Financial
Capital
Enriching lives of our communities
At Lupin, our purpose guides everything we do, inspiring us to make a real difference in people’s lives. For us, our financial capital isn't just numbers — it fuels the catalysts that turn hope into healing for patients around the world. By judiciously deploying our financial capital, we help build a brighter future for all our stakeholders while driving transformative growth and societal well-being. Our forwardlooking investments in advanced research and development, as well as next-generation manufacturing, are designed to accelerate breakthrough innovations and enhance efficiencies across our global value chain. With an effective capital allocation strategy, we are sharpening our focus on core pharmaceutical markets while growing our presence in specialty therapeutics, always staying true to our patient-first philosophy. This dynamic approach positions us to lead across diverse healthcare segments, ensuring resilience, agility, and long-term value creation in an increasingly complex global landscape.
INR 227,079 Mn
Revenues from Operations
INR 54,792 Mn
EBITDA
8%
(of total sales) R&D Spend
INR 3,648 Mn
Dividend Paid
Material Topics
Operating Performances
Throughout FY25, Lupin showcased stellar performance, marked by significant growth in sales, operating margin, and profitability — a journey that we are genuinely proud of. Our revenues increased by 13.5%, while profits rose by an impressive 70.8% compared to the previous fiscal year, reflecting strong financial performance and our ability to thrive in challenging market conditions. This outstanding performance also highlights Lupin’s strategic insight and operational flexibility, thereby strengthening our position as a trusted leader in the pharmaceutical industry.
Our U.S. business achieved remarkable growth, with revenues reflecting a double-digit growth rate over the previous year, accounting for 36% of Lupin’s global sales — a clear indication of our ability to identify and capitalize on the right market opportunities. We are proud to be the 3rd largest pharmaceutical player in both U.S. generic and total U.S. markets by prescriptions (IQVIA Qtr TRx March 2025).
In India (formulations), we maintained positive momentum, with sales up 13.8% from the previous year, accounting for 34% of our total sales. This steady growth has positioned us as the 8th largest pharmaceutical player in the Indian market.
Meanwhile, our sales in other developed markets and emerging markets boomed, registering growth rates of 23.4% and 6.8% respectively over the previous year.
Our ability to skilfully navigate complex market dynamics and deliver meaningful value to our customers lies at the heart of our excellent financial performance across global markets. With an emphasis on innovation, operational excellence, and strategic expansion, Lupin is well-positioned to sustain growth and create enduring value for its stakeholders in the years to come.
Financial Highlights
In FY25, Lupin delivered strong financial results, with total revenues reaching INR 227 Bn. Our EBITDA margin increased to 24.7% by the end of the fiscal year, driven by buoyancy of the top line and cost optimization efforts that further enhanced our profitability, enabling us to distribute dividends worth INR 3.6 Bn to our investors.
Through strategic acquisitions across markets, including three diabetes products from Boehringer Ingelheim and Eli Lilly’s Humulin® in India, we have enriched our portfolio and strengthened our competitive edge in key therapeutic areas.
| Financial Metric | FY25 | FY24 |
|---|---|---|
| Revenue Generated (INR Mn) | 227,079 | 200,108 |
| EBITDA (INR Mn) | 54,792 | 39,307 |
| PBT (INR Mn) | 40,150 | 24,223 |
| ROCE | 21.6% | 14.8% |
| Working Capital Days* | 129 | 124 |
| R&D Spend (INR Mn) | 17,672 | 15,265 |
For more detailed information on Lupin’s financial performance during FY25, please refer to the standalone and consolidated financial statements presented in the Integrated Report.
Strategic Overview
Lupin’s strategic shift toward complex generics, respiratory products, and biosimilars has yielded impressive results, particularly in the U.S., where complex generics now account for 35% of our total revenues. The EMEA region also reflected this secular growth trend, with complex generics comprising 55% of our overall revenue in this region.
In India, our focus on chronic disease therapies, including respiratory, diabetes, and cardiac care, has helped us grow faster than the market, significantly boosting our sales.
Our strong financial performance is the result of years of commitment and dedication, and effective strategy execution. Over the past five years, we have launched more than 200 new products, enhanced our regulatory compliance, and expanded our field force to over 10,000 passionate individuals, while scaling up our respiratory portfolio in developed markets. We continue to work on unique platform technologies that would help us build innovative products in the quarters to come.
Focus on New Product Launches and Market Expansion
We are committed to growth through new products, Building on the foundation of our past successes and expanding into new global markets. In India, we endeavour to post superior growth through strategic investments in the development of new products and in-licencing partnerships. In FY25 we launched our first biosimilar, Rymti®, in Canada and filed for Ranibizumab in the EU market. Our robust supply chain enables us to capitalize on opportunities and increase our global sales with confidence.
Growth Through Expansion and Acquisitions
Our growth strategy is based on carefully selected strategic inorganic opportunities across our operating regions, which enhance depth and drive profit growth. Acquiring Eli Lilly’s Huminsulin® and three diabetes products from Boehringer Ingelheim have further strengthened our diabetes portfolio. We also acquired two specialty brands from Sanofi (AaraneTM in Germany and NalcromTM in Canada and the Netherlands) during the year. This further strengthened our presence in the European Union (EU) markets. Looking ahead, we are exploring partnerships to commercialize our key respiratory products in Canada and Australia, which will open up new doors for growth.
Integration of Technology
We have established a Global Technical Operations (GTO) function that brings manufacturing, supply chain, and procurement under one umbrella — creating a seamlessly integrated function. It has enabled closer collaboration amongst functions to optimize costs: leverage internal expertise to drive cost optimizations, productivity improvements, resource efficiency, and innovation. We have adopted a world class supply chain platform – Kinaxis, to bring in sharper focus and are adopting digital and paperless processes, pursuing deep digital transformation through Gen AI, and adopting advanced technologies in manufacturing.
Customer Focus and Growth:
On-Time In-Full (OTIF) improved to 98% for U.S. and 99% for India in FY25, up from 96% and 97% respectively in FY24.
Air/ocean ratio reduced from 34% in FY24 to 10% in FY25, significantly lowering carbon emissions.
Cost Leadership:
Achieved cost savings of USD 50+ Mn in FY25 through AVD, freight optimization, yield improvement, and network optimization.
Sustained Focus on Resource Allocation
The Lupin Board along with Lupin’s strategic advisory committee, set the tone for the long-term vision of the company. This is followed up with a ground-up Strategic Medium Term Plan for resource allocation – a shared responsibility across corporate and business leadership. This warrants a clear capital allocation policy, objectively laid out growth and financial metrics, understanding of risks and mitigating frameworks, robust planning, and execution capabilities, along with a strong governance mechanism and cadence.
These plans collectively provide a comprehensive overview of the opportunities and threats and our likely responses to the emerging scenarios. This includes strategies for the overall business, the individual business units, and roadmaps for individual functions that support the business. Given the volatile nature of the factors that impact businesses, there is substantial emphasis on making these meaningful, live documents that are updated on an annual basis.
Likewise, the capital allocation framework sets the tone for allocation of capital amongst conflicting demands on the same by providing a basis for objectively evaluating propositions and opportunities that present themselves from time to time.
At Lupin, financial stewardship goes beyond numbers — it’s about catalyzing impact. We invest with purpose, aligning capital with strategies that empower patients, energize teams, and uplift communities.
Ramesh Swaminathan, Executive Director,
Global CFO, Head of IT and API Plus SBU
Promoting Sustainable Value Creation
We have deepened our efforts to weave Environmental, Social, and Governance (ESG) principles into the way we do business — ensuring lasting value for our stakeholders. Our capital expenditure outlay thoughtfully embraces ESG considerations, aiming to achieve more than just financial returns. We support employee well-being, climate action, and community-focused initiatives through strategic investments.
Employee Well-Being
From fostering inclusive and equitable hiring practices to prioritizing holistic well-being and continuous learning, we have built a workplace where every individual feels truly appreciated and aligned with Lupin’s purpose. Moving beyond conventional human capital strategies, we conducted a comprehensive human rights assessment across our operations, underscoring our deep dedication to ethical and responsible business practices. We have also made targeted investments and proactively upgraded our occupational health and safety systems, ensuring a resilient, secure, and empowering environment for all our people.
Environmental Stewardship
Lupin remains committed to minimizing its environmental impact through strategic investments in sustainable practices encompassing renewable energy adoption, waste optimization, and water conservation. This year, we scaled up our renewable energy initiatives, significantly increasing the use of solar, wind, and biomass briquettes at our sites. We have entered into strategic partnerships to reduce product-level emissions by introducing green propellant inhalers. Expanding the coverage of our decarbonization efforts to the value chain, we have implemented a program to collaborate with our suppliers on reducing our value chain emissions.
Community Engagement
We have deepened our commitment to community empowerment through a series of transformative initiatives aimed at enhancing the quality of life in underserved regions. Our programs have expanded access to education and healthcare, and improved rural income, with a strong emphasis on co-creating sustainable, community-driven solutions. We have adopted a data-driven approach to Corporate Social Responsibility (CSR), conducting rigorous impact assessments to evaluate the Social Return On Investment (SROI) and refine our strategies accordingly.
Tax Transparency
At Lupin, we hold ourselves to the highest standards of ethical, transparent, and sustainable tax practices, aligned with our core values and Code of Business Conduct. Our tax strategy emphasizes full compliance with the applicable laws of the countries in which we operate, while prudently managing our tax responsibilities. Our Chief Financial Officer oversees the taxation function and is supported by our global corporate tax team and legal advisors. We prioritize compliance with relevant transfer pricing standards and OECD guidelines, ensuring transparent reporting to tax authorities. We are accountable to both our internal and external stakeholders, and are focused on alignment, compliance, and effective reporting. Our commitment to transparency not only fulfills legal requirements, but also fosters trust and confidence in our tax processes.
We are proud to report significant contributions totaling INR 12,223.3 Mn in direct and indirect taxes, playing a meaningful role in supporting the economies where we operate. Additionally, we have collected tax of INR 24,179.7 Mn in the form of withholding tax, payroll tax, and social security contributions, which were subsequently paid to governments globally.
For more detailed information, refer to Lupin Limited Tax Transparency Report FY25.
Way Forward
Our robust product portfolio and optimization initiatives across the value chain, have established a strong foundation for ensuring sustained business growth and profitability in the forthcoming years. The emphasis on evolving further across biosimilars, complex generics, low GWP inhalers, and specialty drugs will help us to broaden our market reach and accelerate on this robust foundation. We recognize that there are challenges including certain geopolitical events that may influence our business landscape. We remain agile and thoroughly prepared to navigate these shifting market dynamics to mitigate volatility and protect the interests of all our stakeholders through a robust framework of Enterprise Risk Management.
Assurance Statement