Lupin announced robust performance for the Third Quarter of Fiscal Year 2026 (Q3 FY26), concluding on December 31, 2025. Total Sales reached ₹71,005 million, marking a significant 26% Year-over-Year (YoY) growth. EBITDA surged by 62% YoY to ₹22,095 million, translating to a strong margin of 31.1%. Net Income also saw a substantial increase of 38% YoY, reaching ₹11,756 million.
Q3 FY26 Financial Highlights: Strong Operating Performance
Lupin reported continued strong operating performance for the quarter ended December 31, 2025. Key metrics underscore this positive trend:
- Sales: ₹71,005 mn, showing a 26% YoY increase.
- EBITDA: ₹22,095 mn, up 62% YoY, with a margin of 31.1%.
- Net Income: ₹11,756 mn, reflecting 38% YoY growth, with a margin of 16.6%.
The trajectory for Sales and EBITDA margins showed consistent improvement, with Q3 FY26 Sales hitting ₹71,005, maintaining the 31.1% EBITDA margin seen in Q2 FY26, following earlier sequential increases.
Geographic Business Performance (Q3 FY26)
The company demonstrated growth across all major geographies, indicating broad-based momentum:
- North America: Led with ₹32,183 mn in sales, growing 52% YoY.
- India: Contributed ₹20,387 mn, marking 6% YoY growth.
- EMEA: Generated ₹7,066 mn, increasing 13% YoY.
- LATAM: Showed the highest growth rate at 70% YoY, with sales of ₹3,267 mn.
- APAC: Grew 14% YoY to ₹2,949 mn.
- ROW: Increased 47% YoY to ₹2,959 mn.
- API: Contributed ₹2,195 mn, up 24% YoY.
Sales Mix Breakdown (INR mn)
In the sales mix for Q3 FY26, the United States constituted the largest segment at 44% (₹31,132 mn). India followed at 29% (₹20,387 mn). Other Developed Markets accounted for 11%, Emerging Markets for 13%, and API for 3%.
Year-to-Date (9M FY26) Financial Summary
For the first nine months of FY26, Net Sales grew 20.8% YoY to ₹200,956 mn. EBITDA saw a substantial growth of 50.3% YoY to ₹59,885 mn, with the margin reaching 29.8%. Net Income increased by an impressive 54.3% YoY to ₹38,725 mn.
Key Developments: Launches, Approvals, and Business Development
The quarter was marked by significant operational progress:
- Launches/Approvals: gRisperdal Consta® Injection & gravicti® (AG) was Launched in the US. Pegfilgrastim (Armlupeg™) biosimilar received US FDA approval.
- Business Development: Secured an exclusive US partnership with Valorum Biologics for the pegfilgrastim biosimilar and an exclusive partnership with Gan & Lee (China) for Bofanglutide (GLP-1) for the Indian market.
- Compliance: Positive outcomes were noted in compliance, including VAI (EIR received) for multiple units like Nagpur Unit-II and Aurangabad.
Focus Areas: India and United States
India: Outperforming Market Growth
The India business grew 5.6% YoY. The company is leveraging chronic leadership, with its chronic share reaching ~67%. Key therapeutic segments like Cardiology, Respiratory, GI, and Pain grew faster than the overall market during 9MFY26. Lupin is amplifying its core by focusing on expanding penetration, growing its innovative product pipeline, and expanding its footprint via e-commerce and institutional channels.
United States: Momentum on Key Launches
The US business maintained momentum, achieving its highest quarterly sales recorded, totaling US$ 350 Mn in Q3 FY26. Leadership in the US Gx TRx volume share remains strong at 4.8%. The company is focused on investments in complex Gx & 505(b)(2) products, planning to file 10-15 ANDAs in FY26, including two 505(b)(2)s. The pipeline includes 45+ Injectables and 20+ inhalation products.
Innovation, Quality, and Sustainability
Innovation and Quality
Lupin is pivoting R&D towards complex generics and biosimilars. Long-term goals include launching 20 complex products in regulated markets by 2028 and completing 3 biosimilar filings.
The recent track record in Quality includes successful completion of FDA inspections at Pune Biotech and Nagpur Unit-II. Our Quality Goals target satisfactory compliance status across all sites.
ESG Update
The company secured a new benchmark in the S&P Global ESG Rating for 2025, achieving 91/100, cementing its Global No.1 ranking in the pharma industry. Key ESG highlights for Q3 FY26 include a Double ‘A’ Rating in Climate Change and Water Security from CDP, and formal approval of GHG emission reduction goals via the Science Based Targets initiative (SBTI).
Financial Metrics Trend
R&D spend for Q3 FY26 was ₹5,352 mn, representing 7.5% of Sales. Capex for the quarter stood at ₹2,007 mn, or 2.8% of Sales. The Net Debt to Equity ratio continued to improve, standing at a low (0.14) in Q3 FY26.
Source: BSE
