Dr. Reddy's Laboratories has submitted its quarterly compliance certificate under SEBI regulations for the quarter ended March 31, 2026. The pharmaceutical company filed the mandatory certificate with both the National Stock Exchange of India and BSE Limited on April 8, 2026, fulfilling its regulatory obligations under the SEBI (Depositories and Participants) Regulations, 2018.

Regulatory Compliance Details

The certificate was filed pursuant to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. This regulation mandates companies to provide confirmation regarding the dematerialization process of securities during each quarter. The submission was signed by K Randhir Singh, Company Secretary, Compliance Officer & Head-CSR, representing Dr. Reddy's Laboratories Limited.

Registrar Confirmation

Bigshare Services Private Limited, serving as the company's Registrar and Share Transfer Agent, provided the confirmation certificate. The registrar confirmed that all securities received from Depository Participants for dematerialization during the quarter ended March 31, 2026, were properly processed and confirmed to the depositories.

The registrar's certificate specifically states that:

• Securities received for dematerialization were confirmed (accepted/rejected) to depositories
• Securities comprised in the certificates have been listed on stock exchanges where earlier issued securities are listed
• Security certificates received for dematerialization were mutilated and cancelled after due verification
• Names of depositories were substituted in the register of members as registered owners within 15 days

Compliance Framework

The filing references multiple regulatory circulars including NSDL/CIR/II/5/2019 dated January 25, 2019, CDSL/OPS/RTA/POLICY/2019/14 dated January 25, 2019, and SEBI letter ref no. MRD/DOP2/DSA2/OW/2019/2498/1 dated January 24, 2019. These circulars establish the framework for quarterly compliance reporting regarding dematerialization processes.

Corporate Information

Dr. Reddy's Laboratories Limited is headquartered at 8-2-337, Road No. 3, Banjara Hills, Hyderabad – 500034, Telangana, India. The company trades on NSE under the scrip code DRREDDY-EQ and on BSE under scrip code 500124. The submission demonstrates the company's adherence to regulatory requirements and transparent reporting practices in its securities management processes.

Dr. Reddy's Laboratories faces revised analyst expectations as Morgan Stanley adjusts its outlook for the pharmaceutical major. The global investment bank has maintained its Equal Weight rating while implementing notable changes to financial projections and target pricing.

Revised Target Price and Rating

Morgan Stanley has reduced its target price for Dr. Reddy's Laboratories to ₹1,259 from the previous target of ₹1,285, representing a downward revision of ₹26. Despite this adjustment, the brokerage maintains its Equal Weight rating on the stock, indicating a neutral stance on the pharmaceutical company's near-term prospects.

Earnings Downgrades Across Multiple Years

The investment bank has implemented significant earnings downgrades across multiple fiscal years. The most substantial revision affects FY26, with earnings per share (EPS) estimates cut by 10.7%. The downgrades extend beyond the immediate term, with FY27-28 EPS projections reduced by approximately 5-6% each year.

North America Revenue Challenges

Dr. Reddy's Laboratories faces substantial headwinds in its North America operations, with Morgan Stanley projecting approximately 21% revenue decline for FY26. This significant contraction stems from two primary factors: the phase-out of gRevlimid and uncertainty surrounding GLP-1 products. The North American market represents a crucial revenue stream for the company, making these challenges particularly impactful.

Margin Outlook and Recovery Timeline

Despite the revenue challenges, Morgan Stanley projects margins to remain within the 21-22.6% range. The brokerage anticipates a recovery trajectory beginning from FY28, driven by two key growth drivers: semaglutide products and the company's biosimilars portfolio. This recovery timeline suggests that while near-term performance may face pressure, the underlying business fundamentals support longer-term growth prospects.

Strategic Focus Areas

The projected recovery from FY28 highlights Dr. Reddy's strategic positioning in high-growth therapeutic areas. Semaglutide, a key diabetes and obesity treatment, represents significant market opportunity, while the biosimilars portfolio aligns with the global trend toward cost-effective biologic alternatives. These focus areas demonstrate the company's efforts to diversify revenue streams and capitalize on emerging healthcare trends.