Lupin (500257) Q1 26/27 earnings summary

Executive summary

• Achieved record quarterly revenue of INR 82,768.9 million (up 32–33% year-over-year) and EBITDA of INR 24,635 million (up 50% year-over-year), marking the 16th consecutive quarter of growth.

• Net income rose 16% year-over-year to INR 14,169.8 million, maintaining a healthy margin of 17.2%.

• Growth was broad-based across geographies, with North America up 43%, India up 13.9–14%, other developed markets up 48%, and emerging markets up 52% year-over-year.

• Significant product launches, regulatory approvals, and the VISUfarma acquisition contributed to performance.

• Unaudited standalone and consolidated financial results for Q1 FY27 were approved by the Board, with no material misstatements found by auditors.

Financial highlights

• Consolidated revenue from operations for Q1 FY27 was INR 82,768.9 million, up from INR 62,683.4 million in Q1 FY26.

• EBITDA grew 50% year-over-year to INR 24,635 million, with margin improving to 30%.

• Gross margin improved to 74.6% from 71.3% year-over-year, driven by better product mix and cost efficiencies.

• Net cash declined to INR 2,831 crore due to the VISUfarma acquisition; net debt to equity improved to -0.21.

• Net income reached INR 14,169.8 million, up 16% year-over-year; basic EPS (consolidated, before exceptional items) was INR 30.95.

Outlook and guidance

• U.S. business expected at $1.1–1.2 billion for FY 2027, with growth resuming from FY 2028 as new launches ramp up.

• High single-digit revenue growth and EBITDA margins of ~25% guided for FY 2027.

• Plans to launch 20+ products in India, 15+ ANDAs in the US in FY27, and 5+ biosimilars in the US by FY31.

• India business expected to outperform IPM by 1.2–1.3x, with a strong pipeline of 80+ new launches.

• Europe and RoW expected to sustain double-digit growth (10–20%) over the next few years.