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Media
Lupin Q2 FY2027 Results
November 4, 2026
Mumbai, November 04, 2026: Pharma major Lupin Limited [BSE: 500257 | NSE: LUPIN] reported its financial performance for the quarter ended September 30, 2026. These unaudited results were taken on record by the Board of Directors at a meeting held today.
Financial Highlights – Consolidated IND-AS
Amt in INR Mn
Particulars
Quarter
Q2 FY2027
Q2 FY2026
YoY Growth %
Q1 FY2027
QoQ Growth %
Sales
77,855
68,314
↑ 14.0%
82,172
↓ 5.3%
EBITDA*
21,712
24,313
↓ 10.7%
25,799
↓ 15.8%
EBITDA Margin (%)*
27.9%
35.6%
↓ 770 bps
31.4%
↓ 350 bps
PBT
15,796
20,070
↓ 21.3%
20,174
↓ 21.7%
PAT
11,553
14,848
↓ 22.2%
14,170
↓ 18.5%
*Includes forex & other income
Income Statement Highlights – Q2 FY2027
Gross Profit was up 15.4% at INR 57,774 Mn from INR 50,066 Mn in Q2 FY2026, with a gross margin of 74.2%.
Personnel cost was 18.3% of sales at INR 14,236 Mn compared to INR 11,056 Mn in Q2 FY2026.
Manufacturing and other expenses were 31.3% of sales at INR 24,381 Mn compared to INR 19,796 Mn in Q2 FY2026.
PBT at INR 15,796 Mn was 20.3% of sales, down 21.3% YoY from INR 20,070 Mn in Q2 FY2026.
Investment in R&D for the quarter was INR 6,181 Mn (7.9% of sales).
Balance Sheet Highlights
Operating working capital was INR 75,420 Mn as on September 30, 2026. Operating days for quarter is at 87 days.
Capital Expenditure for the quarter was INR 2,230 Mn.
Net Debt as on September 30, 2026, stands at INR -33,490 Mn.
Net Debt Equity as on September 30, 2026, stands at -0.14.
Mr. Nilesh Gupta, Managing Director, Lupin Limited said "We delivered a strong first half of FY27, underpinned by solid growth across key markets and sustained profitability. While we remain mindful of near-term challenges, we are confident in our long-term growth prospects, supported by the strength of our portfolio, continued investments in R&D and commercial capabilities, and our unwavering focus on disciplined execution."
Consolidated Financial Results Q2 FY2027
Amt in INR Mn
Particulars
Q2 FY2027
% of sales
Q2 FY2026
% of sales
YoY Gr%
Q1 FY2027
% of sales
QoQ Gr%
Sales
77,855
100.0%
68,314
100.0%
↑ 14.0%
82,172
100.0%
↓ 5.3%
Other operating income
418
0.5%
2,161
3.2%
↓ 80.7%
597
0.7%
↓ 30.0%
Total Revenue from operations
78,273
100.5%
70,475
103.2%
↑ 11.1%
82,769
100.7%
↓ 5.4%
Material cost
20,081
25.8%
18,248
26.7%
↑ 10.0%
20,892
25.4%
↓ 3.9%
Gross Profit (excluding Other operating income)
57,774
74.2%
50,066
73.3%
↑ 15.4%
61,280
74.6%
↓ 5.7%
Employee cost
14,236
18.3%
11,056
16.2%
↑ 28.8%
13,830
16.8%
↑ 2.9%
Manufacturing & Other expenses
24,381
31.3%
19,796
29.0%
↑ 23.2%
23,412
28.5%
↑ 4.1%
Other Income
1,267
1.6%
900
1.3%
↑ 40.8%
1,303
1.6%
↓ 2.7%
Forex Loss / (Gain)
(870)
-1.1%
(2,038)
-3.0%
↓ 57.3%
139
0.2%
NA
EBITDA
21,712
27.9%
24,313
35.6%
↓ 10.7%
25,799
31.4%
↓ 15.8%
Depreciation, Amortization & Impairment expense
4,859
6.2%
3,168
4.6%
↑ 53.4%
4,529
5.5%
↑ 7.3%
EBIT
16,853
21.6%
21,145
31.0%
↓ 20.3%
21,270
25.9%
↓ 20.8%
Finance cost
1,057
1.4%
1,075
1.6%
↓ 1.7%
1,096
1.3%
↓ 3.6%
Profit Before Tax (PBT)
15,796
20.3%
20,070
29.4%
↓ 21.3%
20,174
24.6%
↓ 21.7%
Tax
4,243
5.4%
5,222
7.6%
↓ 18.7%
6,004
7.3%
↓ 29.3%
Profit After Tax (PAT)
11,553
14.8%
14,848
21.7%
↓ 22.2%
14,170
17.2%
↓ 18.5%
(-) Share of (Profit)/Loss from JV
(0)
0.0%
-
-
-
0
0.0%
NA
(-) Non-Controlling Interest
0
0.0%
69
0.1%
↓ 99.4%
20
0.0%
↓ 98.0%
Profit/(Loss) for the period
11,553
14.8%
14,779
21.6%
↓ 21.8%
14,150
17.2%
↓ 18.4%
Sales Mix
Amt in INR Mn
Particulars
Q2 FY2027
Q2 FY2026
YoY Growth %
Q1 FY2027
QoQ Growth %
U.S.
30,202
27,624
↑ 9.3%
34,348
↓ 12.1%
India
23,836
20,777
↑ 14.7%
23,796
↑ 0.2%
Other Developed Markets
11,823
8,117
↑ 45.7%
11,494
↑ 2.9%
Emerging Markets
8,908
9,228
↓ 3.5%
9,897
↓ 10.0%
Total Formulations
74,769
65,746
↑ 13.7%
79,535
↓ 6.0%
API
3,086
2,568
↑ 20.2%
2,637
↑ 17.0%
Total Product Sales
77,855
68,314
↑ 14.0%
82,172
↓ 5.3%
Q2 FY2027 Sales Mix
Operational Highlights
U.S.
U.S. sales for Q2 FY2027 were INR 30,202 Mn up 9.3% compared to INR 27,624 Mn in Q2 FY2026; (USD 317 Mn in Q2 FY2027 compared with USD 314 Mn in Q2 FY2026); accounting for 39% of Lupin’s global sales.
The Company received 4 ANDA and 1 NDA 505(b)(2) approvals from the U.S. FDA, and launched 1 product in the quarter in the U.S. The Company now has 149 generic products in the U.S. Market.
Lupin continues to be the 3rd largest pharmaceutical player in both U.S. generic market and U.S. total market by prescriptions (IQVIA Quarter September 2026). Lupin is the leader in 61 of its marketed generics in the U.S. and amongst the Top 3 in 113 of its marketed products (IQVIA Quarter September 2026 by extended units).
India
India sales for Q2 FY2027 were INR 23,836 Mn, up 14.7% compared to INR 20,777 Mn in Q2 FY2026; accounting for 31% of Lupin’s global sales. India Region Formulation sales up by 13.8% in the quarter as compared to Q2 FY2026.
The Company launched 5 brands across therapies during the quarter. Lupin is the 8th largest company in the Indian Pharmaceutical Market (IQVIA MAT September 2026).
Other Developed Markets
Other Developed markets sales for Q2 FY2027 were INR 11,823 Mn, up 45.7% compared to INR 8,117 Mn in Q2 FY2026; accounting for 15% of Lupin’s global sales.
Emerging Markets
Emerging Markets sales for Q2 FY2027 were INR 8,908 Mn, down 3.5% compared to INR 9,228 Mn in Q2 FY2026; accounting for 11% of Lupin’s global sales.
Global API
Global API sales for Q2 FY2027 were INR 3,086 Mn, up 20.2% compared to INR 2,568 Mn in Q2 FY2026; accounting for 4% of Lupin’s global sales.
Research and Development
Investment in R&D was INR 6,181 Mn (7.9% of sales) for the quarter as compared to INR 5,222 Mn (7.6% of sales) for Q2 FY2026.
Lupin received approval for 4 ANDA and 1 NDA 505(b)(2) from the U.S. FDA in the quarter. Cumulative ANDA filings with the U.S. FDA stand at 429 as of September 30, 2026, with the company having received 353 approvals to date.
The Company now has 48 First-to-File (FTF) filings including 21 exclusive FTF opportunities. Cumulative U.S. DMF filings stand at 94 as of September 30, 2026.
About Lupin
Lupin Limited is a global pharmaceutical leader headquartered in Mumbai, India, with products distributed in over 100 markets. Lupin specializes in pharmaceutical products, including branded and generic formulations, complex generics, biotechnology products, and active pharmaceutical ingredients. Trusted by healthcare professionals and consumers globally, the company enjoys a strong position in India and the U.S. across multiple therapy areas, including respiratory, cardiovascular, anti-diabetic, anti-infective, gastrointestinal, central nervous system, and women’s health. Lupin has 15 state-of-the-art manufacturing sites and 6 research centers globally, along with a dedicated workforce of over 26,000 professionals. Lupin is committed to improving patient health outcomes through its subsidiaries – Lupin Diagnostics, Lupin Digital Health, and Lupin Manufacturing Solutions.
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