Lupin Limited reported consolidated sales of ₹7,785.5 crore for the July–September quarter (Q2 FY27), up 14% from a year earlier, but its net profit fell 22.2% to ₹1,155.3 crore as costs rose faster than revenue. The Mumbai-based drugmaker’s board took the unaudited results on record on 4 November 2026.

The quarter follows a busy run of US regulatory news for the company, including Lupin’s USFDA approval for generic amifampridine tablets earlier this week.

Key takeaways

• Sales rose 14% year on year to ₹7,785.5 crore, but fell 5.3% from Q1 FY27.
• EBITDA declined 10.7% to ₹2,171.2 crore, and the EBITDA margin narrowed by 770 basis points to 27.9%.
• Profit after tax fell 22.2% to ₹1,155.3 crore from ₹1,484.8 crore in Q2 FY26.
• Other developed markets grew 45.7%, the fastest of Lupin’s regions.

Lupin Q2 FY27 results at a glance

According to Lupin’s results press release, gross profit rose 15.4% to ₹5,777.4 crore, with a gross margin of 74.2%. Employee costs, however, climbed 28.8% to ₹1,423.6 crore, and manufacturing and other expenses rose 23.2% to ₹2,438.1 crore. Depreciation, amortisation and impairment rose 53.4% to ₹485.9 crore.

Profit before tax fell 21.3% to ₹1,579.6 crore. A smaller forex gain than a year ago and a sharp fall in other operating income, from ₹216.1 crore to ₹41.8 crore, also weighed on the comparison.

How did Lupin’s markets perform?

• United States: Sales rose 9.3% to ₹3,020.2 crore (USD 317 million), 39% of global sales. Lupin received four ANDA approvals and one NDA 505(b)(2) approval from the USFDA in the quarter and now markets 149 generic products in the US.
• India: Sales grew 14.7% to ₹2,383.6 crore, 31% of global sales. The company launched five brands and remains the eighth-largest player in the Indian pharmaceutical market, citing IQVIA data.
• Other developed markets: Sales jumped 45.7% to ₹1,182.3 crore.
• Emerging markets: Sales slipped 3.5% to ₹890.8 crore.
• Global API: Sales rose 20.2% to ₹308.6 crore.

The mix echoes other large drugmakers this season. Sun Pharma’s Q2 FY27 results showed India sales up 17% while its US business slipped, and Emcure’s Q2 FY27 profit rose 29% on a 35% jump in overseas sales.

R&D and pipeline

Lupin invested ₹618.1 crore in research and development, or 7.9% of sales, up from ₹522.2 crore a year ago. Cumulative ANDA filings with the USFDA stood at 429 as of 30 September 2026, with 353 approvals received. The company has 48 first-to-file opportunities, including 21 exclusive ones, and 94 US drug master file filings.

Recent filings include specialty products in the central nervous system space, such as Lupin’s USFDA tentative approval for pitolisant tablets.

What management said

“We delivered a strong first half of FY27, underpinned by solid growth across key markets and sustained profitability. While we remain mindful of near-term challenges, we are confident in our long-term growth prospects,” said Nilesh Gupta, Managing Director, Lupin Limited.

The balance sheet remains net cash, with net debt of minus ₹3,349 crore and a net debt-to-equity ratio of minus 0.14 as of 30 September 2026. Capital expenditure for the quarter was ₹223 crore.

Frequently asked questions

What was Lupin’s net profit in Q2 FY27?

Lupin’s profit after tax was ₹1,155.3 crore in Q2 FY27, down 22.2% from ₹1,484.8 crore a year earlier.

Which Lupin market grew fastest in the quarter?

Other developed markets grew fastest, with sales up 45.7% to ₹1,182.3 crore, followed by API sales, which rose 20.2%.

Featured image: Lupin’s manufacturing facility in Goa, India. Photo: Lupin Limited

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