Lupin Q2 results: profit falls 22% despite 14% sales growth; here's why

Lupin’s consolidated profit after tax fell 22.2% to Rs 1,155 crore in the September 2026 quarter (Q2 FY27), from Rs 1,485 crore a year earlier, even though product sales rose 14% to Rs 7,786 crore, the company said in its filing on 4 November 2026. The Lupin Q2 results show higher costs and depreciation outweighing revenue growth.

Lupin Q2 results: key numbers

Measure (consolidated, Rs crore)	Q2 FY27	Q2 FY26	Change
Sales	7,785.5	6,831.4	14.0%
EBITDA	2,171.2	2,431.3	-10.7%
Profit before tax	1,579.6	2,007.0	-21.3%
Profit after tax	1,155.3	1,484.8	-22.2%

EBITDA margin fell to 27.9% from 35.6%. Compared with the June quarter, sales fell 5.3% and profit fell 18.5%.

Why Lupin’s profit fell

The filing points to costs rising faster than sales. Employee cost rose 28.8% to Rs 1,423.6 crore and manufacturing and other expenses rose 23.2% to Rs 2,438.1 crore. Depreciation, amortisation and impairment rose 53.4% to Rs 485.9 crore. Other operating income dropped to Rs 41.8 crore from Rs 216.1 crore, and the forex gain shrank to Rs 87.0 crore from Rs 203.8 crore. The release does not state a single reason for these changes.

Sales by market

U.S. sales rose 9.3% to Rs 3,020 crore, about 39% of total. India sales rose 14.7% to Rs 2,384 crore. Other developed markets grew 45.7% to Rs 1,182 crore, while emerging markets fell 3.5% to Rs 891 crore.

One-offs and what to watch next

The release does not flag exceptional items for the quarter. Managing Director Nilesh Gupta said the company remains mindful of near-term challenges but is confident of long-term growth. In our view, margins are the number to follow next quarter. See more results news or our story on Lupin’s FDA approval.