DR REDDYS LABORATORIES LTD
RDYdata completeness 88%8 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'
DR REDDYS LABORATORIES LTD earns about 17% on invested capital, comfortably above its ~9% cost of capital, but has diluted owners by 402% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $6.41 and $6.81 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $2.59B1 | $2.83B2 | $2.99B3 | $3.35B4 | $3.81B5 |
| Net income | $236M6 | $311M7 | $548M8 | $668M9 | $663M10 |
| Operating cash flow | $488M11 | $370M12 | $716M13 | $545M14 | $545M15 |
| Capital expenditure | $133M16 | $193M17 | $138M18 | $197M19 | $322M20 |
| Free cash flow (derived) | $355M11 | $177M12 | $578M13 | $348M14 | $223M15 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $203M21 | $196M22 | $70M23 | $85M24 | $172M25 |
| Diluted shares | 166.3M | 166.4M | 166.5M | 166.8M | 834.5M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $46.77 of net worth that earned you $7.95 and generated $2.67 of cash last year.
It earned about 17% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is up 402% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $6.41 and $6.81 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth1.6%
- fcfBase$348M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth1.6%
- fcfBase$348M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$548M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $6.16 |
| Base | 1.6% | $6.59 |
| Bull | 6.6% | $8.12 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 1.6%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-03-31 · accession 0001575872-21-000138 (Revenue)
- 20-F · period ending 2022-03-31 · accession 0001575872-22-000576 (Revenue)
- 20-F · period ending 2023-03-31 · accession 0001575872-23-000951 (Revenue)
- 20-F · period ending 2024-03-31 · accession 0001575872-24-000660 (Revenue)
- 20-F · period ending 2025-03-31 · accession 0001575872-25-000393 (Revenue)
- 20-F · period ending 2021-03-31 · accession 0001575872-21-000138 (ProfitLoss)
- 20-F · period ending 2022-03-31 · accession 0001575872-22-000576 (ProfitLoss)
- 20-F · period ending 2023-03-31 · accession 0001575872-23-000951 (ProfitLoss)
- 20-F · period ending 2024-03-31 · accession 0001575872-24-000660 (ProfitLoss)
- 20-F · period ending 2025-03-31 · accession 0001575872-25-000393 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2021-03-31 · accession 0001575872-21-000138 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2022-03-31 · accession 0001575872-22-000576 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2023-03-31 · accession 0001575872-23-000951 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2024-03-31 · accession 0001575872-24-000660 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2025-03-31 · accession 0001575872-25-000393 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2021-03-31 · accession 0001575872-21-000138 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2022-03-31 · accession 0001575872-22-000576 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2023-03-31 · accession 0001575872-23-000951 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2024-03-31 · accession 0001575872-24-000660 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2025-03-31 · accession 0001575872-25-000393 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2021-03-31 · accession 0001575872-21-000138 (CashAndCashEquivalents)
- 20-F · period ending 2022-03-31 · accession 0001575872-22-000576 (CashAndCashEquivalents)
- 20-F · period ending 2023-03-31 · accession 0001575872-23-000951 (CashAndCashEquivalents)
- 20-F · period ending 2024-03-31 · accession 0001575872-24-000660 (CashAndCashEquivalents)
- 20-F · period ending 2025-03-31 · accession 0001575872-25-000393 (CashAndCashEquivalents)