“The quarter was impacted by the absence of gRevlimid and lower Lanreotide contribution in North America,” Cipla’s management said on Wednesday, as the Mumbai-based drugmaker reported one of its weakest quarterly prints in recent memory. Net profit fell 54.6 per cent year-on-year to ₹555 crore in the January-March quarter, missing analysts’ average estimate of ₹705 crore. Total revenue from operations came in at ₹6,541 crore, down 2.8 per cent and below street expectations of ₹6,749 crore.
The miss was sharper than most brokerages had pencilled in. Motilal Oswal had projected revenue of ₹6,780 crore and a net profit of ₹830 crore, while ICICI Securities was even more conservative at ₹6,725.9 crore in revenue and ₹743.5 crore in profit — yet both still came in above what Cipla actually delivered.
The geography behind the disappointment was stark. Revenue from India, Cipla’s largest market, jumped 15 per cent to ₹3,007 crore. Revenue from North America, however, fell 26 per cent to ₹1,414 crore. Together, the two markets account for roughly three-fourths of the drugmaker’s total sales.
The domestic strength has been a consistent thread through Cipla’s recent quarters, powered by branded formulations, the Pfizer brand acquisitions, and newer therapy segments. But that momentum was not enough to offset what the US gave back.
The absence of gRevlimid — a high-value oncology generic that had supercharged the year-ago period — made the year-on-year comparison almost impossible to flatter. As of May 12, Cipla shares had already lost 13.8 per cent of their value year-to-date, underperforming the Nifty 50’s 10.6 per cent fall even as the Nifty Pharma index had risen 5.3 per cent over the same period.
Cipla recently secured USFDA approval for the first AB-rated generic version of Ventolin HFA (albuterol inhaler), giving it a first-to-market opportunity in the US respiratory segment.
The product is expected to launch in H1 FY27 from the company’s Fall River facility, and analysts see it as a credible bridge as the Revlimid erosion runs its course. The company’s broader pipeline in complex inhalation products, peptides, and biosimilars is viewed by both Motilal Oswal and ICICI Securities as the medium-term thesis that still holds.
Wednesday was one of the busiest single-day results sessions of the Q4 FY26 season,
We are witnessing a market navigating two distinct currents: strong domestic demand in autos and consumer segments, and pressure on margins wherever global supply chains or commodity prices had a say.
TVS Motor was among the standout performers, with standalone net profit rising 31.15 per cent to ₹997.7 crore. Revenue from operations climbed 34.10 per cent to ₹12,807.63 crore from ₹9,550.44 crore in the year-ago quarter.
Hindustan Petroleum Corporation posted a 77.58 per cent jump in consolidated profit after tax to ₹6,065.26 crore, compared with ₹3,415.44 crore a year ago, and declared a final dividend of ₹19.25 per share.
Power Finance Corporation reported consolidated net profit up 2.86 per cent to ₹8,597.61 crore, though revenue from operations dipped 1.18 per cent year-on-year to ₹28,919.52 crore.
Berger Paints was a bright spot, with shares rising as much as 9.27 per cent after the company posted a 27.75 per cent year-on-year rise in consolidated net profit to ₹334.77 crore, driven by an improved product mix and softening raw material prices.
Tube Investments of India posted an 83.64 per cent increase in consolidated profit after tax to ₹85.45 crore, with revenue from operations advancing 20.67 per cent to ₹6,214.74 crore.
Results from Bharti Airtel and Tata Motors, both closely tracked heavyweights on the day’s calendar, were expected after market hours and had not been declared at the time of writing.
The macro backdrop
The broader Q4 narrative for Nifty50 companies has been a mixed bag, with supply chain disruptions and elevated oil prices through March 2026 weighing on companies reliant on global inputs.
That pressure showed up most visibly in energy-linked businesses and companies with significant import dependence, while domestically oriented plays — autos, retail financials, select consumer names — held up relatively better.
Markets had already been reflecting the uncertainty. The Sensex fell 1,456 points and the Nifty 50 shed 436 points on Tuesday in its fourth consecutive session of losses, as investors stayed cautious ahead of the earnings calendar.
