Homegrown pharmaceutical major Lupin reported a 22.19% decline in consolidated net profit to ₹1,155.30 crore in the September quarter, compared to ₹1,484.83 crore in the corresponding period of the previous fiscal year. According to reports from PTI, the company's revenue from operations increased to ₹7,827.26 crore during the quarter, up from ₹7,047.51 crore in the year-ago period. However, total expenses rose significantly to ₹6,374.46 crore from ₹5,130.54 crore in the same period last year. The decline was primarily attributed to an exceptional item impact during the quarter. Despite the year-on-year and sequential decline in key financial parameters, Lupin's performance was marginally ahead of estimates, with revenue coming in slightly above the poll estimate of ₹7,779.6 crore.
During the April-September period in FY27, Lupin's net profit declined 4.95% to ₹2,572.28 crore from ₹2,706.29 crore a year earlier. As reported by PTI, the company's US subsidiary Lupin Pharmaceuticals Inc USA settled one ongoing antitrust matter for ₹316.28 crore (USD 35.8 million) during the six months ended September 30, 2026, without admission of liability or wrongdoing. The group continues to carry the remaining provision towards future settlements related to similar cases.
According to the company's regulatory filing, Lupin's US sales during the September quarter reached ₹3,020.2 crore, up 9.3% compared to ₹2,762.4 crore a year earlier, contributing 39% to overall sales. The company continues to be the third-largest pharmaceutical player in both the US generic market and US total market by prescriptions as per IQVIA Quarter September 2026. India sales for Q2 FY27 were ₹2,383.6 crore, up 14.7% compared to ₹2,077.7 crore in Q2 FY26, accounting for 31% of Lupin's global sales. Other developed markets accounted for 15% of sales with revenue increasing 45.7% YoY to ₹1,182.3 crore, while emerging markets contributed 11% with revenue declining 3.5% YoY to ₹890.8 crore.
EBITDA fell 13% YoY to ₹2,044.41 crore from ₹2,341.33 crore, with sequential decline of 16.5% from ₹2,449.55 crore. EBITDA margin contracted significantly to 26.1% in Q2 FY27 from 33.2% in the year-ago quarter and 29.6% in the preceding quarter. Net profit declined 22% YoY to ₹1,155.3 crore from ₹1,484.83 crore, with sequential fall of 18.5% from ₹1,416.98 crore. Despite margin pressure, EBITDA and net profit exceeded estimates by around 9% and 10% respectively, with EBITDA margin at 26.1% approximately 210 basis points above the estimated 24%.
Lupin shares ended 0.97% higher at ₹2,015.90 on Tuesday, November 3, despite the company's mixed quarterly performance. The stock is down around 4% so far in 2026. The company reported a net debt of negative ₹3,349 crore, indicating a net cash position of ₹3,349 crore, assuming conventional net debt definition. US sales stood at $317 million, compared with $314 million in the year-ago quarter, and were ahead of estimates of $290-292 million. The API business accounted for 4% of sales with revenue increasing 20.2% YoY to ₹308.6 crore.
