Lupin Ltd.Record Revenue Growth & Raised Margin Guidance

Lupin Ltd. delivered exceptional performance in Q3 FY26, marking its 14th consecutive quarter of year-on-year growth with record revenues of ₹7,168 crores, up 24% YoY.

EBITDA surged 62% to ₹2,210 crores, driving margins to 31.1%, an expansion of 681 basis points YoY. The US business achieved an all-time high of $350 million, growing 46% YoY, driven by strong complex generics performance. Management raised FY26 EBITDA margin guidance to 27-28% from 25-26%. Key strategic milestones included FDA approval of Pegfilgrastim, Lupin's first US biosimilar, launching by end of Q3. The India business grew 10.9% YoY, outpacing the market, while emerging markets expanded 42% with Brazil growing 99% in local currency.

Lupin launched a new obesity-focused division ahead of its injectable Semaglutide launch planned for March 2026. The company's net cash position strengthened to ₹2,879 crores. Management remains focused on doubling complex products' share in the US and pursuing specialty acquisitions, with strong R&D investment at 7.5% of sales supporting future growth.