What was Lupin's revenue in Q3 FY26?

Lupin reported revenue of ₹7,168 Cr in Q3 FY26, a +24% change year-over-year.

Did Lupin management deliver on previous promises?

Scorecard data is being built as historical quarters are processed.

Lupin Q3 FY26 Research Workspace: Revenue ₹7,168 Cr (+24%)

Q: What guidance did Lupin management give?

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.

Revenue ₹7,168 Cr +24%

EBITDA ₹2,210 Cr +62%

PAT ₹1,181 Cr

EBITDA Margin 31.1% +681bps

Duration 63 min

Read Time 1 min read

✓ Verified against BSE filing

2-Minute Summary

✦ AI-Generated from Full Transcript

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.

Risks4 trackedTranscriptfull text

Research workspace

Focused Modules

!Risks 4 risks

Risk Intelligence

Mirabegron settlement costs and competition

View Risks →

≡Transcript Full text

Call Transcript

Full transcript text is available on this route.

Read Transcript →

Quarter Snapshot

US Sales $350M

+46% YoY

Record quarterly US sales driven by Tolvaptan exclusivity and base business growth.

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.

Fast read

Guidance and risk preview

Top 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.

Top risk Mirabegron settlement costs and competition

The $90 million settlement (with $75 million amortized) will impact profitability, and potential generic entrants could erode market share.