Lupin Limited has reported a stellar fiscal year 2026, marking its 15th consecutive quarter of growth. The company achieved record-breaking annual revenues of INR 27,958 crores, reflecting a 23% year-on-year increase. Strong performances in the U.S., India, and European markets, alongside significant operational efficiencies, drove EBITDA margins to 29.7%. Looking ahead, the company targets high-single-digit revenue growth and maintained EBITDA margins of approximately 25% for FY2027.
Annual Financial Highlights
For the fiscal year ending March 2026, Lupin Limited demonstrated exceptional resilience and growth. Total revenue from operations surged to INR 27,958 crores, up 23% YoY. EBITDA (excluding forex and other income) saw a significant jump of 55% YoY to reach INR 8,160 crores. This strong momentum culminated in a 29.7% EBITDA margin, representing a 590 basis point increase compared to the previous year, comfortably surpassing internal guidance.
Geographic and Segment Performance
The U.S. business was a standout performer, contributing USD 1.3 billion in sales, an impressive 40% growth YoY. This success was fueled by the launch of complex products, including Tolvaptan, Mirabegron, and various complex injectables. Meanwhile, the India business continued its strong trajectory, with the core prescription segment growing 10.6%, outperforming the Indian Pharmaceutical Market (IPM). The company’s presence in Emerging Markets also grew by 35.2%, notably driven by a significant turnaround and 113% growth (in local currency) in the Brazilian market.
Strategic Outlook and Future Pipeline
Lupin is focusing on a sustainable growth model, with R&D investments maintained at 7.5% to 8% of sales. The company has a robust pipeline of over 50 active products, including significant upcoming launches in respiratory therapies, biosimilars, and complex injectables. Strategic acquisitions, such as VISUfarma, are expected to strengthen the company’s position in the ophthalmology segment across Europe and other international markets. With a healthy net cash position of INR 4,636 crores, the management remains committed to targeted capital allocation to bolster its specialty drug portfolio.
Operational Milestones
The company achieved key compliance milestones during the year, receiving EIR for its Goa facility and VAI status from the USFDA. ESG performance also reached a new high, with over 50% of the company’s energy now sourced from renewable means, alongside its first-time inclusion in the Dow Jones Best-in-Class Indices.
Source: BSE
