Lupin reported a strong financial performance for Q2 FY26. Revenue increased by 24.3% to ₹68,314 Mn. EBITDA surged by 75.8% to ₹24,313 Mn, with an EBITDA margin of 35.6%. Profit Before Tax (PBT) rose by 90.3% to ₹20,070 Mn. The company saw robust growth in the U.S. and emerging markets, supported by higher operational efficiencies.
Financial Performance Overview
Lupin announced its financial results for the quarter ending September 30, 2025, showcasing significant growth compared to the previous year. Key highlights include:
- Sales: Increased by 24.3% to ₹68,314 Mn from ₹54,970 Mn in Q2 FY25.
- EBITDA: Rose substantially by 75.8% to ₹24,313 Mn, compared to ₹13,827 Mn in the same quarter last year.
- EBITDA Margin: Improved significantly to 35.6% from 25.2%.
- PBT: Increased by 90.3% to ₹20,070 Mn from ₹10,549 Mn.
- PAT: Grew by 72.8% to ₹14,848 Mn.
Segmental Performance
The company witnessed robust performance across key geographies:
- U.S.: Sales increased by 47.3% to ₹27,624 Mn, accounting for 40% of Lupin’s global sales.
- India: Sales reached ₹20,777 Mn, up by 3.4%.
- Emerging Markets: Sales surged by 45.3% to ₹9,228 Mn, representing 14% of total sales.
- Other Developed Markets: Recorded sales of ₹8,117 Mn, an increase of 18.9%.
- Global API: Sales amounted to ₹2,568 Mn, a decrease of 12.8%.
Balance Sheet Highlights
Key balance sheet metrics as of September 30, 2025:
- Operating working capital was ₹77,304 Mn.
- Capital expenditure for the quarter totaled ₹3,474 Mn.
- Net Debt stood at -₹16,646 Mn, indicating a net cash position.
- Net Debt Equity ratio was -0.08.
R&D and Approvals
Lupin invested ₹5,091 Mn in Research and Development, representing 7.5% of sales. The company received 6 ANDA approvals from the U.S. FDA during the quarter. As of September 30, 2025, Lupin has 433 ANDA filings with the U.S. FDA and has received 341 approvals.
Management Commentary
Mr. Nilesh Gupta, Managing Director of Lupin, stated that the company is delighted to present one of its strongest performances ever and aims to leverage the H1 performance to deliver a strong FY26.
Source: BSE
