Lupin Limited — Investor Meet, 12-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Lupin reported a record Q2FY26, with revenue exceeding INR 7,000 Cr and EBITDA over INR 2,100 Cr, marking the highest in its history. Margins expanded to 31.3%, up 750 bps YoY, driven by strong U.S. performance from new launches like Tolvaptan. India's core business grew 8.8% YoY. Strategically, Lupin is building its specialty portfolio with the VISUfarma acquisition in Europe, targeting USD 150 million annualized specialty revenue next year, and developing a biosimilars pipeline with five products by FY30. Management maintains a confident outlook, expecting FY27 EBITDA margins of 24-25%.