Lupin Ltd (BOM:500257)

Q1 2027 Lupin Ltd Earnings Call Transcript

Aug 7, 2026 / 11:00 AM GMT

Release Date Price: ₹2360 (-1.32%)

Transcript

Key Points

Positve

Lupin Ltd (BOM:500257) reported a record quarter with total revenues exceeding INR 8,000 crores and EBITDA surpassing INR 2,400 crores for the first time, marking the 16th consecutive quarter of year-over-year growth.
The company delivered strong diversified growth across all key markets, with ex-US organic revenue growing over 20% year-over-year, including 48% growth in other developed markets and 52% growth in emerging markets.
The India business outperformed the IPM, growing 13.9% year-over-year with the core prescription business up 15.1%, driven by strong performance in the diabetes segment (31.8% growth) and a target to increase chronic segment share to 70%.
Lupin Ltd (BOM:500257) has a robust pipeline with plans to launch over 50 products in the US over the next three years, including 10 exclusive first-to-file products, five biosimilars, and two to three 505B2 products, which is expected to drive US growth from FY28.
The company received EIRs with VAI status from the US FDA for its Ankleshwar and Somerset sites, demonstrating continued commitment to compliance and quality standards.
Gross margins improved significantly by 330 basis points year-over-year to 74.6%, driven by better product mix, higher profitability in India, increased volumes, and cost efficiencies.

Negative

Lupin Ltd (BOM:500257) anticipates moderation in US performance for the remainder of FY27 due to increased competitive intensity on key products like Mirabegron and Tolvaptan, with expected quarterly US revenues to decline to $250-280 million from $367 million in Q1.
The company faces potential headwinds from an uncertain geopolitical environment, which could impact input costs and pricing, leading to a cautious outlook on EBITDA margins at around 25% for the full year.
Operating working capital increased to INR 8,260 crores (90 days) from INR 7,132 crores (87 days) as of March 2026, partly due to the VisuPharma acquisition, indicating higher cash absorption.
Other operating income decreased by 43% year-over-year to INR 60 crores due to lower export benefits from the 'Pay Less' schemes, impacting overall profitability.
The company's adjacencies (diagnostics, digital, OTC, CDMO) are currently loss-making, impacting EBITDA margins by approximately 1.5%, and are expected to only break even in the coming quarters.
R&D expenses are expected to rise to around 8% of sales for the full year, and the company faces increased competition in the respiratory segment in India, which grew only 6.9% versus the category growth of 11.3%.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

LUPN.NS - Lupin Limited
Q1 2027 Lupin Ltd Earnings Call
Aug 07, 2026 / 11:00AM GMT

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Presentation
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Unidentified_1 [1]
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And there will be an opportunity for you to ask questions after the opening remarks.

Please also note that this conference is being recorded.

I now hand over the conference to the management.

Thank you and over to you, ma'am.

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Unidentified_2 [2]
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Good afternoon, friends. I'm very pleased to welcome you to our Q1 fiscal year '27 earnings call.

I have with me our MD, Nilesh and our CFO, Ramesh and our Head of Investor Relations, Ravi.

We look forward to sharing with you our highlights for the quarter as well as the outlook

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