Lupin vs SRF Q4 FY26

LU

Lupin

Q4 FY26 · Other

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.

Guidance read

FY27 Revenue Growth: High Single Digit: Management expects high single-digit revenue growth in rupee terms for FY27. FY27 EBITDA Margin: ~25%: EBITDA margin guided to around 25% for FY27, down from 29.7% in FY26, factoring in competition and higher R&D. R&D Spend: ~8% of Sales in FY27: R&D expenditure expected to be around 8% of sales for the next fiscal year. US Business: Sustain >$1B in FY27: US revenue expected to remain above $1 billion in FY27 despite competition, supported by new launches.

Risk read

Key risks include Mirabegron Competition — A third player has settled and may enter the market, potentially pressuring Lupin's market share and margins.; Tolvaptan Patent Expiry — Patent expiry in September 2026 could bring generic competition, impacting US revenue.; Inflationary Pressures — Rising freight and raw material costs due to geopolitical tensions could impact margins, though management has factored this into guidance.; Dapagliflozin 505(b)(2) Launch Delay — Challenges in achieving product PK for the Dapagliflozin 505(b)(2) could delay launch beyond FY27..

Promise ledger

Of 2 tracked promises, management 0 met, 0 close, 2 missed.

SR

SRF

Q4 FY26 · Other

SRF delivered a strong FY26 with revenue of ₹15,787 crore (+7% YoY), EBITDA of ₹3,800 crore (+29% YoY), and PAT of ₹1,835 crore (+47% YoY), driven by record fluoro-chemicals performance and margin expansion. The chemicals business grew 16% to ₹7,779 crore, while performance films and technical textiles showed recovery. Management guided for 15-20% growth in chemicals in FY27, supported by HFC debottlenecking, specialty chemicals recovery, and new capacities (HFO, fluoropolymers, BOPP). Key risks include geopolitical disruptions in the Middle East, forex mark-to-market losses, and pricing pressure in specialty chemicals from Chinese competition.

Guidance read

Chemicals business growth 15-20% in FY27: Management expects the chemicals segment to grow 15-20% in FY27, driven by HFC volumes, specialty recovery, and new capacities. HFO plant commissioning by Feb 2028: The new HFO plant in Odisha is expected to be commissioned by February 2028, with all three products coming up in parallel. BOPP line to commence production in July 2026: The new BOPP line is on track to start production in July 2026, strengthening the packaging films portfolio. PA line (BOPA) operational by September 2027: A state-of-the-art polyamide line, India's first based on simultaneous stretching, will be operational by September 2027 with an investment of ₹180 crore.

Risk read

Key risks include Geopolitical disruption in Middle East — Sales into the Middle East were impacted in Q4 due to geopolitical tensions, though management rerouted shipments to other markets.; Forex mark-to-market losses — Sharp rupee depreciation led to mark-to-market losses on forward hedges, impacting FY26 results and expected to persist near-term.; Pricing pressure from Chinese competition in specialty chemicals — Aggressive Chinese pricing has compressed margins in specialty chemicals; management expects normalization but timing uncertain.; HCFC quota uncertainty — Government has not clarified whether HCFC production will be included in baseline quota calculations, creating regulatory risk for HFC capacity expansion..

Promise ledger

Scorecard data is being built as historical quarters are processed.