Revenue from operations grew 24.2% year-on-year to ₹7,047.5 crore, surpassing the CNBC-TV18 poll of ₹6,559.4 crore and compared with ₹5,672.7 crore in Q2 FY25.
Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 74.7% to ₹2,341.7 crore, against ₹1,340.5 crore a year ago, exceeding the CNBC-TV18 estimate of ₹1,774.2 crore. The company’s EBITDA margin stood at 33.2%, up from 23.6% in the corresponding quarter of the previous year and above the poll estimate of 27%.
Also Read: Lupin shares surge over 3% on $250 million investment plans for new US facility
For Q2 FY26, Lupin reported a gross profit of ₹5,006.6 crore, up from ₹3,807.1 crore in Q2 FY25, with a gross margin of 73.3%. Personnel costs for the quarter stood at 16.2% of sales, amounting to ₹1,105.6 crore, compared with ₹1,007.5 crore in the same period last year. Manufacturing and other expenses were 29% of sales at ₹1,979.6 crore, up from ₹1,667 crore in Q2 FY25.
Profit before tax (PBT) for the quarter rose 90.3% year-on-year to ₹2,007 crore, against ₹1,054.9 crore in Q2 FY25, representing a margin of 29.4%. Investment in research and development for the quarter was ₹509.1 crore, accounting for 7.5% of sales.
On the balance sheet side, operating working capital as of September 30, 2025, stood at ₹7,730.4 crore, while capital expenditure for the quarter was ₹347.4 crore. Net debt as of the same date was negative ₹1,664.6 crore, with a net debt-to-equity ratio of -0.08.
Also Read: Lupin shares gain ahead of US drug launch that can fetch $200 million in FY26
Nilesh Gupta, Managing Director of Lupin, said, “We are delighted to present one of our strongest performances ever in this second quarter of FY26. We continue to see robust growth in revenues and EBITDA led by strong performance across the board, in the US, emerging markets, other developed markets and in India, supported by higher operational efficiencies and sustained investments. We intend to leverage the performance of H1 to deliver a strong FY26.”
Shares of Lupin Ltd ended at ₹1,956.05, down by ₹42.10, or 2.11%, on the BSE.
