Lupin (500257) investor relations material

Executive summary

• Q2 FY27 consolidated revenue was ₹78,272.6 million, up from ₹70,475.1 million YoY; net profit declined to ₹11,553.0 million from ₹14,848.3 million.

• Q2 net sales rose 14.0% YoY; EBITDA was ₹19,574 million at a 25.1% margin. H1 consolidated revenue reached ₹161,041.5 million.

• FY27 goals remain on track; strategy prioritizes complex products, specialty, biosimilars and India growth, with FY28 expected to focus on capability building.

Financial highlights

• Q2 total revenue was ₹78,272.6 million, up 11.1% YoY; other operating income fell 80.7% to ₹418 million, mainly due to lower PLI export benefits.

• Q2 gross profit, excluding other operating income, rose 15.4% YoY to ₹57,774 million; gross margin increased to 74.2% from 73.3%.

• EBITDA excluding FX and other income declined 8.4% YoY to ₹19,574 million; margin was 25.1% versus 31.3%. Net profit fell 21.8% YoY.

• Consolidated Q2 PBT before exceptional items was ₹15,796.0 million versus ₹20,069.7 million YoY; standalone Q2 revenue was ₹35,673.4 million versus ₹40,682.8 million.

Outlook and guidance

• FY27 EBITDA margin guidance remains 24%-25%; R&D is expected at ~8% of sales and full-year ETR at 27%-28%.

• FY27 U.S. revenue guidance remains $1.1B-$1.2B despite Q1 and Q2 exceeding plan; FY28 U.S. revenue is expected to remain above $1B, including apixaban.

• Management expects H2 organic growth of ~20% ex-U.S.; India formulations are targeted to grow at 1.2x-1.3x IPM, with respiratory and cardiac recovery and launches supporting H2.

• More than 15 U.S. product filings are planned in FY27 and over 60 launches over three years; long-term plans include 20 complex-product launches in regulated markets by 2028 and six biosimilar filings.

• Apixaban oral suspension launch is expected in Q1 FY28; management expects durable pipeline products to support U.S. growth in FY29.