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Lupin Management Guidance Tracker

8 forward-looking guidance items tracked across 2 quarters.

Margins

Q3 FY26FY26 EBITDA margin guidance raised to 27-28%Active

Management raised full-year EBITDA margin guidance to 27-28% from earlier 25-26%, citing strong operational performance.

Q3 FY26FY27 EBITDA margin expected at 24-25%Tracked

For FY27, management guided EBITDA margin of 24-25%, factoring in higher R&D spend and potential product mix changes.

Q4 FY26FY27 EBITDA Margin: ~25%Tracked

EBITDA margin guided to around 25% for FY27, down from 29.7% in FY26, factoring in competition and higher R&D.

Growth

Q3 FY26R&D spend to remain 7.5-8.5% of salesActive

R&D expenditure is expected to stay in the 7.5-8.5% range going forward, with focus on complex generics and biosimilars.

Q4 FY26R&D Spend: ~8% of Sales in FY27Tracked

R&D expenditure expected to be around 8% of sales for the next fiscal year.

Revenue

Q3 FY26Semaglutide launch in India with first-year revenue targetTracked

Management expects semaglutide to be a ₹1,500 crore market opportunity in year one, with Lupin targeting ₹50-60 crore in first-year sales.

Q4 FY26FY27 Revenue Growth: High Single DigitTracked

Management expects high single-digit revenue growth in rupee terms for FY27.

Q4 FY26US Business: Sustain >$1B in FY27Tracked

US revenue expected to remain above $1 billion in FY27 despite competition, supported by new launches.