Lupin Reports Strong Q2 FY26 Performance with 24% Sales Growth and Margin Expansion

Lupin Limited , a global pharmaceutical leader, has announced robust financial results for the second quarter of fiscal year 2026, demonstrating significant growth and improved profitability.

Key Financial Highlights

Metric	Q2 FY26	Q2 FY25	YoY Growth
Sales	₹68,314.00	₹54,970.00	24.3%
EBITDA	₹21,376.00	₹13,083.00	63.4%
EBITDA Margin	31.3%	23.8%	750 bps
Net Income	₹14,779.00	₹8,526.00	73.3%

Lupin's sales reached ₹68,314.00 million in Q2 FY26, representing a strong 24.3% year-over-year growth. The company's EBITDA saw a substantial increase of 63.4%, reaching ₹21,376.00 million, with the EBITDA margin expanding by 750 basis points to 31.3%. Net income also showed impressive growth, rising 73.3% to ₹14,779.00 million.

Business Segment Performance

North America: Grew 46% YoY to ₹28,720.00 million
India: Increased 3% YoY to ₹20,777.00 million
LATAM: Surged 81% YoY to ₹3,443.00 million
APAC: Remained flat at ₹2,995.00 million
EMEA: Grew 68% YoY to ₹2,729.00 million

Key Developments

Product Launches: Lupin successfully launched Liraglutide Injection and Risperidone Injection in the U.S. market during the quarter.
Global Expansion: The company strengthened its global specialty ophthalmology business through the VISUfarma acquisition.
Strategic Partnerships: Lupin entered an out-licensing partnership with Sandoz for Ranibizumab Biosimilar across multiple regions.
Regulatory Approvals:
- Received approval from Taiwan FDA for Pithampur Unit-I
- Obtained approval from ANVISA for Dabhasa facility
- Mexico operations received no observations from Cofepris
R&D Investment: The company invested ₹5,091.00 million (7.5% of sales) in research and development during the quarter.

Management Commentary

Mr. Nilesh Gupta, Managing Director of Lupin Limited, stated, "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."

Outlook

Lupin's strong performance in Q2 FY26 positions the company well for continued growth. The management's focus on operational efficiencies, strategic investments, and expansion in key markets is expected to drive further improvements in the coming quarters.

As Lupin continues to strengthen its global presence and expand its product portfolio, investors and stakeholders may anticipate sustained growth and value creation in the pharmaceutical sector.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+1.46%	+1.04%	+3.08%	-4.22%	-6.04%	+116.13%

Lupin Limited , a global pharmaceutical leader, has announced its financial results for the second quarter of fiscal year 2026, showcasing robust growth across key metrics.

Financial Highlights

Lupin's Q2 FY2026 performance demonstrates significant year-over-year improvements:

Metric	Q2 FY2026	Q2 FY2025	YoY Growth
Sales	₹68,314.00 mn	₹54,970.00 mn	24.3%
EBITDA	₹21,376.00 mn	₹13,083.00 mn	63.4%
EBITDA Margin	31.3%	23.8%	750 bps
Net Income	₹14,779.00 mn	₹8,526.00 mn	73.3%

The company's EBITDA margin expanded by 750 basis points to 31.3%, reflecting improved operational efficiency.

Geographical Performance

Lupin's growth was driven by strong performances across various regions:

North America: Sales reached ₹28,720.00 mn, up 46% YoY
India: Sales stood at ₹20,777.00 mn, a 3% YoY increase
EMEA (Europe, Middle East, and Africa): Reported sales of ₹7,082.00 mn, growing 24% YoY
LATAM (Latin America): Achieved sales of ₹3,443.00 mn, an 81% YoY growth
API (Active Pharmaceutical Ingredients): Generated sales of ₹2,568.00 mn, up 13% YoY

Operational Highlights

Lupin maintained its position as the 3rd largest pharmaceutical player in the U.S. generic market by prescriptions.
The company received 6 ANDA approvals from the U.S. FDA and launched 6 products in the U.S. market during the quarter.
Lupin now has 147 generic products in the U.S. market and is the leader in 49 of its marketed generics.
In India, Lupin's formulation sales grew by 8.8% compared to Q2 FY2025, outpacing the Indian Pharmaceutical Market growth of 7.2%.

Strategic Developments

Strengthened Global Specialty Ophthalmology with the acquisition of VISUfarma.
Entered an out-license partnership with Sandoz for Ranibizumab Biosimilar across multiple regions.
Launched a Strategic partnership program expanding PrecisionSphere - Long-Acting Injectable platform developed by Nanomi.

R&D and Compliance

Investment in R&D for the quarter was ₹5,091.00 mn, representing 7.5% of sales.
The company received approval for 6 ANDAs from the U.S. FDA in the quarter.
Cumulative ANDA filings with the U.S. FDA stand at 433, with 341 approvals received to date.
Lupin has 50 First-to-File (FTF) filings, including 20 exclusive FTF opportunities.

Mr. Nilesh Gupta, Managing Director of Lupin Limited, commented, "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's strong Q2 FY2026 results underscore its strategic focus on key markets, operational efficiency, and continued investment in research and development. The company's diverse geographical presence and robust product pipeline position it well for sustained growth in the coming quarters.