Lupin Limited (NSE: LUPIN) is a global pharmaceutical company specializing in branded and generic formulations, biotechnology, and active pharmaceutical ingredients. The company reported record quarterly sales in the United States and double-digit growth across multiple international regions for the period ending December 31, 2025. The stock closed at ₹2,208.70, a 0.11% decrease on the reporting day, implying a market capitalization of ₹1,00,839.12 crore.
Quarterly Results
Net sales reached ₹71,005 million, a 26.4% year-over-year increase and 3.9% sequential growth. EBITDA for the period was ₹23,766 million with a margin of 33.5%, up 840 basis points compared to the year-ago quarter. Profit after tax stood at ₹11,805 million, a 37.4% increase over the same period last year.
Results included a net exceptional item provision of ₹4,266 million. Profit after tax decreased 20.5% from the ₹14,848 million reported in the second quarter. Gross profit reached ₹52,224 million with a margin of 73.5%. Material costs were 26.5% of sales, while personnel costs accounted for 16.1%.
Annual Performance Context
For the first nine months of fiscal year 2026, Lupin recorded net sales of ₹200,956 million, a 20.8% increase over the prior year. Gross profit reached ₹146,208 million, a 27.4% improvement compared to the same period in fiscal 2025.
EBITDA rose 50.3% to ₹59,885 million, yielding a margin of 29.8%. Net income grew 54.3% to ₹38,725 million. These figures indicate an upward trend in performance compared to the previous fiscal year across major financial metrics.
Business and Operations Update
The U.S. market recorded revenue of ₹31,132 million, a 54.0% year-over-year growth supported by the launch of gRisperdal Consta. India formulation sales grew 5.6% year-over-year to ₹20,387 million, while emerging markets rose 42.4%. Global API sales declined 24.1% to ₹2,195 million.
Research and development investment was ₹5,352 million, or 7.5% of sales. Nagpur Unit-I received “No Action Indicated” status, and Pune Biotech received BLA approval. The company received one ANDA approval and launched three products during the quarter, bringing its total U.S. generic product count to 149.
Forward Outlook
Managing Director Nilesh Gupta stated the company is “on track to deliver a strong close to FY26”. Strategic priorities include filing 10 to 15 ANDAs this fiscal year and completing 20 complex product launches by 2028. Long-term goals involve launching over 100 new products by fiscal 2031.
Targets include a 65% revenue share from complex products by 2031 and filing three biosimilars in regulated markets by 2028. No specific quantitative guidance for future revenue or net profit was issued beyond these strategic objectives.
Performance Summary
Lupin Limited’s third-quarter results involved revenue growth in formulations markets and expansion in year-over-year EBITDA margins. Growth in the U.S. and emerging markets offset revenue declines in the API segment. The company maintains a negative net debt position of ₹28,793 million while continuing investments in its complex generics pipeline.