LUPIN · Healthcare
Lupin Ltd. reported revenue of ₹7,168 cr for October to December 2025, +24.3% on the year and +1.7% on the quarter. It is the highest quarterly revenue in the last 11 quarters on record. Over the last four quarters revenue comes to ₹26,151 cr, +18.9% on the four before.
Operating profit (EBITDA) was ₹2,262 cr, a margin of 31.6%, +805 bps on the year and −167 bps on the quarter. Over the last 8 quarters the margin has ranged from 20.1% to 33.2%, averaging 25.6%. Operating costs grew +11.2% against revenue growth of +24.3%, so more of each rupee of sales reached operating profit.
Net profit was ₹1,181 cr, +37.5% on the year and −20.5% on the quarter, with earnings per share of ₹25.73. Profit before other income, one-offs and tax grew faster, at +80.3%; other income, one-offs or tax held the headline back. The tax rate of 22% is in line with its recent average. Profit over the last four quarters totals ₹4,669 cr, +61.4% on the four before.
Pharma quarters swing with US generic launches and price erosion, while India formulations grow more steadily. Currency gains and other income can be material, so headline profit needs a check against operating profit. The quarterly statements do not carry the US and India split, R&D spend and any FDA observations; those come with the filing read.
On earnings per share of ₹101.70 over the last four quarters, the stock at ₹1,956.20 trades at 19.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Metric | Q2 FY26 |
|---|---|
| US revenue ($ m) | 3,140 |
| R&D, % of sales | 7.6% |
| Gross margin | 73.3% |
Read using the Pharmaceuticals framework (named in the filing read). Primary valuation lens: P/E excluding one-time exclusivity gains.
Read more closely in this sector: Status of each US-filed plant · Price erosion stated · One-product dependence.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹5,197 cr | ₹4,961 cr | ₹5,600 cr | ₹5,673 cr | ₹5,768 cr | ₹5,667 cr | ₹6,268 cr | ₹7,048 cr | ₹7,168 cr | ₹7,475 cr | ₹8,277 cr | ₹7,827 cr |
| YoY | — | — | +16% | +13% | +11% | +14% | +12% | +24% | +24% | +32% | +32% | +11% |
| EBITDA margin | 20.0% | 20.1% | 22.2% | 23.6% | 23.5% | 23.3% | 27.6% | 33.2% | 31.6% | 33.3% | 29.6% | 26.1% |
| Other income, % of PBT | 4% | 6% | 7% | 4% | 5% | 6% | 6% | 4% | −20% | 0% | 6% | 8% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 16% | 26% | 19% | 19% | 20% | 13% | 14% | 26% | 22% | 24% | 30% | 27% |
| Net profit | ₹619 cr | ₹368 cr | ₹806 cr | ₹859 cr | ₹859 cr | ₹782 cr | ₹1,221 cr | ₹1,485 cr | ₹1,181 cr | ₹1,469 cr | ₹1,417 cr | ₹1,155 cr |
| YoY | — | — | +78% | +74% | +39% | +113% | +51% | +73% | +37% | +88% | +16% | −22% |
| Core profit YoY | — | — | +73% | +72% | +44% | +79% | +45% | +89% | +80% | +129% | +41% | −24% |
| EPS | ₹13.47 | ₹7.89 | ₹17.58 | ₹18.69 | ₹18.74 | ₹16.92 | ₹26.69 | ₹32.36 | ₹25.73 | ₹31.94 | ₹30.95 | ₹25.27 |
| Flags | · | · | ✓ | ✓ | ✓ | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Lupin Ltd. reported revenue of ₹7,168 cr (+24.3% on the year) and net profit of ₹1,181 cr (+37.5% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +80.3% on the year, against +37.5% for reported profit.
None of the 7 checks that could run raised a question.
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