Lupin (500257) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly consolidated revenue of INR 70,475.1 million and EBITDA of INR 21,376 million, with margins reaching 31.3%, driven by broad-based growth across North America, LATAM, EMEA, and strong product launches.

• Net income increased 73% year-over-year to INR 14,848.3 million, with margin at 21.6%.

• Marked 13th consecutive quarter of year-over-year growth, reflecting sustained business momentum and operational excellence.

• U.S. business saw exceptional growth, aided by exclusivity for Tolvaptan, new launches, and approvals for complex injectables and biosimilars.

• Unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, were approved by the Board on November 6, 2025.

Financial highlights

• Total revenue grew 24% year-over-year to INR 70,475.1 million in Q2 FY26; U.S. revenue up 47%, India up 3.4%, other developed markets up 19%, and emerging markets up 45%.

• Gross margin improved to 73.3% from 69.3% year-over-year; EBITDA margin expanded to 31.3% from 23.8%.

• Net income margin rose to 21.6% from 15.5% year-over-year.

• ROC reached 25% at Q2 end; net cash position improved to INR 1,665 crores.

• Earnings per share (consolidated, basic) for Q2 FY26 was INR 32.36, up from INR 18.70 in Q2 FY25.

Outlook and guidance

• Full-year EBITDA margin guidance raised to 25%-26% (from 24%-25%), with expectations to maintain 24%-25% in FY27.

• Anticipates robust performance to continue, though H2 margins may be tempered by higher R&D and lower PLI income.

• Plans to file 15+ products in FY26 in the US, with two-thirds in complex generics.

• Double-digit constant currency growth expected across key markets, with Europe and Brazil projected to outperform company average.

• Biosimilars and specialty launches to drive future growth, with five biosimilars targeted for commercialization by FY30.