Cipla kept its FY27 EBITDA margin target at 18.5% to 20% after posting an 18.7% September-quarter margin, and expects sequential improvement through the fiscal year's final two quarters.
For the quarter ended Sept. 30, 2026, consolidated revenue from operations was ₹7,403.93 crore, a reported 2.4% decline from a year earlier. Profit attributable to owners fell 35.1% to ₹877.54 crore. Earnings before interest, taxes, depreciation and amortization (EBITDA) totaled ₹1,388 crore, compared with ₹1,895 crore a year earlier; the margin was 18.7%, down from 25%.
The margin improved 200 basis points from the previous quarter. Management expects it to rise sequentially in each of FY27's final two quarters, linking that outlook to a ramp-up in North America. Cipla said in July that the margin range was broadly unchanged, as EconoTimes reported in its pre-results coverage.
The revenue comparison reflects a change in accounting presentation. Since April 1, 2026, Cipla has recorded some marketing and promotional spending as a deduction from operating revenue; in the year-earlier period, those costs were included in other expenses. The filing does not provide a restated comparison. Cipla said the change affected presentation only, leaving profit, earnings per share, total equity and cash flows unchanged.
One India revenue increased 12% year over year to a quarterly record of ₹3,516 crore. North America revenue was $172 million, up $10 million from the previous quarter.
Cipla said generic Ventolin was approved in Q1 FY27. The U.S. Food and Drug Administration (FDA) approved generic Advair Diskus in Q2 across three strengths, and Managing Director and Global CEO Achin Gupta said the company expects to launch it in Q3. Cipla is targeting a $1 billion annualized U.S. revenue run rate at the end of FY27. It also has three additional U.S. product opportunities this fiscal year—two respiratory products and one peptide product—with timing dependent on approvals.
