Subject: Lupin Ltd. Q1 FY27 Earnings Update: Broad-Based Growth Drives Robust Financial Performance

Key Financial Highlights (Q1 FY27 vs. Q1 FY26) Consolidated Revenue: Surged 33.3% YoY to ₹8,217 crore, up from ₹6,164 crore. EBITDA: Increased by a substantial 47.3% YoY to ₹2,390 crore, compared to ₹1,623 crore. EBITDA Margin: Expanded by 280 basis points to reach 29.1%, underscoring strong operational leverage and pricing discipline. Net Profit (PAT): Grew 16.1% YoY to ₹1,415 crore, up from ₹1,219 crore. Geographical Performance Breakdown North America: The US business remains the cornerstone of Lupin's revenue structure, with sales scaling to $366 million (up from $282 million in the year-ago period). India: Domestic formulations recorded a solid 14% YoY growth, achieving ₹2,379.6 crore in revenue. Developed & Emerging Markets: Other developed markets registered an impressive 48.3% growth to ₹1,149.4 crore, while emerging markets delivered exceptional momentum with a 51.7% increase to ₹989.7 crore. Strategic Investments & Outlook The company maintained a strong commitment to its future pipeline, deploying ₹607.7 crore (7.4% of sales) toward R&D and ₹278.6 crore in capital expenditure. Management emphasized that Lupin's continued focus on execution, operational excellence, and innovation will serve as the catalyst for sustainable, long-term profitable growth. Market Reaction & Analyst Perspective Following the earnings print, global brokerage firm Macquarie reiterated its 'Outperform' rating on the stock with a target price of ₹2,750. Macquarie noted that the company's Revenue, EBITDA, and PAT exceeded their internal estimates by 7%, 23%, and 17%, respectively. Despite mild intraday profit-booking pulling the stock off its daily high, Lupin's shares have appreciated by approximately 14% year-to-date in 2026, reflecting sustained investor confidence in the company's growth trajectory.