Exhibit 99.2

Dr. Reddy’s Q4 & Full Year FY26 Financial Results

Hyderabad, India, May 12, 2026: Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY) today announced its consolidated financial results for the quarter and year ended March 31, 2026. The information mentioned in this release is based on consolidated financial statements under International Financial Reporting Standards (IFRS).

Notes: The results include the adverse impact of a Shelf Stock Adjustment (‘SSA’) related to lenalidomide of ₹ 4,530 Mn, impairment of CAR-T assets and Eftilagimod Alfa of a total of ₹2,277 Mn, provisions related to VAT liability of ₹1,141 Mn in Q4FY26. In addition to the above, FY26 includes adverse impact of VAT liability provision of ₹695 Mn and New Labour Codes of ₹ 1,170 Mn. The above items impacted :

Commenting on the results, Co-Chairman & MD, G V Prasad said: “Our performance this year reflects the impact of lower lenalidomide sales and several one-offs. The resilience of our branded businesses and currency tailwinds helped partially mitigate this impact. We remain focused on strengthening our base business and improving margins, through cost efficiencies and portfolio optimization. In parallel, we continue to build long-term franchises in biosimilars, consumer health and innovation to deliver sustainable value.”

Dr. Reddy’s Laboratories Limited & Subsidiaries

Revenue Mix by Segment for the quarter

Revenue Mix by Segment for the year

^Excluding acquired Consumer Healthcare business in Nicotine Replacement Therapy (NRT) sales; revenue growth is at 14% YoY.

Consolidated Income Statement for the quarter

Earnings before Interest, Tax, Depreciation & Amortization (EBITDA) Computation for the quarter

*Includes income from Investment

Consolidated Income Statement for the year

EBITDA Computation for the year

*Includes income from Investment

Key Balance Sheet Items

Key Business Highlights for Q4FY26

ESG Highlights for Q4FY26

Other Updates for Q4FY26

Revenue Analysis

FY26 consolidated revenues at ₹335.9 billion, growth of 3.2% YoY.

Growth was broad-based across key markets, except for North America which declined primarily on account of lower Lenalidomide sales and a one-time Shelf Stock Adjustment (SSA) of ₹4.5 billion related to the product. Favourable foreign exchange rate movements further supported overall growth.

Excluding the one-time SSA, consolidated revenues were at ₹79.7 billion in Q4FY26, a decline of 6.3% YoY and 8.7% QoQ and ₹340.5 billion in FY26, a growth of 4.6% YoY.

Global Generics (GG)

FY26 revenues at ₹299.0 billion, growth of 3% YoY.

Excluding the one-time SSA mentioned above, revenues for the segment posted a decline of 7% YoY and 11% QoQ in Q4FY26 and a growth of 4.8% YoY in FY26.

North America

FY26 revenues at ₹113.7 billion, decline of 22% YoY.

Decline was largely due to lower Lenalidomide sales and the one-time SSA mentioned above.

Excluding this one-off, revenues for the segment posted a decline of 38% YoY and 25% QoQ in Q4FY26 and 19% YoY in FY26.

Emerging Markets

FY26 revenues at ₹67.6 billion, growth of 23% YoY.

YoY growth was largely driven by new launches across markets and higher volumes, further supported by favourable forex. QoQ decline was primarily on account of lower volume uptake in Russia.

FY26 Russia revenues at ₹34.8 billion, growth of 34% YoY.

In Q4FY26, YoY growth was supported by new launches, price increase in certain brands and favorable foreign exchange movements, while QoQ decline was primarily on account of lower sales volumes.

FY26 CIS and Romania revenues at ₹9.1 billion, growth of 2% YoY.

In Q4FY26, decline was largely on account of weaker volumes, with sequential performance further impacted by lower prices in certain products.

FY26 RoW revenues at ₹23.7 billion, growth of 19% YoY.

Growth was largely on account of higher sales volumes from existing products across countries.

India

FY26 revenues at ₹62.2 billion, growth of 16% YoY.

Growth was driven by revenues from new brand launches, including our innovation portfolio, price increases, higher volumes and contributions from recently acquired portfolios.

Europe

FY26 revenues at ₹55.5 billion, growth of 55% YoY. Excluding NRT, growth was at 14% YoY.

Contributions from the NRT portfolio, revenues from new generic product launches, higher volumes and favourable forex movement were moderated by pricing pressure in generics.

FY26 NRT revenues at ₹28.2 billion, versus ₹12.0 billion in FY25 for the period following its acquisition.

FY26 Germany revenues at ₹15.0 billion, growth of 16% YoY.

FY26 UK revenues at ₹7.3 billion, flat YoY.

FY26 Rest of Europe revenues at ₹5.1 billion, growth of 37% YoY.

Pharmaceutical Services and Active Ingredients (PSAI)

FY26 revenues at ₹34.7 billion, growth of 3% YoY.

Decline in Q4FY26 was on account of lower volume uptake in the API business.

Income Statement Highlights:

Gross Margin

FY26 at 52.8% (GG: 56.7%, PSAI: 17.2%), a decline of 573 bps YoY.

The YoY decline for the quarter was primarily on account of reduced sales of Lenalidomide, price erosion in North America and Europe Generics and a one-time SSA impact indicated earlier. FY26 was further impacted by one-time new Labour Code related provision in Q3FY26.

Excluding the one-offs related to SSA and new Labour Codes, gross margin for Q4FY26 at 48.0% (GG: 51.7%) and FY26 at 53.5% (GG: 57.5%).

Selling, General & Administrative (SG&A) Expenses

As % to Revenues – Q4FY26: 36.9% | Q4FY25: 28.3% | Q3FY26: 30.8%.

FY26 at ₹106.8 billion, increase of 14% YoY.

As % to Revenues – FY26: 31.8% | FY25: 28.8%.

The YoY increase was driven by focused investments in our branded franchises, particularly the acquired consumer healthcare business in NRT and branded generics as well as a provision related to a potential VAT liability in one of our subsidiaries of ₹1.1 billion in Q4FY26. FY26 also was impacted by a similar provision in Q2FY26 and one-time new Labour Codes related provision in Q3FY26.

Excluding the impact of VAT liability and new Labor Codes provision, SG&A as a % of revenues excluding SSA impact : Q4FY26: 33.4% | FY26 : 30.6%.

Research & Development (R&D) Expenses

As % to Revenues – Q4FY26: 7.3% | Q4FY25: 8.5% | Q3FY26: 7.0%.

FY26 at ₹24.1 billion, decrease of 12% YoY.

As % to Revenues – FY26: 7.2% | FY25: 8.4%.

R&D expenditure was lower due to reduced development spends in Biosimilars, following completion of a large part of the investments related to Abatacept. R&D spends remain focused on complex generics including peptides and biosimilars. Q4FY26 was also impacted by charges related to certain discontinued CAR-T assets, while FY26 included the one-time new Labour Codes provision.

Excluding the impact of CAR-T related charges and new Labor Codes provision, R&D as a % of revenues excluding SSA impact for Q4FY26 : 6.8% | FY26 : 7.1%.

Impairment

FY26 charge at ₹3.5 billion compared to ₹1.7 billion in FY25.

Q4FY26 includes charges related to discontinuation of some R&D programs within the Chimeric Antigen Receptor T cell (CAR-T) therapy portfolio of ₹1.3 billion as well as a charge on account of discontinuation of trial of Eftilagimod Alfa, by parter Immutep of ₹0.9 billion.

Other Income

FY26 income at ₹7.6 billion compared to ₹4.4 billion in FY25.

Q4FY26 includes income from divestment of certain non-core product related intangibles i.e., trademarks and marketing rights of ₹1.89 billion.

Net Finance Income/Expense

FY26 income at ₹4.1 billion compared to ₹4.7 billion in FY25.

Net finance income in Q4FY26 was lower primarily on account of lower foreign exchange gain this quarter, in comparison to the corresponding quarter last year.

Profit before Tax (PBT)

As % to Revenues – Q4FY26: 2.6% | Q4FY25: 23.6% | Q3FY26: 17.7%.

FY26 at ₹54.8 billion, decline of 29% YoY.

As % to Revenues – FY26: 16.3% | FY25: 23.6%.

Excluding the impact of SSA, VAT liability provision, costs related to discontinued CAR-T and impairment of Eftilagimod Alfa, new Labour Codes provision, PBT as a % of revenues : 12.5% in Q4FY26 | 19.0% in FY26.

Income Tax

FY26 at ₹12.4 billion. As % to PBT – FY26: 22.5% | FY25: 25.4%.

The ETR was lower in Q4FY26 primarily due to a recognition of deferred tax assets on carry forward losses in one of our subsidiaries and a favourable jurisdictional mix for the quarter, in comparison to the same period in the previous year.

Profit attributable to Equity Holders of Parent Company

As % to Revenues – Q4FY26: 2.9% | Q4FY25: 18.7% | Q3FY26: 13.9%.

FY26 at ₹42.9 billion, decline of 24% YoY.

As % to Revenues – FY26: 12.8% | FY25: 17.4%.

Diluted Earnings per Share (EPS)

FY26 is ₹51.42.

Other Financial Highlights:

EBITDA

As % to Revenues – Q4FY26: 13.0% | Q4FY25: 29.1% | Q3FY26: 23.5%.

FY26 at ₹76.6 billion, decline of 17% YoY.

As % to Revenues – FY26: 22.8% | FY25: 28.3%.

Excluding the impact of SSA, provisions related to VAT liability and new Labour Codes and CAR-T related charges, EBITDA as a % of revenues excluding SSA impact: Q4FY26: 19.5% | FY26 : 24.7%.

Others:

Excluding the impact of SSA, provisions related to VAT liability and new Labour Codes, costs related to discontinued CAR-T and impairment of Eftilagimod Alfa, RoCE for FY26 at 17.5%.

About key metrics and non-GAAP Financial Measures

This press release contains non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical performance, financial position or cash flows that are adjusted to exclude or include amounts from the most directly comparable financial measure calculated and presented in accordance with IFRS.

The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with IFRS. Our non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. These measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes.

We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business.

For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please refer to "Reconciliation of GAAP to Non-GAAP Results" table in this press release.

All amounts in millions, except EPS

Reconciliation of GAAP Measures to Non-GAAP Measures

Operating Working Capital

Free Cash Flow

Net Cash Surplus and Debt to Equity

Computation of RoCE

Computation of Capital Employed:

Computation of EBITDA

Refer page no. 3 & 4.

Earnings Call Details

The management of the Company will host an Earnings call to discuss the Company’s financial performance and answer any questions from the participants.

Date: Tuesday, May 12, 2026

Time: 19:30 pm IST | 10:00 am ET

Audio Link and Transcript will be available on the Company’s website: www.drreddys.com

About Dr. Reddy’s: Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY) is a global pharmaceutical company headquartered in Hyderabad, India. Established in 1984, we are committed to providing access to affordable and innovative medicines. Driven by our purpose of ‘Good Health Can’t Wait’, we offer a portfolio of products and services including APIs, generics, branded generics, biosimilars and OTC. Our major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Our major markets include – USA, India, Russia & CIS countries, China, Brazil, and Europe. As a company with a history of deep science that has led to several industry firsts, we continue to plan and invest in businesses of the future. As an early adopter of sustainability and ESG actions, we released our first Sustainability Report in 2004. Our current ESG goals aim to set the bar high in environmental stewardship; access and affordability for patients; diversity; and governance.

For more information, log on to: www.drreddys.com.

Disclaimer: This press release may include statements of future expectations and other forward-looking statements that are based on the management’s current views and assumptions and involve known or unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may", "will", "should", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to without limitation, (i) general economic conditions such as performance of financial markets, credit defaults , currency exchange rates , interest rates, persistency levels and frequency / severity of insured loss events (ii) mortality and morbidity levels and trends, (iii) changing levels of competition and general competitive factors, (iv) changes in laws and regulations and in the policies of central banks and/or governments, (v) the impact of acquisitions or reorganization , including related integration issues, and (vi) the susceptibility of our industry and the markets addressed by our, and our customers’, products and services to economic downturns as a result of natural disasters, epidemics, pandemics or other widespread illness, including coronavirus (or COVID-19), and (vii) other risks and uncertainties identified in our public filings with the Securities and Exchange Commission, including those listed under the "Risk Factors" and "Forward-Looking Statements" sections of our Annual Report on Form 20-F for the year ended March 31, 2025, our quarterly financial statements filed in Form 6-K with the US SEC for the quarter ended June 30, 2025, September 30, 2025, December 31, 2025 and our other filings with US SEC. The company assumes no obligation to update any information contained herein.