Dr. Reddy's Laboratories Limited (RDY) Cash Flow Statement
Where RDY’s cash came from and went, FY2026
March 31, 2026 · Indian rupees- Cash from operations
- ₹56.65B +22.0% vs FY2025
- Capital expenditures
- ₹24.54B 6.9% of revenue
- Free cash flow
- ₹32.10B 9.1% margin
- Returned to shareholders
- ₹7.01B 22% of free cash flow
- Change in cash
- −₹875.8M cash at year-end ₹15.06B
Cash from operations
₹56.65B
Capital expenditures
−₹24.54B
Investments (net)
−₹27.12B
Acquisitions & other
−₹18.87B
Dividends
−₹7.01B
Net borrowing (repayment)
+₹18.99B
Shares issued
+₹397.0M
Other financing
+₹1.01B
Currency & other
−₹383.4M
Change in cash
−₹875.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
RDY operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
RDY cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | ₹21.51BFY2017 | ₹56.65BFY2026 | +11.4%/yr | |
| Capital expenditures | ₹40.98BFY2017 | ₹24.54BFY2026 | −5.5%/yr | |
| Free cash flow | −₹19.47BFY2017 | ₹32.10BFY2026 | — | |
| Free cash flow margin | −13.8%FY2017 | 9.1%FY2026 | +22.9 pts | |
| Operating cash flow / net income | 1.79FY2017 | 1.26FY2026 | −0.53 | |
| Stock-based compensation | ₹398.0MFY2017 | ₹326.0MFY2026 | −2.2%/yr | |
| Dividends paid | ₹3.39BFY2017 | ₹7.01BFY2026 | +8.4%/yr | |
| Share buybacks (net) | ₹15.69BFY2017 | ₹0FY2026 | −100.0% | |
| Capex / revenue | 29.1%FY2017 | 6.9%FY2026 | −22.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RDY cash flow by activity
OperatingInvestingFinancingChange in cash
RDY net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
RDY cash flow statement in Indian rupees
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | ₹45.09B | ₹57.24B | ₹55.68B | ₹60.48B | ₹23.57B | ₹19.15B | ₹19.50B | ₹18.80B | ₹9.81B | ₹12.04B |
| Depreciation & amortization | ₹21.68B | ₹17.06B | ₹14.84B | ₹12.50B | ₹11.82B | ₹12.80B | ₹12.47B | ₹12.19B | ₹11.71B | ₹11.28B |
| Stock-based compensation | ₹326.0M | ₹424.0M | ₹407.0M | ₹397.0M | ₹592.0M | ₹584.0M | ₹521.0M | ₹389.0M | ₹454.0M | ₹398.0M |
| Change in working capital | −₹12.24B | −₹29.99B | −₹20.18B | −₹7.86B | −₹13.91B | −₹8.29B | −₹7.54B | −₹5.77B | −₹8.96B | −₹5.35B |
| Other non-cash items | ₹1.79B | ₹1.69B | −₹5.32B | −₹6.66B | ₹6.04B | ₹11.46B | ₹4.89B | ₹3.10B | ₹5.02B | ₹3.15B |
| Cash from operating activities | ₹56.65B | ₹46.43B | ₹45.43B | ₹58.87B | ₹28.11B | ₹35.70B | ₹29.84B | ₹28.70B | ₹18.03B | ₹21.51B |
| Investing activities | ||||||||||
| Capital expenditures | −₹24.54B | −₹34.40B | −₹27.43B | −₹18.86B | −₹19.05B | −₹12.56B | −₹6.12B | −₹7.49B | −₹11.04B | −₹40.98B |
| Investments (net) | −₹27.12B | −₹58.08B | −₹40.28B | −₹41.37B | −₹11.20B | ₹4.11B | −₹4.92B | −₹7.73B | −₹14.88B | −₹18.47B |
| Acquisitions & other investing | −₹18.87B | ₹34.40B | ₹27.43B | ₹18.86B | ₹3.86B | −₹14.21B | ₹6.12B | ₹7.49B | ₹11.04B | ₹40.98B |
| Cash from investing activities | −₹70.53B | −₹58.08B | −₹40.28B | −₹41.37B | −₹26.39B | −₹22.66B | −₹4.92B | −₹7.73B | −₹14.88B | −₹18.47B |
| Financing activities | ||||||||||
| Dividends paid | −₹7.01B | −₹6.66B | −₹6.65B | −₹4.98B | −₹4.15B | −₹4.15B | −₹3.92B | −₹4.00B | −₹3.99B | −₹3.39B |
| Share repurchases & issuance (net) | ₹0 | −₹1.39B | ₹805.0M | ₹368.0M | ₹334.0M | −₹1.19B | −₹474.0M | −₹535.0M | ₹13.0M | −₹15.69B |
| Net borrowing (repayment) | ₹18.99B | ₹23.20B | ₹4.35B | −₹20.40B | ₹2.73B | ₹6.09B | −₹19.16B | −₹15.18B | ₹882.0M | ₹16.32B |
| Shares issued | ₹397.0M | ₹193.0M | ₹805.0M | ₹368.0M | ₹334.0M | ₹269.0M | ₹4.0M | ₹0 | ₹0 | ₹0 |
| Other financing | ₹1.01B | ₹3.57B | −₹3.07B | −₹2.22B | −₹1.68B | −₹1.32B | −₹1.61B | −₹1.61B | −₹1.34B | −₹924.0M |
| Cash from financing activities | ₹13.40B | ₹18.91B | −₹3.76B | −₹26.86B | −₹2.42B | −₹298.0M | −₹25.16B | −₹21.33B | −₹4.44B | −₹3.69B |
| Summary | ||||||||||
| Net change in cash | −₹875.8M | ₹7.49B | ₹1.33B | −₹9.07B | ₹32.0M | ₹12.86B | −₹266.0M | −₹314.0M | −₹1.24B | −₹1.14B |
| Cash at end of period | ₹15.06B | ₹14.59B | ₹7.11B | ₹5.78B | ₹14.85B | ₹14.82B | ₹1.96B | ₹2.23B | ₹2.54B | ₹3.78B |
| Free cash flow | ₹32.10B | ₹12.03B | ₹18.00B | ₹40.01B | ₹9.06B | ₹23.14B | ₹23.73B | ₹21.21B | ₹6.99B | −₹19.47B |
| Free cash flow margin | 9.1% | 3.7% | 6.4% | 16.3% | 4.2% | 905.5% | 13.6% | 13.8% | 4.9% | −13.8% |
| Capex / revenue | 6.9% | 10.6% | 9.8% | 7.7% | 8.9% | 491.5% | 3.5% | 4.9% | 7.8% | 29.1% |
| Operating cash flow / net income | 1.26 | 0.81 | 0.82 | 0.97 | 1.19 | 1.86 | 1.53 | 1.53 | 1.84 | 1.79 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | ₹4.35B | ₹2.24B | ₹11.90B | ₹14.27B | ₹14.10B | ₹15.87B | ₹14.04B | ₹13.41B | ₹13.92B | ₹157.4M | ₹13.79B | ₹14.80B |
| Depreciation & amortization | ₹5.37B | ₹5.66B | ₹5.21B | ₹5.05B | ₹4.76B | ₹4.55B | ₹4.72B | ₹3.98B | ₹3.81B | ₹3.71B | ₹3.77B | ₹3.79B |
| Stock-based compensation | ₹97.0M | ₹94.0M | ₹20.0M | ₹100.0M | ₹112.0M | ₹113.0M | ₹103.0M | ₹107.0M | ₹101.0M | ₹97.0M | ₹99.0M | ₹103.0M |
| Change in working capital | −₹12.00B | ₹7.78B | −₹8.13B | −₹2.56B | −₹8.19B | ₹584.0M | −₹9.65B | −₹7.78B | −₹13.14B | −₹33.3M | −₹11.86B | ₹2.61B |
| Other non-cash items | ₹1.25B | −₹333.4M | ₹1.90B | −₹1.29B | ₹3.85B | ₹873.0M | −₹2.59B | −₹397.0M | ₹3.81B | −₹3.80B | −₹1.07B | −₹3.38B |
| Cash from operating activities | −₹927.0M | ₹15.44B | ₹10.91B | ₹15.57B | ₹14.63B | ₹22.00B | ₹6.62B | ₹9.32B | ₹8.50B | ₹136.2M | ₹4.74B | ₹17.93B |
| Investing activities | ||||||||||||
| Capital expenditures | −₹3.70B | −₹4.69B | −₹7.32B | −₹10.13B | −₹10.15B | −₹11.25B | −₹8.82B | −₹7.91B | −₹6.42B | −₹63.3M | −₹5.04B | −₹3.94B |
| Investments (net) | ₹3.90B | −₹14.09B | −₹3.48B | −₹9.54B | −₹19.19B | −₹13.30B | −₹5.46B | −₹19.07B | −₹20.25B | −₹11.35B | −₹16.18B | −₹4.52B |
| Acquisitions & other investing | ₹3.64B | −₹9.44B | ₹511.0M | ₹10.13B | ₹10.15B | ₹11.25B | ₹8.82B | ₹7.91B | ₹6.42B | ₹11.27B | — | −₹4.30B |
| Cash from investing activities | ₹3.84B | −₹28.22B | −₹10.29B | −₹9.54B | −₹19.19B | −₹13.30B | −₹5.46B | −₹19.07B | −₹20.25B | −₹142.1M | — | −₹12.75B |
| Financing activities | ||||||||||||
| Dividends paid | ₹0 | −₹41.1M | −₹112.8M | −₹6.66B | ₹0 | −₹6.66B | ₹0 | −₹6.66B | ₹0 | −₹44,063 | ₹0 | −₹6.65B |
| Share repurchases & issuance (net) | — | — | — | ₹288.0M | — | −₹1.39B | — | ₹157.0M | — | ₹805.0M | — | ₹765.0M |
| Net borrowing (repayment) | −₹5.82B | ₹8.20B | ₹8.68B | ₹2.37B | −₹256.0M | −₹5.15B | ₹1.52B | ₹16.55B | — | — | — | −₹587.0M |
| Shares issued | ₹248.0M | ₹79.0M | ₹30.0M | ₹92.0M | ₹196.0M | ₹0 | ₹25.0M | ₹7.19B | ₹19.0M | ₹31.0M | ₹9.0M | ₹686.0M |
| Other financing | −₹1.54B | ₹500.6M | −₹823.2M | −₹1.41B | −₹1.14B | ₹5.83B | −₹956.0M | −₹1.09B | ₹9.52B | −₹834.3M | ₹5.27B | −₹1.25B |
| Cash from financing activities | −₹7.12B | ₹8.74B | ₹7.78B | −₹5.32B | −₹1.20B | −₹7.37B | ₹590.0M | ₹16.15B | ₹9.54B | ₹1.7M | ₹5.28B | −₹7.04B |
| Summary | ||||||||||||
| Net change in cash | −₹4.17B | −₹4.23B | ₹8.75B | ₹902.0M | −₹5.59B | ₹1.56B | ₹1.75B | ₹6.37B | −₹2.19B | −₹5.3M | −₹6.00B | ₹6.31B |
| Cash at end of period | ₹11.20B | ₹15.06B | ₹18.66B | ₹9.91B | ₹9.00B | ₹14.59B | ₹13.03B | ₹11.29B | ₹4.91B | ₹85.2M | ₹7.54B | ₹13.54B |
| Free cash flow | −₹4.63B | ₹10.75B | ₹3.59B | ₹5.44B | ₹4.48B | ₹10.75B | −₹2.20B | ₹1.41B | ₹2.07B | ₹72.9M | −₹305.0M | ₹13.99B |
| Free cash flow margin | −5.7% | 14.1% | 4.1% | 6.2% | 5.2% | 12.6% | −2.6% | 1.8% | 2.7% | 0.1% | −0.4% | 1,680.7% |
| Capex / revenue | 4.6% | 6.1% | 8.4% | 11.5% | 11.9% | 13.2% | 10.6% | 9.9% | 8.4% | 0.1% | 7.0% | 473.3% |
| Operating cash flow / net income | −0.21 | 6.91 | 0.92 | 1.09 | 1.04 | 1.39 | 0.47 | 0.69 | 0.61 | 0.87 | 0.34 | 1.21 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Indian rupees as reported; data from EODHD.
RDY cash generation
In fiscal 2026 (ended March 31, 2026), Dr. Reddy's Laboratories generated ₹56.6 billion of cash from operations (up 22.0%) and spent ₹24.5 billion on capital expenditures, leaving free cash flow of ₹32.1 billion, 9.1% of revenue. It returned ₹7.0 billion to shareholders through dividends (₹7.0 billion) and net share buybacks (₹0). Cash and equivalents fell by ₹875.8 million over the year.
Related: RDY income statement, RDY balance sheet, RDY dividend history. See the RDY stock overview for the latest quote and news.
RDY cash flow FAQ
What is Dr. Reddy's Laboratories's free cash flow?
Dr. Reddy's Laboratories's free cash flow was ₹32.1 billion in fiscal 2026: ₹56.6 billion of operating cash flow minus ₹24.5 billion of capital expenditures It was ₹12.0 billion a year earlier..
How much cash does Dr. Reddy's Laboratories generate from operations?
Dr. Reddy's Laboratories generated ₹56.6 billion of cash from operating activities in fiscal 2026, 1.26 times its net income of ₹45.1 billion.
How much does Dr. Reddy's Laboratories spend on capital expenditures?
Dr. Reddy's Laboratories spent ₹24.5 billion on capital expenditures in fiscal 2026, 6.9% of revenue, compared with ₹34.4 billion the year before.
How much does Dr. Reddy's Laboratories pay in dividends?
Dr. Reddy's Laboratories paid ₹7.0 billion in dividends in fiscal 2026, 21.8% of free cash flow.