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Achanak Profit Mein Itni Badi Giraavat Ka Reason Kya Hai?
Bhai, agar numbers ki baat karein toh Dr Reddy's Laboratories ne Q4 FY26 mein consolidated net profit mein 86% ka zabardast giravat dikhaya hai. Pichhle saal isi time Rs 1,593 Crore ka profit tha, lekin is baar yeh sirf Rs 221 Crore pe aa gaya. Iske peeche ka main reason tha ek-time adjustments. Sabse bada tha US market mein lenalidomide ke liye Rs 453 Crore ka shelf stock adjustment. Uske alawa, CAR-T assets aur Eftilagimod Alfa pe Rs 227.7 Crore ka impairment charge aur VAT liabilities ke liye Rs 114.1 Crore ki provision ne bhi profit ko kaafi neeche dhakel diya. Yeh sab exceptional items ne company ki operational performance ko overshadow kar diya.
Sirf profit hi nahi, company ka revenue bhi 12% gir kar Rs 7,546 Crore pe pahunch gaya, jo ki Bloomberg analyst ke Rs 8,248 Crore ke estimate se bhi kam tha. Lekin sab kuch bura nahi tha, company ne shareholders ko Rs 8 per share ka dividend bhi announce kiya hai, jiska record date July 10, 2026 hai.
Operational Pressure Aur Market Reaction
Par asli picture toh operational performance mein chhipi hai. EBITDA, yaani operating profit, 60% gir kar Rs 981 Crore pe aa gaya. Aur EBITDA margin toh bohot hi kam ho gaya, jo pehle 29.1% tha, woh ab sirf 13% pe aa gaya. Iska matlab operational profitability kaafi kam ho gayi hai. Gross margins bhi 55.6% se 44.8% tak simat gaye. Selling, General, and Administrative (SG&A) expenses bhi 15% badh gaye. Yeh sab dikhata hai ki company ke andar operational pressure kaafi hai, jabki baaki Indian pharma market toh 10.5% grow kar rahi thi. North America mein lenalidomide sales aur price erosion ne bhi overall results par pressure badhaya.
Valuation Aur Peers Se Comparison
Ab valuation ki baat karein toh Dr Reddy's ka P/E ratio 17.5 se 19.6 ke aas paas hai (TTM). Yeh Sun Pharma jaise competitors ke 37.3x P/E se kaafi kam hai, aur industry average 29x se 34.5x se bhi neeche. Iska matlab investors ko shayad Dr Reddy's mein zyada risk dikh raha hai ya growth outlook kam lag raha hai. Haalanki, Dr Reddy's ka Return on Equity (RoE) 21.4% hai jo Sun Pharma ke 16.7% se achha hai, par stock 2026 mein ab tak 2% se zyada gir chuka hai.
Analysts Kya Keh Rahe Hain?
Analysts ka Dr Reddy's par view mila-jula hai. Kuch reports mein 'Overweight' rating hai, toh kuch 'Hold' ya 'Neutral' keh rahe hain. Price targets bhi Rs 1,300-1,360 ke aas paas hain, matlab zyada bada upside nahi dikh raha (approx 3-5%). Company ka target hai ki FY2027 tak gross margins ko 50% se upar le jaana hai, cost efficiencies aur naye products launch karke. Par yeh current 13% EBITDA margin jo hai, woh past performance aur sector average se kaafi neeche hai, jo operational profitability par sawaal khade karta hai.