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Lupin Q1FY27 revenues grew by ~33% YoY to ₹8217 crore

ICICIdirect Research 07 Aug 2026 DISCLAIMER

News: Lupin Q1FY27 revenues grew by ~33% YoY to ₹8217 crore, primarily driven by the US, which grew 43 % to ₹3435 crore, Emerging markets grew 58% to ₹990 crore and other developed markets grew 83% to ₹1146.3 crore. India grew 14% to ₹2379.6 crore. API segment also grew by 8% to ₹263.7 crore. EBITDA rose 49% YoY to ₹2449.6 crore, with EBITDA margins improving by 328 bps to 29.1%, largely supported by strong gross profit margins (74.8% vs 71.7%)

View: Strong growth was attributable to US launches under exclusivity, besides launches across regions and sustained focus on profitability. India growth was also strong with branded formulations growth of 15%. The company has maintained the strong EBITDA margins trajectory, mainly driven by strong GPM performance. This suggests that the product mix for the company has improved significantly, with strong US performance driven by high-value complex products and decent launch momentum across markets. Going ahead, the sustainability of this performance, especially on the margins front, would be the key determinant for investors' sentiments. We wait for more insights from the management.

Impact: Positive

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