Financial Performance Summary

Lupin Limited reported unaudited consolidated financial results for the quarter ended June 30, 2026 (Q1 FY2027).

Key Financial Metrics:

| Metric | Q1 FY2027 | Q1 FY2026 | YoY Growth | Q4 FY2026 | QoQ Growth |

| Sales | ₹82,172 Mn | ₹61,638 Mn | ↑ 33.3% | ₹73,919 Mn | ↑ 11.2% |

| EBITDA* | ₹25,799 Mn | ₹18,063 Mn | ↑ 42.8% | ₹26,263 Mn | ↓ 1.8% |

| EBITDA Margin* | 31.4% | 29.3% | ↑ 210 bps | 35.5% | ↓ 410 bps |

| PBT | ₹20,174 Mn | ₹14,155 Mn | ↑ 42.5% | ₹19,280 Mn | ↑ 4.6% |

| PAT | ₹14,170 Mn | ₹12,215 Mn | ↑ 16.0% | ₹14,687 Mn | ↓ 3.5% |

*Includes forex & other income

Income Statement Details

  • Gross Profit: ₹61,280 Mn, up 39.5% YoY from ₹43,919 Mn in Q1 FY2026
  • Gross Margin: 74.6%
  • Personnel Cost: ₹13,830 Mn (16.8% of sales), compared to ₹10,830 Mn in Q1 FY2026
  • Manufacturing and Other Expenses: ₹23,412 Mn (28.5% of sales), compared to ₹17,720 Mn in Q1 FY2026
  • PBT Margin: 24.6% of sales
  • R&D Investment: ₹6,077 Mn (7.4% of sales), compared to ₹4,975 Mn (8.1% of sales) in Q1 FY2026

Balance Sheet Highlights

  • Operating Working Capital: ₹82,596 Mn as on June 30, 2026
  • Operating Days: 90 days for the quarter
  • Capital Expenditure: ₹2,786 Mn for the quarter
  • Net Debt: ₹-28,308 Mn (net cash position) as on June 30, 2026
  • Net Debt Equity: -0.12 as on June 30, 2026

Segment-wise Performance

Sales Mix (Amount in INR Mn):

| Market | Q1 FY2027 | Q1 FY2026 | YoY Growth | Q4 FY2026 | QoQ Growth |

| U.S. | ₹34,348 Mn | ₹24,041 Mn | ↑ 42.9% | ₹33,987 Mn | ↑ 1.1% |

| India | ₹23,796 Mn | ₹20,894 Mn | ↑ 13.9% | ₹19,082 Mn | ↑ 24.7% |

| Other Developed Markets | ₹11,494 Mn | ₹7,748 Mn | ↑ 48.3% | ₹8,453 Mn | ↑ 36.0% |

| Emerging Markets | ₹9,897 Mn | ₹6,524 Mn | ↑ 51.7% | ₹9,906 Mn | ↓ 0.1% |

| API | ₹2,637 Mn | ₹2,431 Mn | ↑ 8.5% | ₹2,491 Mn | ↑ 5.9% |

| Total Product Sales | ₹82,172 Mn | ₹61,638 Mn | ↑ 33.3% | ₹73,919 Mn | ↑ 11.2% |

Market Contribution to Global Sales:

  • U.S.: 42%
  • India: 29%
  • Other Developed Markets: 14%
  • Emerging Markets: 12%
  • API: 3%

Operational Highlights

U.S. Market:

  • Sales: USD 366 Mn in Q1 FY2027 compared to USD 282 Mn in Q1 FY2026
  • Received 6 ANDA approvals from U.S. FDA
  • Launched 3 products in the quarter
  • Currently has 149 generic products in the U.S. market
  • 3rd largest pharmaceutical player in both U.S. generic market and U.S. total market by prescriptions (IQVIA Quarter June 2026)
  • Leader in 56 marketed generics and among Top 3 in 112 marketed products (IQVIA Quarter June 2026)

India Market:

  • India Region Formulation sales up 15.1% YoY
  • Launched 7 brands across therapies during the quarter
  • 8th largest company in Indian Pharmaceutical Market (IQVIA MAT June 2026)

R&D Pipeline:

  • Cumulative ANDA filings with U.S. FDA: 429 as of June 30, 2026
  • ANDA approvals received: 350 to date
  • First-to-File (FTF) filings: 50 including 21 exclusive FTF opportunities
  • Cumulative U.S. DMF filings: 94 as of June 30, 2026

Management Commentary

Mr. Nilesh Gupta, Managing Director, Lupin Limited stated: "We are pleased to begin FY27 with a strong performance, driven by robust growth across our key markets and continued improvement in profitability. Our focus on execution, operational excellence, and sustained investments in technology and innovation continue to strengthen the business and position us for sustainable, profitable growth over the long term."

Company Overview

Lupin Limited is a global pharmaceutical leader headquartered in Mumbai, India, with products distributed in over 100 markets. The company specializes in pharmaceutical products including branded and generic formulations, complex generics, biotechnology products, and active pharmaceutical ingredients. Lupin has 15 manufacturing sites and 7 research centers globally, with over 26,000 professionals.