About
Lupin

Our founder, Dr. Desh Bandhu Gupta, often reminded us that enduring success is built patiently – with integrity, discipline, long-term thinking and an unwavering commitment to patients. Those values are especially relevant today, as healthcare evolves rapidly, scientific innovation accelerates, and expectations of quality, affordability and access continue to rise.

This year, many of us revisited DBG’s remarkable journey through Made in India: The Story of Desh Bandhu Gupta, Lupin and Indian Pharma. It is a timely reminder that enduring institutions are built through courage, perseverance and the willingness to invest boldly for the future. That legacy continues to shape our decisions, our priorities and our ambition to build an institution that creates lasting value for patients and society.

Our purpose – we catalyze treatments that transform hope into healing – remained the foundation of our actions throughout FY26. Across markets, we expanded access to medicines. Across our pipeline, we advanced differentiated scientific platforms. Across our manufacturing network, we strengthened quality and reliability. And across the organization, we accelerated digital capabilities and built new foundations for future growth.

FY26 was not simply a year of strong performance. It was a year in which we strengthened Lupin’s position as a science-led, innovation-driven global pharmaceutical company.

Executing Our Strategy

Our strategy is clear: to evolve our pipeline and portfolio, to execute with discipline across markets, and to allocate capital thoughtfully to create sustainable long-term value.

FY26 demonstrated the strength of this strategy. Revenue from operations increased 23% to INR 279,580 million, while profit after tax reached INR 53,555 million. EBITDA reached a record level, supported by a stronger product mix, continued operational efficiencies and disciplined cost management. Operating cash flow exceeded INR 73,000 million, providing the financial strength to continue investing in innovation, manufacturing excellence, digital capabilities and our people.

Our performance was broad-based. The United States delivered another outstanding year, with revenues increasing 46% to INR 116,783 million. Growth was driven by execution of new product launches with exclusivity, continued momentum in inhalation products and the resilience of our base business. These results reflect years of investment in complex products, manufacturing capability, regulatory excellence and supply chain reliability.

India delivered another strong year, continuing to outperform the Indian Pharmaceutical Market. Growth was led by our chronic portfolio, supported by gains in market share across key therapy areas and the continued expansion of our healthcare adjacencies, including diagnostics, digital health and consumer healthcare.

Our Other Developed Markets and Emerging Markets also contributed meaningfully to growth. Europe, Australia and Canada benefited from differentiated and specialty products, while markets such as Brazil and the Philippines continued to build momentum. Together, these businesses reinforce the strength of our diversified global portfolio and reduce our dependence on any single geography.

These results reflect the disciplined execution of a strategy we have pursued consistently. We are building a more resilient, more differentiated and increasingly innovation-led business – one capable of delivering sustainable performance through changing market conditions.

Quality, Manufacturing and Digital Excellence

Everything we do begins with quality. Patients place their trust in the medicines they take. Preserving that trust requires uncompromising standards in science, manufacturing and quality systems. It is a responsibility we uphold every day.

Our global manufacturing network, comprising 15 facilities across multiple geographies, provides the scale, reliability and flexibility needed to serve patients around the world. During FY26, several of our facilities achieved important regulatory milestones, reflecting the strength of our quality systems and the dedication of our manufacturing and quality teams. For us, quality is beyond regulatory compliance, it is fundamental to our reputation, our relationships with healthcare professionals and patients and our ability to compete globally. Every product that leaves a Lupin facility represents our promise to patients that it meets the highest standards of safety, efficacy and reliability.

Technology is becoming an increasingly important enabler of that promise. Across our value chain, we are investing in digital manufacturing, advanced analytics and artificial intelligence to improve speed, consistency and efficient decision-making. These technologies are helping us enhance research productivity, strengthen manufacturing performance, improve quality oversight and optimize supply chain planning.

Artificial Intelligence (AI) is already supporting drug discovery, clinical development, manufacturing operations and commercial decision-making. While AI will continue to transform our industry, we believe its greatest value lies in augmenting scientific output and patient outcomes. Combined with Lupin’s scientific capabilities and operational excellence, these digital investments position us to compete more effectively in an increasingly complex pharmaceutical landscape.

Building the Next Growth Platforms

One of Lupin’s enduring strengths has been our intent to invest ahead of the curve. Many of the capabilities driving our growth today are the result of decisions taken years ago.

The pharmaceutical industry is evolving rapidly. Success will increasingly depend on differentiated portfolios, manufacturing excellence, regulatory capability and supply chain resilience. Over the past decade, we have deliberately invested in each of these areas, strengthening Lupin’s competitive position for the future.

During FY26, we continued to expand our portfolio across complex generics, biosimilars, inhalation therapies, injectables and specialty medicines. These are segments where scientific complexity creates durable sustainable advantage and higher barriers to entry.

A significant milestone during the year was the approval of Armlupeg™ in the United States – our first U.S. biosimilar. This achievement represents years of investment in biologics research, development and manufacturing. More importantly, it marks the beginning of a new chapter for Lupin as we expand our capabilities in one of the fastest-growing segments of global healthcare.

We also successfully launched the generic version of Risperdal Consta®, the first product developed using our proprietary Nanomi long-acting injectable platform. This milestone reinforces our capabilities in advanced drug delivery technologies and provides an important platform for future innovation.

An important strategic priority is our expansion into novel medicines. During the year, we entered into a partnership with Gan & Lee Pharmaceuticals for Bofanglutide, a novel fortnightly GLP-1 receptor agonist for diabetes and obesity. As metabolic disorders become one of the world’s largest healthcare challenges, we believe this partnership strengthens our ability to participate meaningfully in an important and rapidly evolving therapeutic area.

Beyond these products, we continue to strengthen our specialty business. Over many years, we have built deep capabilities in respiratory medicine and neuro-rare diseases and are now establishing a strong presence in ophthalmology. Our acquisition of VISUfarma represents an important step in our specialty journey, expanding both our specialty portfolio and our commercial footprint in Europe. We expect specialty medicines to become an increasingly important driver of Lupin’s long-term growth and will continue to pursue both organic and inorganic opportunities within our disciplined capital allocation framework.

We are investing where scientific complexity creates sustainable competitive advantage, where innovation improves patient outcomes, and where our capabilities can differentiate us over the long term.

This understanding continues to shape the evolution of our business in markets like India. Over the years, we have expanded beyond pharmaceuticals into diagnostics, digital health, neurorehabilitation and consumer healthcare, creating a broader healthcare ecosystem around the patient. These adjacencies strengthen our ability to improve patient outcomes while building deeper and more enduring relationships across the continuum of care.

Our People

Behind every scientific breakthrough, every manufacturing milestone, and every patient served are the people of Lupin. Today, more than 26,000 Lupinytts advance our mission across research, manufacturing, commercial operations and enabling functions worldwide. Their commitment, resilience and sense of purpose are the foundation of everything we have achieved.

As our industry evolves, continuous learning has become a strategic imperative. During FY26, our employees completed more than 1.5 million hours of learning, strengthening technical expertise, leadership capability and digital readiness across the organization.

One of the recognitions we value most is our Great Place To Work® certification across all our subsidiaries. More than an award, it reflects the culture our people have built together – one grounded in trust, respect, inclusion and shared purpose.

Growing Responsibly

Long-term business success and responsible business practices are intertwined. During FY26, we continued to make progress across environmental stewardship, responsible operations and governance. Renewable energy usage increased across our manufacturing network, alongside further initiatives in water conservation and resource efficiency.

Our efforts were recognized globally through an S&P Global ESG Score of 91, inclusion in the S&P Global Sustainability Yearbook and leadership ratings from CDP for both climate change and water security. While we are proud of these recognitions, they are not the objective. They are outcomes of consistent decisions taken over many years.

Through the Lupin Human Welfare and Research Foundation, our CSR arm, we also continued to invest in healthier and more resilient communities. Across healthcare, education, rural development and livelihood creation, our programs reached millions of people and thousands of villages, reinforcing our belief that sustainable businesses and stronger communities grow together.

Looking Ahead

The opportunities before Lupin have never been greater.

Healthcare is being reshaped by advances in biology, precision medicine, digital technologies and AI. At the same time, patients, healthcare professionals and regulators expect continually rising standards of quality, reliability and affordability. These shifts are raising the bar for our industry – and creating opportunities for companies with differentiated scientific capabilities, strong manufacturing foundations and disciplined execution.

Over the past several years, we have consistently strengthened the capabilities that will define the next phase of our growth: complex generics, biosimilars, specialty medicines, manufacturing excellence and digital transformation. Together, these investments will create a stronger, more resilient and increasingly differentiated business.

Our priorities remain clear. We will continue to invest in science. We will strengthen quality across every part of our network. We will expand our specialty and complex product portfolio. We will deploy digital technologies and AI to improve how we discover, develop and deliver medicines. And we will allocate capital with discipline, always guided by the long-term interests of the patients we serve and our shareholders.

We expect the world around us to continue to evolve. We remain committed to our purpose to bring access to affordable and innovative medicines in the communities we serve.

We are confident in the future we are building and grateful for the confidence you continue to place in us. Together, we will continue advancing science, expanding access and improving lives for the patients and communities we serve as we catalyze treatments that transform hope into healing.

Warm Regards,

This year’s performance also demonstrates the maturity of our strategic investments in complex generics, biosimilars, and specialty products. These investments, made over several years, have now crystallized into robust growth engines, proving the value of a disciplined and long-term approach to our development. This is a testament to the strength of our portfolio and enables us to expand access to affordable medicines and address evolving healthcare needs.

Our scientific, manufacturing, and quality capabilities, coupled with investments in advanced manufacturing, supply reliability, compliance, and digital systems, have played a critical role in furthering our purpose. Additionally, responsible resource utilization, inclusive practices, and strong governance, which are embedded in Lupin’s operating ethos, have become important contributors to operational excellence, stakeholder confidence, and long-term value creation.

Consistent Momentum Across Global Markets

Across our business, FY26 marked a year of robust financial performance. Consolidated revenues from operations stood at INR 279,580 million, reflecting year-on-year growth of approximately 23.1%. Our EBITDA rose by 68.6% to INR 92,405 million, translating to an EBITDA margin of 33.6%. Profit increased by 62% to INR 53,555 million. Together, these outcomes highlight a business delivering growth at a greater scale, improved profitability, and increasing financial flexibility.

The U.S. remained our largest market with revenues of INR 116,783 million and a strong year-on-year growth of 46%. This growth was driven by the expanding contribution of differentiated products, including Tiotropium Bromide Inhalation Powder, RLD Risperdal Consta®, and Armlupeg™, our first biosimilar commercialized in the U.S. Beyond commercial impact, these products reflect the outcomes of sustained investments in innovation, manufacturing, and regulatory capabilities, further strengthening the quality and resilience of our business in this strategically important market.

Our India Region Formulations business continued to deliver strong, consistent performance with growth outpacing the Indian Pharmaceutical Market. Chronic therapies, such as cardiovascular, respiratory, diabetes, and gastrointestinal, continue to drive momentum and currently account for approximately 66% of the Formulation revenues. India plays a critical role in supporting our global supply network, enabling the delivery of high-quality medicines across developed and emerging markets. Overall, the India business (excluding API) revenues rose to INR 81,140 million, an increase of 7.1% over the previous year. Additionally, we strengthened our presence in the rapidly expanding diabetes and obesity segment with the launch of our generic semaglutide, enabling us to deliver high-impact therapies at scale.

Other Developed Markets and Emerging Markets delivered a healthy growth of 13.3% and 35.2%, respectively, highlighting the robustness of our diversified global portfolio. In Other Developed Markets, growth was supported by differentiated and specialty products, portfolio optimization, and strategic acquisitions, including VISUfarma and Renascience. Emerging Markets benefited from portfolio expansion, improved healthcare access, and strong execution in priority markets, particularly Brazil, Mexico, and the Philippines. These businesses collectively contributed to a diversified revenue base, reduced concentration risk, and a resilient global growth platform.

Our ability to scale globally while maintaining a localized approach has been key to our success. By leveraging strategic partnerships, optimizing our supply chain, and investing in regulatory excellence, we have ensured that Lupin remains a trusted partner in healthcare delivery worldwide.

Cost optimization continues to be an important area of focus. We delivered USD 41 million in savings through procurement efficiency, freight optimization, yield improvement, and network optimization initiatives. Digital tools, automation, and process improvements augmented productivity and supply reliability, with On-Time In-Full (OTIF) reaching 98% in the U.S. and 99% in India.

Capital expenditure during the year totaled approximately INR 25,231 million, supporting manufacturing reliability, injectables and inhalation platforms, digital infrastructure, and compliance readiness. Concurrently, disciplined working capital management and improved inventory controls bolstered cash generation and capital efficiency across businesses.

By embedding a culture of accountability and continuous improvement, we have created a comprehensive operational framework designed to adapt to market dynamics while delivering consistent stakeholder value.

Innovation Anchored in Long-Term Value Creation

Innovation lies at the heart of our mission to address unmet patient needs. Lupin’s approach to innovation focuses on building differentiated capabilities to create long-term value and fulfill evolving patient requirements. During FY26, we invested 7.5% of sales in research and development, with greater priority to complex generics, inhalation products, injectables, biosimilars, peptide-based therapies, and differentiated formulations.

We also continued to advance our pipeline in regulated markets and expanded development efforts across complex and specialty platforms. The approval and launch of Armlupeg™ in the United States marked an important milestone in our biosimilars journey, while the launch of RLD Risperdal Consta® strengthened our capabilities in long-acting injectables and advanced drug delivery systems.

Moreover, the strong performance of products such as Tolvaptan and Mirabegron in the U.S. demonstrates our ability to translate India’s scientific talent, development capabilities, and manufacturing excellence into differentiated opportunities in highly regulated healthcare markets.

This innovation ecosystem is further supported by Nanomi’s specialized capabilities in complex injectable technologies, which enable us to develop differentiated platforms for global markets.

Strengthening the Enterprise Through Digital Capabilities

During FY26, we scaled the deployment of automation, analytics, and AI-enabled solutions across manufacturing, supply chain, finance, procurement, quality systems, and compliance processes. GenAI and automation initiatives have reduced process cycle times, strengthened planning capabilities, and improved responsiveness, resulting in tangible productivity gains across our operations. Digital applications across Sales and Operations Planning (SOP) management, procurement analytics, maintenance planning, manufacturing insights, finance operations, and compliance processes enable faster decision-making and more efficient execution across teams. Overall, investments in digital capabilities are yielding enhanced agility, improved operational visibility, and greater consistency in execution across the enterprise.

As digital adoption expands, cybersecurity and data privacy remain key priorities. Enhanced controls, continuous monitoring, and robust governance frameworks are helping us to safeguard business continuity and stakeholder trust. During the year, enterprise-wide digital infrastructure and cybersecurity capabilities were strengthened to enhance governance, resilience, and risk preparedness. Our approach remains focused on deploying technologies that create measurable operational value while supporting scale, quality, and long-term business readiness.

Capital Allocation and Balance Sheet Strength

Our capital allocation philosophy remains rooted in balancing growth investments, shareholder returns, and long-term financial resilience. During FY26, capital deployment remained aligned to strategic priorities across manufacturing, differentiated product platforms, digital infrastructure, and sustainability initiatives.

Strong operating cash flows of INR 73,345 million reinforced the balance sheet and provided flexibility to continue investing in long-term growth opportunities while maintaining financial discipline. Dividend payout during the year stood at INR 5,481 million, reflecting our continued commitment to balancing reinvestment priorities with shareholder returns.

We also continue to evaluate strategic investment opportunities that complement our scientific, manufacturing, and commercial capabilities while maintaining a disciplined approach toward capital deployment and returns.

Capital Deployment Summary (FY26)

Tax Transparency and Governance

Lupin’s approach to taxation is built on the foundation of sound governance that integrates transparency, ethical conduct, and disciplined risk management. Guided by our Global Tax Policy, we manage our tax practices responsibly, ensuring compliance with applicable laws and regulations while supporting sustainable value creation across the markets in which we operate.

Tax governance during FY26 focused on transparency, consistency, and oversight across jurisdictions. Aligning with the principles of Lupin’s Tax Transparency Report, introduced in FY23, we continued to emphasize compliance, accountability, and responsible stakeholder engagement. Through our tax disclosures, we provide greater clarity on tax principles, jurisdictional presence, and governance processes. At the same time, digitization of tax workflows improves data integrity and enhances responsiveness during audits, acquisitions, and entity restructuring. Standardized processes and streamlined documentation further improve engagement with tax authorities and external advisors, supporting long-term trust and responsible growth.

Through these initiatives, we reaffirm our commitment to upholding the highest standards of corporate governance and ethical responsibility.

Responsibility as a Core Performance Metric

Sustainability is integral to our vision of creating value for patients, people, and the planet. Our sustainability performance in FY26 highlighted deliberate choices and sustained execution across environmental, social, and governance priorities. We maintained our status as a water-positive organization for five consecutive years, supported by water conservation initiatives, wastewater recovery systems, and process optimization across manufacturing locations. Approximately 45% of water was recycled across operations, while 91% of hazardous waste was sent for co-processing, demonstrating our commitment to resource efficiency and circularity.

Additionally, we advanced our climate agenda through focused investments in renewable energy, energy efficiency, and decarbonization initiatives. We invested approximately INR 387 million in ESG-related initiatives across climate action, resource efficiency, water stewardship, and sustainable operations during the year. Further, we marked important milestones in our journey toward a lower-carbon operating model, with over 48% renewable energy usage and over 41% reduction in Scope-1 and Scope-2 emissions from our FY23 baseline.

The year concluded with several achievements that are significant to us. Lupin secured the top global ranking in the pharmaceutical sector in the S&P Global ESG Ratings, with an industry-leading score of 91/100, and emerged No. 1 across all sectors in India. We were also recognized among the top 1% of pharmaceutical companies globally in the S&P Global Corporate Sustainability Assessment and included in the Sustainability Yearbook for the third consecutive year. Our near-term climate targets were validated by the Science-Based Targets initiative (SBTi), and we received CDP ‘A’ ratings for both Climate Change and Water Security.

Developing Talent, Strengthening the Organization

Our people are the driving force of our success. In FY26, we reiterated our commitment to creating an inclusive, future-ready workplace that empowers every Lupinytt to thrive. We continued to invest in leadership depth, capability building, employee well-being, and inclusion to build workforce resilience and readiness across geographies. At the end of the year, our permanent workforce totaled over 26,000 employees, supported by structured talent management, learning, and performance systems. Prioritizing long-term talent sustainability, we continue to invest in succession planning, internal mobility, and leadership pipeline development. Programs such as GROW, LPRI, Genesis, and Lupin EXCEL are helping cultivate future leaders, deepen technical expertise, and foster greater collaboration across functions and geographies. Together, these initiatives enhance organizational agility and support long-term business resilience.

Lupin’s culture of employee engagement, inclusion, and trust has been recognized with the Great Place To Work® (GPTW) certification, based on extensive employee feedback and participation across global operations. This recognition reflects the collective spirit, commitment, and shared values that continue to shape the Lupin experience across our business.

Creating Value Beyond the Workplace

Through the Lupin Human Welfare and Research Foundation (LHWRF), we continue to support communities across the country with targeted initiatives spanning healthcare access, rural development, livelihood enhancement, women’s empowerment, and education. During FY26, our community programs impacted 510,805 beneficiaries, focusing on creating stronger, healthier, and more self-reliant communities, while our patient support programs reached 2.5+ million people, improving access to healthcare.

Employee participation remains a strong driver of social impact. During the year, 12,000+ Lupinytts contributed over 35,000 volunteering hours, advancing initiatives in healthcare, education, environmental conservation, and community development. In parallel, we deepened responsible business practices by engaging 400+ suppliers on sustainability, conducting structured ESG assessments for key partners, and extending capacity-building programs to support long-term resilience, operational responsibility, and inclusive growth in our partner ecosystem.

Looking Ahead

FY26 has fortified the foundation upon which we are shaping our next phase of value creation and growth. Looking ahead, our focus will be on sharpening execution while pursuing ambition with discipline.

We will continue to build a differentiated portfolio across inhalation, injectables, biosimilars, and specialty adjacencies. In parallel, we aim to scale digital and AI capabilities. Innovation will continue to be a cornerstone of our strategy, enhancing productivity, accelerating decision-making, and supporting enterprise value creation.

We closed FY26 with a Return on Capital Employed (ROCE) of 28.4%, up from 21.6% in FY25, showcasing improved capital efficiency and a more robust business performance. Supported by a net cash position, healthy cash generation, and a resilient balance sheet, we are well-positioned to invest in innovation, scale strategic growth platforms, and pursue future opportunities with confidence.

We remain committed to building an institution grounded in India’s scientific and manufacturing leadership, serving patients globally while upholding the highest standards of quality, reliability, and responsibility.

I extend my sincere appreciation to our employees, partners, and shareholders for the trust they continue to place in us.

Together, we carry forward the shared purpose of catalyzing treatments that transform hope into healing – with conviction, consistency, and commitment.

Warm Regards,

Ramesh Swaminathan

Executive Director, Global CFO, Head of IT and API Plus SBU