US Sales
$350M
+46% YoY
Record quarterly US sales driven by Tolvaptan exclusivity and base business growth.
LUPIN
Other
10 Feb 2026
Lupin Ltd — Q3 FY26
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.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
India Prescription Growth
10.9%
+10.9% YoY
Core India prescription business grew 10.9% YoY in Q3, outpacing IPM growth of 9.3%.
Chronic Share
67%
+2pp QoQ
Chronic segment now 67% of India portfolio, up from 65% last quarter, driven by cardiac and respiratory therapies.
Emerging Markets Growth
42%
+42% YoY
Emerging markets grew 42% YoY led by Brazil (99% YoY in local currency) on Dapagliflozin launch.
Management Guidance
FY26 EBITDA margin guidance raised to 27-28%
Management raised full-year EBITDA margin guidance to 27-28% from earlier 25-26%, citing strong operational performance.
marginsFY27 EBITDA margin expected at 24-25%
For FY27, management guided EBITDA margin of 24-25%, factoring in higher R&D spend and potential product mix changes.
marginsR&D spend to remain 7.5-8.5% of sales
R&D expenditure is expected to stay in the 7.5-8.5% range going forward, with focus on complex generics and biosimilars.
growthSemaglutide launch in India with first-year revenue target
Management expects semaglutide to be a ₹1,500 crore market opportunity in year one, with Lupin targeting ₹50-60 crore in first-year sales.
revenueKey Risks
Mirabegron settlement costs and competition
The $90 million settlement (with $75 million amortized) will impact profitability, and potential generic entrants could erode market share.
high · analyst_questionUS base business price erosion
Low single-digit price erosion in the US base business persists, which could offset volume gains if new product launches slow.
medium · management_commentaryBiosimilar market competition
Increasing competition in biosimilars, including PBM private labels, could pressure margins despite Lupin's cost advantage.
medium · analyst_questionElixa development delays
The respiratory product Elixa has faced development delays; management expects material progress only in calendar 2026.
low · analyst_questionNotable 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.