Lupin Ltd reported Q1 FY27 numbers with revenue of Rs. 8,276.89 Cr (+32.04% YoY) and PAT growth of +16.01% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | August 06, 2026 |
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| Quarter | Q1 FY 2026-2027 |
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| Revenue (Q1) | Rs. 8,276.89 Cr (+32.04% YoY) |
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| PAT (Q1) | Rs. 1,416.98 Cr (+16.01% YoY) |
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| EBITDA margin | 29.76% (+357 bps YoY) |
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| EPS (Q1) | Rs. 30.95 (+15.90% YoY) |
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| Market cap | Rs. 109,049.96 Cr |
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| CMP | Rs. 2,385.00 |
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Quarter Snapshot
Lupin delivered a record Q1 with revenue up 32% YoY and EBITDA margin expanding 357 bps to 29.76%, far above the 25% full-year guidance. The only drag was a doubling of the effective tax rate, which compressed PAT growth to 16%. The strong start, driven by US launches, chronic portfolio momentum, and VISUfarma consolidation, positions the company well to exceed its FY27 targets.
Key Investment Insights
Key Positives
- Revenue grew 32.04% YoY to Rs.8,276.89 Cr, the strongest Q1 print in recent history, driven by US business, India chronic momentum, and VISUfarma consolidation.
- EBITDA margin expanded 357 bps YoY to 29.76%, well ahead of management's FY27 guidance of ~25%.
- EBITDA grew ~50% YoY, demonstrating strong operating leverage as revenue grew 32%.
- Zero exceptional items in Q1 FY27, marking the first quarter without Mirabegron settlement impact.
- US business benefited from new product launches (Sugammadex, Diazepam injection, Ranibizumab) and an INR depreciation tailwind of ~9-10%.
- India chronic portfolio tracked ahead of IPM growth of ~13.5%.
Risk Factors
- Effective tax rate more than doubled to 29.76% from 13.71% YoY, compressing PAT growth to 16% despite 50% EBITDA growth.
- Current cash tax rate of 48.8% is unsustainably high, likely reflecting one-time gains at the standalone entity.
- D&A surged 51.46% YoY to Rs.452.85 Cr, driven by acquisition intangibles for VISUfarma and Renascience.
- Finance costs increased 19.5% YoY due to incremental debt drawn for the VISUfarma acquisition.
- Consolidated PAT of Rs.1,415 Cr was Rs.1,299.60 Cr lower than standalone PAT, indicating subsidiaries are a net drag on profitability.