Date: November 04, 2026

Financial Performance Overview

Lupin Limited reported unaudited consolidated financial results for Q2 FY2027 (quarter ended September 30, 2026). The company showed strong top-line growth but significant margin pressure leading to lower profitability.

Key Financial Metrics

| Metric | Q2 FY2027 | Q2 FY2026 | YoY Change | Q1 FY2027 | QoQ Change |

| Sales | ₹77,855 Mn | ₹68,314 Mn | ↑14.0% | ₹82,172 Mn | ↓5.3% |

| EBITDA | ₹21,712 Mn | ₹24,313 Mn | ↓10.7% | ₹25,799 Mn | ↓15.8% |

| EBITDA Margin | 27.9% | 35.6% | ↓770 bps | 31.4% | ↓350 bps |

| PBT | ₹15,796 Mn | ₹20,070 Mn | ↓21.3% | ₹20,174 Mn | ↓21.7% |

| PAT | ₹11,553 Mn | ₹14,848 Mn | ↓22.2% | ₹14,170 Mn | ↓18.5% |

Income Statement Breakdown

  • Gross Profit increased 15.4% YoY to ₹57,774 Mn from ₹50,066 Mn in Q2 FY2026, with gross margin at 74.2%.
  • Personnel cost increased 28.8% YoY to ₹14,236 Mn (18.3% of sales) from ₹11,056 Mn (16.2% of sales) in Q2 FY2026.
  • Manufacturing and other expenses increased 23.2% YoY to ₹24,381 Mn (31.3% of sales) from ₹19,796 Mn (29.0% of sales) in Q2 FY2026.
  • Other Income was ₹1,267 Mn (1.6% of sales), up 40.8% YoY from ₹900 Mn.
  • Forex Gain was ₹870 Mn (-1.1% of sales) compared to ₹2,038 Mn gain in Q2 FY2026.
  • Depreciation, Amortization & Impairment expense increased 53.4% YoY to ₹4,859 Mn (6.2% of sales) from ₹3,168 Mn.
  • Finance cost decreased 1.7% YoY to ₹1,057 Mn (1.4% of sales) from ₹1,075 Mn.
  • Tax expense was ₹4,243 Mn (5.4% of sales), down 18.7% YoY from ₹5,222 Mn.
  • R&D investment for the quarter was ₹6,181 Mn (7.9% of sales), compared to ₹5,222 Mn (7.6% of sales) in Q2 FY2026.

Balance Sheet and Capital Allocation

  • Operating working capital was ₹75,420 Mn as of September 30, 2026, with operating days at 87 days.
  • Capital Expenditure for the quarter was ₹2,230 Mn.
  • Net Debt as of September 30, 2026, stands at ₹-33,490 Mn (net cash position).
  • Net Debt Equity ratio as of September 30, 2026, stands at -0.14.

Regional Sales Performance

| Market | Q2 FY2027 Sales | Q2 FY2026 Sales | YoY Growth | Q1 FY2027 Sales | QoQ Growth | % of Global Sales |

| U.S. | ₹30,202 Mn | ₹27,624 Mn | ↑9.3% | ₹34,348 Mn | ↓12.1% | 39% |

| India | ₹23,836 Mn | ₹20,777 Mn | ↑14.7% | ₹23,796 Mn | ↑0.2% | 31% |

| Other Developed Markets | ₹11,823 Mn | ₹8,117 Mn | ↑45.7% | ₹11,494 Mn | ↑2.9% | 15% |

| Emerging Markets | ₹8,908 Mn | ₹9,228 Mn | ↓3.5% | ₹9,897 Mn | ↓10.0% | 11% |

| API | ₹3,086 Mn | ₹2,568 Mn | ↑20.2% | ₹2,637 Mn | ↑17.0% | 4% |

| Total Product Sales | ₹77,855 Mn | ₹68,314 Mn | ↑14.0% | ₹82,172 Mn | ↓5.3% | 100% |

Operational Highlights

U.S. Market:

  • U.S. sales were $317 Mn in Q2 FY2027 compared with $314 Mn in Q2 FY2026
  • Received 4 ANDA and 1 NDA 505(b)(2) approvals from U.S. FDA
  • Launched 1 product 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 September 2026)
  • Leader in 61 marketed generics and among Top 3 in 113 marketed products in the U.S.

India Market:

  • India Region Formulation sales up by 13.8% in the quarter compared to Q2 FY2026
  • Launched 5 brands across therapies during the quarter
  • 8th largest company in the Indian Pharmaceutical Market (IQVIA MAT September 2026)

Regulatory Milestones:

  • Cumulative ANDA filings with U.S. FDA stand at 429 as of September 30, 2026
  • Received 353 ANDA approvals to date
  • Has 48 First-to-File (FTF) filings including 21 exclusive FTF opportunities
  • Cumulative U.S. DMF filings stand at 94 as of September 30, 2026

Management Commentary

Mr. Nilesh Gupta, Managing Director, stated: "We delivered a strong first half of FY27, underpinned by solid growth across key markets and sustained profitability. While we remain mindful of near-term challenges, we are confident in our long-term growth prospects, supported by the strength of our portfolio, continued investments in R&D and commercial capabilities, and our unwavering focus on disciplined execution."