LUPIN Results Analysis

Operating Revenue for Q2FY26 is Rs. 6,831 Crs., 24.3% growth YoY, Total Income is Rs. 7,048 Crs., 24.24% growth YoY, EBITDA is Rs. 2,125 Crs., 82.5% growth YoY, EBITDA Margin is 31.11% improved by 992 Basis points YoY, PBT Rs. 2,007 Crs., 90.3% growth YoY, PAT Rs. 1,485 Crs. 72.8% growth YoY. On QoQ basis Op. Revenue is up by 10.8%, Total Income is up by 12.4%, EBITDA is up by 31%, EBITDA Margin also improved by 478 basis points, PBT is up by 41.78% and PAT is also up by 21.56%. 13th consecutive quarter of YoY growth; ROCE 25%, Broad-based strength: US +47% YoY (USD 315m, +41% YoY; +11.5% QoQ cc), Other Developed +19% YoY (Europe standout), Emerging +45% YoY; India +3.4% YoY with core Rx +8.8% YoY (normalized +10.5% ex-LOE). FY26 EBITDA margin guidance raised to 25–26% (from 24–25%) Biosimilars commercial contribution expected from FY27; “at least five products” in market by FY30.