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Cipla Margin Trend — Quarter by Quarter

Cipla's EBITDA margin moved from 23.6% in Q1 FY24 to 15.0% in Q4 FY26 across 12 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2615.0%—
Q3 FY2617.7%—
Q2 FY2625.0%—
Q1 FY2625.6%0 bps
Q4 FY2522.8%+150 bps
Q3 FY2528.0%+184 bps
Q2 FY2526.7%+70 bps
Q1 FY2525.6%+154 bps
Q4 FY2421.4%+95 bps
Q3 FY2426.3%—
Q2 FY2426.0%—
Q1 FY2423.6%—

What management said about ebitda margin

G

Q4 FY26 · FY27 EBITDA margin guidance of 18.5-20%

Management expects EBITDA margins in the range of 18.5-20% for FY27, with sequential improvement and stronger H2.

G

Q3 FY26 · FY26 EBITDA margin guidance revised to ~21%

Management lowered FY26 EBITDA margin guidance to ~21% from earlier expectations, citing lower lanreotide and Lenalidomide impact.

G

Q2 FY26 · FY26 EBITDA margin guidance revised to 22.75%-24%

Full-year EBITDA margin guidance lowered from 23.5%-24.5% due to higher R&D spend and declining Revlimid contribution.

G

Q1 FY26 · FY26 EBITDA margin guidance maintained at 23.5%-24.5%

Management reiterated the full-year EBITDA margin range despite Q1 margin of 25.6% being above the range, citing potential Revlimid phasing and R&D investments.

G

Q4 FY25 · FY26 EBITDA margin guidance of 23.5%-24.5%

Management guided EBITDA margin in the range of 23.5%-24.5% for FY26, reflecting confidence despite Revlimid exclusivity loss.

G

Q3 FY25 · FY26 top-line growth guidance retained

Management reiterated guidance to grow top line in FY26, with further profitability guidance to be provided after budget finalization.

G

Q3 FY25 · FY25 EBITDA margin to exceed guidance

EBITDA for FY25 is trending higher than earlier guidance of 24.5%-25.5%, with Q3 margin at 28% but not sustainable.

G

Q2 FY25 · EBITDA margin guidance maintained at 24.5%-25.5% for FY25

Management reiterated full-year EBITDA margin guidance despite Q2 margin of 26.7%, expecting normalized Q3 and Q4.

G

Q1 FY25 · EBITDA margin guidance of 24.5%-25.5% for FY25

Management reiterated EBITDA margin range of 24.5%-25.5% for the full year, despite strong Q1 performance.

G

Q4 FY24 · FY25 EBITDA margin guidance of 24.5%-25.5%

Management expects EBITDA margin expansion of up to 100 bps over FY24's 24.5%, driven by cost measures and portfolio mix.

G

Q3 FY24 · FY24 EBITDA margin at higher end of 23-24%

Full-year EBITDA margin trending at the higher end of the previously guided range of 23-24%.

G

Q2 FY24 · EBITDA margin guidance raised to 23-24% for FY24

Management increased full-year EBITDA margin guidance from 23% to 23-24%, with bias towards the higher end.