ALFA Finder| Revenue growth | 11% YoY to ₹7,827 Cr; US down 13.4% QoQ cc. |
|---|---|
| Margins | EBITA 25.1% vs 31.3% YoY; gross margin 74.2% vs 74.6% QoQ. |
| Demand visibility | India chronic +19.5% H1 vs IPM 17.2%; US competition intensifying. |
| Management confidence | Balanced; hedged FY28 US outlook with 'hope' language. |
Growth
Revenue +11% YoY; India +14.7%, other developed markets +46%; US fell 13.4% QoQ in constant currency.
Outlook
FY27 guidance: US revenue $1.1–1.2bn, EBITA margin 24–25%, R&D ~8%, ETR 27–28%; FY28 US '$1bn+' only hoped.
Risks
More Tolvaptan entrants likely; margins to moderate; forex gross-margin tailwind may unwind; other operating income down 81%.
Last quarter's promises, checked
Delivered
- ODM growth 10–20% p.a. → +46% (= BEAT)
- FY27 high-single-digit revenue growth → Q2 +11% YoY, quarter only (= BEAT)
Partly delivered
- US $250–280mn/qtr Q2–Q3 → US down 13.4% QoQ cc, $ level not disclosed (= PARTIAL)
- FY27 EBITDA ~25% → EBITA 24–25% range; Q2 EBITA 25.1% (= PARTIAL)
- ~20 India launches FY27 → 12 in H1 (= PARTIAL)
Missed
- India 1.2–1.3x IPM → chronic +19.5% vs IPM +17.2% H1, ~1.1x (= MISS)
- US growth from FY28 on FY27 $1.1–1.2bn base → FY28 '$1bn+' only hoped (= MISS)
Earnings Call Transcript filed with NSE, NSE: LUPIN. Summary written with AI assistance from the document.
Lupin Ltd: key numbers
- Share price
- ₹2,023.40
- Market cap
- ₹92,529 Cr
- Revenue (annual)
- ₹27,958 Cr
- Net profit (annual)
- ₹5,333 Cr
- P/E (TTM)
- 17.8×Sector 43.8×
- Promoter holding
- 46.84%-0.01% QoQ
- FII holding
- 23.28%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
More from Lupin Ltd
All →Lupin Investor Presentation: Key Takeaways
Q2 FY27 net sales ₹77,855mn (+14% YoY); EBITDA ₹19,574mn, margin 25.1% (vs 31.3%); net income ₹11,553mn (-21.8% YoY). US pressured by competition/LOE.
Lupin Management Change
Lupin appointed Akhil Gupta as an Additional and Independent Director effective 3 November 2026, for five years to 2031. The appointment is subject to shareholder approval.
Lupin Q2 FY27 Results: Net Profit ₹1,155 Cr, Down 22.2% YoY
Lupin Ltd reported revenue from operations of ₹7,827 Cr (+11.1% YoY) and net profit of ₹1,155 Cr (-22.2% YoY) for Q2 FY27.
- Key figure
- Net profit ₹1,155 Cr · -22.2% YoY
Lupin Product Launch
Lupin launched generic Raltegravir Tablets 600 mg in the United States. It is first-to-file, with 180-day exclusivity.
Lupin Regulatory Approval
Lupin received US FDA approval for its generic Amifampridine Tablets 10 mg ANDA. As a first-to-file applicant, it is eligible for 180-day shared generic exclusivity.
Lupin Business Update
Lupin Limited disclosed that the U.S. FDA concluded an inspection at its Goa manufacturing facility, closing with a Form-483 containing one observation. The company will respond within the stipulated timeframe.