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Mumbai, August 05, 2025: Pharma major Lupin Limited [BSE: 500257 | NSE: LUPIN] reported its financial performance for the quarter ending June 30, 2025. 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 | ||||
| Q1 FY2026 | Q1 FY2025 | YoY Growth % | Q4 FY2025 | QoQ Growth % | |
| Sales | 61,638 | 55,143 | ↑ 11.8% | 55,622 | ↑ 10.8% |
| EBITDA | 18,063 | 13,088 | ↑ 38.0% | 13,781 | ↑ 31.1% |
| EBITDA Margin (%) | 29.3% | 23.7% | ↑ 560 bps | 24.8% | ↑ 450 bps |
| PBT | 14,155 | 9,930 | ↑ 42.5% | 8,958 | ↑ 58.0% |
| PAT | 12,215 | 8,055 | ↑ 51.6% | 7,824 | ↑ 56.1% |
Income Statement Highlights – Q1 FY2026
- Gross Profit was INR 43,919 Mn compared to INR 37,697 Mn in Q1 FY2025, with a gross margin of 71.3%.
- Personnel cost was 17.6% of sales at INR 10,830 Mn compared to INR 9,710 Mn in Q1 FY2025.
- Manufacturing and other expenses were 28.7% of sales at INR 17,720 Mn compared to INR 15,984 Mn in Q1 FY2025.
- PBT at INR 14,155 Mn at 23.0%, up 42.5% YoY from INR 9,930 Mn in Q1 FY2025.
- Investment in R&D for the quarter was INR 4,844 Mn (7.9% of sales).
Balance Sheet highlights
- Operating working capital was INR 72,871 Mn as on June 30, 2025.
- Capital Expenditure for the quarter was INR 2,086 Mn.
- Net Debt as on June 30, 2025, stands at INR -12,386 Mn.
- Net Debt Equity as on June 30, 2025, stands at -0.07.
Commenting on the results, Mr. Nilesh Gupta, Managing Director, Lupin Limited said “We continue to build strong business momentum, anchored by a robust product portfolio, improved efficiencies, and effective use of assets and investments. As we begin the year, our sharpened focus on compliance, innovation, and technology positions us to further unlock sustainable growth”
Consolidated Financial Results Q1 FY2026
Amt in INR Mn
| Particulars | Q1 FY2026 |
% of sales | Q1 FY2025 | % of sales | YoY Gr% | Q4 FY2025 |
% of sales | QoQ Gr% |
| Sales | 61,638 | 100.0% | 55,143 | 100.0% | ↑ 11.8% | 55,622 | 100.0% | ↑ 10.8% |
| Other operating income | 1,045 | 1.7% | 860 | 1.6% | ↑ 21.6% | 1,049 | 1.9% | ↓ -0.4% |
| Total Revenue from operations | 62,683 | 101.7% | 56,003 | 101.6% | ↑ 11.9% | 56,671 | 101.9% | ↑ 10.6% |
| Material cost | 17,719 | 28.7% | 17,446 | 31.6% | ↑ 1.6% | 16,862 | 30.3% | ↑ 5.1% |
| Gross Profit (Excl. Other op. income) | 43,919 | 71.3% | 37,697 | 68.4% | ↑ 16.5% | 38,760 | 69.7% | ↑ 13.3% |
| Employee cost | 10,830 | 17.6% | 9,710 | 17.6% | ↑ 11.5% | 10,013 | 18.0% | ↑ 8.2% |
| Manufacturing & Other expenses | 17,720 | 28.7% | 15,984 | 29.0% | ↑ 10.9% | 16,876 | 30.3% | ↑ 5.0% |
| Other Income | 790 | 1.3% | 678 | 1.2% | ↑ 16.5% | 570 | 1.0% | ↑ 38.6% |
| Forex Loss / (Gain) | (859) | -1.4% | 453 | 0.8% | ↑289.6% | (291) | -0.5% | ↑ 195.2% |
| EBITDA | 18,063 | 29.3% | 13,088 | 23.7% | ↑ 38.0% | 13,781 | 24.8% | ↑ 31.1% |
| Depreciation, Amortization & Impairment Expense | 2,990 | 4.9% | 2,478 | 4.5% | ↑ 20.7% | 3,932 | 7.1% | ↓-24.0% |
| EBIT | 15,073 | 24.5% | 10,610 | 19.2% | ↑ 42.1% | 9,849 | 17.7% | ↑ 53.0% |
| Finance cost | 918 | 1.5% | 680 | 1.2% | ↑ 35.0% | 891 | 1.6% | ↑ 3.0% |
| Profit Before Tax (PBT) | 14,155 | 23.0% | 9,930 | 18.0% | ↑ 42.5% | 8,958 | 16.1% | ↑ 58.0% |
| Tax | 1,940 | 3.1% | 1,875 | 3.4% | ↑ 3.5% | 1,134 | 2.0% | ↑ 71.1% |
| Profit After Tax (PAT) | 12,215 | 19.8% | 8,055 | 14.6% | ↑ 51.6% | 7,824 | 14.1% | ↑ 56.1% |
| (+) Share of Profit from JV | – | – | – | – | – | – | – | – |
| (-) Non-Controlling Interest | 24 | 0.0 % | 42 | 0.1% | ↓-42.9% | 99 | 0.2% | ↓-75.8% |
| Profit/(Loss) for the period | 12,191 | 19.8% | 8,013 | 14.5% | ↑ 52.1% | 7,725 | 13.9% | ↑ 57.8% |
Sales Mix
Amt in INR Mn
| Particulars | Q1 FY2026 | Q1 FY2025 | Growth YOY | Q4 FY2025 | Growth QOQ |
| U.S. | 24,041 | 19,337 | 24.3% | 21,665 | 11.0% |
| India | 20,894 | 19,381 | 7.8% | 17,113 | 22.1% |
| Other Developed Markets | 7,748 | 6,600 | 17.4% | 7,890 | -1.8% |
| Emerging Markets | 6,524 | 6,203 | 5.2% | 6,639 | -1.7% |
| Total Formulations | 59,207 | 51,521 | 14.9% | 53,307 | 11.1% |
| API | 2,431 | 3,622 | -32.9% | 2,315 | 5.0% |
| Total Product Sales | 61,638 | 55,143 | 11.8% | 55,622 | 10.8% |
Note: Above numbers have been regrouped for comparison
Operational Highlights
U.S.
U.S. sales for Q1 FY2026 were INR 24,041 Mn up 24.3% compared to INR 19,337 Mn in Q1 FY2025; (USD 282 Mn in Q1FY2026 compared with USD 231 Mn in Q1FY2025); accounting for 39% of Lupin’s global sales.
The Company received 2 ANDA approvals from the U.S. FDA, and launched 3 products in the quarter in the U.S. The Company now has 139 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 Qtr. TRx June 2025). Lupin is the leader in 47 of its marketed generics in the U.S. and amongst the Top 3 in 116 of its marketed products (IQVIA Qtr June 2025 by extended units).
India
India sales for Q1 FY2026 were INR 20,894 Mn, up 7.8% compared to INR 19,381 Mn in Q1 FY2025; accounting for 34% of Lupin’s global sales. India Region Formulation sales up by 8.6% in the quarter as compared to Q1 FY2025.
The Company launched 5 brands across therapies during the quarter. Lupin is the 8th largest company in the Indian Pharmaceutical Market (IQVIA MAT June 2025).
Other Developed Markets
Other Developed markets sales for Q1 FY2026 were INR 7,748 Mn, up 17.4% compared to INR 6,600 Mn in Q1 FY2025; accounting for 13% of Lupin’s global sales.
Emerging Markets
Emerging Markets sales for Q1 FY2026 were INR 6,524 Mn, up 5.2% compared to INR 6,203 Mn in Q1 FY2025; accounting for 10% of Lupin’s global sales.
Global API
Global API sales for Q1 FY2026 were INR 2,431 Mn, down 32.9% compared to INR 3,622 Mn in Q1 FY2025; accounting for 4% of Lupin’s global sales.
Research and Development
Investment in R&D was INR 4,844 Mn (7.9% of sales) for the quarter as compared to INR 3,500 Mn (6.3% of sales) for Q1 FY2025.
Lupin received approval for 2 ANDAs from the U.S. FDA in the quarter. Cumulative ANDA filings with the U.S. FDA stand at 442 as of June 30, 2025, with the company having received 342 approvals to date.
The Company now has 49 First-to-File (FTF) filings including 19 exclusive FTF opportunities. Cumulative U.S. DMF filings stand at 92 as of June 30, 2025.
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 7 research centers globally, along with a dedicated workforce of over 24,000 professionals. Lupin is committed to improving patient health outcomes through its subsidiaries – Lupin Diagnostics, Lupin Digital Health, and Lupin Manufacturing Solutions.
To know more, visit www.lupin.com or follow us on LinkedIn https://www.linkedin.com/company/lupin
For further information or queries please contact –
Rajalakshmi Azariah
Vice President & Global Head – Corporate Communications, Lupin
rajalakshmiazariah@lupin.com