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Lupin (500257) investor relations material

Lupin Q1 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 25/26 earnings summary6 Aug, 2025

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.

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