Cipla financials: balance sheet, profit and loss, cash flow

NSE: CIPLABSE: 500087Pharmaceuticals & BiotechnologyLarge Cap

Cipla Limited · Face value ₹2 · Listed Jul 1983 on BSE, Feb 1995 on NSE

₹1,365.60₹15.60 (1.16%)BSE ₹1,360.00

Share price at the NSE close on 28 Oct 2026. Previous close ₹1,350.00.

28 Oct: open ₹1,335.20, high ₹1,368.20, low ₹1,327.10

52-week range of traded prices to 28 Oct 2026

₹1,165.70Low, 2 Apr 2026₹1,593.30High, 30 Oct 2025

Market cap: ₹1,10,323 Cr99th largest listed
P/E: 38.08
P/B: 3.12
Dividend yield: 0.95%
ROE: 8.5%
ROCE: 9.7%
Debt to equity: 0.01
Volume, NSE: 9,97,12149.2% delivered

Cipla's financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the half year to Sep 2026 after them.

10 years at a glance

₹ crore, years to March.Cipla annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹28,163 Cr, year to Mar 2026; lowest ₹14,630 Cr, year to Mar 2017

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 2.0% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue28,163
Materials and goods−9,549
Employee costs−5,366
Other expenses−7,364
Operating profit5,883
Depreciation−1,211
Other income+882
One-off items−276
Finance costs−54
Profit before tax5,224
Tax−1,354
Joint ventures−8.1
Net profit3,862

What the company owns

Plant, investments and other assets₹21,292 Cr
Current investments₹7,679 Cr
Inventory₹6,597 Cr
Receivables₹5,620 Cr
Cash and bank₹1,307 Cr

What pays for it: net worth and liabilities

Net worth₹34,520 Cr
Other liabilities₹4,488 Cr
Owed to suppliers₹3,230 Cr
Borrowings₹258 Cr

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Sep 2026, the latest four quarters added.Cipla quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026Twelve monthsFiled 27 Oct
Revenue from operations	14,630	15,219	16,362	17,132	19,160	21,763	22,753	25,774	27,548	28,163	28,139
	–	12,393	13,265	13,926	14,907	17,211	17,726	19,483	20,420	22,280	23,349
Materials and goods bought	5,317	5,438	5,784	5,991	7,352	8,496	8,252	8,820	8,929	9,549	10,182
Employee costs	–	2,690	2,857	3,027	3,252	3,530	3,830	4,310	4,833	5,366	5,711
Other expenses	–	4,264	4,624	4,908	4,303	5,185	5,644	6,353	6,658	7,364	7,456
Operating profit before depreciation	–	2,826	3,097	3,206	4,252	4,553	5,027	6,291	7,128	5,883	4,790
Operating margin	–	18.6%	18.9%	18.7%	22.2%	20.9%	22.1%	24.4%	25.9%	20.9%	17.0%
Materials, % of revenue	–	35.7%	35.4%	35.0%	38.4%	39.0%	36.3%	34.2%	32.4%	33.9%	36.2%
Employee costs, % of revenue	–	17.7%	17.5%	17.7%	17.0%	16.2%	16.8%	16.7%	17.5%	19.1%	20.3%
Other expenses, % of revenue	–	28.0%	28.3%	28.6%	22.5%	23.8%	24.8%	24.7%	24.2%	26.1%	26.5%
Depreciation and amortisation	–	1,323	1,326	1,175	1,068	1,052	1,172	1,051	1,107	1,211	1,310
Operating profit after depreciation	–	1,504	1,771	2,031	3,185	3,501	3,855	5,240	6,021	4,672	3,480
Other income	229	358	477	344	266	281	475	747	862	882	717
Finance costs	159	114	168	197	161	106	110	90	62	54	61
Profit before one-off items and tax	1,222	1,747	2,079	2,178	3,290	3,675	4,221	5,897	6,821	5,500	4,135
One-off items	0	−78	0	0	0	−182	−182	−195	0	−276	−276
Profit before tax	1,222	1,669	2,079	2,178	3,290	3,493	4,038	5,702	6,821	5,224	3,859
	180	250	570	631	889	934	1,203	1,547	1,530	1,354	991
Current tax	–	561	748	683	1,053	1,137	1,265	1,697	1,708	1,441	1,208
Deferred tax	–	−311	−178	−52	−164	−203	−62	−150	−179	−87	−217
Share of profit of joint ventures and associates	–	–	−17	−47	−13	−13	−3	−2	−22	−8	−14
	1,006	1,417	1,492	1,500	2,389	2,547	2,833	4,154	5,269	3,862	2,854
Belonging to the company's shareholders	1,006	1,417	1,528	1,547	2,405	2,517	2,802	4,122	5,273	3,879	2,897
Belonging to outside owners of subsidiaries	–	–	−35	−47	−16	30	31	32	−3	−17	−43
Other comprehensive income	–	–	−290	−129	161	384	138	−121	219	688	668
Total comprehensive income	–	–	1,203	1,370	2,550	2,930	2,971	4,033	5,488	4,549	3,522
Net margin	6.9%	9.3%	9.1%	8.8%	12.5%	11.7%	12.5%	16.1%	19.1%	13.7%	10.1%
Net margin without joint ventures and associates	–	–	9.2%	9.0%	12.5%	11.8%	12.5%	16.1%	19.2%	13.7%	–

Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2017: the statement does not state its depreciation, which operating profit is worked out from, so operating profit is not given.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026Half yearFiled 27 Oct
	15,344	16,057	18,586	21,117	23,714	26,802	31,289	34,520	35,522
	15,012	15,763	18,327	20,842	23,408	26,706	31,193	34,432	35,396
Share capital	161	161	161	161	161	161	162	162	162
Reserves	14,851	15,602	18,165	20,680	23,246	26,545	31,032	34,270	35,234
Belonging to outside owners of subsidiaries	332	294	259	276	306	96	96	88	127
	4,316	2,816	1,537	824	520	247	92	258	267
Repayable after a year	3,830	2,369	1,203	416	0	0	12	117	131
Repayable within a year	486	447	335	408	520	247	80	141	136
	3,772	4,393	4,591	4,913	5,033	5,246	5,484	7,014	6,977
Trade payables	1,948	2,282	2,067	2,508	2,457	2,474	2,837	3,230	3,266
Other financial liabilities	398	530	734	444	468	579	480	1,078	993
Other liabilities	143	176	359	311	284	312	293	301	317
Provisions	737	948	1,078	1,221	1,287	1,612	1,717	2,259	2,137
Tax owed	59	9	18	21	17	22	77	5	127
	4,848	3,212	1,975	1,071	640	670	614	962	935
Other financial liabilities	387	277	296	259	323	293	343	485	505
Other liabilities	83	67	64	51	52	62	57	49	53
Provisions	121	133	116	100	102	129	149	158	150
Deferred tax	425	365	297	244	163	185	54	153	96
Liabilities going with businesses held for sale	–	–	0	0	76	–	–	–	–
	23,963	23,663	25,152	27,101	29,463	32,718	37,387	42,496	43,434
Held for sale or for a demerger	2	2	28	17	470	49	40	1	1
	11,537	11,956	11,942	12,374	12,188	13,276	14,099	18,349	18,372
Plant in use, after depreciation	5,114	5,128	4,956	5,164	4,991	5,069	5,262	6,040	–
Plant being built	331	421	571	383	689	864	1,213	1,586	–
Intangible assets	1,563	1,497	1,430	1,320	1,126	1,313	1,363	2,640	2,649
Goodwill	2,869	2,934	3,007	3,138	2,984	3,112	3,270	3,754	3,854
Intangible assets being developed	345	404	398	383	404	288	354	456	603
Property held to earn rent	62	124	122	61	60	114	111	0	0
Investments	194	220	195	310	482	512	499	432	446
Stakes in joint ventures and associates	234	235	228	46	91	130	140	112	106
Loans given	49	52	53	0	0	17	33	3	1
Other financial assets	93	42	43	901	99	509	283	1,194	187
Deferred tax	201	240	315	449	457	588	645	901	967
Other assets	480	660	624	219	806	761	925	1,231	1,293
	12,425	11,704	13,181	14,711	16,805	19,392	23,249	24,146	25,061
Inventories	3,965	4,378	4,669	5,350	5,156	5,238	5,642	6,597	6,778
Trade receivables	4,151	3,891	3,446	3,424	4,057	4,771	5,506	5,620	6,000
Cash and cash equivalents	508	742	793	678	628	640	589	1,018	1,659
Other bank balances	110	262	608	1,251	937	235	211	289	445
Current investments	2,126	1,017	2,286	2,195	3,090	4,807	7,293	7,679	6,134
Loans given	6	6	3	4	8	0	16	23	27
Other financial assets	498	522	482	898	2,081	2,802	2,937	1,460	2,391
Other assets	1,060	887	894	911	849	900	1,055	1,459	1,626
Net debt	1,572	796	−2,150	−3,299	−4,134	−5,435	−8,001	−8,729	−7,971

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026Half year
	3,755	3,326	3,238	4,134	5,005	3,940	1,219
	4,793	4,465	4,540	5,731	6,673	5,526	1,848
	372	−218	−559	−806	−665	−225	−726
Receivables	423	41	−652	−907	−802	465	−382
Inventories	−254	−621	111	−62	−323	−642	−118
Payables	203	362	−18	163	459	253	−6
Other working capital	0	0	0	0	0	−301	−220
Tax paid	−1,037	−1,140	−1,302	−1,597	−1,668	−1,586	−629
Capital spending	630	544	841	1,098	1,162	1,599	917
Free cash flow	3,126	2,782	2,397	3,036	3,843	2,341	302
	−2,387	−1,872	−2,389	−2,988	−3,691	−2,326	446
Plant and property sold	22	31	30	34	25	24	14
Companies bought	0	0	0	−301	−205	−111	0
Interest received	41	47	114	208	260	223	121
Dividends received	22	0	0	0	0	0	0
	−1,330	−1,600	−958	−1,200	−1,293	−1,234	−1,055
Borrowings raised	70	35	0	0	12	188	9
Borrowings repaid	−1,154	−1,041	−352	−300	−98	0	−9
Interest paid	−121	−76	−65	−65	−36	−37	−24
Lease payments	−84	−92	−134	−77	−80	−108	−53
Dividends paid	0	403	404	686	1,050	1,292	1,050
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	38	−146	−109	−55	21	380	609

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Cipla dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Earnings per share	₹12.52	₹17.53	₹18.97	₹19.19	₹29.82	₹31.20	₹34.72	₹51.05	₹65.29	₹48.03
Diluted earnings per share	₹12.50	₹17.50	₹18.93	₹19.16	₹29.79	₹31.17	₹34.69	₹51.01	₹65.24	₹48.00
Dividend per share	₹2.00	₹3.00	₹3.00	₹4.00	₹5.00	₹5.00	₹8.50	₹13.00	₹16.00	₹13.00
Book value per share	–	–	₹186.33	₹195.51	₹227.25	₹258.33	₹290.01	₹330.79	₹386.25	₹426.24
Dividend payout	16.0%	17.1%	15.8%	20.9%	16.8%	16.0%	24.5%	25.5%	24.5%	27.1%
Shareholder yield	–	–	–	–	0.0%	0.5%	0.6%	0.6%	0.9%	1.3%
Market cap at the year end (₹ crore)	47,697	43,906	42,612	34,091	65,734	82,135	72,683	1,20,856	1,16,474	98,887

Ratios

Consolidated, years to March.Cipla PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue growth	7.0%	4.0%	7.5%	4.7%	11.8%	13.6%	4.5%	13.3%	6.9%	2.2%
Operating profit growth	–	–	9.6%	3.5%	32.6%	7.1%	10.4%	25.1%	13.3%	−17.5%
Net profit growth	−33.2%	40.8%	5.4%	0.5%	59.3%	6.6%	11.2%	46.6%	26.9%	−26.7%
Earnings per share growth	−33.3%	40.0%	8.2%	1.2%	55.4%	4.6%	11.3%	47.0%	27.9%	−26.4%
	–	–	10.2%	10.1%	14.1%	12.9%	12.7%	16.4%	18.2%	11.8%
	–	–	–	−0.1 pts	4.1 pts	−1.3 pts	−0.2 pts	3.8 pts	1.8 pts	−6.4 pts
From the net margin	–	–	–	−0.3 pts	3.9 pts	−1.1 pts	0.8 pts	3.8 pts	3.2 pts	−5.1 pts
From asset turnover	–	–	–	0.5 pts	1.3 pts	0.8 pts	−0.5 pts	0.5 pts	−1.0 pts	−1.3 pts
From borrowing	–	–	–	−0.3 pts	−1.1 pts	−0.9 pts	−0.6 pts	−0.5 pts	−0.5 pts	0.1 pts
Return on capital employed	–	–	9.0%	10.8%	15.8%	16.0%	15.9%	19.4%	19.2%	13.4%
Cash conversion	–	–	–	–	157.2%	130.6%	114.3%	99.5%	95.0%	102.0%
Interest cover	–	13.2	10.5	10.3	19.8	32.9	35.2	58.3	97.1	85.9
Debt to equity	–	–	0.28	0.18	0.08	0.04	0.02	0.01	0.00	0.01
Receivable days	–	–	93	83	66	57	65	68	73	73
Inventory days	–	–	250	267	232	230	228	217	231	252
Payable days	–	–	123	139	103	108	109	102	116	123
Cash conversion cycle, days	–	–	220	211	195	180	184	182	188	202
Working capital days	–	–	143	122	100	102	123	123	129	107
Asset turnover	–	–	0.68	0.72	0.79	0.83	0.80	0.83	0.79	0.71
Assets per rupee of net worth	–	–	1.60	1.55	1.43	1.33	1.28	1.24	1.21	1.22
Sales per rupee of plant	–	–	3.20	3.34	3.87	4.21	4.56	5.08	5.23	4.66
Capital spending to depreciation	–	–	–	–	0.59	0.52	0.72	1.04	1.05	1.32
Plant being built, % of plant in use	–	–	6.5%	8.2%	11.5%	7.4%	13.8%	17.1%	23.0%	26.3%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 9.7%
Cash from operations against operating profit: 67.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	7.5%	8.0%	7.4%
Profit growth, yearly rate	9.9%	10.0%	11.5%
Return on equity, average	–	14.4%	15.5%
Return on capital employed, average	–	16.8%	17.3%
Operating margin, average	21.4%	22.8%	23.7%
Net margin, average	12.0%	14.6%	16.3%
Asset turnover, average	–	0.79	0.77
Cash conversion cycle, days, average	–	187	190
Interest cover, average	40.4	61.9	80.4
Debt to equity, average	–	0.02	0.01

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	19,642	13,079	3,940
Cash from investing	−13,266	−9,005	−2,326
Cash from financing	−6,285	−3,727	−1,234
Capital spending	5,244	3,860	1,599
Dividends paid	3,835	3,028	1,292
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	235	200	188
Borrowings repaid	1,792	398	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	7	7	6	5	3
Altman Z-scorePublished threshold 1.81	–	–	5.26	5.04	8.64	10.98	10.41	15.28	14.54	10.12
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.70	−2.58	−2.41	−2.30	−2.31	−2.42
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	4.18	4.18	7.01	9.67	11.28	5.63
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.33	1.12	1.01	0.98
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−10.95	−23.29	−14.21	13.92	4.31	8.54	−0.17
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	6.83	−16.05	−0.97	−0.76	−5.29	6.48	9.97
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.87	−0.17	1.99	4.92	3.00	1.05	−3.81
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.35	0.64	0.30	0.69	0.77	0.93	0.80
Effective tax ratePublished threshold 17.16 per cent	14.71	14.98	27.39	28.98	27.01	26.73	29.79	27.12	22.43	25.92
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−5.89	−2.45	−0.89	−2.03	−4.45

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
10 Sep 2026	CARE Ratings Limited	LT/ST Fund-based/Non-fund-based-CC/WCDL/OD/LC/BG	CARE AAA / CARE A1+Review, Re-affirm	Stable	360
19 Dec 2025	India Ratings and Research Private Limited	Commercial paper	IND A1+Review, Re-affirm		1,000
19 Dec 2025	India Ratings and Research Private Limited	Issuer Rating	IND AAAReview, Re-affirm	Stable

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.