Transcript of Q4 FY2026 Earnings Conference Call.
LUPIN · price
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Lupin delivered its 15th consecutive quarter of YoY growth with Q4 FY26 revenue of Rs 7,475 crores (+32%) and full year revenue of Rs 27,958 crores (+23%). EBITDA margins expanded to 29.7% in FY26, up 590bps YoY, beating earlier guidance of 27-28%. The US business reached USD 1.3 billion in FY26 (+40% YoY) driven by exclusive products like Tolvaptan and Mirabegron. India prescription business grew 10.6% (1.1x IPM). Emerging markets surged 49% YoY led by Brazil (+113%). For FY27, management guides to high single-digit revenue growth with ~25% EBITDA margins, citing expected competition in Tolvaptan (patent expiry September 2026) and Mirabegron as key headwinds.
The guidance of margins declining to ~25% in FY27 from 29.7% in FY26 signals significant margin pressure due to competitive losses on key products like Tolvaptan and Mirabegron, though new launches (Pegfilgrastim, Ravicti, Saxenda) and biosimilar pipeline should partially offset erosion. Shareholders should expect a transitional year before potential margin recovery as newer complex products ramp up.