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Lupin Q2 FY27 results: net profit down 22.2% to ₹1,155 crore, revenue up 11.1%
Lupin Limited reported consolidated revenue of ₹7,827 crore in Q2 FY27, up 11.1% from Q2 FY26, while EBITDA fell 12.7% and net profit declined 22.2% to ₹1,155 crore. EBITDA margin narrowed to 26.1% from 33.2%, and basic EPS fell to ₹25.27 from ₹32.36; on a standalone basis, the company reported a net loss of ₹5.91 crore.
Key points
- Consolidated revenue was ₹7,827 crore in Q2 FY27, up 11.1% from ₹7,048 crore in Q2 FY26 but down 5.4% from ₹8,277 crore in Q1 FY27.
- EBITDA was ₹2,044 crore, down 12.7% year on year and 16.5% sequentially, while EBITDA margin narrowed to 26.1% from 33.2% and 29.6%.
- Net profit was ₹1,155 crore, down 22.2% from ₹1,485 crore a year earlier and 18.5% from ₹1,417 crore in the previous quarter.
- Basic EPS fell to ₹25.27 from ₹32.36 in Q2 FY26 and ₹30.95 in Q1 FY27.
- H1 FY27 revenue rose 20.9% to ₹16,104.15 crore, but net profit fell 5.0% to ₹2,572.28 crore and EPS fell 4.8% to ₹56.21.
How did Lupin perform in Q2 FY27?
Lupin reported consolidated revenue of ₹7,827 crore for Q2 FY27, up 11.1% from ₹7,048 crore in Q2 FY26. Total income rose 11.4% to ₹7,954.05 crore, while EBITDA fell 12.7% to ₹2,044 crore and EBITDA margin narrowed by 7.1 percentage points to 26.1%.
Profit before tax fell 21.3% to ₹1,580 crore from ₹2,007 crore, while net profit declined 22.2% to ₹1,155 crore from ₹1,485 crore. Basic EPS was ₹25.27, down from ₹32.36. Compared with Q1 FY27, revenue fell 5.4%, EBITDA fell 16.5%, net profit fell 18.5%, and EPS fell 18.4%.
On a standalone basis, Q2 FY27 revenue was ₹3,567.34 crore, down 12.3%, and the company reported a net loss of ₹5.91 crore. Standalone profit before tax and exceptional items was ₹1,357.35 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 7,827 | 8,277 | 7,048 | +11.1% | −5.4% |
| Other income | 126.79 | 130.32 | 90 | +40.9% | −2.7% |
| Total expenses | 6,374 | 6,390 | 5,131 | +24.2% | −0.2% |
| EBITDA | 2,044 | 2,450 | 2,341 | −12.7% | −16.5% |
| EBITDA margin | 26.1% | 29.6% | 33.2% | −7.1 pp | −3.5 pp |
| Profit before tax | 1,580 | 2,017 | 2,007 | −21.3% | −21.7% |
| Tax | 424.30 | 600.38 | 522.14 | −18.7% | −29.3% |
| Net profit | 1,155 | 1,417 | 1,485 | −22.2% | −18.5% |
| EPS (₹) | 25.27 | 30.95 | 32.36 | −21.9% | −18.4% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Lupin's costs and profit?
Total expenses rose 24.2% from ₹5,131 crore in Q2 FY26 to ₹6,374 crore in Q2 FY27. Cost of materials increased 15.1% to ₹1,311 crore, employee cost rose 28.8% to ₹1,424 crore, depreciation increased 53.4% to ₹485.90 crore, and other expenses rose 32.4% to ₹2,351 crore. Finance costs declined 1.7% to ₹105.71 crore.
Other income increased 40.9% to ₹126.79 crore from ₹90 crore, while tax expense fell 18.7% to ₹424.30 crore from ₹522.14 crore. There was no exceptional item in Q2 FY27. The figures show that the increase in operating expenses was not offset by revenue and other income, contributing to lower EBITDA and profit.
Against Q1 FY27, total expenses were ₹15.37 crore lower, but employee cost rose ₹40.58 crore and depreciation increased ₹33.05 crore. Other income fell ₹3.53 crore and tax expense declined ₹176.08 crore; net profit still fell ₹261.68 crore to ₹1,155 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1,311 | 1,139 | +171.59 | +15.1% |
| Employee cost | 1,424 | 1,106 | +318.02 | +28.8% |
| Finance costs | 105.71 | 107.59 | −1.88 | −1.7% |
| Depreciation | 485.90 | 316.77 | +169.13 | +53.4% |
| Other expenses | 2,351 | 1,776 | +575.28 | +32.4% |
| Total expenses | 6,374 | 5,131 | +1,244 | +24.2% |
| Other income | 126.79 | 90 | +36.79 | +40.9% |
| Tax | 424.30 | 522.14 | −97.84 | −18.7% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue rose 20.9% to ₹16,104.15 crore from ₹13,315.85 crore in H1 FY26. Total income increased 21.3% to ₹16,361.26 crore, while profit before tax rose 5.1% to ₹3,596.97 crore.
Net profit for H1 FY27 fell 5.0% to ₹2,572.28 crore from ₹2,706.29 crore, and basic EPS declined 4.8% to ₹56.21 from ₹59.05. Thus, revenue and profit before tax increased during the first half, but profit after tax and EPS were lower.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 16,104 | 13,316 | +20.9% |
| Profit before tax | 3,597 | 3,423 | +5.1% |
| Net profit | 2,572 | 2,706 | −5.0% |
| EPS (₹) | 56.21 | 59.05 | −4.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹39,911.04 crore, compared with ₹38,364.83 crore at 31 March 2026, and total equity was ₹24,051.15 crore against ₹22,513.37 crore. Borrowings fell to ₹5,495.8 crore from ₹5,910.2 crore, while cash declined to ₹1,939.07 crore from ₹4,167.73 crore.
Inventories rose to ₹6,562.52 crore from ₹6,083.25 crore, trade receivables were ₹6,656.03 crore against ₹6,604.06 crore, and trade payables increased to ₹4,558.04 crore from ₹4,173.13 crore. H1 FY27 operating cash flow was ₹2,906.25 crore, compared with ₹2,788.83 crore in H1 FY26.
Investing cash flow was negative ₹3,182.52 crore in H1 FY27 against negative ₹2,728.29 crore a year earlier, while financing cash flow was negative ₹1,952.38 crore compared with negative ₹276.65 crore. Capital expenditure was ₹692.1 crore in H1 FY27, up from ₹573.8 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 39,911 | 38,365 |
| Total equity | 24,051 | 22,513 |
| Borrowings | 5,496 | 5,910 |
| Cash and equivalents | 1,939 | 4,168 |
| Inventories | 6,563 | 6,083 |
| Trade receivables | 6,656 | 6,604 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 2,906 | 2,789 |
| Cash from investing | −3,183 | −2,728 |
| Cash from financing | −1,952 | −276.65 |
| Capital expenditure | 692.10 | 573.80 |
Source: Company's results filing (XBRL).
How has Lupin done over the last 8 quarters?
Lupin’s revenue rose year on year in each of the last eight quarters, based on the quarterly trend provided. Revenue peaked at ₹8,276.89 crore in Q1 FY27 before falling to ₹7,827.26 crore in Q2 FY27. EBITDA margin peaked at 33.3% in Q4 FY26 and fell to 26.1% in Q2 FY27.
Net profit reached its highest level in the series at ₹1,484.83 crore in Q2 FY26, then moved to ₹1,180.51 crore in Q3 FY26, recovered to ₹1,468.67 crore in Q4 FY26 and ended at ₹1,155.3 crore in Q2 FY27. The latest quarter therefore showed lower revenue, profit and margin than Q1 FY27.
Which businesses drove the quarter?
Pharmaceuticals reported revenue of ₹7,775.63 crore and EBIT of ₹1,613.84 crore in Q2 FY27, with an EBIT margin of 20.8%. The Others segment reported revenue of ₹52.12 crore, EBIT of negative ₹34.24 crore and an EBIT margin of negative 65.7%.
The filing did not provide the Pharmaceuticals or Others segment revenue and EBIT for Q2 FY26, so year-on-year segment growth could not be stated. Inter-segment revenue and EBIT were both nil.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| a) Pharmaceuticals | 7,776 | 1,614 | 20.8% | |
| b) Others | 52.12 | −34.24 | -65.7% | |
| Less: Inter segment | 0 | 0 |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved Lupin’s unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026. The board meeting began on 3 November 2026 and concluded on 4 November 2026.
The company also filed that Akhil Gupta was appointed as an Additional Director and Independent Director for five consecutive years from 3 November 2026 to 2 November 2031, subject to members’ approval. The same-day filings did not announce a dividend or fund raise.
What did Lupin's management say?
Management maintained FY27 US revenue guidance of $1.1–1.2 billion and EBITDA-margin guidance of around 24–25%, while saying margins were likely to moderate in the coming quarters. It expects organic revenue growth excluding the US of around 20% in H2 FY27, R&D spending of around 8% of sales and an effective tax rate of around 27–28% for FY27.
Management identified intensifying US generic competition in Tolvaptan, loss of exclusivity and pricing pressure on Mirabegron and other US products, and margin pressure from competition, higher R&D and Middle East input costs as risks. It said FY28 would be an investment and consolidation year, with apixaban oral suspension targeted for Q1 FY28.
How did Lupin shares react?
Lupin’s shares rose 0.7% in the first five minutes after the filing, 1.1% after 15 minutes and 0.1% after 30 minutes. The stock closed the reaction day 0.8% higher from its pre-results close, matching the 0.8% median move for the Pharmaceuticals industry. By the next day’s close, it was down 1.0%, while the industry median was up 1.6%.
Earlier results-day reactions were negative on all eight listed occasions, ranging from 0.1% on 6 November 2025 to 3.6% on 7 May 2026. The latest reaction-day move was positive at 0.8%, which was the first positive move in the listed past-reaction history.
| After the filing | Stock | Pharmaceuticals median |
|---|---|---|
| 5 minutes | +0.7% | |
| 15 minutes | +1.1% | |
| 30 minutes | +0.1% | |
| Reaction day | +0.8% | +0.8% |
| Next day | −1.0% | +1.6% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 6 August 2026 | −0.6% |
| 7 May 2026 | −3.6% |
| 12 February 2026 | −1.1% |
| 6 November 2025 | −0.1% |
| 5 August 2025 | −0.5% |
| 14 May 2025 | −0.6% |
| 12 February 2025 | −2.1% |
| 7 November 2024 | −0.4% |
Source: MarketPing price-reaction measurement.
How did other Pharmaceuticals companies do?
Among 71 Pharmaceuticals companies compared for the quarter, the median revenue growth was 20.6%. Lupin’s revenue growth was lower than the peer median. Of the peers with revenue growth compared, 21 grew slower than Lupin and 50 grew faster than Lupin.
Of the 66 peers for which profit was compared, 49 reported higher profit. The peer comparison was recorded as of 6 November 2026.
| Lupin revenue growth (YoY) | +11.1% |
|---|---|
| Median of 71 other Pharmaceuticals companies | +20.6% |
| Companies with slower revenue growth than Lupin | 21 of 71 |
| Companies with faster revenue growth than Lupin | 50 of 71 |
| Companies whose net profit rose | 49 of 66 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Lupin's revenue in Q2 FY27?
Revenue from operations was ₹7,827 crore, up 11.1% from ₹7,048 crore in Q2 FY26 (consolidated).
Did Lupin make a profit in Q2 FY27?
Yes. Net profit was ₹1,155 crore, against a net profit of ₹1,485 crore in Q2 FY26.
What was Lupin's EPS in Q2 FY27?
Basic earnings per share were ₹25.27, against ₹32.36 in Q2 FY26.
How did Lupin shares react to the Q2 FY27 results?
On the reaction day the stock moved +0.8% from the previous close; the median Pharmaceuticals stock moved +0.8%.
When did Lupin announce its Q2 FY27 results?
On 4 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Considering And Approving The Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter And Half Year Ended September 30, 2026. (BSE, 19 October 2026) · PDF
- Outcome of Board Meeting (NSE, 4 November 2026) · PDF
- The earnings call (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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