Mumbai, November 4, 2026: Lupin Limited, a prominent player in the pharmaceutical industry, has announced its unaudited financial results for the second quarter of the fiscal year 2027, ending September 30, 2026. The company’s performance was marked by a significant year-on-year increase in sales but faced challenges in terms of profitability.
Lupin reported consolidated sales of INR 77,855 million for Q2 FY2027, reflecting a 14% increase compared to INR 68,314 million in the same quarter last year. The company’s gross profit also saw a rise of 15.4%, reaching INR 57,774 million, with a gross margin of 74.2%. However, despite these gains, Lupin experienced a decline in its earnings before interest, taxes, depreciation, and amortisation (EBITDA), which decreased by 10.7% year-on-year to INR 21,712 million. The EBITDA margin also contracted by 770 basis points to 27.9%.
The profit before tax (PBT) was reported at INR 15,796 million, a decrease of 21.3% from INR 20,070 million in Q2 FY2026. Similarly, the profit after tax (PAT) fell by 22.2% to INR 11,553 million. This decline in profitability is attributed to increased personnel and manufacturing costs, which rose by 28.8% and 23.2%, respectively.
Lupin’s sales performance was driven by robust growth in key markets. The U.S. market contributed INR 30,202 million, up 9.3% from the previous year, while sales in India increased by 14.7% to INR 23,836 million. Other developed markets showed a remarkable growth of 45.7%, reaching INR 11,823 million. However, sales in emerging markets declined by 3.5% to INR 8,908 million.
The company’s investment in research and development (R&D) was notable, amounting to INR 6,181 million, representing 7.9% of sales. Lupin received approvals for four ANDAs and one NDA 505(b)(2) from the U.S. FDA during the quarter, reinforcing its commitment to innovation and expansion in the U.S. market.
Despite the challenges faced in profitability, Lupin’s Managing Director, Nilesh Gupta, expressed confidence in the company’s long-term growth prospects. He highlighted the strength of Lupin’s portfolio, ongoing investments in R&D, and the company’s focus on disciplined execution as key drivers for future success. As the pharmaceutical industry continues to navigate a complex landscape, analysts will be closely monitoring Lupin’s strategic initiatives and market performance in the coming quarters.
