Lupin Limited Earnings Summary — Q4 FY2026

• Revenue grew significantly to ₹7,475 Crores, representing a 50.7% increase year-on-year compared to the same quarter last year.
• Operating Profit Margin reached a high of 33%, showcasing a successful shift toward high-margin complex generic and respiratory portfolios.
• Net Profit surged 87.9% YoY to ₹1,469 Crores, despite a sharp increase in quarterly depreciation costs to ₹447 Crores.
• The balance sheet remains robust with reserves growing to ₹22,357 Crores, supporting recent capital expenditure and R&D initiatives.
• Interest expenses rose to ₹120 Crores this quarter, tracking the increase in total borrowings to ₹6,616 Crores by year-end.
• Recovery is evident across the TTM period with compounded sales growth reaching 23% and profit growth at 78%.

Management remains focused on pivoting toward 'complex generics' and 'specialty' segments, specifically in respiratory and injectable dosages, to drive premiumization.

Improving

The transition from a restructuring phase into a clear growth phase is reflected in the record operating margins and consistent top-line momentum.

Lupin exhibits a strong long-term runway driven by a robust US FDA approval pipeline for complex generics and stabilization of manufacturing sites. The expansion of the asset base suggests a transition toward sustained growth, supported by traction in the biosimilar portfolio.