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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹7,475 Cr
verified against source
Revenue YoY
32%
reported change
EBITDA
₹2,171 Cr
latest reported figure
Source
nse announcements
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Lupin delivered a stellar Q4 FY26 with revenue of ₹7,475 crore (+32% YoY) and EBITDA of ₹2,171 crore (+68% YoY), marking the 15th consecutive quarter of growth. The US business was a standout, reaching $1.31 billion for the full year (+40% YoY), driven by complex generics like Tolvaptan and Mirabegron. India prescription business grew 14.5% YoY, outperforming IPM. Management guided for high single-digit revenue growth and ~25% EBITDA margin in FY27, factoring in competition on key products and higher R&D spend. Key risks include potential generic competition for Mirabegron and Tolvaptan, and inflationary pressures from global trade disruptions.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects high single-digit revenue growth in rupee terms for FY27.
- EBITDA margin guided to around 25% for FY27, down from 29.7% in FY26, factoring in competition and higher R&D.
- R&D expenditure expected to be around 8% of sales for the next fiscal year.
- US revenue expected to remain above $1 billion in FY27 despite competition, supported by new launches.
Risks flagged
- A third player has settled and may enter the market, potentially pressuring Lupin's market share and margins.
- Patent expiry in September 2026 could bring generic competition, impacting US revenue.
- Rising freight and raw material costs due to geopolitical tensions could impact margins, though management has factored this into guidance.
- Challenges in achieving product PK for the Dapagliflozin 505(b)(2) could delay launch beyond FY27.
Key quotes
- This quarter marked our 15th consecutive quarter of year-over-year growth with highest ever sales and profitability.
- We expect to grow our topline high single digits with margins at around 25% in fiscal year 27 despite increased headwinds from an uncertain geopolitical environment.
- We have built a strong foundation with positions loopin for sustainable growth.
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