Loading current stock analysis…
Loading current stock analysis…
India
Reported ownership for FY2027-Q1 as of 2026-06-30.
As of 06 Nov 2026, 03:30 pm
For the quarter ended September 30, 2026, Lupin reported consolidated revenue of ₹7,827.26 crore and net profit of ₹1,155.3 crore. While top-line growth was supported by a 14.7% rise in domestic sales and US revenue of $317 million, profitability declined 22% year-on-year due to an EBITDA margin contraction to 26.1%. The results were marginally ahead of market estimates.
In the six months ended September 30, 2026, Lupin recorded a net profit of ₹53,554.7 million on revenue of ₹279,580.3 million. Key events included the acquisition of VISUfarma B.V. for ₹20,902.7 million, a USD 90.0 million settlement with Astellas regarding Mirabegron ER Tablets, and an antitrust settlement of ₹3,162.8 million. A final dividend of ₹18 per share was disbursed in August 2026.
As of November 6, 2026, Lupin’s daily technical trend is bearish, with the stock closing at ₹1,988.10. The monthly trend remains bullish. Immediate resistance is noted at ₹2,007.10 (0.96% above), while support lies near ₹1,986.54. The stock has experienced a maximum drawdown of -23.6% and is currently down -15.9% since the start of the tracking period.
As of 06 Nov 2026, 03:30 pm
Recent drawdown or price variability is high enough to warrant closer monitoring.
Primary driver: Price remains materially below a previous peak
Trading volume was unusually high, but the closing price did not show a clear directional move.
This indicates increased participation without a clear directional signal.
Trading volume was unusually high, but the closing price did not show a clear directional move.
This indicates increased participation without a clear directional signal.
The session opened materially below the previous close, indicating a sharp repricing at the open.
The price gap may increase short-term downside uncertainty and warrants review of the underlying context.
The session traded across a materially wider price range than usual.
Larger price swings can increase short-term uncertainty, especially if they continue.
Latest complete financial results for Q2 FY27 and comparative quarterly trends.
| Metric | Q2 FY26 | Q1 FY27 | Q2 FY27(Latest) |
|---|---|---|---|
| Revenue From Operations | ₹7,048 crore | PEAK₹8,277 crore | ₹7,827 crore |
| Expenses | ₹5,131 crore | PEAK₹6,390 crore | ₹6,374 crore |
| Finance Costs | ₹108 crore | PEAK₹110 crore | ₹106 crore |
| Profit Before Exceptional Items And Tax | ₹2,007 crore | PEAK₹2,017 crore | ₹1,580 crore |
| Profit Loss For Period | PEAK₹1,485 crore | ₹1,417 crore | ₹1,155 crore |
| Tax Expense | ₹522 crore | PEAK₹600 crore | ₹424 crore |
| Basic Earnings Loss Per Share From Continuing And Discontinued Operations | PEAK₹32.36 per share | ₹30.95 per share | ₹25.27 per share |
Lupin’s Q2 FY2026-27 revenue from operations declined 5.4% sequentially to ₹7,827 crore, while profit before tax fell 21.7% to ₹1,580 crore as expenses remained broadly flat. Year on year, revenue rose 11.1%, but profit before tax declined 21.3% and profit for the period fell 22.2% to ₹1,155 crore. Lower tax expense partly cushioned the sequential earnings decline.
Revenue from operations fell from ₹8,277 crore in Q1 FY2026-27 to ₹7,827 crore in Q2, a 5.4% decline. It was up 11.1% from ₹7,048 crore in Q2 FY2025-26. Revenue also remained above the ₹7,168 crore recorded in Q3 FY2025-26 and ₹7,475 crore in Q4 FY2025-26, though below the Q1 peak in this recent sequence.
Total income declined 5.4% sequentially to ₹7,954 crore from ₹8,407 crore in Q1. Other income was ₹127 crore in Q2.
Expenses were ₹6,374 crore in Q2, down just 0.2% from ₹6,390 crore in Q1. Profit before tax fell 21.7% sequentially to ₹1,580 crore from ₹2,017 crore. It was also 21.3% lower than the ₹2,007 crore reported in Q2 FY2025-26.
Q2 expense lines included employee benefit expense of ₹1,424 crore, materials consumed of ₹1,311 crore, stock-in-trade purchases of ₹733 crore and depreciation and amortisation of ₹486 crore.
Cash flow from operating activities was ₹2,906 crore in Q2, while investing activities used ₹3,183 crore. Reported free cash flow was negative ₹276 crore, and financing activities used ₹1,952 crore. Cash and cash equivalents stood at ₹1,939 crore on 30 September 2026, compared with ₹4,168 crore on 31 March 2026.
At 30 September 2026, inventories stood at ₹6,563 crore and trade receivables at ₹6,656 crore, compared with ₹6,083 crore and ₹6,604 crore, respectively, at 31 March. Trade payables increased to ₹4,558 crore from ₹4,173 crore. Current assets were ₹23,070 crore and current liabilities ₹12,541 crore at September-end.
Q2 brought a sequential pullback in revenue and a sharper decline in profit before tax, as expenses barely changed from Q1. Year-on-year revenue growth did not prevent lower earnings, while lower tax expense moderated the sequential fall in profit for the period. Positive operating cash flow was offset by investing outflows, leaving free cash flow negative.
Disclosed bulk and block transactions involving Lupin, shown for the latest 90 days.
Exchange disclosures and regulatory announcements for Lupin.
Lupin Limited (NSE: LUPIN, ISIN: INE326A01037) filed a routine disclosure with the NSE on November 7, 2026, regarding transcripts of an earnings or quarterly call. The call concluded on November 4, 2026, at 18:55:00, and the company uploaded the transcripts to its website on November 6, 2026, at 23:14:00. Prior intimation of the call was disclosed to the exchange on October 19, 2026.
Lupin Limited filed the transcript of its Q2 FY2027 Earnings Conference Call with the NSE and BSE on November 6, 2026. The call, held on November 4, 2026, reported total revenues from operations of INR 7,827 crores (11% YoY growth) and an EBITDA margin of 25.1%. Management maintained full-year U.S. revenue guidance of USD 1.1–1.2 billion despite competitive pressures on Tolvaptan and Mirabegron. Key strategic updates included the tentative approval for Apixaban Oral Suspension via the 505(b)(2) pathway, a licensing partnership with Tenpoint Therapeutics for Yuvezzi in Europe, and the closure of the VISUfarma acquisition. Net cash decreased to INR 3,349 crores due to the acquisition and dividend payouts.
Lupin Limited has informed the Exchange regarding copies of Newspaper Publication regarding Unaudited Financial Results of the Company for the quarter and half year ended September 30, 2026. |SUBJECT: Copy of Newspaper Publication
Lupin Limited made available the audio recording of its earnings call on the unaudited financial results for the quarter and half year ended September 30, 2026. The call was conducted digitally on November 4, 2026 at 18:00 IST; the company provided a link to the recording on its website. This is a routine recording-link notice, with no substantive business outcome stated.
Lupin Limited (NSE: LUPIN, ISIN: INE326A01037) filed a routine disclosure with the NSE regarding the audio recording of its Q2 FY27 earnings call. The call concluded at 18:55:00 on November 4, 2026, and the audio file was uploaded to the company website at 19:49:00 on the same date. Prior intimation of the earnings call was disclosed to the exchange on October 19, 2026.
Lupin Limited launched Raltegravir Tablets USP, 600 mg in the United States on November 3, 2026, following U.S. FDA approval of its Abbreviated New Drug Application. Lupin stated it is the exclusive first-to-file applicant and is eligible for 180-day generic drug exclusivity. The product is bioequivalent to Merck Sharp & Dohme, LLC’s Isentress® HD Tablets, 600 mg, and is indicated with other antiretroviral agents for HIV-1 infection in adults and pediatric patients weighing at least 40 kg. Lupin cited estimated U.S. annual sales of USD 26 million (IQVIA MAT September 2026). The exchange disclosure itself was a Regulation 30 notice enclosing the press release.
Lupin Limited’s Board of Directors approved the Unaudited Standalone and Consolidated Financial Results for the quarter and half-year ended September 30, 2026, on November 3, 2026. The Group reported consolidated revenue from operations of ₹279,580.3 million and net profit after tax of ₹53,554.7 million for the six-month period. Key substantive events included the acquisition of VISUfarma B.V. for ₹20,902.7 million, a settlement with Astellas for USD 90.0 million regarding Mirabegron ER Tablets, and the settlement of an antitrust matter for ₹3,162.8 million. Additionally, the Company disbursed a final dividend of ₹18 per share (₹8,230.2 million) in August 2026.
Lupin Limited informed the National Stock Exchange of India and BSE Limited on November 4, 2026, regarding the appointment of Mr. Akhil Gupta (DIN: 00028728) as an Additional Director (Non-Executive, Independent) to its Board. The Board approved this appointment at a meeting held on November 3, 2026, effective from that date. Mr. Gupta is appointed as an Independent Director for a term of five consecutive years, from November 3, 2026, to November 2, 2031, subject to shareholder approval. He is not related to any existing Directors, Key Managerial Personnel, or Promoters of Lupin.
Recent market and company developments associated with Lupin.
Prabhudas Lilladher has issued an 'Accumulate' recommendation for Lupin with a target price of Rs 2,250. The brokerage's view is presented in the context of stock market news coverage.
PL Capital has maintained an 'Accumulate' rating on Lupin with a target price of ₹2,250, citing expected declines in PAT over FY26-28E and increased competition for key products. The broker cut its FY28E and FY29E EPS estimates by 2-5% due to wearing away of peak margin benefits.
India's pharmaceutical sector has emerged as the best-performing equity segment in 2026, with the sectoral index rising 27% year-to-date and leading stocks like Laurus Labs delivering returns of up to 112%. This outperformance is attributed to resilient domestic demand, improving US business margins, and new product opportunities such as semaglutide, which have supported an underlying earnings recovery. While analysts view the rally as sustainable due to predictable earnings, some caution that valuations may limit further market-beating gains compared to other sectors.
Indian markets opened cautiously on November 4, with the Sensex and Nifty trading slightly higher after a sharp four-session rally, as technology stocks dragged performance while banking and FMCG sectors gained. Continued foreign institutional investor buying supported sentiment, contrasting with domestic institutional selling, amid global pressures from US midterm election outcomes and mixed economic data. Analysts suggest near-term consolidation with a buy-on-dips strategy, citing easing crude prices and rotation into consumption and healthcare, while warning of potential profit-booking risk
Lupin Ltd. reported Q2 FY27 revenue of ₹7,827.26 crore and net profit of ₹1,155.3 crore, figures that were marginally ahead of market estimates despite a 22% year-on-year decline in profitability driven by an EBITDA margin contraction to 26.1%. The pharmaceutical company's US business, its largest market contributing 39% of sales, beat expectations with $317 million in revenue, while domestic sales rose 14.7% year-on-year. Lupin shares closed 0.97% higher following the results, which highlighted strong top-line growth offsetting sequential declines in earnings.
Indian equity markets are expected to open cautiously as traders assess signals from US mid-term elections and crude oil movements, with GIFT Nifty futures indicating a weak start. Key stocks in focus include the National Stock Exchange of India, which reported a 23% year-on-year jump in net profit for the September quarter, and Lupin, which received FDA approval for Raltegravir Tablets in the US.
Lupin reported a 22.19% decline in its Q2 net profit to ₹1,155.3 crore, driven by revenue growth and adjustments related to US settlements. The article also highlights Nuvama Wealth Management as a stock recommendation with a 'BUY' rating.
Lupin reported a 22.19% decline in Q2 consolidated net profit to ₹1,155.30 crore, primarily due to an exceptional item related to a US antitrust settlement. The company's revenue from operations rose to ₹7,827.26 crore during the quarter, while its US subsidiary settled an antitrust matter for ₹316.28 crore without admission of liability.
Comprehensive Section Breakdown for Lupin
Strategic Vision: Develops and delivers pharmaceutical solutions globally.
• Global network of operations and personnel.
• Integrated manufacturing, procurement, and supply chain functions.
• Commitment to quality and compliance in all stages of operation.
Tax expense declined to ₹424 crore from ₹600 crore in Q1. Current tax was ₹72 crore, compared with ₹984 crore in Q1, while deferred tax was a charge of ₹352 crore, versus a credit of ₹384 crore in Q1. Finance costs eased to ₹106 crore from ₹110 crore.
Profit for the period was ₹1,155 crore, down 18.5% sequentially from ₹1,417 crore and 22.2% year on year from ₹1,485 crore. Basic EPS was ₹25.27 and diluted EPS ₹25.14, compared with ₹30.95 and ₹30.89, respectively, in Q1. Trailing 12-month EPS was ₹113.92.
Total assets rose to ₹39,911 crore on 30 September 2026 from ₹38,365 crore on 31 March 2026 and ₹33,500 crore on 30 September 2025. Goodwill increased to ₹3,368 crore from ₹2,659 crore at March-end, while other intangible assets rose to ₹4,176 crore from ₹2,886 crore. Intangible assets under development were ₹397 crore, and capital work in progress was ₹931 crore, up from ₹695 crore at March-end.
Equity increased to ₹24,051 crore from ₹22,513 crore at 31 March 2026. Borrowings totalled ₹5,496 crore at 30 September, comprising ₹4,154 crore current and ₹1,342 crore non-current.
Category: Manufacturing
Focuses on providing accessible and affordable generic medicines across developed markets, with a significant presence in the U.S.
Category: B2B Services
Delivers accessible and high-quality healthcare solutions tailored to the unique healthcare landscapes of emerging markets.
Category: B2B Services
Features a diversified product portfolio across major therapy areas within India, including anti-tuberculosis, anti-diabetes, respiratory, and cardiology.
Category: Consumer Tech
Driven by science-led innovations, particularly in complex platforms such as inhalation and injectable technologies, to address unmet medical needs.
Category: Manufacturing
Aims to make complex biologics more accessible and affordable through in-depth research and quality-led manufacturing processes.
Category: B2B Services
Engages in patient-centric initiatives that extend beyond medication to offer holistic healthcare support.
Core Thesis: The company anchors its diversified pharmaceutical business in a patient-centric approach and operational excellence across various key global markets.
• Research and Development: Robust R&D capabilities are central to the company's pursuit of advanced pharmaceutical solutions and scientific expertise. • Manufacturing Excellence: Underpinned by technology, advanced facilities, and rigorous quality systems, ensuring sustainable and reliable production. • Global Operations: A global network of over 24,000 people operating across 11 countries and six continents. • Quality Systems: A fundamental principle guiding every stage from research to delivery, committed to upholding the highest standards of safety, efficacy, and global compliance.