Lupin Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Lupin Ltd filed with BSE on 14 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Lupin reported Q4 FY26 revenue growth of 32% YoY to Rs. 7,475 crores and EBITDA growth of 68% YoY to Rs. 2,171 crores, marking its 15th consecutive quarter of growth. For the full year, revenue grew 23% YoY to Rs. 27,958 crores with EBITDA margins at 29.7%, driven by strength in the US business which grew 40% YoY to USD 1,318 million, alongside double-digit growth in India, Other Developed Markets and Emerging Markets. Management outlined plans for FY27 including new product launches such as Ravicti, Saxenda and Pegfilgrastim, while flagging anticipated competition in Tolvaptan and Mirabegron.
Numbers mentioned
Revenue from operations: Rs. 7,475 crores (Q4 FY26)
p. 5
“I'm happy to report another quarter of strong results with total revenue from operations growing 32% YoY to Rs. 7,475 crores and EBITDA growing at 68% YoY to INR 2,171 crores.”
Ramesh Swaminathan, page 5 of the filed PDF · View the filing
EBITDA: INR 2,171 crores (Q4 FY26)
p. 5
“I'm happy to report another quarter of strong results with total revenue from operations growing 32% YoY to Rs. 7,475 crores and EBITDA growing at 68% YoY to INR 2,171 crores.”
Ramesh Swaminathan, page 5 of the filed PDF · View the filing
Revenue from operations: Rs. 27,958 crores (FY26)
p. 5
“On a full year basis, the performance has been equally strong with the total revenues from operations growing 23% YoY to Rs. 27,958 crores and EBITDA, excluding forex and other income growing 55% YoY to INR 8,160 crores.”
Ramesh Swaminathan, page 5 of the filed PDF · View the filing
EBITDA margin: 29.7% (FY26)
p. 5
“EBITDA margins at 29.7% have increased 590 basis points YoY, led by higher gross margins and also operating efficiencies in our business.”
Ramesh Swaminathan, page 5 of the filed PDF · View the filing
US business sales: USD 1,318 million (FY26)
p. 5
“For the full year the U.S business has recorded sales of USD 1,318 million as against USD 944 million last year, registering a growth of 40% YoY in constant currency terms.”
Ramesh Swaminathan, page 5 of the filed PDF · View the filing
India business sales: INR 8,114 crores (FY26)
p. 6
“On a full year basis, the India business grew by 7.1% YoY to INR 8,114 crores with the prescription business growing 10.6% as against IPM of 9.9% translating to 1.1x times the IPM growth.”
Ramesh Swaminathan, page 6 of the filed PDF · View the filing
Gross margin: 73.3% (FY26)
p. 7
“For the full year, Gross margins have improved to 73.3% from 69.2% last year.”
Ramesh Swaminathan, page 7 of the filed PDF · View the filing
R&D spend: 7.5% of sales (FY26)
p. 7
“For the full year R&D is INR 2,063 crores translating to 7.5% of sales.”
Ramesh Swaminathan, page 7 of the filed PDF · View the filing
Effective tax rate: 22.1% (FY26)
p. 8
“The effective tax rate stood at 22.1% for FY26.”
Ramesh Swaminathan, page 8 of the filed PDF · View the filing
Operating working capital: 87 days (as of 31st March '26)
p. 8
“Operating working Capital stood at INR 7,132 crores as of 31st March '26 which translates to 87 days of net working capital as compared to 110 days recorded last year.”
Ramesh Swaminathan, page 8 of the filed PDF · View the filing
ROCE: 28.4% (FY26)
p. 8
“ROCE for the year translates to 28.4%.”
Ramesh Swaminathan, page 8 of the filed PDF · View the filing
Net Cash: INR 4,636 crores (as of 31st March 2026)
p. 8
“Net Cash stood at INR 4,636 crores as against INR 310 crores as of 31st March 2025.”
Ramesh Swaminathan, page 8 of the filed PDF · View the filing
Biosimilar franchise revenue: USD 50 million
p. 15
“It’s about USD 50 million right now but slated to be multiple times this financial year itself.”
Nilesh Gupta, page 15 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — high-single digits · FY27
stated firmly by Vinita Gupta
p. 5
“we expect to grow our top line high-single digits with margins at around 25% in FY27, despite increased headwinds from an uncertain geopolitical environment.”
Vinita Gupta, page 5 of the filed PDF · View the filing
EBITDA margin — around 25% · FY27
stated firmly by Vinita Gupta
p. 5
“we expect to grow our top line high-single digits with margins at around 25% in FY27, despite increased headwinds from an uncertain geopolitical environment.”
Vinita Gupta, page 5 of the filed PDF · View the filing
R&D spend — around 8% of sales · FY27
stated firmly by Ramesh Swaminathan
p. 7
“We expect R&D to be around 8% of sales for the next fiscal.”
Ramesh Swaminathan, page 7 of the filed PDF · View the filing
Effective tax rate — 25% - 26% · FY27
stated firmly by Ramesh Swaminathan
p. 8
“For FY27, we expect the ETR to be about 25% - 26% due to the phasing out of incentives on some of our domestic facilities.”
Ramesh Swaminathan, page 8 of the filed PDF · View the filing
India chronic segment share — 70% · next five years
stated as an aspiration by Vinita Gupta
p. 4
“The chronic segment now accounts for 66% of our portfolio up from 64% in FY25, and we have set ourselves a target to increase this share to 70% in the next five years.”
Vinita Gupta, page 4 of the filed PDF · View the filing
India formulations growth vs IPM — 1.2x to 1.3x IPM
stated as an aspiration by Ramesh Swaminathan
p. 6
“We remain confident that our India formulations business will continue to outperform IPM by 1.2x to 1.3x going forward, supported by salesforce of about 12,000 people and a pipeline of more than 80 new product launches over the coming years including innovative in-house and in-licensed products.”
Ramesh Swaminathan, page 6 of the filed PDF · View the filing
US product launches — 50 plus products with 10 exclusive first to files, four biosimilars, two to three 505(b)(2)s · next three years
stated firmly by Vinita Gupta
p. 3
“In the next three years we expect to launch 50 plus products in the US with 10 exclusive first to files, four biosimilars as well as two to three 505(b)(2)s.”
Vinita Gupta, page 3 of the filed PDF · View the filing
US business revenue — billion dollar plus · FY27
stated firmly by Vinita Gupta
p. 18
“In FY27 to be a billion dollar plus.”
Vinita Gupta, page 18 of the filed PDF · View the filing
India product launches — about 20 products · FY27
stated firmly by Ramesh Swaminathan
p. 6
“We launched 15 products in FY26 and plan to launch about 20 products in FY27.”
Ramesh Swaminathan, page 6 of the filed PDF · View the filing
Dalbavancin launch — FY27
stated firmly by Vinita Gupta
p. 12
“We expect to launch the Dalbavancin 505(b)(2) in FY27.”
Vinita Gupta, page 12 of the filed PDF · View the filing
Pegfilgrastim On Body launch — FY28 or FY29
stated conditionally by Vinita Gupta
p. 13
“FY28 or FY29 launch, one of the two depending on FDA approval.”
Vinita Gupta, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management confirmed competition in both Mirabegron and Tolvaptan has been factored into the guidance.
Answered by Vinita Gupta
Asked by Tushar Manudhane: Is the FY27 EBITDA margin guidance lower due to expected competition in Tolvaptan?
p. 9
“Yes, we have factored that in both competition for Mirabegron as well as Tolvaptan.”
Vinita Gupta, page 9 of the filed PDF · View the filing
Management cited Ravicti, Saxenda, first-to-file products and Pegfilgrastim as material contributors for FY27.
Answered by Vinita Gupta
Asked by Neha Manpuria: What product launches give confidence in sustaining margins amid Tolvaptan and Mirabegron competition?
p. 9
“Apart from that, I think in the next fiscal year, our Ravicti® product, the Glycerol Phenylbutyrate (“GPB”) is a material product for us in FY27.”
Vinita Gupta, page 9 of the filed PDF · View the filing
Management confirmed the September patent expiry timeline has been factored into plans.
Answered by Vinita Gupta
Asked by Bino Pathiparampil: What is the timeline for Tolvaptan competition entry?
p. 11
“Yes, that is the timeline that we have taken into account in our plans.”
Vinita Gupta, page 11 of the filed PDF · View the filing
Management declined to quantify but said it was factored into the 25% margin guidance.
Answered by Ramesh Swaminathan
Asked by Saion Mukherjee: What is the annualized impact of freight and raw material inflation from the Middle East crisis?
p. 13
“I don't want to do it at this stage. When we have, reckoned the 25%, we have taken into account all of this as well.”
Ramesh Swaminathan, page 13 of the filed PDF · View the filing
Management said their pipeline focus is on first-wave or limited-competitor products to mitigate erosion risk.
Answered by Vinita Gupta
Asked by Kunal Randeria: Could biosimilar price erosion be steeper by FY29-FY30 given lower entry barriers?
p. 15
“So, our focus from pipeline perspective is really on products where we can be in the first wave or limited number of competitors that can give us a unique positioning.”
Vinita Gupta, page 15 of the filed PDF · View the filing
Management said the hurdle is achieving product PK given brand variability.
Answered by Vinita Gupta
Asked by Shashank Krishnakumar: What is the challenge with the Ellipta filing?
p. 16
“It is really to achieve the product PK. We, believe that we've got the right device in place. It's really the product PK, getting that right.”
Vinita Gupta, page 16 of the filed PDF · View the filing
Management attributed the guided margin decline to expected Tolvaptan and Mirabegron competition and higher R&D spend.
Answered by Ramesh Swaminathan
Asked by Shyam Srinivasan: Is there conservatism in the FY27 margin guidance given Q4 headwinds?
p. 17
“No, this is actually as a result of we reckoned that there could be some competition coming in for Tolvaptan and possibly for Mirabegron next year.”
Ramesh Swaminathan, page 17 of the filed PDF · View the filing
Management expects to sustain billion-dollar-plus US revenue with high-single to low-double-digit erosion offset by new launches.
Answered by Vinita Gupta
Asked by Vivek Agarwal: What is the outlook for US revenues in FY27 and FY28 given product competition?
p. 18
“We think that based on the competition that we foresee in products like Mirabegron and Tolvaptan, we should be able to get to a level compared to the current year where maybe it's a high single digit or low double-digit erosion in terms of revenues.”
Vinita Gupta, page 18 of the filed PDF · View the filing
Risks flagged
Increased competition expected for Tolvaptan and Mirabegron in FY27
p. 9
“Yes, we have factored that in both competition for Mirabegron as well as Tolvaptan.”
Vinita Gupta, page 9 of the filed PDF · View the filing
Freight and raw material cost inflation due to Middle East crisis
p. 13
“When it comes to freight for example, ocean freighting is about 15% higher, air freight is about 60% higher.”
Ramesh Swaminathan, page 13 of the filed PDF · View the filing
Uncertain geopolitical environment increasing headwinds
p. 5
“we expect to grow our top line high-single digits with margins at around 25% in FY27, despite increased headwinds from an uncertain geopolitical environment.”
Vinita Gupta, page 5 of the filed PDF · View the filing
Loss of exclusivity for in-licensed products impacting India diabetes segment growth
p. 6
“This is offset by lower growth in diabetes segment which grew 9.4% as against category growth of 12.2% impacted by loss of exclusivity for certain in-licensed products.”
Ramesh Swaminathan, page 6 of the filed PDF · View the filing
Manufacturing supply constraints limiting ability to meet Risperdal Consta demand
p. 17
“Actually, we've not been able to keep up with the demand. We manufactured the product as a CMO and have struggled to really ramp up.”
Vinita Gupta, page 17 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.