Dr. Reddy's Laboratories · forward-looking guidance across the available source record.
Guidance tracker
Management maintained 20% EBITDA margin guidance excluding semaglutide impact, expecting to stay in that neighborhood including Q2 even without semaglutide resumption, with margins improving upon November supply resumption.
Targeting completion of API testing by third week of September 2026, with supply to partners to resume by November 2026, enabling 6-7 million pens to be supplied between November and March.
Full-year capex guidance of around ₹1,800 crore, reduced from the earlier 2,500-2,700 crore range, reflecting lower infrastructure buildout as biologics and peptide facilities approach completion.
R&D expenditure expected to be in the 7-8% range, with majority of spending directed toward products launching between 2034-2040, including additional biosimilars and peptides.
Management expects India business to sustain double-digit growth of 15% or more, with potential upside from semaglutide and further BD.
From Q4 FY26 onwards, gross margin for global generics and PSA is expected in the 50-55% range.
R&D spend is expected to remain in the 7-8% range, with continued investment in pipeline including biosimilars.
Management aims to control discretionary costs so that cost growth is less than half of top-line growth.