Lupin Limited's Board of Directors convened on May 07, 2026, and approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, pursuant to Regulation 33 of the SEBI Listing Regulations. Subsequently, on May 09, 2026, the Company filed a newspaper advertisement under Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, disclosing an extract of the audited financial results. The Board also recommended a dividend of ₹18/- (Rupees Eighteen only) per equity share of face value ₹2/- each, representing 900% of face value, aggregating ₹8,229.2 million. The dividend is subject to declaration by shareholders at the ensuing Annual General Meeting and shall be paid within 30 days from the date of such declaration. The statutory auditors, B S R & Co. LLP, Chartered Accountants, issued audit reports with unmodified opinions on both the standalone and consolidated financial results.

Management Commentary: US Margin Headwinds

Lupin's management has flagged that the company could see negative headwinds on margins as far as the USA business is concerned, according to CNBC. This cautionary note comes even as the company delivered a strong quarterly performance, underscoring the potential near-term pressure on profitability from its key US market.

Analyst View: Morgan Stanley Maintains Equal-Weight

Morgan Stanley has maintained an Equal-weight rating on Lupin with a target price of ₹2,386, citing a strong Q4 beat across revenue, EBITDA, and PAT. The outperformance was driven by robust US business performance, 11.5% year-on-year India growth, and 49% year-on-year emerging market growth. The results were further aided by high-value gMyrbetriq and continued gSpiriva sales.

Consolidated Financial Performance

Lupin delivered a strong performance on a consolidated basis for the year ended March 31, 2026. Total revenue from operations grew significantly compared to the prior year, driven by growth in the pharmaceuticals segment. The following table summarises the key consolidated income statement metrics:

For the quarter ended March 31, 2026, consolidated net profit rose to ₹14.6 billion from ₹7.73 billion in the corresponding prior-year quarter, while total revenue from operations reached ₹74.7 billion compared to ₹56.7 billion. On the profitability front, Q4 EBITDA surged to ₹24.8 billion from ₹13.21 billion in the same quarter of the prior year, with the EBITDA margin expanding sharply to 33.6% from 23.31%, reflecting improved operational efficiency. The table below highlights the key quarterly consolidated metrics:

Consolidated Earnings Per Share

Consolidated earnings per share (face value ₹2/- each) for the year ended March 31, 2026 are presented below:

Standalone Financial Performance

On a standalone basis, Lupin also reported strong growth for the year ended March 31, 2026. Total revenue from operations reached ₹195,126.6 million, compared to ₹169,675.0 million in the prior year. Standalone net profit after tax for the year was ₹63,665.6 million, up from ₹39,729.6 million. The following table provides a summary of key standalone financials:

Standalone basic EPS (after exceptional items) for the year ended March 31, 2026 stood at ₹139.38, compared to ₹87.10 in the prior year. Diluted EPS (after exceptional items) was ₹139.01 versus ₹86.79. For the quarter ended March 31, 2026, standalone total revenue from operations was ₹52,346.0 million and net profit after tax was ₹21,636.9 million.

Standalone Cash Flow Highlights

On a standalone basis, net cash flow from operating activities for the year ended March 31, 2026 was ₹55,398.5 million, compared to ₹24,446.5 million in the prior year. Cash and cash equivalents at the end of the year stood at ₹1,116.3 million, versus ₹3,418.0 million at the start of the year. Net cash used in investing activities was ₹(56,488.9) million, while net cash used in financing activities was ₹(1,211.3) million.

Segment Performance

The pharmaceuticals segment continued to be the dominant revenue contributor on a consolidated basis. Segment-wise revenue and results for the year ended March 31, 2026 are as follows:

The pharmaceuticals segment reported a segment result of ₹70,502.7 million for the year ended March 31, 2026, compared to ₹41,608.1 million in the prior year. The "Others" segment reported a loss of ₹1,777.2 million versus a loss of ₹1,458.1 million in the prior year.

Consolidated Balance Sheet Highlights

As at March 31, 2026, consolidated total assets stood at ₹383,648.3 million, compared to ₹292,048.8 million as at March 31, 2025. Total equity increased to ₹225,133.7 million from ₹172,943.5 million. Key balance sheet figures are summarised below:

Consolidated cash and cash equivalents as at March 31, 2026 stood at ₹41,677.3 million, significantly higher than ₹15,436.9 million at the end of the prior year. Net cash flow from operating activities for the year was ₹73,345.0 million, compared to ₹29,999.4 million in the prior year.

Notable Corporate Developments and Exceptional Items

Several significant corporate developments were disclosed alongside the financial results:

• Antitrust Litigation: The Group created a cumulative provision of ₹5,816.9 million (USD 65.8 million) related to antitrust litigation matters as at the year ended March 31, 2026. In April 2026, Lupin Pharmaceuticals, Inc. (LPI), a wholly owned subsidiary, settled one of the ongoing antitrust matters for ₹2,654.1 million (USD 30.0 million) without admission of liability or wrongdoing.
• Astellas Settlement: On February 09, 2026, Lupin Limited and its subsidiary entered into a settlement agreement with Astellas related to Mirabegron ER Tablets (a generic version of Myrbetriq ER Tablets) in US markets. LPI paid ₹8,475.5 million (USD 90.0 million), comprising ₹7,110.8 million (USD 75.0 million) as Prepaid Option and ₹1,364.7 million (USD 15.0 million) as a one-time settlement payment.
• VISUfarma Acquisition: During the year ended March 31, 2026, Lupin, through its wholly owned subsidiary Nanomi B.V., Netherlands, entered into a definitive agreement to acquire 100% share capital of VISUfarma B.V., Netherlands. The acquisition was concluded on April 01, 2026, with total consideration of ₹20,902.7 million (Euro 192.8 million).
• Renascience Pharma Acquisition: Through Lupin Healthcare (UK) Limited, the Company acquired 100% equity share capital of Renascience Pharma Limited, U.K., for a consideration of ₹1,361.6 million (GBP 12.3 million). Fair value of intangibles acquired was ₹1,239.4 million, deferred tax liability ₹309.8 million, and goodwill ₹325.9 million.
• OTC and API R&D Business Transfer: During the year ended March 31, 2026, the Company transferred its Over the Counter (OTC) and API R&D business in India to its wholly owned subsidiaries Lupinlife Consumer Healthcare Limited and Lupin Manufacturing Solutions Limited respectively, on a slump sale basis for considerations of ₹8,200.0 million and ₹180.0 million, resulting in gains of ₹6,589.6 million and ₹37.2 million respectively.
• New Labour Codes: The Group recognised an incremental cost of ₹512.2 million during the quarter ended December 31, 2025 and year ended March 31, 2026, following the implementation of the New Labour Codes effective November 21, 2025.
• ESOP Allotment: During the quarter ended March 31, 2026, 380,305 equity shares (year to date 614,066) of ₹2/- each were allotted upon exercise of vested stock options under Lupin Employees Stock Option Plans, increasing paid-up equity share capital by ₹0.7 million (year to date ₹1.2 million) and securities premium account by ₹463.2 million (year to date ₹719.7 million).

The Board of Directors of Lupin Limited, at its meeting held on Thursday, May 07, 2026, recommended the appointment of Deloitte Haskins & Sells Chartered Accountants LLP (Firm Registration No. 117364W/W100739) as the company's Statutory Auditors. The recommendation was made on the basis of the Audit Committee's suggestion and is subject to approval by the members of the company at the ensuing Annual General Meeting (AGM). The board meeting commenced at 01:45 p.m. (IST) and concluded at 07:25 p.m. (IST).

Change in Statutory Auditors

The transition in statutory audit firm has been necessitated by the completion of the maximum permissible tenure of the incumbent auditors. B S R & Co. LLP Chartered Accountants (Firm Reg. No. 101248W/W-100022), the existing Statutory Auditors, will be completing their second term of consecutive five years at the conclusion of the ensuing Forty-Fourth AGM to be held in 2026. In accordance with applicable regulations, the Board has recommended Deloitte Haskins & Sells Chartered Accountants LLP as the successor firm.

The key details of the proposed appointment are outlined below:

Profile of Incoming Statutory Auditor

Deloitte Haskins & Sells was constituted in 1997 and was subsequently converted to a Limited Liability Partnership (LLP), operating under the name Deloitte Haskins & Sells Chartered Accountants LLP with effect from June 02, 2021. The firm is registered with the Institute of Chartered Accountants of India (ICAI) under Registration No. 117364W/W100739 and is a part of Deloitte Haskins & Sells & Affiliates, being the Network of Firms registered with the ICAI. The registered office of the firm is located at 19th Floor, Shapath – V, S G Highway, Ahmedabad – 380 015, India.

Regulatory Disclosure

The intimation has been made pursuant to Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and in accordance with the SEBI Master Circular dated January 30, 2026 (reference number HO/49/14/14(7)2025-CFD-POD2/I/3762/2026). The disclosure was signed by Amit Kumar Gupta, Company Secretary & Compliance Officer (ACS-15754) of Lupin Limited.