The performance was driven by robust sales growth and a significant improvement in operational efficiency. Lupin’s sales for Q2 FY26 stood at Rs 6,831.4 crore, marking a 24.3% increase over the Rs 5,497 crore reported in the same period last year.
Earnings before interest, tax, depreciation, and amortisation (EBITDA) surged 75.8% YoY to Rs 2,431.3 crore in Q2 FY26, up from Rs 1,382.7 crore in Q2 FY25. The EBITDA margin expanded by 1040 basis points year-on-year to 35.6%, compared to 25.2% in the year-ago quarter.
Profit before tax (PBT) came in at Rs 2,007 crore, rising 90.3% from Rs 1,054.9 crore in Q2 FY25. Gross profit for the quarter rose to Rs 5,006.6 crore, compared to Rs 3,807.1 crore in the corresponding quarter last year, with a gross margin of 73.3%.
On a quarter-on-quarter (QoQ) basis, PAT grew by 21.6% from Rs 1,221.5 crore in Q1 FY26. Revenue rose 10.8% QoQ, while EBITDA grew 34.6%.
Key expense highlights for Q2 FY26 included personnel cost at Rs 1,105.6 crore (16.2% of sales) and manufacturing and other expenses at Rs 1,979.6 crore (29.0% of sales). Investment in R&D stood at Rs 509.1 crore, representing 7.5% of total sales.From a balance sheet perspective, Lupin reported net debt of Rs -1,664.6 crore as of September 30, 2025, with a net debt-to-equity ratio of -0.08. Operating working capital stood at Rs 1,730.4 crore, and capital expenditure for the quarter was Rs 347.4 crore.Also read: Bharti Airtel shares tumble 4% after 5.1 crore shares change hands in block deal
“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 U.S., 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,” said Nilesh Gupta, Managing Director at Lupin.
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