Mumbai, November 5, 2026: Pharmaceutical major Lupin reported a 22.19 per cent decline in consolidated net profit to ₹1,155.30 crore for the September quarter of FY27, compared with ₹1,484.83 crore a year earlier. Higher expenses, an exceptional item and weaker operating income weighed on profitability despite revenue growth.
Revenue Growth
Revenue from operations increased to ₹7,827.26 crore from ₹7,047.51 crore in the corresponding quarter last year, reflecting continued business expansion.
However, total expenses climbed to ₹6,374.46 crore from ₹5,130.54 crore, putting pressure on quarterly earnings.
Settlement Impact
Lupin’s US subsidiary settled an ongoing antitrust matter for ₹316.28 crore ($35.8 million) during the first half of FY27, without admitting liability or wrongdoing.
The company continues to maintain provisions for potential settlements involving similar cases.
Other operating income plunged 80.7 per cent to ₹41.8 crore from ₹216.1 crore, further affecting overall profitability.
US Performance
Lupin faced pricing pressure, rising competition and loss of exclusivity for important products in the American pharmaceutical market.
Nevertheless, US sales increased 9.3 per cent to ₹3,020.2 crore from ₹2,762.4 crore a year earlier.
The company maintained its position as the third-largest pharmaceutical player by prescriptions in both the US generic and overall markets.
India Business
India remained an important growth driver, with quarterly sales rising 14.7 per cent to ₹2,383.6 crore from ₹2,077.7 crore.
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The domestic market contributed approximately 31 per cent of Lupin’s global sales during the quarter.
Half-Year Earnings
For April-September FY27, consolidated net profit declined 4.95 per cent to ₹2,572.28 crore from ₹2,706.29 crore.
Managing Director Nilesh Gupta expressed confidence in long-term growth, citing portfolio strength, research investments and disciplined execution despite near-term challenges.
Meanwhile, Lupin shares ended nearly unchanged at ₹2,015 on the BSE, gaining 0.15 per cent.
The company’s performance highlighted the contrast between growing pharmaceutical sales and continuing profitability challenges in competitive overseas markets.
