US Sales (FY26)
$1.31B
+40% YoY
Full year US revenue driven by new product launches and volume growth.
LUPIN
Other
15 May 2026
Lupin Ltd — Q4 FY26
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.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
India Prescription Growth (Q4)
14.5%
+2.9pp vs IPM
Core prescription business grew 14.5% YoY, outperforming IPM growth of 11.6%.
Chronic Share in India
66%
+2pp YoY
Chronic segment now 66% of India portfolio, up from 64% in FY25.
Gross Margin (Q4)
75%
+1330bps YoY
Gross margin improved to 75% from 61.7% in Q4 FY25, driven by product mix and efficiencies.
Management Guidance
FY27 Revenue Growth: High Single Digit
Management expects high single-digit revenue growth in rupee terms for FY27.
revenueFY27 EBITDA Margin: ~25%
EBITDA margin guided to around 25% for FY27, down from 29.7% in FY26, factoring in competition and higher R&D.
marginsR&D Spend: ~8% of Sales in FY27
R&D expenditure expected to be around 8% of sales for the next fiscal year.
growthUS Business: Sustain >$1B in FY27
US revenue expected to remain above $1 billion in FY27 despite competition, supported by new launches.
revenueKey Risks
Mirabegron Competition
A third player has settled and may enter the market, potentially pressuring Lupin's market share and margins.
high · analyst_questionTolvaptan Patent Expiry
Patent expiry in September 2026 could bring generic competition, impacting US revenue.
high · analyst_questionInflationary Pressures
Rising freight and raw material costs due to geopolitical tensions could impact margins, though management has factored this into guidance.
medium · management_commentaryDapagliflozin 505(b)(2) Launch Delay
Challenges in achieving product PK for the Dapagliflozin 505(b)(2) could delay launch beyond FY27.
medium · analyst_questionNotable 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.