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Q2 FY26

Lupin Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹1,962
Market cap₹89.7K Cr
P/E15.1
Updated16 Oct 2026
Read3 min read

The short version

Expect strong, double-digit constant currency growth across key markets including the U.S., India, Europe, Brazil, and South Africa. Lupin achieved record Q2FY26 revenues (INR 7,048 Cr) and EBITDA (INR 2,138 Cr) with margins expanding to 31.3%, highest in years.

From Lupin's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

  • Expect strong, double-digit constant currency growth across key markets including the U.S., India, Europe, Brazil, and South Africa.
  • U.S. business to sustain growth driven by new product launches, respiratory/franchise expansion, complex injectables, and biosimilars commercialization (five biosimilars planned by FY30).
  • India prescription business anticipates ~8.8% YoY growth, potentially 10%+ excluding loss of exclusivity impacts; chronic segment growth outpaces industry.
  • European markets expected to grow, bolstered by VISUfarma acquisition adding scale and margins.
  • Emerging markets, especially Brazil and South Africa, to continue strong growth (Brazil up 141% in local currency).
  • Respiratory franchise growth supported by green propellant inhaler launches in Europe and U.S.

2 more points from Lupin's call on revenue

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Profitability & Margins

See what Lupin said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

  • Planned USD 250 million investment in the U.S. at the Coral Springs site for respiratory products, including Respimat, Ellipta franchises, and an MDI line to access government business and diversify risk.
  • Manufacturing setup is split between India (cartridge production for Respimat) and Coral Springs, U.S. (packaging and automated Ellipta line).
  • Building in-house peptide manufacturing capabilities to expand capacity, particularly post-Semaglutide going generic, though near-term capacity is supported by CMOs.
  • Not taking CDMO manufacturing business in biologics currently; expect full capacity utilization in next 5 years.

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Fundraising & Capital Structure

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Order Book & Pipeline

The transcript provided from Lupin Limited's Q2 FY2026 Earnings Call does not explicitly mention details regarding the current or expected order book or pending orders. The discussion primarily centers around product launches, growth expectations, capacity, investments, and market dynamics across various geographies and therapy areas. Specific data on order backlog, order book size, or pending orders is not disclosed in the available pages. If you need more detailed information about Lupin Limited's current or expected order book, please provide additional documents or specify if such data might be located in other sections.

Lupin — Quarterly revenue & net profit

Revenue Net profit
Dec 2024Q3 FY25
Mar 2025Q4 FY25
Jun 2025Q1 FY26
Sep 2025Q2 FY26
Dec 2025Q3 FY26
Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹7.5K Cr, net profit ₹1.5K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Lupin Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Lupin Q2 FY26 results?

Expect strong, double-digit constant currency growth across key markets including the U.S., India, Europe, Brazil, and South Africa. Lupin achieved record Q2FY26 revenues (INR 7,048 Cr) and EBITDA (INR 2,138 Cr) with margins expanding to 31.3%, highest in years.

What is Lupin share price analysis?

Lupin currently shows a neutral. The stock trades at a P/E of 15.1 with a market cap of ₹89,702 Cr. Investors should review the full earnings analysis for detailed insights.

Is Lupin planning capital expenditure?

Planned USD 250 million investment in the U.S.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.