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Lupin delivered a strong Q2 FY26. Sales surged 24% YoY to ₹6,831.4 Cr, while Net Income soared 73% to ₹1,477.9 Cr. EBITDA jumped 63% to ₹2,137.6 Cr, pushing margins to 31.3%. Growth was significantly fueled by North America (+46% YoY) and LATAM (+81% YoY).
The company is strategically focused on expanding its complex generics and biosimilar pipeline. Key recent launches in the US include Liraglutide Inj. and Risperidone Inj. Lupin also strengthened its global specialty ophthalmology portfolio through an acquisition and formed a partnership with Sandoz for Ranibizumab Biosimilar. In India, the strategy emphasizes chronic therapies with over 20 planned product launches for FY26. Management outlook points to sustained growth driven by new product launches and a pivot in R&D towards complex and high-value products. Net Debt to Equity is at (0.08), reflecting a healthy balance sheet, with R&D spend at 7.5% of sales.