Lupin Limited (500257) Earnings Call Transcripts

Lupin Limited's Latest Earnings Call - Q4 FY2026

In Q4 FY '26, Lupin Limited reported total revenue of INR 7,475 crores, reflecting a 32% year-over-year increase, and EBITDA of INR 2,171 crores, up 68% year-over-year. The U.S. business was a standout, achieving sales of $371 million in the quarter and $1.3 billion for the full year, marking a 40% increase. Management provided guidance for FY '27, projecting high single-digit revenue growth and an EBITDA margin around 25%, indicating potential headwinds from increased competition in key products such as Mirabegron and Tolvaptan.

Reported metrics

Guidance from management

Management expects high single-digit revenue growth and an EBITDA margin around 25% for FY '27, reflecting potential challenges from increased competition in key products.

What management said

That's correct. We did say that we would be looking at around about 25%, about 25% the vicinity of that for the full year and of course, high single-digit number in terms of overall sales growth.

There are 2 parts to that. Essentially, the margin -- the EBITDA margin decline because of there's a slightly increased manpower cost, as you can see. The second is essentially, we have captured what we have paid out Astellas on account of Mirabegron in because of the settlement as part of the manufacturing other expenses line. That's also included. And there's, of course, the component of foreign exchange that's bee...

What analysts pressed on

Analysts expressed concerns regarding the impact of competition on key products like Mirabegron and Tolvaptan, as well as rising costs due to inflationary pressures. There were also questions about the sustainability of margins given the current market dynamics and product launches.

Main topics on the call

• U.S. Business Performance — Lupin's U.S. business achieved record sales of $1.3 billion in FY '26, a growth of almost 40% year-over-year, driven by new product launches and high volumes. Management stated, "Our strategy of focusing on complex produ...
• India Business Growth — The India business grew 11.5% year-over-year in Q4, with the core prescription business growing 14.5%. Management noted, "We remain confident that our India formulations business will continue to outperform IPM by 1.2x g...
• Emerging Markets Expansion — Emerging markets reported impressive growth of 49% year-over-year in Q4, particularly driven by Brazil. The management highlighted, "Brazil continued its strong momentum... growing 113% year-over-year in local currency d...
• R&D and Product Pipeline — R&D expenditure was 8% of sales in Q4, with over 50 active products in the pipeline. Management emphasized plans to launch 50-plus products in the U.S. in the next three years, including 10 exclusive first-to-files, sign...

Read the full Lupin Limited transcript (Q4 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 26 Lupin Limited earnings call transcripts on record, spanning February 6, 2020 to August 7, 2026. Based on this history, Lupin Limited reports quarterly. The most recent call on file is dated August 7, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

500257

Exchange

BSE

Country

IN

Sector

Health Care

Industry

Pharmaceuticals

Calls on record

26

First call

February 6, 2020

Most recent

August 7, 2026

Reporting cadence

quarterly