Lupin (500257) investor relations material

Executive summary

• Achieved double-digit year-over-year growth in revenue and profitability for Q1 FY26, with margin expansion and strong US and India performance, including record US revenues from Tolvaptan launch and multiple regulatory approvals.

• Net income rose 52% year-over-year to ₹12,191 mn, with total comprehensive income reaching ₹13,816.8 mn.

• Launched key products in the US, including Tolvaptan with sole first-to-file exclusivity, and completed strategic acquisitions and business transfers.

• India region grew 7.8-8.6% year-over-year, with chronic therapies and respiratory franchise outpacing the market.

• Other developed markets, especially Europe/EMEA, delivered robust growth, now accounting for a larger share of total sales.

Financial highlights

• Q1 FY26 sales reached ₹62,683.4 million, up from ₹56,003.3 million year-over-year, with total income at ₹63,473.8 million.

• US sales grew 23-24.3% year-over-year, reaching $282 million or ₹25,155 mn, with strong respiratory and specialty launches.

• EBITDA margin improved to 26.6% (₹16,414 mn), up from 23.3% last year, and net cash stood at ₹1,239 crore as of June 30.

• Gross margin improved to 71.3% from 68.4% year-over-year, driven by better product mix and cost efficiencies.

• Net income for the quarter was ₹12,214.6 million, up from ₹8,055.4 million year-over-year.

Outlook and guidance

• Reaffirmed full-year EBITDA margin guidance at 24-25%, with expectations of continued double-digit top-line growth for both the company and US segment.

• Plans to launch 20+ products in India and file 15+ in the US in FY26, with a focus on complex generics and specialty products.

• R&D spend expected to be 7.5-8.7% of sales for FY26.

• Targeting 100+ new product launches and ~65% of NPL revenue from complex products by FY30.

• High single-digit to double-digit growth targeted for FY27, with margin expansion supported by differentiated products and cost focus.