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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -39% YoY · margin compression · Rev +2% YoY · +9% QoQ
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Q1FY27 Consolidated Revenue Break-up
Latest issuer-disclosed distribution across 5 reported categories.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
The financial performance tables explicitly compare Q1FY27 with Q1FY26, indicating a year-over-year comparison is most relevant for assessing seasonal quarterly performance.
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.
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.
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.
Trend score and candlestick chart
45NeutralMACD − · sector +2.2pp vs Nifty (3M)
Technical chart
CIPLAdaily · 1Y · AUTO+4.4%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 36.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 36 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 17% off 52W high · 19% 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.
Relative Strength & Trend Stage
- Price is within 1.6% of the 30-week proxy.
- The 30-week proxy changed +0.7% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 37 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 37 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -6.3%.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Quality is weaker at 4/20; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
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.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 3 latest quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 50th pctile, median 70 · Large: 41st pctile, median 73
191 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.5%.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 31.30
- P/B
- 3.25
- EV/EBITDA
- 17.15
- Market Cap
- 111888.00Cr
Profitability
- ROE
- 11.60%
- ROCE
- 15.50%
- ROA
- 7.93%
- Dividend Y
- 0.94%
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
- 1.52%
- FCF Positive Y
- 11/5
- OCF
- 3940.00 Cr
- EPS TTM
- 41.74
Shareholding
- Promoter Hold
- 29.22%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 43%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.