Lupin Limited has informed the Exchange about Transcript of Q4 FY2026 Earnings Conference Call.
LUPIN · price
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On the reaction day the stock moved 1.9 pts more than Nifty Midcap 150 and 1.6 pts more than its Pharmaceuticals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Lupin reported its 15th consecutive quarter of YoY growth with Q4 FY26 revenue of Rs. 7,475 crores (up 32%) and EBITDA of Rs. 2,171 crores (up 68%). Full year FY26 revenue reached Rs. 27,958 crores (up 23%) with EBITDA margins at 29.7%, significantly exceeding initial guidance. The US business achieved record USD 1.3 billion in FY26 (up 40% YoY), driven by Tolvaptan exclusivity, Mirabegron, and Risperdal Consta. India prescription business grew 14.5% YoY in Q4, outperforming IPM by 1.3x. For FY27, management guided for high single-digit revenue growth with EBITDA margins around 25%, factoring in expected competition for Tolvaptan (patent expiry September 2026) and Mirabegron, plus higher R&D spending at 8% of sales.
The guidance of margins declining from 29.7% to 25% signals margin pressure from generic competition in key products, though new launches like Saxenda, Ravicti, and Pegfilgrastim biosimilar should partially offset this. The US business is expected to remain above USD 1 billion despite anticipated erosion.