Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 13 Oct
Source: Bse
Cipla Limited (CIPLA)
Large CapPharma stocks · Large cap · NSE
Cipla Limited is an Indian pharmaceutical company engaged in developing, manufacturing, and selling generic drugs, APIs, and consumer health products. It operates across key markets including India, North America, Africa, and Emerging Markets & Europe.
₹1,314
-10.10 · -0.76%
Market cap ₹1,07,051 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result23 Jul, 05:26 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
61BullishSMA20 -3.6% / mo · MACD + · sector +4.9pp vs Nifty 500 (3M)
Stock trend: 35
Sector RS: 100
Sector 3M: -0.7% vs Nifty 500 -5.6%
Pharma FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
CIPLAD candles · FIT view-0.2%Latest close ₹1314.00 on 2026-10-21
Bar
-0.8%
RSI
37
MACD hist
0.62
52W pos
29%
2026-10-21O ₹1324.10H ₹1337.50L ₹1308.30C ₹1314.00Vol 12.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CIPLANifty PharmaNifty 500
- CIPLA
- -8.3%
- Nifty 500
- -6.5%
- Nifty Pharma
- -2.0%
- Vs Nifty 500
- -1.8 pp
Chart stats
21 Oct 2026- From 52W high
- -21.5%
- 52W range position
- 29%
- ATR (14)
- 1.9%
- Volume vs 20D
- 1.33x
- Avg traded value
- ₹128 Cr
- 20D price channel
- ₹1,292 - ₹1,421
₹1,673
₹1,165.7 - ₹1,673
₹25.6
Latest completed session
20-session average
15.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST37
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +2.3% · PAT -39.2% YoY
Technical
Bullish61
Price trend and sector-relative-strength timing.
Valuation
Legacy model-0.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -39% YoY · margin compression · Rev +2% YoY · +9% QoQ
Filed 23 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7,119 Cr | +2.3% | +8.8% |
| EBITDA | ₹1,192 Cr | -33.0% | +24.8% |
| Operating margin | 17.0% | -900 bps | +200 bps |
| PAT | ₹786 Cr | -39.2% | +44.8% |
| PAT margin | 11.0% | -753 bps | +274 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 29.90
- P/B
- 3.11
- EV/EBITDA
- 16.41
- Market Cap
- 107051.00Cr
Profitability
- ROE
- 11.60%
- ROCE
- 15.50%
- ROA
- 7.93%
- Dividend Y
- 0.98%
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- 10.00%
- Revenue 3Y
- 7.00%
- EPS 3Y
- 10.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 92.93×
- Altman Z
- 8.51
- Book Value
- 426.00
Cash Flow
- FCF Yield
- 1.59%
- FCF Positive Y
- 11/5
- OCF
- 3940.00 Cr
- EPS TTM
- 41.74
Shareholding
- Promoter Hold
- 29.22%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 31%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 7,119+8.8% vs prev
Net Profit
₹ CrLatest: 786+44.8% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 37.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~3.7% over last month) — short-term momentum negative.
- RSI(14) at 37 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 21% off 52W high · 13% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
48
RS percentile
Stage 1 Base / Transition
1M return
-5.2%
3M return
-8.3%
6M return
+0.6%
1Y return
-16.9%
RS 1D
-2
RS 20D
+3
Sector rank
#2
Industry rank
#3
Stage evidence
- Price is within 4.0% of the 30-week proxy.
- The 30-week proxy changed +0.3% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 91.95+0.16%
RS vs Nifty 50092
Valuation & peers
U-Score 37 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 37 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation2/30
Growth10/25
Quality4/20
Balance Sheet9/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
37
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
37/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Cash flow contributes 7/10 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Fair-value margin of safety is negative at -0.8%.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Quality is weaker at 4/20; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
29.9
PB
3.1
EV/EBITDA
16.4
ROE
11.6%
ROCE
15.5%
FCF Yield
1.6%
Debt/Equity
0.0
MoS
-0.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
37
Previous: 37
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-0.8%
Previous: -1.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
41
41
41
37
37
37
37
37
37
37
37
37
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹632.52
-107.7% MoS
Growth-justified P/E
31.2
Growth-justified Value
₹1,303.12
-0.8% MoS
PEG
2.99
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
DRREDDY
Large
Dr. Reddy's Laboratories Limited
Pharmaceuticals
match 167
39
31.5
11.2%
+28%
WATCHLIST
IPCALAB
Large
IPCA Laboratories Limited
Pharmaceuticals
match 162
45
35.4
15.7%
-336%
WATCHLIST
AJANTPHARM
Large
Ajanta Pharma Limited
Pharmaceuticals
match 160
58
36.7
27.1%
+19%
FAIR VALUE
GLAXO
Large
GlaxoSmithKline Pharmaceuticals Limited
Pharmaceuticals
match 160
60
40.9
45.6%
+12%
UNDERVALUED
EMCURE
Large
Emcure Pharmaceuticals Limited
Pharmaceuticals
match 159
58
33.5
20.1%
+26%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-07-24T03:40:46.095Z
Management commentary snapshot
Cipla reported its highest-ever Q1 revenue of INR 7,119 Cr, up 2.3% YoY, driven by One India and North America. However, EBITDA declined 33% YoY to INR 1,192 Cr, and PAT fell 39.1% YoY to INR 789 Cr, with margins contracting significantly.
While revenue growth was positive, the substantial decline in EBITDA and PAT, coupled with significant margin contraction, raises concerns about profitability and operational efficiency. The strong performance in One India and North America is offset by margin pressures.
Current business mix
Q1FY27 Consolidated Revenue Break-up
Latest issuer-disclosed distribution across 5 reported categories.
One India48.0%
North America22.0%
One Africa14.0%
Emerging markets and Europe14.0%
API and Others2.0%
Growth engines
One India Branded Prescription
Maintained #2 rank in overall chronic with chronic mix improved to 60.4%. Double-digit growth in Respiratory, Urology, Anti-diabetes and Cardiac therapies.
North America Launches
Launched gVentolin in the U.S. market during the quarter, with initial shipments executed.
South Africa Private Business
Private business growing 1.2X faster than the market, with revenue of ZAR 906 Mn for Q1FY27.
Consumer Health
Anchor and transitioned brands continuing to grow bigger. Nicotex, Omnigel and Cipladine maintained leadership positions.
Tailwinds
Chronic Therapy Growth (India)
Double-digit growth in chronic therapies like Respiratory, Urology, Anti-diabetes and Cardiac in One India.
South Africa Private Market Outperformance
South Africa private business growing 1.2X faster than the market.
Headwinds
EBITDA Margin Contraction
EBITDA % declined to 16.7% in Q1FY27 from 25.6% in Q1FY26.
PAT Margin Contraction
PAT % declined to 11.1% in Q1FY27 from 18.7% in Q1FY26.
Increased Material Cost
Material cost increased to INR 2,667 Cr in Q1FY27 from INR 2,171 Cr in Q1FY26.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The financial performance tables explicitly compare Q1FY27 with Q1FY26, indicating a year-over-year comparison is most relevant for assessing seasonal quarterly performance.
Sector KPIs management disclosed
Domestic Formulations Revenue (One India)
Highest-ever quarterly revenue of INR 3,452 Cr in Q1FY27.
One India Market Growth
Delivered market growth of 15.4%, 183 bps higher than IPM in Q1FY27.
North America Revenue Growth
1% YoY growth in Q1FY27.
One Africa Revenue Growth
5% YoY growth in Q1FY27.
Management forward view
North America gVentolin Supply Ramp-up
Supply ramp-up planned over the coming quarters for gVentolin in the U.S. market.
ESG Progress
Achieved 2.6x water positivity for India manufacturing in FY26. Cipla Medpro Manufacturing (South Africa) achieved Net Zero Waste Certification.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 16.7% (Q1FY27) | Stabilization and recovery of EBITDA margin in subsequent quarters. |
| North America gVentolin Ramp-up | Initial shipments executed | The pace and scale of gVentolin supply ramp-up and market share capture. |
| One India Growth | 15.4% market growth, 183 bps higher than IPM | Sustained outperformance against IPM and chronic therapy growth. |
| R&D Spend as % of Revenue | 6.8% (Q1FY27) | R&D investment efficiency and progression of the pipeline. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
70Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 50th percentile within Pharma. Main check: results consistency is weak at 39/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
209 docs text-extracted · 92 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Pharma: 50th pctile, median 70 · Large: 40th pctile, median 73
Evidence depth
Financial-only
209 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
39
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.6%.
- ▸11 years of positive FCF.
- ▸Debt/equity is 0.02.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -4.8%.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Cipla Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 24 Sep - The Operations and Administrative Committee of the Company on 24th September, 2026 has allotted 12,168 ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 3 Sep - Cipla and Qilu ink exclusive US licensing and supply deal for pembrolizumab biosimilar QL2107.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Sep - Please find attached newspaper publication regarding opening of special window for re-lodgement of transfer and dematerialisation of physical shares
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 31 Aug - Cipla signs exclusive license with SBP Group for HER2 ADC TQB2102 in India, South Africa and five markets.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 31 Jul - In compliance with the provisions of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirments) Regulations, 2015, we hereby notify that the Operations and Administrative …
Source: Bse
Concall transcript
Transcript Of The 90Th Annual General Meeting 3 Jul - Cipla released 90th AGM transcript; FY26 revenue crossed ₹28,000 crore and board recommended ₹30 final dividend.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Jul - Please find attached newspaper publication regarding opening of special window of lodgement of transfer and dematerialisation of physical shares.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 4 Jun - In comppliance with the provisions of Regulation 30 of the SEBI (Listing Obligations and Disclsoure Requirements), Regulations, 2015, we hereby notify that the Operations and …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Jun - Copies of newspaper advertisement titled ''Notice of the 90th Annual General Meeting and E-voting Information''
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2 Jun - Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, we herein mention the schedule of Analyst / ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 28 May - Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, we herein mention the schedule of Analyst / Institutional Investor Meeting with the Company.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.