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Revenue
₹7,168 Cr
verified against source
Revenue YoY
24%
reported change
EBITDA
₹2,210 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Lupin delivered a strong Q3 FY26 with revenue of ₹7,168 crore (+24% YoY) and EBITDA margin of 31.1% (+681 bps YoY), driven by broad-based growth across regions. US sales hit a record $350 million (+46% YoY), supported by Tolvaptan exclusivity and Mirabegron settlement. India prescription business grew 10.9% YoY, with chronic share rising to 67%. Management raised FY26 EBITDA margin guidance to 27-28% (from 25-26%) and expects FY27 margins of 24-25% due to R&D investments and product mix. Key growth drivers include biosimilars (Pegfilgrastim launch imminent), injectables pipeline, and semaglutide launch in India. Risk: Mirabegron settlement costs and potential generic competition could pressure US profitability.
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Guidance to track
- Management raised full-year EBITDA margin guidance to 27-28% from earlier 25-26%, citing strong operational performance.
- For FY27, management guided EBITDA margin of 24-25%, factoring in higher R&D spend and potential product mix changes.
- R&D expenditure is expected to stay in the 7.5-8.5% range going forward, with focus on complex generics and biosimilars.
- Management expects semaglutide to be a ₹1,500 crore market opportunity in year one, with Lupin targeting ₹50-60 crore in first-year sales.
Risks flagged
- The $90 million settlement (with $75 million amortized) will impact profitability, and potential generic entrants could erode market share.
- Low single-digit price erosion in the US base business persists, which could offset volume gains if new product launches slow.
- Increasing competition in biosimilars, including PBM private labels, could pressure margins despite Lupin's cost advantage.
- The respiratory product Elixa has faced development delays; management expects material progress only in calendar 2026.
Key quotes
- We are pleased to report another quarter of strong execution with revenues surpassing last quarter's record performance. This marks our 14th consecutive quarter of year-on-year growth.
- We have multiple growth drivers at this point for the organization and feel fairly confident that we can sustain this billion plus revenue level over the next couple of years and build from there.
- We are very selective in our portfolio... we are selectively going after programs that we believe we can be in the first wave, we can be one of few based on technology advantage or otherwise.
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