Lupin Limited announced its financial results for the second quarter of Fiscal Year 2027 (Q2 FY27), reporting a consolidated revenue of INR 7,827 crore, an increase of 11% year-on-year. The company’s EBITDA margin stood at approximately 25%, reflecting steady performance despite increased investments and challenging market conditions. Key growth drivers included strong performances in India and Other Developed Markets, with strategic focus on complex products and specialty segments.
Lupin Reports Strong Q2 FY27 Performance
Lupin Limited announced its financial results for the second quarter ending September 30, 2026 (Q2 FY27), demonstrating steady performance with a consolidated revenue of INR 7,827 crore. This represents an increase of 11% compared to the same period last year (Q2 FY26), when revenues stood at INR 7,048 crore. The company’s performance reflects the resilience of its diversified business model amidst an evolving and competitive operating environment.
Key Financial Highlights
EBITDA for the quarter, excluding forex and other income, was reported at INR 1,957 crore, with a margin of 25.1%. While this is a decrease from the 31.3% margin in the same period last year, it is in line with the company’s full-year guidance of 24%-25% EBITDA margins. This moderation is attributed to increased competition in key U.S. products and higher input costs.
Geographic Performance
India emerged as a significant growth driver, with revenue increasing by 14.7% YoY. The core prescription business grew by 13.8% YoY, with a volume growth of 6%. The chronic segment, a key focus area, grew by 19.5%, now accounting for approximately 66% of the portfolio. The company aims to increase this share to 70% over the next five years.
The U.S. business recorded sales of USD 317 million, experiencing a decline of 13.4% QoQ on a constant currency basis. This was mainly due to increased competition and loss of exclusivity on products like Mirabegron and Tolvaptan. However, the company anticipates this impact to be offset by the commercial launch of its biosimilar portfolio and the anticipated launch of Apixaban Oral Suspension.
Other Developed Markets, including Europe, Canada, and Australia, saw robust sales growth of around 46% YoY, contributing 15% to the total revenues. Europe, in particular, showed strong momentum with 45% YoY growth, bolstered by strategic initiatives and partnerships.
Strategic Priorities and Outlook
Lupin remains committed to its mid-to-long-term strategy for the U.S., focusing on doubling the share of complex products, including respiratory products, complex injectables, and biosimilars. The company plans to file over 15 products in the current fiscal year, with an expectation to launch more than 60 products in the U.S. over the next three years.
Research and Development (R&D) investment stood at 7.9% of sales for the quarter, underscoring the company’s focus on complex and specialty platforms. Lupin aims to achieve its FY27 revenue growth and profitability goals by investing in India’s growth opportunities, enhancing specialty capabilities in Europe, and capitalizing on the growing biosimilar market in the U.S.
The company maintains its FY27 U.S. revenue guidance in the range of USD 1.1 billion to USD 1.2 billion, supported by its base business, new injectable launches, and contributions from Pegfilgrastim.
Source: BSE
