Guidance ledger · Q4 FY26

Dr. Reddy's Laboratories Ltd DRREDDY

4 revisions on record · 3 lowered · 0 raised — the strikethrough is what management used to say

directional guidance only · shifted across quarters

Holding view → · latest concall · The pulse

↓ lowered FY27 EBITDA margin frame Q4 FY25 → Q4 FY26

~~Maintain FY25 margin (~25.7%) with double-digit growth~~ → ~20% base ex-sema, close to 25% with sema

“maintain the base without semaglutide at around 20%”

↔ widened FY27 R&D % of sales Q1 FY26 → Q4 FY26

~~7-7.5%~~ → 7-8%

“spends to be in the range of 7-8% in the fiscal ahead”

↓ lowered Semaglutide pen volume (calendar 2026) Q1 FY26 → Q4 FY26

~~~10 million pens (CY26)~~ → 6-7 million units (CY26)

“between 6 to 7 million units”

↓ lowered FY27 capex Q1 FY26 → Q4 FY26

~~₹2,500-2,700 crores (FY26 run-rate)~~ → ~₹2,000 crores

“next year would be around ₹2,000 crores”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.