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📋 Filing Types Available on ForgeUp Filings Sourced from BSE corporate announcements (equity segment). Companies covered are BSE-listed and most are also listed on NSE. We show only material filings.
Financial Results Orders Dividend Buyback Merger / Acquisition Board Meeting Outcome Fundraise (QIP / Rights / FPO) Regulatory / Court Order Credit Rating Change Promoter Pledge Update Management Change Joint Venture / MOU Delisting Bonus Shares Stock Split
Data sourced from BSE India corporate announcements. More categories will be added over time.
Lupin Ltd

Lupin reports Q2 FY27 PAT of INR 11,553 Mn, sales up 14.0% YoY to INR 77,855 Mn

RESULTS ▼ Concern Flagged MEDIUM RISK
📅 Filed on BSE: 04 Nov 2026, 01:48 AM IST  ·  BSE ID: 0bfb5aee-05fa-458a-a4e2-61c6021025ac
View Original BSE Filing (PDF)
💡
In Simple Terms
Lupin reported higher sales but lower profits in its latest quarter, with strong growth in international markets.
🤖 AI Summary
  • Lupin's Q2 FY27 consolidated sales reached INR 77,855 Mn, marking a 14.0% YoY increase.
  • Profit After Tax (PAT) for Q2 FY27 stood at INR 11,553 Mn, a decrease of 22.2% YoY.
  • EBITDA for Q2 FY27 was INR 21,712 Mn, down 10.7% year-on-year, with margin at 27.9%.
  • Other Developed Markets sales grew 45.7% YoY to INR 11,823 Mn, contributing 15% to global sales.
  • R&D investment in Q2 FY27 totaled INR 6,181 Mn, representing 7.9% of sales for the quarter.
🔢 Key Numbers - exact figures from BSE filing, not rounded
Sales
77,855 INR Mn
↑ 14.0%
EBITDA*
21,712 INR Mn
↓ 10.7%
PAT
11,553 INR Mn
↓ 22.2%
Gross Profit
57,774 INR Mn
↑ 15.4%
Investment in R&D
6,181 INR Mn
🏢 How This Affects the Company
📈
Business Impact
Lupin's sales growth in Q2 FY27 was driven by increases across its U.S., India, and Other Developed Markets segments, with Other Developed Markets sales rising 45.7% YoY to INR 11,823 Mn.
💰
Financial Impact
Consolidated PAT decreased by 22.2% YoY to INR 11,553 Mn in Q2 FY27, while EBITDA declined by 10.7% to INR 21,712 Mn, impacting profitability metrics. Net Debt as of September 30, 2026, was INR -33,490 Mn.
⚙️
Operational Impact
The company launched 1 product in the U.S. and 5 brands in India during the quarter, indicating continued product pipeline execution. Investment in R&D increased to INR 6,181 Mn, 7.9% of sales.
⚠️
Risk Impact
The significant decrease in Other operating income by 80.7% YoY to INR 418 Mn and the decline in EBITDA margin by 770 bps suggest pressure on non-core income and operational efficiency.
👥 What This Means For Shareholders
✅
Action Required
No immediate action is required by shareholders based on this financial results filing.
👤
Who Is Affected
All shareholders are affected as the company's Q2 FY27 financial performance, including a 22.2% YoY decline in PAT to INR 11,553 Mn, impacts the company's overall financial health.
🔍
Management Signal
Management continues to prioritize investment in R&D, allocating INR 6,181 Mn (7.9% of sales) in Q2 FY27, and remains focused on growth across key markets despite near-term challenges.

For information only. Not investment advice. ForgeUp is not SEBI-registered.

👁 Watch List - track these upcoming events
Lupin's Q3 FY27 results — evaluate sustainability of sales growth and margin trends.
U.S. FDA approvals and product launches — track pipeline commercialization in the U.S. market.
India region formulation sales — monitor growth consistency in the domestic market.
MEDIUM RISK The decline in PAT and EBITDA despite sales growth suggests margin pressures and increased operating costs.
💡 Investor Takeaway
Lupin reported Q2 FY27 consolidated sales at INR 77,855 Mn, up 14.0% YoY, but Profit After Tax (PAT) declined 22.2% YoY to INR 11,553 Mn. EBITDA also decreased by 10.7% YoY to INR 21,712 Mn, with margin contracting to 27.9%.
⚖️ Strengths & Concerns

✅ Positives

  • Total Product Sales increased by 14.0% YoY to INR 77,855 Mn in Q2 FY27, indicating strong top-line growth.
  • Other Developed Markets sales surged 45.7% YoY to INR 11,823 Mn, demonstrating robust growth in that segment.

⚠️ Concerns

  • Profit After Tax (PAT) decreased by 22.2% YoY to INR 11,553 Mn in Q2 FY27, impacting overall profitability.
  • EBITDA margin declined by 770 bps YoY to 27.9% in Q2 FY27, reflecting reduced operational efficiency compared to the prior year.
📅 Company Track Record
Lupin's Q1 FY27 PAT rose 16.0% to INR 14,170 Mn on 33.3% sales growth. For FY26, PAT increased 62.0% to INR 53,555 Mn, driven by strong U.S. sales, contrasting with the current quarter's profitability decline.

Based on publicly available historical data. For context only.

❓ Frequently Asked Questions
What were Lupin's consolidated sales in Q2 FY27?
Lupin's consolidated sales for Q2 FY27 were INR 77,855 Mn, an increase of 14.0% compared to INR 68,314 Mn in Q2 FY26.
What was Lupin's Profit After Tax (PAT) for Q2 FY27?
Lupin reported a Profit After Tax (PAT) of INR 11,553 Mn in Q2 FY27, which is a decrease of 22.2% from INR 14,848 Mn in Q2 FY26.
How did Lupin's EBITDA perform in Q2 FY27?
Lupin's EBITDA for Q2 FY27 was INR 21,712 Mn, representing a decrease of 10.7% from INR 24,313 Mn in Q2 FY26. The EBITDA margin was 27.9%.
What was Lupin's sales growth in Other Developed Markets in Q2 FY27?
Sales in Other Developed Markets for Q2 FY27 were INR 11,823 Mn, showing a 45.7% increase compared to INR 8,117 Mn in Q2 FY26.
What was Lupin's R&D investment in Q2 FY27?
Lupin's investment in Research and Development for Q2 FY27 was INR 6,181 Mn, which accounted for 7.9% of total sales for the quarter.

Questions based on this BSE filing only. For information purposes.

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⚠️ For Information Only - Not Investment Advice
ForgeUp Filings provides AI-generated summaries of public BSE exchange announcements (equity segment) for informational purposes only. Nothing here constitutes investment advice or a recommendation to buy, sell, or hold any security. ForgeUp is not a SEBI-registered investment advisor. All financial numbers are sourced directly from BSE filings and shown as-is. Past data is historical only. Please consult a qualified financial advisor before making investment decisions. Data sourced from BSE India public disclosures.
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