Lupin Q2 PAT climbs 73% YoY to Rs 1,478 crore in FY26

Lupin reported 73.33% surge in consolidated net profit to Rs 1,477.92 crore in Q2 FY26 as against Rs 852.63 crore posted in Q2 FY25.

Revenue from operations jumped 24.27% year-on-year to Rs 6,831.43 crore in the quarter ended 30 September 2025.

Profit before tax stood at Rs 2,006.97 crore during the quarter, up 90.25% from Rs 1,054.86 crore recorded in Q2 FY25.

EBITDA stood at Rs 2,431.3 crore in Q2 FY26, registering 75.8% growth compared with Rs 1,382.7 crore in Q2 FY25. The EBITDA margin improved 1,040 basis points to 35.6% in Q2 FY26 from 25.2% in Q2 FY25.

U.S. sales for Q2 FY26 were Rs 2,762.4 crore, up 47.3% compared to Rs 1,875.3 crore in Q2 FY25, accounting for 40% of Lupins global sales. The company received six ANDA approvals from the U.S. FDA and launched six products in the U.S. market during the quarter. Lupin now has 147 generic products in the U.S. market.

Lupin continues to be the third-largest pharmaceutical player in both the U.S. generic market and the overall U.S. prescription market (IQVIA Qtr. TRx Sep 2025). The company leads in 49 of its marketed generics in the U.S. and ranks among the top three in 113 products (IQVIA Qtr. Sep 2025 by extended units).

India sales for Q2 FY26 stood at Rs 2,077.7 crore, up 3.4% compared to Rs 2,009.6 crore in Q2 FY25, accounting for 30% of global sales. India Region Formulation sales rose 8.8% YoY, with six brand launches across therapies during the quarter. Lupin ranks as the eighth-largest company in the Indian pharmaceutical market (IQVIA MAT Sep 2025).

Other developed markets sales for Q2 FY26 were Rs 811.7 crore, up 18.9% YoY, accounting for 12% of Lupins global sales.

Emerging markets sales stood at Rs 922.8 crore, up 45.3% YoY, accounting for 14% of global sales.

Global API sales were Rs 256.8 crore, down 12.8% YoY compared to Rs 294.4 crore in Q2 FY25, representing 4% of global sales.

Investment in R&D stood at Rs 509.1 crore (7.5% of sales) for the quarter, compared to Rs 448.1 crore (8.2% of sales) in Q2 FY25. Lupin received approvals for six ANDAs from the U.S. FDA during the quarter. Cumulative ANDA filings with the U.S. FDA stood at 433 as of 30 September 2025, with the company having received 341 approvals to date. The company now has 50 First-to-File (FTF) filings, including 20 exclusive FTF opportunities. Cumulative U.S. DMF filings stood at 91 as of 30 September 2025.

Nilesh Gupta, managing director, Lupin, said We are delighted to present one of our strongest performances ever in this second quarter of FY26. We continue to see robust growth in revenues and EBITDA led by strong performance across the board, in the U.S., emerging markets, other developed markets and in India, supported by higher operational efficiencies and sustained investments. We intend to leverage the performance of H1 to deliver a strong FY26

Lupin is a global pharmaceutical leader headquartered in Mumbai, India, with products distributed in over 100 markets. It specializes in pharmaceutical products, including branded and generic formulations, complex generics, biotechnology products, and active pharmaceutical ingredients.

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