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Lupin Ltd Earnings Release 2026
61031_rns_2026-05-07_245d8b2d-97e4-4a33-ac81-4ddcdf5a2ff6.pdf
Earnings Release
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LUPIN
May 07, 2026
National Stock Exchange of India Limited
Exchange Plaza,
Bandra Kurla Complex,
Bandra (East),
Mumbai - 400 051
Symbol: LUPIN
BSE Limited
P. J. Towers, Dalal Street,
Mumbai Samachar Marg,
Mumbai - 400 001
Scrip Code: Equity - 500257
Subject: Press Release - Lupin FY2026 and Q4 FY2026 Results
Dear Sir/ Madam,
Pursuant to Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are pleased to enclose a Press Release, inter alia covering the Audited Financial Results of the Company for the quarter and financial year ended March 31, 2026.
The above is for your information and dissemination.
Thanking you.
For LUPIN LIMITED
AMIT
KUMAR
GUPTA
AMIT KUMAR GUPTA
COMPANY SECRETARY & COMPLIANCE OFFICER
(ACS -15754)
Encl.: a/a
LUPIN LIMITED
Registered Office: 3rd Floor, Kalpataru Inspire, Off W. E. Highway, Santacruz (East), Mumbai - 400 055 India. Tel: (91-22) 6640 2323.
Corporate Identity Number: L24100MH1983PLC029442
[email protected] | www.lupin.com
Press Release
LUPIN
BSE: 500257
NSE: LUPIN
REUTERS: LUPIN.BO
BLOOMBERG: LPCIN
Lupin FY2026 and Q4 FY2026 Results
Mumbai, May 07, 2026: Pharma major Lupin Limited [BSE: 500257 | NSE: LUPIN] reported its financial performance for the quarter and fiscal year ended March 31, 2026. These audited results were taken on record by the Board of Directors at a meeting held today. Based on the long-term outlook the Board has recommended a dividend of 900%.
Financial Highlights – Consolidated IND-AS
Amt in INR Mn
| Particulars | Full Year | Quarter | ||||||
|---|---|---|---|---|---|---|---|---|
| FY2026 | FY2025 | YoY Growth % | Q4 FY2026 | Q4 FY2025 | YoY Growth % | Q3 FY2026 | QoQ Growth % | |
| Sales | 2,74,875 | 221,921 | ↑23.9% | 73,919 | 55,622 | ↑32.9% | 71,005 | ↑4.1% |
| EBITDA | 92,405 | 54,792 | ↑68.6% | 26,263 | 13,781 | ↑90.6% | 23,766 | ↑10.5% |
| EBITDA Margin (%)* | 33.6% | 24.7% | ↑890 bps | 35.5% | 24.8% | ↑1070 bps | 33.5% | ↑200 bps |
| PBT | 68,726 | 40,150 | ↑71.2% | 19,280 | 8,958 | ↑115.2% | 15,220 | ↑26.7% |
| PAT | 53,555 | 33,063 | ↑62.0% | 14,687 | 7,824 | ↑87.7% | 11,805 | ↑24.4% |
*Includes forex & other income
Income Statement highlights – Q4 FY2026
- Gross Profit was up 42.9% at INR 55,403 Mn from INR 38,760 Mn in Q4FY2025, with a gross margin of 75.0%.
- Personnel cost was 16.8% of sales at INR 12,427 Mn compared to INR 10,013 Mn in Q4 FY2025.
- Manufacturing and other expenses were 29.9% of sales at INR 22,093 Mn compared to INR 16,876 Mn in Q4 FY2025.
- PBT at INR 19,280 Mn was 26.1% of sales, up 115.2% YoY from INR 8,958 Mn in Q4 FY2025.
- Investment in R&D for the quarter was INR 5,898 Mn (8.0% of sales).
Balance Sheet highlights
- Operating working capital was INR 71,324 Mn as on quarter end; Operating days for quarter stood is 87 days
- Capital Expenditure for the quarter was INR 3,052 Mn and for the year was INR 10,618 Mn.
- Net Debt as on March 31, 2026, stands at INR -46,358 Mn.
- Net Debt Equity as on March 31, 2026, stands at -0.21.
Mr. Nilesh Gupta, Managing Director, Lupin Limited said "Our fourth quarter and full-year results underscore the strength and resilience of our business across key geographies, with the U.S. and India delivering strong sales growth and margin expansion. Building on this momentum, we are well-positioned to accelerate performance through strategic investments in technology, disciplined execution, and operational efficiencies, driving sustainable and profitable growth".
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Press Release
LUPIN
BSE: 500257
NSE: LUPIN
REUTERS: LUPIN.BO
BLOOMBERG: LPCIN
Consolidated Financial Results 12M FY2026
Amt in INR Mn
| Particulars | FY2026 | % of sales | FY2025 | % of sales | YOY GF% |
|---|---|---|---|---|---|
| Sales | 2,74,875 | 100.0% | 221,921 | 100.0% | ↑ 23.9% |
| Other operating income | 4,705 | 1.7% | 5,158 | 2.3% | ↓ 8.8% |
| Total Revenue from operations | 2,79,580 | 101.7% | 227,079 | 102.3% | ↑ 23.1% |
| Material cost | 73,265 | 26.7% | 68,422 | 30.8% | ↑ 7.1% |
| Gross Profit (Excl. Other op. income) | 201,610 | 73.3% | 153,499 | 69.2% | ↑ 31.3% |
| Employee cost | 45,745 | 16.6% | 39,642 | 17.9% | ↑ 15.4% |
| Manufacturing & Other expenses | 78,975 | 28.7% | 66,239 | 29.8% | ↑ 19.2% |
| Other Income | 4,245 | 1.5% | 1,958 | 0.9% | ↑ 116.8% |
| Forex Loss / (Gain) | (6,565) | -2.4% | (58) | -0.0% | NA |
| EBITDA | 92,405 | 33.6% | 54,792 | 24.7% | ↑ 68.6% |
| Depreciation, Amortization & Impairment Expense | 13,755 | 5.0% | 11,693 | 5.3% | ↑ 17.6% |
| EBIT | 78,650 | 28.6% | 43,099 | 19.4% | ↑ 82.5% |
| Finance cost | 4,345 | 1.6% | 2,949 | 1.3% | ↑ 47.3% |
| Profit Before Tax (PBT) and Exceptional items | 74,305 | 27.0% | 40,150 | 18.1% | ↑ 85.1% |
| Exceptional items (Net) | 5,579 | 2.0% | - | - | NA |
| Profit Before Tax (PBT) | 68,726 | 25.0% | 40,150 | 18.1% | ↑ 71.2% |
| Tax | 15,171 | 5.5% | 7,087 | 3.2% | ↑ 114.1% |
| Profit After Tax (PAT) | 53,555 | 19.5% | 33,063 | 14.9% | ↑ 62.0% |
| (+) Share of Profit from JV | - | - | - | - | - |
| (-) Non-Controlling Interest | 226 | 0.1% | 247 | 0.1% | ↓ 8.5% |
| Profit/(Loss) for the year | 53,329 | 19.4% | 32,816 | 14.8% | ↑ 62.5% |
Press Release
LUPIN
BSE: 500257
NSE: LUPIN
REUTERS: LUPIN.BO
BLOOMBERG: LPCIN
Consolidated Financial Results Q4 FY2026
Amt in INR Mn
| Particulars | Q4 FY2026 | % of sales | Q4 FY2025 | % of sales | YoY Gr% | Q3 FY2026 | % of sales | QoQ Gr% |
|---|---|---|---|---|---|---|---|---|
| Sales | 73,919 | 100.0% | 55,622 | 100.0% | ↑ 32.9% | 71,005 | 100.0% | ↑ 4.1% |
| Other operating income | 828 | 1.1% | 1,049 | 1.9% | ↓ 21.1% | 670 | 0.9% | ↑ 23.6% |
| Total Revenue from operations | 74,747 | 101.1% | 56,671 | 101.9% | ↑ 31.9% | 71,675 | 100.9% | ↑ 4.3% |
| Material cost | 18,516 | 25.0% | 16,862 | 30.3% | ↑ 9.8% | 18,781 | 26.5% | ↓ 1.4% |
| Gross Profit (Excl. Other op. income) | 55,403 | 75.0% | 38,760 | 69.7% | ↑ 42.9% | 52,224 | 73.5% | ↑ 6.1% |
| Employee cost | 12,427 | 16.8% | 10,013 | 18.0% | ↑ 24.1% | 11,433 | 16.1% | ↑ 8.7% |
| Manufacturing & Other expenses | 22,093 | 29.9% | 16,876 | 30.3% | ↑ 30.9% | 19,366 | 27.3% | ↑ 14.1% |
| Other Income | 1,407 | 1.9% | 570 | 1.0% | ↑ 146.8% | 1,147 | 1.6% | ↑ 22.7% |
| Forex Loss / (Gain) | (3,145) | -4.3% | (291) | -0.5% | ↑ 980.8% | (524) | -0.7% | ↑ 500.2% |
| EBITDA | 26,263 | 35.5% | 13,781 | 24.8% | ↑ 90.6% | 23,766 | 33.5% | ↑10.5% |
| Depreciation, Amortization & Impairment Expense | 4,468 | 6.0% | 3,932 | 7.1% | ↑ 13.6% | 3,130 | 4.4% | ↑ 42.7% |
| EBIT | 21,795 | 29.5% | 9,849 | 17.7% | ↑ 121.3% | 20,636 | 29.1% | ↑ 5.6% |
| Finance cost | 1,202 | 1.6% | 891 | 1.6% | ↑ 34.9% | 1,150 | 1.6% | ↑ 4.5% |
| Profit Before Tax (PBT) and Exceptional items | 20,593 | 27.9% | 8,958 | 16.1% | ↑ 129.9% | 19,486 | 27.4% | ↑ 5.7% |
| Exceptional items (Net) | 1,313 | 1.8% | - | - | NA | 4,266 | 6.0% | ↓ 69.2% |
| Profit Before Tax (PBT) | 19,280 | 26.1% | 8,958 | 16.1% | ↑ 115.2% | 15,220 | 21.4% | ↑ 26.7% |
| Tax | 4,593 | 6.2% | 1,134 | 2.0% | ↑ 305.0% | 3,415 | 4.8% | ↑ 34.5% |
| Profit After Tax (PAT) | 14,687 | 19.9% | 7,824 | 14.1% | ↑ 87.7% | 11,805 | 16.6% | ↑ 24.4% |
| (+) Share of Profit from JV | - | - | - | - | - | - | - | - |
| (-) Non-Controlling Interest | 83 | 0.0% | 99 | 0.2% | ↓ 16.2% | 49 | 0.1% | ↑69.4% |
| Profit/(Loss) for the period | 14,604 | 19.8% | 7,725 | 13.9% | ↑ 89.0% | 11,756 | 16.6% | ↑ 24.2% |
Press Release
LUPIN
BSE: 500257
NSE: LUPIN
REUTERS: LUPIN.BO
BLOOMBERG: LPCIN
Sales Mix - FY2026
Amount in INR Mn
| Particulars | FY2026 | FY2025 | Growth YOY |
|---|---|---|---|
| U.S. | 116,783 | 79,976 | ↑ 46.0% |
| India | 81,140 | 75,773 | ↑ 7.1% |
| Other Developed Markets | 32,439 | 28,641 | ↑ 13.3% |
| Emerging Markets | 34,828 | 25,759 | ↑ 35.2% |
| Total Formulations | 265,190 | 210,149 | ↑ 26.2% |
| API | 9,685 | 11,772 | ↓17.7% |
| Total Product Sales | 274,875 | 221,921 | ↑23.9% |
- Note: FY2025 have been regrouped for comparison
Press Release
LUPIN
BSE: 500257
NSE: LUPIN
REUTERS: LUPIN.BO
BLOOMBERG: LPCIN
Sales Mix - Q4FY2026
Amount in INR Mn
| Particulars | Q4 FY2026 | Q4 FY2025 | Growth YOY | Q3 FY2026 | Growth QQQ |
|---|---|---|---|---|---|
| U.S. | 33,987 | 21,666 | 56.9% | 31,132 | 9.2% |
| India | 19,082 | 17,113 | 11.5% | 20,387 | -6.4% |
| Other Developed Markets | 8,453 | 7,889 | 7.1% | 8,121 | 4.1% |
| Emerging Markets | 9,906 | 6,639 | 49.2% | 9,170 | 8.0% |
| Total Formulations | 71,428 | 53,307 | 34.0% | 68,810 | 3.8% |
| API | 2,491 | 2,315 | 7.6% | 2,195 | 13.5% |
| Total Product Sales | 73,919 | 55,622 | 32.9% | 71,005 | 4.1% |
- Note: Q4 FY2025 have been regrouped for comparison
Press Release
LUPIN
BSE: 500257
NSE: LUPIN
REUTERS: LUPIN.BO
BLOOMBERG: LPCIN
Operational Highlights
U.S.
U.S. sales for FY2026 were INR 116,783 Mn, up 46.0% as compared to INR 79,976 Mn in FY2025 (U.S. FY2026 sales were USD 1,318 Mn compared to USD 944 Mn in FY2025); accounting for 42% of Lupin's global sales.
U.S. sales for Q4 FY2026 were INR 33,987 Mn, up 56.9% compared to INR 21,666 Mn in Q4 FY2025 (U.S. Q4 FY2026 sales were USD 371 Mn compared to USD 250 Mn in Q4 FY2025); accounting for 46% of Lupin's global sales.
The Company received 3 ANDA approvals from the U.S. FDA, and launched 3 products in the quarter in the U.S. The Company now has 151 generic products in the U.S Market.
Lupin continues to be the 3rd largest pharmaceutical player in both U.S. generic market and U.S. total market by prescriptions (IQVIA Qtr TRx March 2026). Lupin is the leader in 61 of its marketed generics in the U.S. and amongst the Top 3 in 112 of its marketed products (IQVIA Qtr March 2026).
India
India sales for FY2026 were INR 81,140 Mn, up 7.1% as compared to INR 75,773 Mn in FY2025; accounting for 30% of Lupin's global sales.
Q4 FY2026 sales were INR 19,082 Mn, up 11.5% compared to INR 17,113 Mn in Q4 FY2025; accounting for 26% of Lupin's global sales.
India Region Formulation sales up by 14.5% in the quarter as compared to Q4 FY2025. The company launched 3 brands across therapies during the quarter. Lupin is the 8th largest company in the Indian Pharmaceutical Market (IQVIA MAT Mar 2026).
Other Developed Markets
Other Developed Markets sales for FY2026 were INR 32,439 Mn, up 13.3% as compared to INR 28,641 Mn in FY 2025; accounting for 11% of Lupin's global sales.
Q4 FY2026 sales were INR 8,453 Mn, up 7.1% compared to INR 7,889 Mn in Q4 FY2025; accounting for 12% of Lupin's global sales.
Emerging Markets
Emerging Markets sales for FY2026 were INR 34,828 Mn, up 35.2% as compared to INR 25,759 Mn in FY2025. accounting for 13% of Lupin's global sales.
Q4 FY2026 sales were INR 9,906 Mn, up 49.2% compared to INR 6,639 Mn in Q4 FY2025; accounting for 13% of Lupin's global sales.
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Press Release
LUPIN
BSE: 500257
NSE: LUPIN
REUTERS: LUPIN.BO
BLOOMBERG: LPCIN
Global API
Global API sales for FY2026 were INR 9,685 Mn, down 17.7% as compared to INR 11,772 Mn in FY2025; accounting for 4% of Lupin's global sales.
Q4 FY2026 sales were INR 2,491 Mn, up 7.6% compared to INR 2,315 Mn in Q4 FY2025; accounting for 3% of Lupin's global sales.
Research and Development
Investment in R&D was INR 20,631 Mn (7.5% of sales) for FY2026 compared to INR 17,968 Mn (8.1% of Sales) in FY2025; Further, it is INR 5,898 Mn (8.0% of sales) for Q4 FY2026, compared to INR 5,430 Mn (9.8% of sales) for Q4 FY2025.
Lupin received approval for 3 ANDAs from the U.S. FDA in the quarter. Cumulative ANDA filings with the U.S. FDA stand at 430 as of March 31, 2026, with the company having received 344 approvals to date.
The Company now has 52 First-to-File (FTF) filings including 22 exclusive FTF opportunities. Cumulative U.S. DMF filings stand at 94 as of March 31, 2026.
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Press Release
LUPIN
BSE: 500257
NSE: LUPIN
REUTERS: LUPIN.BO
BLOOMBERG: LPCIN
About Lupin
Lupin Limited is a global pharmaceutical leader headquartered in Mumbai, India, with products distributed in over 100 markets. Lupin specializes in pharmaceutical products, including branded and generic formulations, complex generics, biotechnology products, and active pharmaceutical ingredients. Trusted by healthcare professionals and consumers globally, the company enjoys a strong position in India and the U.S. across multiple therapy areas, including respiratory, cardiovascular, anti-diabetic, anti-infective, gastrointestinal, central nervous system, and women's health. Lupin has 15 state-of-the-art manufacturing sites and 7 research centers globally, along with a dedicated workforce of over 24,000 professionals. Lupin is committed to improving patient health outcomes through its subsidiaries - Lupin Diagnostics, Lupin Digital Health, and Lupin Manufacturing Solutions.
To know more, visit www.lupin.com or follow us on LinkedIn https://www.linkedin.com/company/lupin
For further information or queries please contact –
Rajalakshmi Azariah
Vice President & Global Head – Corporate Communications, Lupin
[email protected]
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