Mumbai, February 12, 2026: Pharma major Lupin Limited [BSE: 500257 | NSE: LUPIN] reported its financial performance for the quarter ending December 31, 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 | ||||
| Q3 FY2026 | Q3 FY2025 | YoY Growth % | Q2 FY2026 | QoQ Growth % | |
| Sales | 71,005 | 56,186 | ↑ 26.4% | 68,314 | ↑ 3.9% |
| EBITDA | 23,766 | 14,098 | ↑ 68.6% | 124,313 | ↓ 2.2% |
| EBITDA Margin (%) | 33.5% | 25.1% | ↑ 840 bps | 35.6% | ↓ 210 bps |
| Adjusted PBT | 15,220 | 10,713 | ↑ 42.1% | 20,070 | ↓ 24.2% |
| PAT | 11,805 | 8,589 | ↑ 37.4% | 14,848 | ↓ 20.5% |
Income Statement Highlights – Q3 FY2026
Consolidated Financial Results Q3 FY2026
Amt in INR Mn
| Particulars | Q3 FY2026 | % of sales | Q3 FY2025 | % of sales | YoY Gr% | Q2 FY2026 | % of sales | QoQ Gr% |
| Sales | 71,005 | 100.0% | 56,186 | 100.0% | ↑ 26.4% | 68,314 | 100.0% | ↑ 3.9% |
| Other operating income | 670 | 0.9% | 1,492 | 2.7% | ↓ 55.1% | 2,161 | 3.2% | ↓ 69.0% |
| Total Revenue from operations | 71,675 | 100.9% | 57,678 | 102.7% | ↑ 24.3% | 70,475 | 103.2% | ↑ 1.7% |
| Material cost | 18,781 | 26.5% | 17,216 | 30.6% | ↑ 9.1% | 18,248 | 26.7% | ↑ 2.9% |
| Gross Profit (Excl. Other op. income) | 52,224 | 73.5% | 38,970 | 69.4% | ↑ 34.0% | 50,066 | 73.3% | ↑ 4.3% |
| Employee cost | 11,433 | 16.1% | 9,844 | 17.5% | ↑ 16.1% | 11,056 | 16.2% | ↑ 3.4% |
| Manufacturing & Other expenses | 19,366 | 27.3% | 16,959 | 30.2% | ↑ 14.2% | 19,796 | 29.0% | ↓ 2.2% |
| Other Income | 1,147 | 1.6% | 537 | 1.0% | ↑ 113.6% | 900 | 1.3% | ↑ 27.4% |
| Forex Loss / (Gain) | (524) | -0.7% | 98 | 0.2% | ↑634.7% | (2,038) | -3.0% | ↓ 74.3% |
| EBITDA | 23,766 | 33.5% | 14,098 | 25.1% | ↑ 68.6% | 24,313 | 35.6% | ↓ 2.2% |
| Depreciation, Amortization & Impairment Expense | 3,130 | 4.4% | 2,716 | 4.8% | ↑ 15.2% | 3,168 | 4.6% | ↓ 1.2% |
| EBIT | 20,636 | 29.1% | 11,382 | 20.3% | ↑ 81.3% | 21,145 | 31.0% | ↓ 2.4% |
| Finance cost | 1,150 | 1.6 % | 669 | 1.2% | ↑ 71.9% | 1,075 | 1.6% | ↑ 7.0% |
| Profit Before Tax (PBT) and Exceptional items | 19,486 | 27.4% | 10,713 | 19.1% | ↑ 81.9% | 20,070 | 29.4% | ↓ 2.9% |
| Exceptional items (Net) | 4,266 | 6.0% | - | - | ↑ NA | - | - | NA |
| Profit Before Tax (PBT) | 15,220 | 21.4% | 10,713 | 19.1% | ↑ 42.1% | 20,070 | 29.4% | ↓ 24.2% |
| Tax | 3,415 | 4.8% | 2,124 | 3.8% | ↑ 60.8% | 5,222 | 7.6% | ↓ 34.6% |
| Profit After Tax (PAT) | 11,805 | 16.6% | 8,589 | 15.3% | ↑ 37.4% | 14,848 | 21.7% | ↓20.5% |
| (+) Share of Profit from JV | - | - | - | - | - | - | - | - |
| (-) Non-Controlling Interest | 49 | 0.1% | 37 | 0.1% | ↑ 32.4% | 69 | 0.1% | ↓ 29.0% |
| Profit/(Loss) for the period | 11,756 | 16.6% | 8,552 | 15.2% | ↑ 37.5% | 14,779 | 21.6% | ↓ 20.5% |
Amt in INR Mn
| Particulars | Q3 FY2026 | Q3 FY2025 | Growth YOY | Q3 FY2026 | Growth QOQ |
| U.S. | 31,132 | 20,221 | 54.0% | 27,624 | 12.7% |
| India | 20,387 | 19,305 | 5.6% | 20,777 | -1.9% |
| Other Developed Markets | 8,121 | 7,328 | 10.8% | 8,117 | 0.0% |
| Emerging Markets | 9,170 | 6,441 | 42.4% | 9,228 | -0.6% |
| Total Formulations | 68,810 | 53,295 | 29.1% | 65,746 | 4.7% |
| API | 2,195 | 2,891 | -24.1% | 2,568 | -14.5% |
| Total Product Sales | 71,005 | 56,186 | 26.4% | 68,314 | 3.9% |
Q2 FY2026 – Sales Mix
Operational Highlights
U.S.
U.S. sales for Q3 FY2026 were INR 31,132 Mn up 54.0% compared to INR 20,221 Mn in Q3 FY2025; (USD 350 Mn in Q3 FY2026 compared with USD 240 Mn in Q3 FY2025); accounting for 44% of Lupin’s global sales.
The Company received 1 ANDA approvals from the U.S. FDA, and launched 3 products 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 Qtr. TRx Dec 2025). Lupin is the leader in 55 of its marketed generics in the U.S. and amongst the Top 3 in 116 of its marketed products (IQVIA Qtr Dec 2025 by extended units).
India
India sales for Q3 FY2026 were INR 20,387 Mn, up 5.6% compared to INR 19,305 Mn in Q3 FY2025; accounting for 29% of Lupin’s global sales. India Region Formulation sales up by 10.9% in the quarter as compared to Q3 FY2025.
The Company launched 3 brands across therapies during the quarter. Lupin is the 8th largest company in the Indian Pharmaceutical Market (IQVIA MAT Dec 2025).
Other Developed Markets
Other Developed markets sales for Q3 FY2026 were INR 8,121 Mn, up 10.8% compared to INR 7,328 Mn in Q3 FY2025; accounting for 11% of Lupin’s global sales.
Emerging Markets
Emerging Markets sales for Q3 FY2026 were INR 9,170 Mn, up 42.4% compared to INR 6,441 Mn in Q3 FY2025; accounting for 13% of Lupin’s global sales.
Global API
Global API sales for Q3 FY2026 were INR 2,195 Mn, down 24.1% compared to INR 2,891 Mn in Q3 FY2025; accounting for 3% of Lupin’s global sales.
Research and Development
Investment in R&D was INR 5,352 Mn (7.5% of sales) for the quarter as compared to INR 4,412 Mn (7.9% of sales) for Q3 FY2025.
Lupin received approval for 1 ANDAs from the U.S. FDA in the quarter. Cumulative ANDA filings with the U.S. FDA stand at 431 as of December 31, 2025, with the company having received 341 approvals to date.
The Company now has 52 First-to-File (FTF) filings including 22 exclusive FTF opportunities. Cumulative U.S. DMF filings stand at 93 as of December 31, 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
