 253.0 | 297.0 | 278.0 | 425.0 | 304.0 |
| Other income | 191.0 | 222.0 | 289.0 | 259.0 | 269.0 | 206.0 | 148.0 | 211.0 |
| Exceptional items (negative = charge) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -276.0 | 0.00 | 0.00 |
| Share of associate | -1.00 | -9.00 | -11.0 | 0.00 | 0.00 | 0.00 | -8.00 | -2.00 |
| Non-controlling interest | 2.00 | 4.00 | -8.00 | -6.00 | 2.00 | -2.00 | -12.0 | -3.00 |
| Profit attributable to shareholders | 1,303 | 1,571 | 1,222 | 1,298 | 1,351 | 676.0 | 555.0 | 789.0 |
| R&D spend (opex incl. depreciation) | 385.0 | 360.0 | 426.0 | 432.0 | 539.0 | 494.0 | 509.0 | n.r. |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 13.9% | 3.9% | 14.7% | 6.9% | 2.2% |
| EBITDA margin | 24.4% | 25.9% | 21.0% | ||
| Net margin | 16.0% | 19.1% | 13.8% | ||
| Return on equity | 16.3% | 18.2% | 11.8% | ||
| Return on capital employed | 16.8% | 17.7% | 22.3% | 23.2% | 15.8% |
| Return on assets | 13.3% | 15.0% | 9.7% | ||
| Net debt (₹ crore) | -7,707 | -10,369 | -10,526 | ||
| Net debt / EBITDA | -1.23x | -1.45x | -1.78x | ||
| Interest cover | 34.3x | 43.7x | 64.1x | 110.7x | 97.6x |
| Asset turnover | 0.83x | 0.79x | 0.83x | 0.79x | 0.71x |
| Receivable days | 58 | 66 | 68 | 73 | 73 |
| Inventory days (on revenue) | 90 | 84 | 74 | 75 | 85 |
| Payable days (on revenue) | 42 | 41 | 35 | 38 | 42 |
| Cash conversion | 1.00x | 0.95x | 1.02x | ||
| Capex intensity | 2.4% | 3.6% | 4.1% | 5.6% | 10.9% |
| Free cash flow (₹ crore) | 2,647 | 2,837 | 3,070 | 3,457 | 861.0 |
| Dividend payout | 16.6% | 19.9% | 33.3% | ||
| EPS, diluted (₹) | 31.17 | 34.69 | 51.01 | 65.24 | 48.00 |
| Book value per share (₹) | 261.8 | 293.8 | 332.0 | 387.5 | 427.4 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company definition, excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt incl leases less cash and liquid investments (neg = net cash).
- Net debt / EBITDA: net debt / EBITDA (company definition, excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 23 Oct 2026); market data at the close of 23 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Cipla includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Cipla
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 23 Oct 2026; page updated 2 Nov 2026.
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