Analyst Concall
Lupin sees EBITDA margins falling to 24-25% in FY27
This story was originally published at 19:04 IST on 13 February 2026
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--Lupin: Growth in emerging markets Q3 led by countries such as Brazil
--CONTEXT: Lupin management's comments in post-earnings call with analysts
--Lupin: Q4 EBITDA margin likely to be affected by lower PLI income
--Lupin: Have multiple new product launches planned in biosimilars
--Lupin: Have multiple new product launches planned in injectibles
--Lupin: Focusing on costs, took initiatives to help maintain margin
--Lupin: Expecting co's FY27 EBITDA margin to be in range of 24-25%
--Lupin: Expect R&D spend to be 7.5-8.5% of sales in FY27
--Lupin: Injectibles portfolio seen rising to over $100 mln in next 3 yrs
--Lupin: Weren't gung-ho on biosimilars in past, not the case now
--Lupin: Generics remain very attractive contributor to co's financial
--Lupin: Aspire to grow India Rx business in double digits going forward
by Prateem Rohanekar and Anand JC
MUMBAI – Lupin Ltd.'s earnings before interst, tax, depreciation, and amortisation margin for 2026-27 (Apr-Mar) would dip to 24-25% because of the sheer competition for some of its products, the company's top management said Friday at a post-earnings analyst call. The company had product launches in the biosimilars and injectibles segment, top officials said. The company expected its research and development costs growth to remain flat if not rise only marginally, the management said.
The EBITDA margin is also likely to be affected by lower income from the production linked incentive scheme, the top official said. "There is tremendous focus on costs as well. There are a number of initiatives that we've taken up in recent times," the management said without going into further details.
The company said it had over 50 active product in its biosimilars and on respiratory complex injectibles segments in the near-term pipeline. The company did not go into futher details about the same. The management said that the biosimilars market is undergoing a shift, and they see the category driving growth in the US market.
"Over time, we expect a growing share of R&D investment to flow into specialty programs and value-added medicines, including long-acting injectables, green propellant products, and 505(b)(2) assets," the top official said.
"...we really see the injectables portfolio ramping up in the next three years to $100 million plus, with the multiple, you know, the tens of millions of dollars in individual products, and then biosimilars adding to it," the company management said while talking about a three-year horizon.
When asked how the management saw the growth trend in India Rx business, it said the company aspired to grow India prescription business in double digits and has added 900 poeple to its sales force in the last six months. "So we are doubling down on the market. We have expanded into newer divisions, into newer therapy areas as well. And we have not even done the innovation pipeline yet," the management said.
Thursday, shares of Lupin closed at INR 2,211.10 on the National Stock Exchange, marginally up from the previous close. The company declared its December quarter results after market hours. End
Edited by Akul Nishant Akhoury
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