Lupin Q4 FY26 results: net profit up 87.7% to ₹1,469 crore, revenue up 31.9%

How did Lupin perform in Q4 FY26?

On a consolidated basis, Lupin reported Q4 FY26 revenue of ₹7,475 crore, EBITDA of ₹2,486 crore and a net profit of ₹1,469 crore for the January–March 2026 quarter. Revenue rose ₹1,808 crore or 31.9% from Q4 FY25, EBITDA increased ₹1,164 crore or 88.1%, and the EBITDA margin widened by 10.0 percentage points to 33.3%.

Compared with Q3 FY26, revenue was up ₹307.14 crore or 4.3%, while EBITDA rose ₹223.73 crore or 9.9% and the margin expanded by 1.7 percentage points. Net profit increased ₹288.16 crore or 24.4% to ₹1,469 crore, and basic EPS rose ₹6.22 or 24.2% to ₹31.96.

On the standalone basis, revenue was ₹5,234.6 crore and profit after tax was ₹2,163.69 crore. Standalone profit before tax was ₹1,291.35 crore.

What changed in Lupin's costs and profit?

Total expenses increased ₹727.79 crore or 15.1% from Q4 FY25 to ₹5,556 crore, lower than the 31.9% rise in revenue. Cost of materials rose ₹121.84 crore or 11.0%, employee cost increased ₹241.44 crore or 24.1%, finance costs were up ₹31.06 crore or 34.9%, depreciation increased ₹53.61 crore or 13.6%, and other expenses rose ₹236.25 crore or 14.2%.

Other income increased ₹83.76 crore or 147.1% to ₹140.71 crore. Q4 FY26 included an exceptional charge of ₹131.34 crore, against no exceptional item in Q4 FY25. Tax expense increased ₹345.87 crore or 304.8% to ₹459.33 crore, while profit before tax rose ₹1,032 crore or 115.2% to ₹1,928 crore.

The company’s filing states that the consolidated exceptional charge related to litigation matters and a settlement concerning Mirabegron ER Tablets. It also recorded incremental cost under the New Labour Codes during the December 2025 quarter. The filing does not separately quantify their effect on the Q4 FY26 consolidated result.

How did Lupin do in FY26 as a whole?

For FY26, Lupin reported consolidated revenue of ₹27,958.03 crore, up ₹5,250.13 crore or 23.1% from FY25. Total income rose ₹5,478.76 crore or 23.9% to ₹28,382.48 crore, while profit before tax increased ₹2,857.55 crore or 71.2% to ₹6,872.55 crore.

Net profit for the full year was ₹5,355.47 crore, up ₹2,049.21 crore or 62.0% from FY25. Basic EPS increased ₹44.80 or 62.3% to ₹116.75, compared with ₹71.95 in FY25.

What do the balance sheet and cash flow show?

At 31 March 2026, total assets were ₹38,364.83 crore and total equity was ₹22,513.37 crore, against ₹33,500.44 crore and ₹19,728.37 crore at 30 September 2025. Borrowings increased to ₹5,910.2 crore from ₹5,778.46 crore, while cash and cash equivalents rose to ₹4,167.73 crore from ₹1,327.58 crore.

Inventories increased to ₹6,083.25 crore from ₹5,954.96 crore, trade receivables rose to ₹6,604.06 crore from ₹6,290.15 crore, and trade payables increased to ₹4,173.13 crore from ₹3,407.15 crore. FY26 operating cash flow was ₹7,545.63 crore, compared with ₹429.94 crore in FY25.

FY26 investing cash flow was negative ₹4,075.72 crore, compared with negative ₹1,601.89 crore in FY25, while financing cash flow was negative ₹845.87 crore against positive ₹1,731.88 crore. Capital expenditure was ₹2,054.85 crore in FY26 and ₹1,682.42 crore in FY25.

How has Lupin done over the last 8 quarters?

Revenue and net profit both rose year on year in each of the last eight quarters. Q4 FY26 revenue of ₹7,474.66 crore was the highest in the series, while net profit of ₹1,468.67 crore exceeded Q2 FY26’s ₹1,484.83 crore? No: the peak was Q2 FY26 at ₹1,484.83 crore, before Q4 FY26.

The EBITDA margin reached its lowest point at 22.2% in Q1 FY25 and its highest at 33.3% in Q4 FY26. It rose from 31.6% in Q3 FY26, while revenue increased from ₹7,167.52 crore to ₹7,474.66 crore and net profit from ₹1,180.51 crore to ₹1,468.67 crore.

Which businesses drove the quarter?

The Pharmaceuticals segment reported revenue of ₹7,434.74 crore in Q4 FY26, up 31.9% from ₹5,636.11 crore in Q4 FY25. Segment EBIT rose to ₹1,977.1 crore from ₹932.2 crore, and the reported EBIT margin was 26.6%.

The Others segment reported revenue of ₹40.47 crore, up 28.2% from ₹31.56 crore in the year-ago quarter. Its EBIT was a loss of ₹49.1 crore, compared with a loss of ₹36.36 crore, with a reported EBIT margin of negative 121.3%.

What else did the company announce?

On 7 May 2026, Lupin’s board approved the audited standalone and consolidated results for the quarter and year ended 31 March 2026. It recommended a final dividend of ₹18 per equity share, or 900% of the face value of ₹2, subject to shareholders’ declaration at the ensuing AGM and payment within 30 days of that declaration.

The board also recommended Deloitte Haskins & Sells Chartered Accountants LLP as statutory auditors for five consecutive years, from the conclusion of the Forty-Fourth AGM to the conclusion of the Forty-Ninth AGM, subject to shareholder approval. The appointment followed B S R & Co. LLP’s completion of its second consecutive five-year term. Lupin also filed its Q4 FY26 investor presentation.

What did Lupin's management say?

Management guided to high single-digit revenue growth in rupee terms and an EBITDA margin of about 25% for FY27, compared with 29.7% in FY26. It expects R&D spending at about 8% of sales and an effective tax rate of 25–26%, compared with 22.1% in FY26, citing the phase-out of incentives at some domestic facilities.

Management said the FY27 margin outlook factors in Tolvaptan generic competition from September 2026, no additional Mirabegron competition in FY27 and higher R&D. It expects US revenue above USD 1 billion in FY27 despite high single-digit to low double-digit erosion, and plans 20-plus US product launches in FY27, 50-plus over three years, 10 exclusive first-to-files, four biosimilars and two to three 505(b)(2)s.

CEO Vinita Gupta said additional competition did not remove the opportunity for further generic penetration and marketplace expansion. MD Nilesh Gupta said it was too early to predict the long-term behaviour of GLP-1 products. CFO Ramesh Swaminathan said ocean freight was about 15% higher and air freight about 60% higher.

The VISUfarma acquisition was completed, and management said it would add EUR 50–60 million of revenue at a 25% margin. Management also said the biosimilar franchise was currently around USD 50 million, with Ranibizumab planned for FY27 and Pegfilgrastim for FY28/FY29. Risks included Tolvaptan and Mirabegron competition, freight inflation, USFDA remediation at Pithampur Unit 2 and the loss of exclusivity for an in-licensed product.

How did Lupin shares react?

Lupin’s shares rose 0.6% in the first five minutes and 1.6% after 15 minutes, before falling 0.3% after 30 minutes. The reaction-day close was 3.6% below the previous close of ₹2,462.00, against a 0.1% rise for the Pharmaceuticals industry median.

By the next day’s close, the stock was down 8.9% from its pre-results close, while the industry median was up 0.2%. By the fifth session, the stock was down 7.2% from the pre-results close and the industry median was down 1.7%. The relative moves versus the industry were negative 9.1 percentage points after one day and negative 5.6 percentage points after five days.

Earlier reaction-day moves were negative 1.1% on 12 February 2026, negative 0.1% on 6 November 2025, negative 0.5% on 5 August 2025, negative 0.6% on 14 May 2025 and negative 2.1% on 12 February 2025.

How did other Pharmaceuticals companies do?

Among 159 Pharmaceuticals companies compared, the median revenue growth was 13.0%. Of the other companies, 113 grew more slowly than Lupin and 46 grew faster than Lupin’s 31.9% consolidated revenue growth.

Profit increased at 95 of the 159 peers whose profit was compared.