Lupin Limited, one of India's largest generics and formulations companies, heads into its Q2 FY 2026-2027 print with a record Q1 behind it but a clear question hanging over the quarter: how hard do US competition on Tolvaptan and Mirabegron hit the numbers? The print will speak to whether US revenue holds inside management's guided USD 250-280 Mn quarterly run-rate, and how quickly EBITDA margins normalise from Q1's 30.0% toward the cautious 24-25% FY27 band.
| Results date | November 03, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 82,768.9 Mn (consolidated, +32.04% YoY, +10.73% QoQ) |
| Previous quarter PAT | Rs. 14,169.8 Mn (consolidated) |
| Previous quarter EBITDA margin | 30.0% |
| Net debt (latest quarter) | Net cash of Rs. 2,831 crores |
| Market cap | Rs. 91,075.22 Cr |
| CMP | Rs. 1989.9 |
The board will meet on November 3, 2026, to approve the Q2/H1 FY27 results for the period ended September 30, 2026. The trading window was shut from October 1 and reopens on November 6, 2026.
Lupin's Q2 FY27 earnings call is scheduled for November 4, 2026, at 18:00 IST via Zoom.
Q2 FY27 is the first full quarter of Tolvaptan competition in the US — Apotex and Teva are already in the market with a potential fourth entrant by September — alongside the first full quarter of Mirabegron pricing pressure, and management has pre-flagged 'some moderation in performance during the remainder of the year, especially in the U.S.' The US print will be tested against the guided USD 250-280 Mn quarterly run-rate, well below the USD 366 Mn printed in Q1 FY27 and the USD 315 Mn Q2 FY26 base. India should stay ahead of the market: the IPM grew double-digit every month of the quarter (+12.1% in July, +13.5% in September with the strongest volumes in two years), against Lupin's Q1 core prescription growth of +15.1% and guidance to outgrow the IPM by 1.2x-1.3x. Ex-US momentum was strong in Q1 — EMEA +65%, ROW +69%, LATAM +71% — helped by the VISUfarma consolidation, against open-ended guidance of 10%-20% EMEA growth and double-digit ROW growth. On margins, Q1's 74.6% gross margin benefited from pre-inflation inventory, and the CFO's 'dark clouds on the horizon' freight and raw-material inflation — global container freight up 132% from February levels per Jefferies — now lands in the P&L as the EBITDA margin path runs from 30.0% toward the cautious 24-25% FY27 band. The earnings call will likely cover the gross-margin bridge, the FY28 US growth-inflection narrative over the FY27 base, and execution checkpoints on launches and filings.
US print vs the guided USD 250-280 Mn run-rate: Q2 FY27 is the first full quarter of Tolvaptan competition and Mirabegron pricing pressure.
Performance vs guidance tracking
Gross margin normalisation and cost inflation
Launch and filing milestones
Compliance follow-up and balance sheet
Management has guided US revenue to USD 1.1-1.2 Bn for FY27 versus USD 1.3 Bn in FY26, implying roughly USD 250-280 Mn per remaining quarter. A return to US growth is expected from FY28 over the FY27 base.
The Astellas settlement totals USD 90 Mn, with a USD 15 Mn provision taken in Q1; the USD 75 Mn component amortises over two years. The amortised portion does not impact EBITDA, while a smaller portion is knocked off operating profit above EBITDA.
In Q1 FY27, Lupin's India core prescription business grew 15.1% against IPM growth of 13.5%, with the Diabetes segment up 31.8% YoY. Management guides India formulations to outperform the IPM by 1.2x-1.3x.
Management points to injectables (Glucagon, Liraglutide, Risperdal Consta), biosimilars (Pegfilgrastim and Ranibizumab in FY27, with Aflibercept and Etanercept in FY30) and 505(b)(2) launches starting FY27. The company expects US growth to resume from FY28 over the FY27 base, supported by a pipeline of over 60 products in injectables and respiratory.