Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,760.00 last close on 12 Oct 2026 0.00%
Research updated
Cipla Ltd.
NSE: CIPLAHealthcareDrug Manufacturers - Specialty & Generic
- Last close
- ₹1,311.30
- Day change
- +₹10.30 (+0.79%)vs
- Market cap
- ₹1.06 lakh crIndian rupees
- Research updated
- 1 report
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
- EBITDA margin, FY26
- 21.0%
- EBITDA (company definition, excl. other income) / revenue
- 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)
- 1,11,977
- at the close of 12 Oct 2026
Company profile
Cipla is India's third-largest pharmaceutical company by domestic sales and the largest by volume, with leadership in respiratory inhalation (Foracort), urology and chronic therapies. About 48% of revenue is One India (branded prescription, trade generics, consumer health), 22% North America (complex generics, inhalers such as gAlbuterol/gVentolin, peptides), 14% One Africa (No. 2 prescription player in South Africa) and 14% emerging markets and Europe. The company is in a transition after the loss of US gRevlimid exclusivity and Lanreotide supply in FY26, rebuilding US revenue through respiratory and peptide launches.
| 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 | ₹1,11,977 crore (12 Oct 2026) |
| Shares outstanding | 80.77 crore shares (FY26) |
| Price | ₹1,301 (close, 12 Oct 2026) |
| 52-week range | ₹1,166 - ₹1,673 (to 12 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
Cipla (NSE: CIPLA, BSE 500087) sells branded and generic formulations. One India (branded prescription, trade generics, Cipla Health consumer) was INR 12,680 cr, 45% of FY26 revenue of 28,163 cr; North America USD 780m (6,871 cr, 24%); One Africa 4,287 cr (15%); Emerging Markets and Europe USD 405m (3,576 cr, 13%); API and others 749 cr. In India it is No. 3 by value and No. 1 by volume, with a 60% chronic mix and leadership in respiratory (Foracort > INR 1,000 cr). The US book is complex generics: inhalers (gAlbuterol No. 1 with 21% share, gVentolin launched Q1FY27, gAdvair approved 27 Jul 2026), peptides (liraglutide) and specialty injectables. FY25-26 earnings were inflated by gRevlimid exclusivity and gLanreotide; both have gone (Revlimid billing ended in FY26; Lanreotide supply halted since Dec-2025 after the partner's FDA problems, and Amneal launched a rival in Sep-2026). That is why North America fell from USD 233m in Q2FY26 to USD 155m in Q4FY26 and 162m in Q1FY27, and EBITDA margin from 25.9% (FY25) to 21.0% (FY26) and 16.7% (Q1FY27). Cipla controls its India distribution and brands and most of its inhaler manufacturing (35-40% of US supply is made in the US); it does not control US approval timing or competitor entry.
| 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 1, information to 12 Oct 2026); market data at the close of 12 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
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Report history
Reports on Cipla
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