Lupin Q2 Results: Net Profit Falls 22% to ₹1,155 Crore; EBITDA Margin Contracts

Lupin Limited reported a 22.2% year-on-year decline in consolidated net profit to ₹1,155 crore for the second quarter of FY27, compared with ₹1,485 crore in the corresponding quarter last year. Revenue from operations increased 11.1% to ₹7,827 crore from ₹7,048 crore, but EBITDA declined 10.7% to ₹2,171 crore, putting pressure on operating margins.

The pharmaceutical company announced its unaudited results on November 4, 2026. Its EBITDA margin, including forex and other income, narrowed to 27.9% in Q2 FY27 from 35.6% in Q2 FY26. Profit before tax fell 21.3% to ₹1,580 crore.

Lupin Q2 results: Revenue grows, but margins contract

Lupin's consolidated sales increased 14% year-on-year to ₹7,786 crore. Total revenue from operations, including other operating income, stood at ₹7,827 crore, up 11.1%.

However, EBITDA declined to ₹2,171 crore from ₹2,431 crore in the year-ago quarter. The EBITDA margin contracted by 770 basis points to 27.9%.

The company reported higher personnel costs and manufacturing and other expenses during the quarter. Personnel costs rose 28.8% year-on-year to ₹1,424 crore, while manufacturing and other expenses increased 23.2% to ₹2,438 crore.

On a sequential basis, revenue from operations declined 5.4% from ₹8,277 crore in Q1 FY27. Net profit fell 18.5% from ₹1,417 crore in the preceding quarter.

US and India businesses record growth

Lupin's US sales increased 9.3% year-on-year to ₹3,020 crore, accounting for 39% of its global sales. The company received four abbreviated new drug application (ANDA) approvals and one NDA 505(b)(2) approval from the US Food and Drug Administration during the quarter. It also launched one product in the US market.

India sales rose 14.7% to ₹2,384 crore, contributing 31% of global sales. India formulation sales increased 13.8% year-on-year.

Sales in other developed markets grew 45.7% to ₹1,182 crore. Emerging market sales, however, declined 3.5% to ₹891 crore. Global API sales increased 20.2% to ₹309 crore.

Lupin maintains investment in research and development

Lupin invested ₹618 crore in research and development during Q2 FY27, equivalent to 7.9% of sales, compared with ₹522 crore or 7.6% of sales in the year-ago quarter.

The company received four ANDA approvals and one NDA 505(b)(2) approval during the quarter. Its cumulative ANDA filings with the US FDA stood at 429 as of September 30, 2026, of which 353 had received approval.

Managing Director Nilesh Gupta said the company delivered a strong first half of FY27, supported by growth across key markets. He added that Lupin remained mindful of near-term challenges while focusing on its portfolio, R&D investments and commercial capabilities.

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