Lupin Q2 FY27 Results: Consolidated Net Profit ₹1,155 Crore on Total Income of ₹7,954 Crore
- Earnings
- pharmaceuticals
Reviewed byKeshav SehgalBlacklitt Research
Lupin (NSE: LUPIN) reported consolidated total income of ₹7,954.05 crore and net profit of ₹1,155.30 crore for the quarter ended 30 Sep 2026, it said in a filing on 04 Nov 2026. Standalone total income was ₹3,662.86 crore and the standalone result was a net loss of ₹5.91 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹7,954.05 crore, up 11.4% YoY and down 5.4% QoQ
- Net profit and EPS: ₹1,155.30 crore, down 22.2% YoY; basic EPS ₹25.27
- Finance costs: ₹105.71 crore, down 1.7% YoY
Standalone
The company on its own, without its subsidiaries
- Total income: ₹3,662.86 crore, down 11.5% YoY and 49.6% QoQ
- Net profit and EPS: Net loss of ₹5.91 crore; basic EPS ₹-0.13
- Exceptional item: ₹76.93 crore provision for diminution in value of investment in a subsidiary
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 7,954.05 | 7,137.51 | +11.4% | 8,407.21 | -5.4% | |
| Revenue from operations | 7,827.26 | 7,047.51 | +11.1% | 8,276.89 | -5.4% |
| Other income | 126.79 | 90.00 | +40.9% | 130.32 | -2.7% |
| 1,155.30 | 1,484.83 | -22.2% | 1,416.98 | -18.5% | |
| Profit before tax | 1,579.60 | 2,006.97 | -21.3% | 2,017.36 | -21.7% |
| Finance costs | 105.71 | 107.59 | -1.7% | 109.64 | -3.6% |
| Depreciation | 485.90 | 316.77 | +53.4% | 452.85 | +7.3% |
| Tax expense | 424.30 | 522.14 | -18.7% | 600.38 | -29.3% |
| Net profit margin | 14.52% | 20.80% | -6.28 pp | 16.85% | -2.33 pp |
| EPS, basic (₹) | 25.27 | 32.36 | -21.9% | 30.95 | -18.4% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Profit fell faster than income this quarter. Total income rose 11.4% YoY to ₹7,954.05 crore, but net profit fell 22.2% to ₹1,155.30 crore and profit before tax fell 21.3% to ₹1,579.60 crore.
Other income of ₹126.79 crore is 8.0% of profit before tax, and tax of ₹424.30 crore is 26.9% of profit before tax. Other income rose 40.9% YoY, faster than revenue from operations at 11.1%. Depreciation of ₹485.90 crore was up 53.4% YoY against ₹316.77 crore a year earlier, and finance costs were nearly flat at ₹105.71 crore.
The filing lists several acquisitions effective in the period: VISUfarma B.V., effective 1 Apr 2026, for a consideration of ₹2,090.27 crore with goodwill of ₹654.94 crore provisionally accounted, and a step-up in Multicare Pharmaceuticals Philippines Inc. from 56.28% to 99.89% effective 1 Jul 2026 for ₹370.12 crore.
The consolidated results include an impairment charge of ₹24.68 crore in the quarter on certain capital work-in-progress, intangible assets and intangible assets under development.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 3,662.86 | 4,138.28 | -11.5% | 7,274.38 | -49.6% | |
| Revenue from operations | 3,567.34 | 4,068.28 | -12.3% | 7,171.90 | -50.3% |
| Other income | 95.52 | 70.00 | +36.5% | 102.48 | -6.8% |
| -5.91 | 1,357.35 | n/a | 2,714.60 | n/a | |
| Profit before tax | 4.19 | 1,635.81 | -99.7% | 3,610.06 | -99.9% |
| Finance costs | 32.55 | 27.78 | +17.2% | 35.56 | -8.5% |
| Depreciation | 193.12 | 174.72 | +10.5% | 190.01 | +1.6% |
| Tax expense | 10.10 | 278.46 | -96.4% | 895.46 | -98.9% |
| Net profit margin | -0.16% | 32.80% | -32.96 pp | 37.32% | -37.48 pp |
| EPS, basic (₹) | -0.13 | 29.72 | n/a | 59.37 | n/a |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
The standalone result moved to a loss. Total income fell 11.5% YoY to ₹3,662.86 crore and profit before tax fell to ₹4.19 crore from ₹1,635.81 crore a year earlier, leaving a net loss of ₹5.91 crore after tax of ₹10.10 crore. Against the previous quarter, profit before tax was ₹3,610.06 crore and net profit ₹2,714.60 crore.
The standalone quarter carries an exceptional item of ₹76.93 crore, a provision for diminution in the value of an investment in a subsidiary, which the company records as exceptional. Other income of ₹95.52 crore was larger than the quarter's profit before tax, and revenue from operations fell 12.3% YoY while other income rose 36.5%. Finance costs of ₹32.55 crore were 17.2% higher than a year earlier.
The auditors' limited review of the standalone results carries no modification.
Inference
The filing reports a final dividend of ₹18 per equity share, disbursed on 6 Aug 2026 for a total of ₹823.02 crore, approved at the 44th AGM held on 4 Aug 2026.
Filed with BSE on . Reference: Original filing (PDF)
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