Lupin Q2 FY27 Results Reveal A Mixed Earnings Picture, Net Profit Declines 22% To ₹1,155 Crore Even As Sales Register A Healthy 14% Growth

Mumbai: Pharmaceutical major Lupin Limited reported a 22.2 per cent year-on-year decline in consolidated profit after tax (PAT) to ₹1,155.3 crore for the quarter ended September 30, 2026 (Q2 FY27), compared with ₹1,484.8 crore in the corresponding quarter of the previous financial year.

The Mumbai-based company's product sales increased 14 per cent to ₹7,785.5 crore from ₹6,831.4 crore in Q2 FY26, according to its regulatory filing on Wednesday. Total revenue from operations increased 11.1 per cent to ₹7,827.3 crore.

EBITDA Declines 10.7% In Q2 FY27

Lupin reported consolidated EBITDA of ₹2,171.2 crore during the September quarter, down 10.7 per cent from ₹2,431.3 crore a year earlier. The EBITDA margin contracted to 27.9 per cent from 35.6 per cent, a decline of 770 basis points.

Profit before tax fell 21.3 per cent to ₹1,579.6 crore from ₹2,007 crore. Employee costs increased 28.8 per cent to ₹1,423.6 crore, while manufacturing and other expenses rose 23.2 per cent to ₹2,438.1 crore.

Profit Falls 18.5% Sequentially

On a quarter-on-quarter basis, Lupin's PAT declined 18.5 per cent from ₹1,417 crore in Q1 FY27. Product sales fell 5.3 per cent from ₹8,217.2 crore, while EBITDA declined 15.8 per cent from ₹2,579.9 crore. The EBITDA margin narrowed from 31.4 per cent in the preceding quarter to 27.9 per cent.

India And US Businesses Record Growth

Lupin's US sales increased 9.3 per cent year-on-year to ₹3,020.2 crore, accounting for 39 per cent of global product sales. India sales rose 14.7 per cent to ₹2,383.6 crore, contributing 31 per cent of total sales.

Other developed markets recorded 45.7 per cent growth to ₹1,182.3 crore, while emerging markets sales declined 3.5 per cent to ₹890.8 crore. Global active pharmaceutical ingredient (API) sales increased 20.2 per cent to ₹308.6 crore.

R&D Spending Rises To ₹618 Crore

Lupin invested ₹618.1 crore in research and development during Q2 FY27, representing 7.9 per cent of sales. The company received four ANDA approvals and one NDA 505(b)(2) approval from the US FDA during the quarter.

Managing Director Nilesh Gupta highlighted the company's first-half performance, growth across key markets and continued investments in research and commercial capabilities.

Disclaimer: This report is based on unaudited financial results filed by the company and does not constitute investment advice.