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Lupin Results: Latest Quarterly Results & Analysis

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Lupin Ltd. 08 May 2026 11:25 AM
Result PDF

Q4FY26 & FY26 Result Announced for Lupin Ltd.

Pharmaceuticals company Lupin announced Q4FY26 & FY26 results

Consolidated Financial Highlights:

  • The company’s sales for Q4FY26 stood at Rs 73,919 million, representing a YoY growth of 32.9% from Rs 55,622 million and a QoQ growth of 4.1% from Rs 71,005 million.
  • Total Revenue from operations for the quarter was Rs 74,747 million, up 31.9% YoY from Rs 56,671 million and up 4.3% QoQ from Rs 71,675 million.
  • EBITDA for Q4FY26 was Rs 26,263 million, marking a significant YoY increase of 90.6% compared to Rs 13,781 million and a QoQ rise of 10.5% from Rs 23,766 million.
  • Profit Before Tax (PBT) for the quarter reached Rs 19,280 million, reflecting a YoY growth of 115.2% from Rs 8,958 million and a QoQ growth of 26.7% from Rs 15,220 million.
  • Net profit (PAT) for Q4FY26 stood at Rs 14,687 million, an increase of 87.7% YoY from Rs 7,824 million and a 24.4% increase QoQ from Rs 11,805 million.
  • For the full year FY26, Sales reached Rs 2,74,875 million, representing a 23.9% YoY growth from Rs 2,21,921 million in FY25.
  • Annual EBITDA for FY26 was Rs 92,405 million, up 68.6% YoY from Rs 54,792 million in FY25.
  • Full year Profit Before Tax (PBT) stood at Rs 68,726 million, a growth of 71.2% YoY compared to Rs 40,150 million.
  • Net profit (PAT) for the full year FY26 was Rs 53,555 million, marking a 62.0% YoY increase from Rs 33,063 million in FY25.

Business Highlights:

  • Dividend Recommendation: The Board has recommended a dividend of 900% based on the long-term outlook.
  • Segment Performance (U.S.): Sales for FY26 were Rs 1,16,783 million (USD 1,318 million), up 46.0% YoY, accounting for 42% of global sales. In Q4FY26, U.S. sales were Rs 33,987 million (USD 371 million), a 56.9% increase YoY.
  • Segment Performance (India): India sales for FY26 stood at Rs 81,140 million, up 7.1% YoY, contributing 30% to global sales. Quarter sales for India in Q4FY26 were Rs 19,082 million, up 11.5% YoY.
  • Segment Performance (Emerging Markets): Sales for FY26 reached Rs 34,828 million, up 35.2% YoY. For Q4FY26, sales in this segment were Rs 9,906 million, a YoY growth of 49.2%.
  • Segment Performance (Other Developed Markets): Annual sales for FY26 were Rs 32,439 million, up 13.3% YoY. Quarter sales for Q4FY26 were Rs 8,453 million, up 7.1% YoY.
  • Segment Performance (Global API): Global API sales for FY26 were Rs 9,685 million, a decline of 17.7% YoY. However, Q4FY26 sales for the segment grew 7.6% YoY to reach Rs 2,491 million.
  • Formulations: Total formulations sales for FY26 reached Rs 2,65,190 million, reflecting a YoY growth of 26.2%.
  • Research and Development: Investment in R&D was Rs 20,631 million (7.5% of sales) for FY26, compared to Rs 17,968 million in FY25. For Q4FY26, R&D investment was Rs 5,898 million (8.0% of sales).
  • Net Debt: As of March 31, 2026, Net Debt stands at Rs -46,358 million.

Nilesh Gupta, Managing Director, Lupin, said: “Our fourth quarter and full-year results underscore the strength and resilience of our business across key geographies, with the U.S. and India delivering strong sales growth and margin expansion. Building on this momentum, we are well-positioned to accelerate performance through strategic investments in technology, disciplined execution, and operational efficiencies, driving sustainable and profitable growth”.

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Pharmaceuticals company Lupin announced Q3FY26 results

  • Gross Profit was Rs 52,224 million compared to Rs 38,970 million in Q3FY25, with a gross margin of 73.5%.
  • Personnel cost was 16.1% of sales at Rs 11,433 million compared to Rs 9,844 million in Q3FY25.
  • Manufacturing and other expenses were 27.3% of sales at Rs 19,366 million compared to Rs 16,959 million in Q3FY25.
  • Adjusted PBT at Rs 15,220 million at 21.4%, up 42.1% YoY from Rs 10,713 million in Q3FY25.
  • PBT (excluding exceptional items) is Rs 19,486 million at 27.4%.
  • We have provided net one-time exceptional items of Rs 4,266 million.
  • Investment in R&D for the quarter was Rs 5,352 million (7.5% of sales).

Nilesh Gupta, Managing Director, Lupin, said: “We are happy to deliver another quarter of strong growth led by our highest ever quarterly sales in the US and double-digit growth in India and all other regions. We are on track to deliver a strong close to FY26."

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Pharmaceuticals company Lupin announced Q2FY26 results

  • Gross Profit was Rs 50,066 million compared to Rs 38,071 million in Q2FY25, with a gross margin of 73.3%.
  • Personnel cost was 16.2% of sales at Rs 11,056 million compared to Rs 10,075 million in Q2FY25.
  • Manufacturing and other expenses were 29.0% of sales at Rs 19,796 million compared to Rs 16,670 million in Q2FY25.
  • PBT at Rs 20,070 million at 29.4%, up 90.3% YoY from Rs 10,549 million in Q2FY25.
  • Investment in R&D for the quarter was Rs 5,091 million (7.5% of sales).

Nilesh Gupta, Managing Director, Lupin, said: “We are delighted to present one of our strongest performances ever in this second quarter of FY26. We continue to see robust growth in revenues and EBITDA led by strong performance across the board, in the U.S., emerging markets, other developed markets and in India, supported by higher operational efficiencies and sustained investments. We intend to leverage the performance of H1 to deliver a strong FY26”

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Pharmaceuticals company Lupin announced Q1FY26 results

  • Gross Profit was Rs 43,919 million compared to Rs 37,697 million in Q1FY25, with a gross margin of 71.3%.
  • Personnel cost was 17.6% of sales at Rs 10,830 million compared to Rs 9,710 million in Q1FY25.
  • Manufacturing and other expenses were 28.7% of sales at Rs 17,720 million compared to Rs 15,984 million in Q1FY25.
  • PBT at Rs 14,155 million at 23.0%, up 42.5% YoY from Rs 9,930 million in Q1FY25.
  • Investment in R&D for the quarter was Rs 4,844 million (7.9% of sales).

Nilesh Gupta, Managing Director, Lupin, said: “We continue to build strong business momentum, anchored by a robust product portfolio, improved efficiencies, and effective use of assets and investments. As we begin the year, our sharpened focus on compliance, innovation, and technology positions us to further unlock sustainable growth”

Result PDF

Pharmaceuticals company Lupin announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Gross Profit was Rs 38,760 million compared to Rs 33,213 million in Q4FY24, with a gross margin of 69.7%.
  • Personnel cost was 18.0% of sales at Rs 10,013 million compared to Rs 9,002 million in Q4FY24.
  • Manufacturing and other expenses were 30.3% of sales at Rs 16,876 million compared to Rs 14,901 million in Q4FY24.
  • PBT at Rs 8,958 million at 16.1%, up 80.0% YoY from Rs 4,977 million in Q4FY24.
  • Investment in R&D for the quarter was Rs 5,346 million (9.6% of sales).

FY25 Financial Highlights:

  • Sales: Rs 2,21,921 million vs. Rs 1,96,563 million in FY24 — up 12.9%
  • EBITDA: Rs 54,792 million vs. Rs 39,307 million in FY24 — up 39.4%
  • EBITDA Margin: 24.7% vs. 20.0% in FY24 — up 469 bps
  • PBT: Rs 40,150 million vs. Rs 24,223 million in FY24 — up 65.8%
  • PAT: Rs 33,063 million vs. Rs 19,356 million in FY24 — up 70.8%

Commenting on the results, Nilesh Gupta, Managing Director, Lupin said “We are delighted to end the last quarter and the year on a strong note. FY25 was led by strong growth in Sales and Profitability driven by in-line and new products, and consistent improvement in operating margins backed by strong commercial momentum and operational efficiencies. We are optimistic to continue this momentum in the year ahead”

Result PDF

Pharmaceuticals company Lupin announced Q3FY25 results

  • Gross Profit was Rs 38,970 million compared to Rs 33,538 million in Q3FY24, with Gross margin of 69.4%.
  • Employee Benefits cost was 17.5% of sales at Rs 9,844 million compared to Rs 8,892 million in Q3FY24.
  • Manufacturing and other expenses were at 30.2% of sales at Rs 16,959 million compared to Rs 15,601 million in Q3FY24.
  • PBT at Rs 10,713 million at 19.1%, up 45.5% YoY from Rs 7,361 million in Q3FY24.
  • Investment in R&D for the quarter was Rs 4,344 million (7.7 % of sales).

Nilesh Gupta, Managing Director, Lupin, said: “Our third-quarter results highlight our continued strength, with both revenue and EBITDA showing sustained growth. US revenues led by building scale in new products have been pivotal for our growth, supported by a strong nine-month performance from our India and EMEA regions. We look forward to maintaining this momentum in the ensuing quarters backed by growth in sales, commercial and operating efficiencies, and strong compliance.”

Result PDF

Pharmaceuticals company Lupin announced Q2FY25 results

  • Gross Profit was Rs 38,071 million compared to Rs 32,365 million in Q2FY24, with gross margin of 69.3%.
  • Employee Benefits cost was 18.3% of sales at Rs 10,075 million compared to Rs 8,607 million in Q2FY24.
  • Manufacturing and other expenses were at 30.3% of sales at Rs 16,670 million compared to Rs 15,520 million in Q2FY24.
  • PBT was 19.2% at Rs 10,549 million on account of better performance of Q2FY25 rising from PBT of Rs 6,297 million in Q2FY24 by over 67.5%.
  • EBITDA: Rs 13,827 million with margin of 25.2% for Q2FY25.
  • Investment in R&D for the quarter was Rs 4,481 million (8.2% of sales).

Nilesh Gupta, Managing Director, Lupin, said: “The second quarter of FY25 reflects continued strength in our business across regions. With 40% of our U.S. revenues now coming from complex generics, India back to double-digit growth and our pipeline delivering consistently, we aim to continue improving our performance aided by sustained operating efficiencies and investment in technology”.

Result PDF

Pharmaceuticals company Lupin announced Q1FY25 results:

  • Gross Profit was Rs 37,697 million compared to Rs 33,213 million in Q4FY24, with gross margin of 68.4%.
  • Personnel cost was 17.6% of sales at Rs 9,710 million compared to Rs 9,002 million in Q4FY24.
  • Manufacturing and other expenses were at 29.0% of sales at Rs 15,985 million compared to Rs 14,901 million in Q4FY24.
  • PBT was 18% at Rs 9,930 million on account of better performance of Q1FY25 and an impairment charge of Rs 2,013 million in Q4FY24.
  • Investment in R&D for the quarter was Rs 3,500 million (6.3% of sales).
  • Operating working capital was Rs 61,686 million.
  • Capital Expenditure for the quarter was Rs 1,117 million.
  • Net Debt as on June 30, 2024 stands at Rs (195) million.
  • Net Debt-Equity as on June 30,2024 stands at 0.00.

Commenting on the results, Nilesh Gupta, Managing Director, Lupin Limited said, “We have had a strong quarter on the back of the momentum we built through FY24, with performance driven by new products, key geographies, and improvement in our operating margin and profitability. We are on track for strong, sustainable growth and margin improvement backed by growth in sales, commercial and operating efficiencies, and a strong compliance story.”

Result PDF

Pharmaceuticals company Lupin announced Q4FY24 results:

Financial Highlights:

  • Gross Profit was Rs 33,213 million compared to Rs 33,538 million in Q3FY24, with gross margin of 67.8%.
  • Personnel cost was 18.4% of sales at Rs 9,002 million compared to Rs 8,892 million in Q3FY24.
  • Manufacturing and other expenses were 30.4% of sales at Rs 14,901 million compared to Rs 15,602 million in Q3FY24.
  • PBT was lower in Q4FY24 on account of impairment charge of Rs 2,013 million.
  • Investment in R&D for the quarter was Rs 4,255 million (8.7% of sales). 
  • Operating working capital was Rs 56,913 million as on March 31, 2024.
  • Capital Expenditure for the quarter was Rs 1,059 million.
  • Net Debt as on March 31, 2024 stands at Rs 4,766 million.
  • Net Debt-Equity as on March 31, 2024 stands at 0.03. 

Commenting on the results, Nilesh Gupta, Managing Director, Lupin Limited said, “We continue to move forward with sustainable and profitable growth and delivered another strong set of numbers in Q4. Our U.S. sales remain healthy driven by inhalation products, and our India formulation business is delivering ahead of market. While FY24 has been a year of resurgence for the company, we look forward to an even stronger FY25 driven by growth across our key geographies and consistent improvement in our margins”.

Result PDF

Pharmaceuticals company Lupin announced Q3FY24 results:

Financial Performance

  • Sales: For Q3FY24, sales were reported at Rs 50,799 million, reflecting a QoQ growth of 2.8% from Rs 49,392 million and a YoY growth of 19.7% from Rs 42,446 million.
  • EBITDA: EBITDA for the quarter stood at Rs 10,673 million, an increase of 11.4% over Q2FY24's figure of Rs 9,582 million, and a substantial increase of 93.8% from Q3FY23's Rs 5,506 million.
  • EBITDA Margin: The EBITDA margin improved by 160 basis points to 21.0% in Q3FY24 from 19.4% in Q2FY24, and showed a significant rise from 13.0% in Q3FY23.
  • PBT: Profit before tax (PBT) for the quarter reached Rs 7,361 million, marking an increase of 16.9% from Q2FY24 and nearly a two-fold growth of 199.1% from Q3FY23.
  • Net Debt: Net debt as of December 31, 2023, stands at Rs 10,425 million with a low net debt-equity ratio of 0.07.
  • Capital Expenditure: The company reported capital expenditure of Rs 1,848 million for the quarter.

Operational Highlights

  • North America: Representing 37% of global sales, North America's sales were Rs 18,885 million, a modest growth from both the previous quarter and YoY figures.
  • India: Indian operations, contributing 34% to global sales, grew to Rs 17,251 million for the quarter, outpacing market growth and showcasing robust performance YoY.
  • Growth Markets: Comprising LATAM and APAC regions, sales were Rs 4,729 million, continuing an upward trajectory from the previous quarter and the same quarter of the previous year.
  • EMEA: Sales in the EMEA region, constituting 10% of global sales, reported Rs 5,170 million, indicating a strong upward movement compared to both Q2FY24 and Q3FY23.
  • Global API: Global API sales reported a slight QoQ increase and a minimal YoY decline, with sales reaching Rs 2,779 million.

Research and Development

  • Investment: R&D investments stood at Rs 3,567 million, accounting for 7.0% of the sales.
  • Approvals and Filings: Lupin received 14 ANDA approvals and launched 3 products in the U.S. during the quarter, bringing the total amount of generic products in the U.S. to 159.

Commenting on the results, Nilesh Gupta, Managing Director, Lupin, said, “We delivered our highest quarterly sales to date and crossed the 5,000 crore mark for the first time, driven by strong growth across geographies. The U.S. continues to do well driven by demand for both inline products and new launches, and the India business continues to grow ahead of the market with strong growth across our key therapies. This positive growth momentum coupled with cost optimization measures and operating leverage has helped us deliver solid performance”.

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