Cipla logo

Cipla

CIPLA NSE

Key Fundamentals

MidcapPharmaceuticalsHealthcare
Market Cap
1.1L Cr
Volatility
Moderate
P/E Ratio
32.73
EBITDA
₹6,765 Cr
Return on Equity
11.21%
Debt to Equity
0.02
Book Value
₹426.21
EPS
₹55.04
52W High
₹1,673
52W Low
₹1,165.7

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 25.7%

Weaknesses

2
  • The company has delivered a poor sales growth of 8.01% over past five years.
  • Promoter holding has decreased over last 3 years: -4.24%

Growth Rate

Revenue Growth
2.24% lower than 3Y
Net Income Growth
-26.86% lower than 3Y
Cash Flow Change
-21.28% lower than 3Y
ROE
-33.71% lower than 3Y
ROCE
-31.02% lower than 3Y
EBITDA Margin (Avg.)
-17.18% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Cipla Ltd, with a market cap of ₹1,09,075 Cr, trades at a PE of 33.2x and remains virtually debt-free. While the company has delivered steady long-term compounded profit growth of 11% over 10 years, recent performance has weakened sharply with TTM profit declining 34% and sales growth slowing to just 2% TTM.

Bull Case 7
  • Company is almost debt-free, providing significant financial flexibility and resilience during economic downturns
  • Healthy long-term compounded profit growth of 11% CAGR over 10 years indicates consistent earnings power
  • Consistent dividend payout of 25.7% demonstrates shareholder-friendly capital allocation with a current yield of 0.95%
  • ROE has averaged 14% over 5 years, reflecting reasonable returns on shareholder equity for a pharma company
  • 5-year compounded sales CAGR of 8% and profit CAGR of 10% show the business has scaled meaningfully over the medium term
  • 10-year stock CAGR of 9% indicates the company has delivered sustained long-term wealth creation
  • 3-year compounded profit growth of 10% suggests underlying earnings momentum was intact before the recent TTM slowdown
Bear Case 8
  • TTM compounded profit has declined sharply by 34%, signalling a significant near-term earnings deterioration
  • TTM sales growth has decelerated to just 2%, well below the 5-year CAGR of 8%, raising concerns about revenue momentum
  • Promoter holding has decreased by 4.24% over the last 3 years, which may signal reduced insider confidence
  • PE of 33.2x appears elevated relative to the current earnings trajectory of -34% TTM profit decline, suggesting the stock may be pricing in a recovery that is not yet visible
  • ROE has trended downward from 15% (3-year average) to 12% in the last year, indicating declining capital efficiency
  • 1-year stock CAGR of -12% reflects recent market repricing of the company's near-term fundamentals
  • 5-year sales CAGR of only 8% in a high-growth Indian pharma market has been flagged as poor relative performance
  • Price-to-book ratio of 3.24x combined with a declining ROE of 12% suggests the premium valuation may not be fully justified by current returns

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 2
  • FDA Form 483 at Pithampur Aug 26

    Cipla received 7 USFDA observations at Pithampur Unit IV, which contributes 30% of total revenue. Regulatory outcome may impact US export capabilities.

  • Pithampur repeat observations persist Sep 11

    Five repeat observations remain outstanding at the Pithampur plant, with microbial contamination and adverse environmental conditions flagged as critical compliance concerns. Substantial CAPA evidence required to satisfy FDA.

Positives 4
  • Keytruda biosimilar US rights secured Sep 4

    Cipla subsidiary InvaGen signed exclusive US partnership with Qilu Pharmaceutical for QL2107, a Keytruda (pembrolizumab) biosimilar, expanding Cipla's oncology biosimilar portfolio.

  • HER2 ADC licensing deal signed Sep 1

    Cipla signed exclusive licensing deal with SBP Group for HER2 bispecific ADC TQB2102 covering India, South Africa, and five other emerging markets.

  • InvaGen Unit 3 clears FDA Aug 31

    USFDA classified InvaGen Unit 3 (New York) inspection as VAI, indicating compliant standing with no immediate regulatory action recommended.

  • NCLT approves Inzpera amalgamation Aug 19

    NCLT Mumbai Bench approved the scheme of amalgamation of wholly owned subsidiary Inzpera Healthsciences with Cipla on August 18, 2026.

Neutral 3
  • Macquarie maintains Outperform at ₹1,675 Sep 11

    Macquarie retains Outperform rating on Cipla with ₹1,675 target price, noting near-term earnings impact from Pithampur issues is expected to be limited.

  • Aspergen group restructuring completed Aug 27

    Cipla's 60:40 JV Aspergen Ltd acquired 100% of Aspergen Inc. USA from Cipla EU and Kemwell Biopharma UK, with Cipla's economic interest unchanged.

  • Analyst meetings scheduled September Aug 27

    Cipla scheduled analyst and institutional investor meetings on September 17 in Gurgaon and September 18 in Mumbai.

TL;DR: Cipla is actively building its US biosimilar and oncology pipeline through strategic licensing deals for Keytruda biosimilar QL2107 and HER2 ADC TQB2102, while its InvaGen Unit 3 cleared FDA inspection with VAI status. The key risk centers on the Pithampur plant, which accounts for 30% of revenue, where 7 FDA observations and 5 unresolved repeat issues remain outstanding. Macquarie sees limited near-term earnings impact but substantial remediation is needed. The trend is cautiously positive on the commercial strategy side, but regulatory resolution at Pithampur will be the near-term swing factor.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
6,329
6,678
6,604
6,163
6,694
7,051
7,073
6,730
6,957
7,589
7,074
6,541
7,119
Expenses
4,835
4,944
4,856
4,847
4,978
5,165
5,084
5,192
5,179
5,695
5,819
5,586
5,927
Operating Profit
1,494
1,734
1,748
1,316
1,716
1,886
1,989
1,538
1,778
1,895
1,255
955
1,192
OPM %
24%
26%
26%
21%
26%
27%
28%
23%
26%
25%
18%
15%
17%
Other Income
136
176
-10
249
160
191
222
289
259
269
-70
148
211
Interest
16
26
30
18
18
15
15
14
14
13
14
13
17
Depreciation
239
290
233
288
247
272
280
309
253
297
278
383
304
PBT
1,375
1,594
1,474
1,259
1,611
1,789
1,916
1,504
1,770
1,854
893
707
1,082
Tax %
28%
28%
28%
26%
27%
27%
17%
19%
27%
27%
24%
22%
27%
Net Profit
998
1,155
1,068
932
1,175
1,305
1,575
1,214
1,292
1,353
674
543
786
EPS in Rs
12.33
14.01
13.08
11.63
14.58
16.13
19.45
15.13
16.06
16.73
8.37
6.87
9.77
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
11,345
13,790
14,394
15,156
16,362
17,132
19,160
21,763
22,753
25,774
27,548
28,163
28,324
Expenses
9,183
11,310
11,898
12,329
13,265
13,926
14,907
17,211
17,726
19,483
20,420
22,280
23,027
Operating Profit
2,163
2,480
2,496
2,826
3,097
3,206
4,252
4,553
5,027
6,291
7,128
5,883
5,297
OPM %
19%
18%
17%
19%
19%
19%
22%
21%
22%
24%
26%
21%
19%
Other Income
164
208
208
280
477
344
266
99
293
552
862
606
558
Interest
168
207
159
114
168
197
161
106
110
90
62
54
57
Depreciation
505
754
1,323
1,323
1,326
1,175
1,068
1,052
1,172
1,051
1,107
1,211
1,262
PBT
1,654
1,727
1,222
1,669
2,079
2,178
3,290
3,493
4,038
5,702
6,821
5,224
4,536
Tax %
24%
19%
15%
15%
27%
29%
27%
27%
30%
27%
22%
26%
—
Net Profit
1,229
1,383
1,035
1,417
1,492
1,500
2,389
2,547
2,833
4,154
5,269
3,862
3,356
EPS in Rs
14.71
16.93
12.51
17.52
18.96
19.18
29.82
31.19
34.71
51.05
65.28
48.02
41.74
Div. Payout %
14%
12%
16%
17%
16%
21%
17%
16%
24%
25%
25%
27%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
161
161
161
161
161
161
161
161
161
161
162
162
Reserves
10,641
11,356
12,383
14,068
14,851
15,602
18,165
20,680
23,246
26,545
31,032
34,270
Borrowings
1,703
5,202
4,113
4,098
4,316
2,816
2,014
1,056
803
559
438
614
Other Liabilities
3,166
4,331
4,213
4,346
4,433
4,843
4,514
4,960
5,089
5,267
5,702
7,297
Total Liabilities
15,670
21,049
20,869
22,673
23,762
23,423
24,855
26,857
29,300
32,533
37,334
42,343
Fixed Assets
6,830
9,368
9,492
9,950
9,608
9,683
9,516
9,683
9,160
9,607
10,006
12,434
CWIP
581
2,061
1,683
981
676
825
969
766
1,093
1,153
1,566
2,042
Investments
640
759
973
1,259
2,554
1,471
2,710
2,551
3,662
5,449
7,933
8,223
Other Assets
7,620
8,862
8,721
10,483
10,923
11,444
11,661
13,857
15,384
16,323
17,828
19,643
Total Assets
15,670
21,049
20,869
22,673
23,762
23,423
24,855
26,857
29,300
32,533
37,334
42,343
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
1,173
1,741
2,382
1,463
1,691
3,068
3,755
3,326
3,238
4,134
5,005
3,940
Investing
-950
-4,533
-1,304
-834
-1,688
114
-2,374
-1,858
-2,376
-2,982
-3,682
-2,234
Financing
165
3,104
-1,326
-385
-349
-2,949
-1,240
-1,600
-958
-1,200
-1,293
-1,234
Net Cash Flow
388
312
-248
243
-345
234
141
-132
-97
-49
30
473
Free Cash Flow
548
688
1,284
723
1,187
2,083
2,964
2,645
2,102
2,819
3,490
928
CFO/OP
72
91
113
77
74
122
113
98
90
91
94
94
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
64
62
65
75
93
83
66
57
65
68
73
73
Inventory Days
329
273
239
271
250
267
232
230
228
217
231
252
Days Payable
126
106
108
142
123
139
103
108
112
102
116
123
Cash Conversion Cycle
267
230
196
204
220
211
195
180
181
182
188
202
Working Capital Days
89
-10
99
118
132
113
94
95
113
120
128
106
ROCE %
15%
13%
7%
9%
11%
12%
17%
17%
18%
23%
23%
15%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Govt.0.28%DIIs34.35%Promot.29.21%Others2.20%Public13.74%FIIs20.21%As ofJun 2026

Documents

Frequently Asked Questions about Cipla

What does Cipla Ltd do?
Incorporated in 1935, Cipla Ltd is in the business of manufacturing, developing, and marketing a wide range of branded and generic formulations and APIs[1]
Where is Cipla Ltd (CIPLA) listed?
Cipla Ltd trades as CIPLA on the NSE and under code 500087 on the BSE.
Which sector does Cipla Ltd belong to?
Cipla Ltd is classified under the Healthcare sector, in the Pharmaceuticals industry.
What is the market capitalisation of Cipla Ltd?
Cipla Ltd has a market capitalisation of ₹1,09,075 Cr, which places it in the Large Cap band.
What is the PE ratio of Cipla Ltd?
Cipla Ltd trades at a PE ratio of 32.73, on earnings per share of ₹55.04, against a book value of ₹426.21 per share.
What is the 52-week high and low of Cipla Ltd?
Over the last 52 weeks Cipla Ltd has traded between ₹1,165.7 and ₹1,673.
Does Cipla Ltd pay dividends?
Cipla Ltd has a dividend yield of 0.95%.
What is the Return on Equity (ROE) of Cipla Ltd?
Cipla Ltd reported a return on equity of 11.21%. Its debt-to-equity ratio is 0.02.

Company Information

Incorporated in 1935, Cipla Ltd is in the business of manufacturing, developing, and marketing a wide range of branded and generic formulations and APIs[1]

Website cipla.com
CEO Mr. Umang Vohra B.E., M.B.A.
Employees 30,313
Listed 1995-02-08
Face Value ₹ 2
Issued Size 80,77,71,798

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