Exhibit 99.5

Chartered Accountants

Meenakshi Pride Rock Tower III

[Block - M], 8th & 9th floors

Survey No. 23, Gachibowli

Serilingampally Municipality

Ranga Reddy District

Hyderbad-500032

Telangana, India

INDEPENDENT AUDITOR’S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF DR. REDDY’S LABORATORIES LIMITED

We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of Dr. Reddy’s Laboratories Limited (“the Company”), for the quarter and Half year ended September 30, 2026 (“the Statement”), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“the Listing Regulations”).

This Statement, which is the responsibility of the Company’s Management and approved by the Company’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.

We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’, issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company’s personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Regd. Office: One International Center, Tower 3, 31st floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharastra, India.

Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737

Page 1 of 2

The standalone financial results of the Company for the quarter ended June, 30, 2026 and quarter and half year ended September 30, 2025 included in the Statement, were reviewed by another auditor who expressed an unmodified conclusion on those statements on July 22, 2026 and October 24, 2025 respectively. The Standalone financial results for the year ended March 31, 2026, included in the Statement were audited by another auditor who expressed an unmodified opinion on the financial statements on May 12, 2026.

Our conclusion on the Statement is not modified in respect of this matter.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants

(Firm’s Registration No. 117366W/W-100018)

Vikas Bagaria

Partner

(Membership No. 060408)

(UDIN: 26060408XLHVUB4882)

Place: Hyderabad

Date: October 23, 2026

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Dr. Reddy's Laboratories Ltd.

8-2-337, Road No. 3, Banjara Hills,

Hyderabad - 500 034, Telangana, India.

CIN: L85195TG1984PLC004507

Tel: + 91 40 4900 2900

Fax: + 91 40 4900 2999

Email: mail@drreddys.com

Web: www.drreddys.com

DR. REDDY'S LABORATORIES LIMITED

STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2026

All amounts in Indian Rupees millions

		Quarter ended									Half year ended						Year ended
Sl. No.	Particulars	30.09.2026			30.06.2026			30.09.2025			30.09.2026			30.09.2025			31.03.2026
		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Audited)

1	Revenue from operations
	a) Sales		53,643			50,517			45,587			104,160			123,107			201,022
	b) License fees and service income		1,839			633			442			2,472			809			3,584
	c) Other operating income		244			216			157			460			365			722
	Total revenue from operations		55,726			51,366			46,186			107,092			124,281			205,328

2	Other income		2,173			4,404			3,642			6,577			7,625			16,896

	Total income (1 + 2)		57,899			55,770			49,828			113,669			131,906			222,224

3	Expenses
	a) Cost of materials consumed		12,842			13,056			10,090			25,898			21,445			43,325
	b) Purchase of stock-in-trade		7,226			9,022			7,238			16,248			13,876			26,358
	c) Changes in inventories of finished goods, work-in-progress and stock-in-trade		(72	)		(520	)		(23	)		(592	)		(2,152	)		(2,305	)
	d) Employee benefits expense		9,574			9,670			8,679			19,244			17,552			35,499
	e) Depreciation and amortisation expense		3,337			3,177			2,948			6,514			5,746			12,074
	f) Impairment of non current assets, net		(115	)		15			37			(100	)		37			1,405
	g) Finance costs		770			731			334			1,501			526			1,483
	h) Other expenses		15,324			15,649			15,362			30,973			30,350			61,872

	Total expenses		48,886			50,800			44,665			99,686			87,380			179,711


4	Profit before tax (1 + 2 - 3)		9,013			4,970			5,163			13,983			44,526			42,513


5	Tax expense
	a) Current tax		1,969			501			777			2,470			10,194			9,177
	b) Deferred tax		86			422			513			508			847			1,139

6	Net profit for the period / year (4 - 5)		6,958			4,047			3,873			11,005			33,485			32,197

7	Other comprehensive income / (loss)
	a) (i) Items that will not be reclassified to profit or loss		-			-			-			-			-			134
	(ii) Income tax relating to items that will not be reclassified to profit or loss		-			-			-			-			-			(34	)
	b) (i) Items that will be reclassified to profit or loss		(210	)		1,325			(1,186	)		1,115			(938	)		(1,698	)
	(ii) Income tax relating to items that will be reclassified to profit or loss		52			(333	)		299			(281	)		236			427
	Total other comprehensive income / (loss)		(158	)		992			(887	)		834			(702	)		(1,171	)

8	Total comprehensive income (6 + 7)		6,800			5,039			2,986			11,839			32,783			31,026

9	Paid-up equity share capital (face value Re. 1/- each)		835			835			835			835			835			835

10	Other equity																	312,821

11	Earnings per equity share (face value Re. 1/- each)

	Basic		8.35			4.86			4.65			13.21			40.23			38.68
	Diluted		8.35			4.86			4.65			13.20			40.19			38.64
			(Not annualised)			(Not annualised)			(Not annualised)			(Not annualised)			(Not annualised)

See accompanying notes to the financial results.

DR. REDDY'S LABORATORIES LIMITED

Segment information

All amounts in Indian Rupees millions

		Quarter ended								Half year ended						Year ended
Sl. No.	Particulars	30.09.2026			30.06.2026			30.09.2025		30.09.2026			30.09.2025			31.03.2026
		(Unaudited)			(Unaudited)			(Unaudited)		(Unaudited)			(Unaudited)			(Audited)
	Segment wise revenue and results
1	Segment revenue
	a) Global Generics		50,028			45,777			40,170		95,805			112,411			182,027
	b) Pharmaceutical Services and Active Ingredients		7,627			7,449			8,040		15,076			15,143			29,750
	c) Others		143			107			20		250			277			464
	Total		57,798			53,333			48,230		111,131			127,831			212,241

	Less: Inter-segment revenue		2,072			1,967			2,044		4,039			3,550			6,913
	Total revenue from operations		55,726			51,366			46,186		107,092			124,281			205,328

2	Segment results
	Profit / (loss) before tax and interest from each segment
	a) Global Generics		10,390			5,642			5,976		16,032			44,363			43,716
	b) Pharmaceutical Services and Active Ingredients		(1,659	)		(1,716	)		65		(3,375	)		(156	)		(883	)
	c) Others		96			60			48		156			274			494
	Total		8,827			3,986			6,089		12,813			44,481			43,327

	Less: (i) Finance costs		770			731			334		1,501			526			1,483
	(ii) Other un-allocable (income) / expenditure, net		(956	)		(1,715	)		592		(2,671	)		(571	)		(669	)
	Total profit before tax		9,013			4,970			5,163		13,983			44,526			42,513

Global Generics includes operations of Biologics business. Inter-segment revenue represents sale from Pharmaceutical Services and Active Ingredients to Global Generics at cost.

Segmental capital employed

As certain assets of the Company including manufacturing facilities, development facilities and treasury assets and liabilities are often deployed interchangeably across segments, it is impractical to allocate these assets and liabilities to each segment. Hence, the details for capital employed have not been disclosed in the above table.

DR. REDDY'S LABORATORIES LIMITED

Balance sheet

All amounts in Indian Rupees millions

	As at		As at
Particulars	30.09.2026		31.03.2026
	(Unaudited)		(Audited)
ASSETS
Non-current assets
Property, plant and equipment		80,757		77,527
Capital work-in-progress		11,227		13,691
Goodwill		853		853
Other intangible assets		28,113		28,921
Financial assets
Investments		119,629		123,613
Loans		3		5
Other financial assets		5,046		2,686
Tax assets, net		3,188		2,650
Other non-current assets		542		843
Total non-current assets		249,358		250,789

Current assets
Inventories		52,069		49,556
Financial assets
Investments		29,591		32,335
Trade receivables		49,907		41,186
Derivative instruments		202		39
Cash and cash equivalents		3,720		3,375
Other bank balances		22,273		16,201
Loans		1,538		1,002
Other financial assets		9,325		19,351
Other current assets		25,720		22,187
Total current assets		194,345		185,232

TOTAL ASSETS		443,703		436,021

EQUITY AND LIABILITIES
Equity
Equity share capital		835		835
Other equity		318,509		312,821
Total Equity		319,344		313,656

Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities		2,523		2,501
Provisions		120		120
Deferred tax liabilities, net		6,687		5,899
Other non-current liabilities		2,082		2,420
Total non-current liabilities		11,412		10,940

Current liabilities
Financial liabilities
Borrowings		54,500		54,190
Lease liabilities		750		679
Trade payables
Total outstanding dues of micro enterprises and small enterprises		348		316
Total outstanding dues of creditors other than micro enterprises and small enterprises		23,170		18,726
Derivative instruments		5,233		6,785
Other financial liabilities		20,458		20,268
Other current liabilities		5,334		6,320
Provisions		3,154		3,069
Liabilities for current tax, net		-		1,072
Total current liabilities		112,947		111,425
TOTAL EQUITY AND LIABILITIES		443,703		436,021

DR. REDDY'S LABORATORIES LIMITED

Statement of cashflows

All amounts in Indian Rupees millions

	Half year ended
Particulars	30.09.2026			30.09.2025
	(Unaudited)			(Unaudited)
Cash flows from/(used in) operating activities :
Profit before tax		13,983			44,526
Adjustments for:
Fair value changes and profit on sale of financial instruments measured at FVTPL*, net		(897	)		(1,097	)
Depreciation and amortisation expense		6,514			5,746
Impairment of non current assets, net		(100	)		37
Allowance for credit losses (on trade receivables and other advances)		152			143
Profit on sale or de-recognition of non-current assets, net		(66	)		15
Unrealized exchange (gain)/loss, net		(1,304	)		(1,593	)
Interest income		(4,099	)		(3,905	)
Finance costs		1,501			526
Equity settled share-based payment expense		185			197
Inventories write-down		4,091			2,419
Gain on investments		(22	)		-
Changes in operating assets and liabilities:
Trade receivables		(8,799	)		(6,890	)
Inventories		(6,604	)		(5,277	)
Trade payables		4,476			5,407
Other assets and other liabilities, net		(4,173	)		(3,857	)
Cash generated from operations		4,838			36,397
Income taxes paid, net		(4,080	)		(5,981	)
Net cash generated from operating activities		758			30,416

Cash flows from/(used in) investing activities :
Purchase of property, plant and equipment		(5,138	)		(9,936	)
Proceeds from sale of property, plant and equipment		633			86
Purchase of other intangible assets		(555	)		(5,141	)
Payment for acquisition of business		(220	)		-
Proceeds from sale of other intangible assets		1,077			-
Purchase of investments (including bank deposits)		(15,595	)		(13,177	)
Proceeds from sale of investments (including bank deposits)		22,173			4,325
Equity investments in subsidiary/associates		-			(5,705	)
Proceeds from disposal of subsidiary		5			-
Interest income received		5,866			2,438
Loans and advances repaid/(given) by/to subsidiaries		(498	)		-
Net cash used in investing activities		7,748			(27,110	)

Cash flows from/(used in) financing activities :
Proceeds from issuance of equity shares (including treasury shares)		316			288
Proceeds/(Repayment of) from short-term loans and borrowings, net		310			2,718
Payment of principal portion of lease liabilities		(250	)		(219	)
Dividend paid		(6,664	)		(6,659	)
Interest paid		(1,832	)		(1,035	)
Net cash from/(used in) financing activities		(8,120	)		(4,907	)

Net decrease in cash and cash equivalents		386			(1,601	)
Effect of exchange rate changes on cash and cash equivalents		(41	)		(105	)
Cash and cash equivalents at the beginning of the period		3,375			3,197
Cash and cash equivalents at the end of the period		3,720			1,491

FVTPL ( Fair value through profit or loss)

Notes:

The above statement of unaudited standalone financial results of Dr. Reddy's Laboratories Limited ("the Company"), which have been prepared in accordance with the Indian Accounting Standards (''Ind AS'') prescribed under Section 133 of the Companies Act, 2013 ("the Act'') read with relevant rules issued thereunder, other accounting principles generally accepted in India and guidelines issued by the Securities and Exchange Board of India ("SEBI'') were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meetings held on 23 October 2026. The Statutory Auditors have carried out a limited review on the unaudited standalone financial results and issued unmodified report thereon.

License and service income for the quarter ended 30 September 2026 includes:

Rs. 529 million from the sale of the Company’s territorial rights relating to Bendamustine HCL in the United States; and

Rs. 976 million towards achievement of certain milestones under various license agreements with a customer in Russia pertaining to biosimilars.

These transactions pertain to the Company’s Global Generics segment.

Revenue from sale of goods for the year ended 31 March 2026 includes the consequential impact of reduction in selling price of Lenalidomide product in the United States of USD 50 million. This transaction pertains to the Company’s Global Generics segment.

Certain batches of Semaglutide were found to be out of specification due to an issue associated with the active pharmaceutical ingredient (API) used in the product. Consequently, based on its best estimate, the Company has made a provision of Rs. 2,230 million towards inventory and Rs. 167 million towards other associated costs during the quarter ended 30 June 2026.

The Company has decided to discontinue certain of its R&D programs associated with Chimeric Antigen Receptor T-cell (CAR-T) therapy portfolio in light of current development status and recent clinical trial outcomes. Consequent to this decision, the Company has recognized a net loss of Rs. 1,350 million during the quarter ended 31 March 2026 in the Company’s Global Generics segment, comprising of :

Impairment of non-current assets of Rs. 1,135 million (i.e., towards Property, plant and equipment, Intangibles and Right of use assets),

Research and development cost reimbursment to subsidiary of Rs.198 million and

Other development program related wind down cost of Rs. 17 million.

In August 2026, the company sold certain assets related to this CAR-T program and novated the related lease agreement to the acquirer resulting in impairment loss reversal of Rs. 137.

"Other income” for the year ended 31 March 2026 includes gain on sale of non-current assets, net of Rs. 1,890 million towards divestment of certain product related intangibles i.e., trademarks

During the year ended 31 March 2026 based on a final order received from the Federal Tax Service authority in respect of one of its foreign subsidiaries, based on its estimate, the Company had recorded a VAT provision of Rs.1,836 million under “Other expenses” including applicable interest and penalties and covering the periods both under audit as well as subsequent period up to 31 March 2026.

The Company believes that the likelihood of any further liability that may arise on account of this field tax audit is not probable. This transaction pertains to the Company’s Global Generics segment.

The Company considered the on-going uncertainties relating to geo-political conflicts (including in Russia, Ukraine and the Middle East) in assessing the recoverability of receivables, goodwill, intangible assets, investments and other assets. For this purpose, the Company considered internal and external sources of information up to the date of approval of these financial results. Based on its judgments, estimates and assumptions, the Company expects to fully recover the carrying amount of receivables, goodwill, intangible assets, investments and other assets. The Company will continue to closely monitor any material changes to future economic conditions

		By order of the Board
		For Dr. Reddy’s Laboratories Limited

Place:	Hyderabad	G V Prasad
Date:	23 October 2026	Co-Chairman & Managing Director
		DIN: 00057433