Q2 2026 Lupin Ltd Earnings Call Transcript
Key Points
- Lupin Ltd (BOM:500257) reported record quarterly revenues and EBITDA, with total revenue from operations exceeding INR7,000 crores and EBITDA surpassing INR2,100 crores.
- The company achieved a significant margin expansion, with EBITDA margins reaching 31.3%, marking a 750 basis points increase year-over-year.
- The US market showed exceptional growth, with a 47% year-over-year increase, driven by new product launches and continued exclusivity for tolvaptan.
- Lupin Ltd (BOM:500257) became the first Indian company to secure approval for several complex injectable products, including generic Victoza and Risperdal long-acting injectable.
- The company is on track to double the share of complex products in its US business over the next few years, supported by a robust pipeline of biosimilars and specialty products.
- Despite strong overall performance, the India business grew only 3.4% year-over-year, impacted by lower local tender sales and loss of exclusivity on certain products.
- The company anticipates some erosion in US revenues from tolvaptan due to expected competition after the 180-day exclusivity period.
- Lupin Ltd (BOM:500257) faces ongoing compliance challenges, with a recent OAI status at one of its facilities, although efforts are underway to address these issues.
- The company expects higher R&D expenses in the second half of the fiscal year, which may temper overall margins.
- There is uncertainty regarding the timing and impact of potential competition for key products like Spiriva and Mirabegron in the US market.
Welcome to Lupin Limited Q2 FY26 earnings conference call. (Operator Instructions) Please also note that this conference is being recorded. I now hand over the conference to the management. Thank you, and over to you.
Hello, friends. I am very pleased to welcome you to our Q2 fiscal year '26 earnings call. I have with me our MD, Nilesh; our CFO, Ramesh; and our Head of Investor Relations, Ravi. We look forward to sharing our Q2 highlights and outlook for the year ahead.
We are truly delighted to announce a record quarter. Total revenue from operations and EBITDA exceeding INR7,000 crores and INR2,100 crores, respectively, for the first time in our history. Our margins have expanded by 750 basis points year-over-year and 270 basis points quarter-over-quarter, reaching 31.3%, the highest level recorded in the past many years. This exceptional performance reflects the consistent growth momentum we have sustained since the beginning of fiscal year '23. Notably, Q2 fiscal year '26 marks
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
