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Informist, Friday, Aug. 7, 2026

 

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--Lupin Apr-Jun consol net profit INR 14.15 bln 
--Analysts saw Lupin Apr-Jun consol net profit at INR 13.18 bln 
--Lupin Apr-Jun consol revenue INR 82.77 bln 
--Analysts saw Lupin Apr-Jun consol revenue at INR 77.88 bln 
--Lupin Apr-Jun consol net profit INR 14.15 bln vs INR 12.19 bln year ago 
--Lupin Apr-Jun consol revenue INR 82.77 bln vs INR 62.68 bln year ago 
--Lupin Apr-Jun consol EBITDA INR 25.80 bln vs INR 18.06 bln yr ago 
--Lupin Apr-Jun consol EBITDA margin 31.4% vs 29.3% year ago 
--Lupin Q1 consol mfg, other expenses INR 23.41 bln vs INR 17.72 bln yr ago 
--Lupin: Apr-Jun investment in R&D of INR 6.08 bln, 7.4% of sales 
--Lupin: Capex INR 2.79 bln in Apr-Jun 
--Lupin Apr-Jun India sales INR 23.80 bln vs INR 20.89 bln yr ago 
--Lupin Apr-Jun US sales $366 mln vs $282 mln yr ago 
--Analysts expected Lupin Apr-Jun US sales at $378.67 mln 
--Lupin Apr-Jun emerging markets sales INR 9.90 bln vs INR 6.52 bln yr ago 
--Lupin Apr-Jun global API sales INR 2.64 bln vs INR 2.43 bln yr ago 
--Lupin Q1 Europe, West Asia, Africa sales INR 8.60 bln up 37% YoY 
--Lupin Apr-Jun Asia-Pacific sales INR 3.14 bln, unchanged YoY

 

By Eshitva Prakash

MUMBAI – Lupin Ltd. reported a higher-than-expected rise in its net profit and revenues for the June quarter on the back of robust sales in its top markets, the US and India, even as higher costs and foreign exchange loss ate into some growth. Its profitability for the quarter was further boosted by deferred taxes, which helped limit the impact of a higher effective tax rate. 

 

The pharmaceutical company reported a consolidated net profit of INR 14.15 billion, up over 16% on year, higher than analysts' expectations of INR 13.2 billion. On quarter, the bottom line fell over 3%, primarily due to a higher effective tax rate and the absence of favourable currency movement in the June quarter.

 

The company's consolidated revenues rose 32% on year, the most in three quarters, to INR 82.77 billion, sharply beating estimates of INR 77.88 billion. Sequentially, the company's top line rose 11%. 

 

Its tax expense for the quarter rose to INR 6 billion, up over three times from the year-ago quarter. The tax impact would have been higher if not for deferred tax of INR 3.84 billion. In the year-ago quarter, the company had deferred tax of INR 2.97 billion. In the March quarter, Lupin had guided for a quarterly effective tax rate of around 25–26% for the financial year 2026–27 (Apr-Mar), higher than 22% in FY26.

 

The company's total expenses surged 30% on year to INR 63.90 billion. Cost of materials consumed rose 16% to INR 13.12 billion, employee benefit expense rose 28% to INR 13.82 billion and other expenses rose 32% to INR 23.41 billion. The company had a net loss of INR 149 million on foreign currency transactions in the quarter under review, compared with a net gain of nearly INR 860 million a year ago.

 

Lupin's expenditure on research and development as a ratio of its revenues fell to 7.4% from 8.1% a year ago. The company spent around INR 6.08 billion on research and development in the June quarter, compared with nearly INR 5 billion a year ago. Capital expenditure was INR 2.79 billion in the June quarter. It maintained a strong net cash position of INR 28.31 billion as on Jun. 30 and its net-debt-to-equity ratio was (-)0.12.

 

The company's earnings before interest, tax, depreciation, and amortisation rose nearly 43% on year to INR 25.8 billion, sharply higher than analysts' projection of INR 21.11 billion. Its EBITDA margin expanded by 210 basis points on year to 31.4%. Gross profit rose 39.5% on year to INR 61.28 billion.

 

GEOGRAPHIES, FORMULATIONS, API

The company's sales in the US surged almost 43% on year to INR 34.35 billion. In dollar terms, sales were $366 million, below the $378.67 million expected by analysts. US sales contributed to 42% of the company's global sales. Lupin remains the third-largest pharmaceutical company in the US generic market and total market by prescriptions, the company said, citing data from the market research firm IQVIA. The company has over 45 injectables and more than 20 inhalation drugs in its pipeline. It plans to launch at least five biosimilar drugs by FY31. 

 

The company's sales in India for the June quarter rose almost 14% on year to INR 23.8 billion, accounting for 29% of its global sales. Domestic formulation sales were up over 15%. Lupin retained its position as the eighth-largest company in the Indian pharmaceutical market. Its domestic anti-diabetic segment sales grew nearly 32% on year, beating market growth of 17% in this segment. The company's sales in the chronic therapy segment rose 21.5% on year and its market share increased to 67% from 65% in FY26. The company has guided for a 70% market share in chronic therapy by FY31.

In emerging markets, which include Brazil, South Africa, Mexico, and the Philippines, the company's sales rose 52% to INR 9.9 billion. Sales from these countries accounted for 12% of Lupin's global turnover. In other developed markets, which comprise Europe, Canada, and Australia, the company's sales rose 48% to INR 11.5 billion, accounting for 14% of Lupin's global sales. Active pharmaceutical ingredient sales rose 8.5% to INR 2.64 billion.

 

APPROVALS

In Apr-Jun, Lupin said it got six abbreviated new drug application approvals from the US Food and Drug Administration and launched three new generic products, taking its total generic product count to 149 in its top market. The company now has 50 first-to-file filings, including 21 exclusive first-to-file opportunities. 

 

Lupin reported its June quarter earnings after market hours Thursday. Its shares ended at INR 2,385 apiece on the National Stock Exchange, slightly lower from Wednesday.  End

 

US$1 = INR 95.22

 

Edited by Shubhayan Bhattacharya

 

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