Mumbai, November 04, 2026: Pharma major Lupin Limited [BSE: 500257 | NSE: LUPIN] reported its financial performance for the quarter ended September 30, 2026. 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 | Q2 FY2027 | Q2 FY2026 | YoY Growth % | Q1 FY2027 | QoQ Growth % |
| Sales | 77,855 | 68,314 | ↑ 14.0% | 82,172 | ↓ 5.3% |
| EBITDA* | 21,712 | 24,313 | ↓ 10.7% | 25,799 | ↓ 15.8% |
| EBITDA Margin (%)* | 27.9% | 35.6% | ↓ 770 bps | 31.4% | ↓ 350 bps |
| PBT | 15,796 | 20,070 | ↓ 21.3% | 20,174 | ↓ 21.7% |
| PAT | 11,553 | 14,848 | ↓ 22.2% | 14,170 | ↓ 18.5% |
Income Statement Highlights – Q2 FY2027
Consolidated Financial Results Q2 FY2027
Amt in INR Mn
| Particulars | Q2 FY2027 | % of sales | Q2 FY2026 | % of sales | YoY Gr% | Q1 FY2027 | % of sales | QoQ Gr% |
| Sales | 77,855 | 100.0% | 68,314 | 100.0% | ↑ 14.0% | 82,172 | 100.0% | ↓ 5.3% |
| Other operating income | 418 | 0.5% | 2,161 | 3.2% | ↓ 80.7% | 597 | 0.7% | ↓ 30.0% |
| Total Revenue from operations | 78,273 | 100.5% | 70,475 | 103.2% | ↑ 11.1% | 82,769 | 100.7% | ↓ 5.4% |
| Material cost | 20,081 | 25.8% | 18,248 | 26.7% | ↑ 10.0% | 20,892 | 25.4% | ↓ 3.9% |
| Gross Profit (excluding Other operating income) | 57,774 | 74.2% | 50,066 | 73.3% | ↑ 15.4% | 61,280 | 74.6% | ↓ 5.7% |
| Employee cost | 14,236 | 18.3% | 11,056 | 16.2% | ↑ 28.8% | 13,830 | 16.8% | ↑ 2.9% |
| Manufacturing & Other expenses | 24,381 | 31.3% | 19,796 | 29.0% | ↑ 23.2% | 23,412 | 28.5% | ↑ 4.1% |
| Other Income | 1,267 | 1.6% | 900 | 1.3% | ↑ 40.8% | 1,303 | 1.6% | ↓ 2.7% |
| Forex Loss / (Gain) | (870) | -1.1% | (2,038) | -3.0% | ↓ 57.3% | 139 | 0.2% | NA |
| EBITDA | 21,712 | 27.9% | 24,313 | 35.6% | ↓ 10.7% | 25,799 | 31.4% | ↓ 15.8% |
| Depreciation, Amortization & Impairment expense | 4,859 | 6.2% | 3,168 | 4.6% | ↑ 53.4% | 4,529 | 5.5% | ↑ 7.3% |
| EBIT | 16,853 | 21.6% | 21,145 | 31.0% | ↓ 20.3% | 21,270 | 25.9% | ↓ 20.8% |
| Finance cost | 1,057 | 1.4% | 1,075 | 1.6% | ↓ 1.7% | 1,096 | 1.3% | ↓ 3.6% |
| Profit Before Tax (PBT) | 15,796 | 20.3% | 20,070 | 29.4% | ↓ 21.3% | 20,174 | 24.6% | ↓ 21.7% |
| Tax | 4,243 | 5.4% | 5,222 | 7.6% | ↓ 18.7% | 6,004 | 7.3% | ↓ 29.3% |
| Profit After Tax (PAT) | 11,553 | 14.8% | 14,848 | 21.7% | ↓ 22.2% | 14,170 | 17.2% | ↓ 18.5% |
| (-) Share of (Profit)/Loss from JV | (0) | 0.0% | - | - | - | 0 | 0.0% | NA |
| (-) Non-Controlling Interest | 0 | 0.0% | 69 | 0.1% | ↓ 99.4% | 20 | 0.0% | ↓ 98.0% |
| Profit/(Loss) for the period | 11,553 | 14.8% | 14,779 | 21.6% | ↓ 21.8% | 14,150 | 17.2% | ↓ 18.4% |
Sales Mix
Amt in INR Mn
| Particulars | Q2 FY2027 | Q2 FY2026 | YoY Growth % | Q1 FY2027 | QoQ Growth % |
| U.S. | 30,202 | 27,624 | ↑ 9.3% | 34,348 | ↓ 12.1% |
| India | 23,836 | 20,777 | ↑ 14.7% | 23,796 | ↑ 0.2% |
| Other Developed Markets | 11,823 | 8,117 | ↑ 45.7% | 11,494 | ↑ 2.9% |
| Emerging Markets | 8,908 | 9,228 | ↓ 3.5% | 9,897 | ↓ 10.0% |
| Total Formulations | 74,769 | 65,746 | ↑ 13.7% | 79,535 | ↓ 6.0% |
| API | 3,086 | 2,568 | ↑ 20.2% | 2,637 | ↑ 17.0% |
| Total Product Sales | 77,855 | 68,314 | ↑ 14.0% | 82,172 | ↓ 5.3% |
Q2 FY2027 Sales Mix
Operational Highlights
U.S.
U.S. sales for Q2 FY2027 were INR 30,202 Mn up 9.3% compared to INR 27,624 Mn in Q2 FY2026; (USD 317 Mn
in Q2 FY2027 compared with USD 314 Mn in Q2 FY2026); accounting for 39% of Lupin’s global sales.
The Company received 4 ANDA and 1 NDA 505(b)(2) approvals from the U.S. FDA, and launched 1 product 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 Quarter September 2026). Lupin is the leader in 61 of its marketed generics in the U.S. and amongst the Top 3 in 113 of its marketed products (IQVIA Quarter September 2026 by extended units).
India
India sales for Q2 FY2027 were INR 23,836 Mn, up 14.7% compared to INR 20,777 Mn in Q2 FY2026; accounting for 31% of Lupin’s global sales. India Region Formulation sales up by 13.8% in the quarter as compared to Q2 FY2026.
The Company launched 5 brands across therapies during the quarter. Lupin is the 8th largest company in the Indian Pharmaceutical Market (IQVIA MAT September 2026).
Other Developed Markets
Other Developed markets sales for Q2 FY2027 were INR 11,823 Mn, up 45.7% compared to INR 8,117 Mn in Q2 FY2026; accounting for 15% of Lupin’s global sales.
Emerging Markets
Emerging Markets sales for Q2 FY2027 were INR 8,908 Mn, down 3.5% compared to INR 9,228 Mn in Q2 FY2026; accounting for 11% of Lupin’s global sales.
Global API
Global API sales for Q2 FY2027 were INR 3,086 Mn, up 20.2% compared to INR 2,568 Mn in Q2 FY2026; accounting for 4% of Lupin’s global sales.
Research and Development
Investment in R&D was INR 6,181 Mn (7.9% of sales) for the quarter as compared to INR 5,222 Mn (7.6% of sales) for Q2 FY2026.
Lupin received approval for 4 ANDA and 1 NDA 505(b)(2) from the U.S. FDA in the quarter. Cumulative ANDA filings with the U.S. FDA stand at 429 as of September 30, 2026, with the company having received 353 approvals to date.
The Company now 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.
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 6 research centers globally, along with a dedicated workforce of over 26,000 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
