Cipla Limited on Tuesday announced its unaudited consolidated financial results for the second quarter of FY2026–27, reporting operating revenue of ₹7,404 crore, down 2% year-on-year from ₹7,589 crore in the corresponding quarter last year.
The pharmaceutical company reported EBITDA of ₹1,388 crore, compared with ₹1,895 crore a year earlier, while profit after tax (PAT) declined to ₹878 crore from ₹1,351 crore in Q2 FY26.
Despite the year-on-year decline in earnings, Cipla recorded sequential growth in revenue and improved its EBITDA margin by 200 basis points quarter-on-quarter to 18.7%.
Cipla’s India business emerged as a key growth driver, registering its highest-ever quarterly sales with 12% year-on-year growth to ₹3,516 crore. The company reported strong performance in branded prescription therapies, including respiratory, urology, cardiac, anti-diabetes and dermatology.
Its trade generics business also recorded strong double-digit sequential growth, supported by more than 15 new product launches during the quarter.
Cipla’s North America business generated revenue of $172 million during the quarter, marking a $10 million improvement over the previous quarter. The company highlighted the US Food and Drug Administration’s approval of its generic Advair Diskus product, described in the release as the first dry powder inhaler approval from its US manufacturing network.
The company also entered an exclusive partnership with Qilu Pharmaceutical for the commercialisation of a Keytruda biosimilar, strengthening its presence in oncology biosimilars. However, North America revenue stood at ₹1,643 crore, down 19% year-on-year.
In South Africa, Cipla’s private-market business recorded secondary growth of 6.5%, compared with market growth of 5%, according to the company’s release. Its prescription business maintained its number-two market position. The One Africa segment reported quarterly revenue of ₹1,171 crore, down 1% year-on-year.
Cipla’s Emerging Markets and Europe business generated revenue of $101 million during the quarter. Performance remained resilient despite geopolitical uncertainties and market-specific challenges, supported by execution and cost discipline across its direct-to-market and business-to-business segments.
The company invested ₹423 crore in research and development during Q2 FY27, equivalent to 5.7% of sales. The investment was directed primarily towards product filings and key development programmes.
Cipla reported a net cash position of ₹9,823 crore. Its cash and cash equivalents, including current investments and fixed deposits as defined in the company’s disclosure, stood at ₹10,552 crore as of September 2026.
Achin Gupta, Managing Director and Global CEO of Cipla, said the company continued to make progress across its focus markets, with global revenue growing 4% sequentially and EBITDA margins expanding during the quarter.
He highlighted the strong performance of the India business, continued sequential growth in the US market and the outperformance of South Africa’s private market business. The company said it would remain focused on sustainable growth, productivity improvement and strengthening its product pipeline.
