Integrated Filing — IndAS



General information about company

Scrip Code 500257
NSE Symbol LUPIN
MSEI Symbol NOTLISTED
ISIN INE326A01037
Name of company Lupin Limited
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2026
Date of end of financial year 31-03-2027
Date of board meeting when results were approved 06-08-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 22-07-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter First quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 06-08-2026   16:30:00
End date and time of board meeting 06-08-2026   21:40:00
Whether cash flow statement is applicable on company
Type of cash flow statement
Declaration of unmodified opinion or statement on impact of audit qualification Not applicable



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2026 01-04-2026
B Date of end of reporting period 30-06-2026 30-06-2026
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 8,27,689.00 8,27,689.00
Other income 13,032.00 13,032.00
Total income 8,40,721.00 8,40,721.00
2 Expenses
(a) Cost of materials consumed 1,31,166.00 1,31,166.00
(b) Purchases of stock-in-trade 84,227.00 84,227.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (6,469.00) (6,469.00)
(d) Employee benefit expense 1,38,300.00 1,38,300.00
(e) Finance costs 10,964.00 10,964.00
(f) Depreciation, depletion and amortisation expense 45,285.00 45,285.00
(f) Other Expenses
1 Other expenses 2,34,120.00 2,34,120.00
2 Net loss / (gain) on foreign currency transactions 1,390.00 1,390.00
Total other expenses 2,35,510.00 2,35,510.00
Total expenses 6,38,983.00 6,38,983.00
3 Total profit before exceptional items and tax 2,01,738.00 2,01,738.00
4 Exceptional items 0.00 0.00
5 Total profit before tax 2,01,738.00 2,01,738.00
6 Tax expense
7 Current tax 98,439.00 98,439.00
8 Deferred tax (38,401.00) (38,401.00)
9 Total tax expenses 60,038.00 60,038.00
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 1,41,700.00 1,41,700.00
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method (2.00) (2.00)
16 Total profit (loss) for period 1,41,698.00 1,41,698.00
17 Other comprehensive income net of taxes 3,551.00 3,551.00
18 Total Comprehensive Income for the period 1,45,249.00 1,45,249.00
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 1,41,500.00 1,41,500.00
Total profit or loss, attributable to non-controlling interests 198.00 198.00
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 1,45,113.43 1,45,113.43
Total comprehensive income for the period attributable to owners of parent non-controlling interests 135.57 135.57
21 Details of equity share capital
Paid-up equity share capital 9,145.00 9,145.00
Face value of equity share capital 2 2
27 Details of debt securities
22 Reserves excluding revaluation reserve
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 30.95 30.95
Diluted earnings (loss) per share from continuing operations 30.89 30.89
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 30.95 30.95
Diluted earnings (loss) per share from continuing and discontinued operations 30.89 30.89
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) 1. The above Consolidated Financial Results were reviewed by the Audit Committee and thereafter approved and taken on record by the Board of Directors at their meeting held on August 06, 2026. The Statutory Auditors of the Company have carried out limited review of the above Consolidated Financial Results pursuant to Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. 2. The Consolidated Financial Results include the financial results of the subsidiaries, Lupin Pharmaceuticals, Inc. - U.S.A., Lupin Australia Pty Limited - Australia, Nanomi B.V. - Netherlands, Pharma Dynamics (Proprietary) Limited - South Africa, Hormosan Pharma GmbH - Germany, Multicare Pharmaceuticals Philippines Inc. - Philippines, Lupin Atlantis Holdings SA - Switzerland, Lupin Healthcare (UK) Limited - U.K., Lupin Pharma Canada Limited - Canada, Generic Health Pty Limited - Australia, Lupin Mexico S.A. de C.V. - Mexico, Lupin Philippines Inc. - Philippines, Lupin Diagnostics Limited - India, Generic Health SDN. BHD. - Malaysia, Lupin Inc. - U.S.A., Laboratorios Grin S.A. de C.V. - Mexico, Medquimica Industria Farmaceutica LTDA - Brazil, Novel Laboratories, Inc.- U.S.A., Lupin Research Inc. - U.S.A., Lupin Management Inc. - U.S.A, Lupin Europe GmbH - Germany, Lupin Biologics Limited - India, Lupin Oncology Inc. - U.S.A., Lupin Digital Health Limited - India, Avenue Coral Springs LLC - U.S.A., Southern Cross Pharma Pty Ltd - Australia, Lupin Life Sciences Limited - India, Lupin Manufacturing Solutions Limited - India, Medisol S.A.S. - France, Lupin Lanka (Private) Ltd. - Sri Lanka, Lupin NZ Ltd. - New Zealand, Lupinlife Consumer Healthcare Limited - India, Renascience Pharma Limited - U.K. (w.e.f. April 02, 2025), VISUfarma B.V. - Netherlands (w.e.f. April 01, 2026), VISUfarma UK Limited - U.K. (w.e.f. April 01, 2026), VISUfarma SPA - Italy (w.e.f. April 01, 2026), IRIS Bidco SAS - France (w.e.f. April 01, 2026), IRIS BidCo Srl - Italy (w.e.f. April 01, 2026), VISUfarma Espana SL, Spain (w.e.f. April 01, 2026), Laboratorios Nicox SLU, Spain (w.e.f. April 01, 2026), Lupin (Thailand) Limited, Thailand (w.e.f April 17, 2026) and a joint venture, YL Biologics Limited - Japan. 3. The Consolidated Financial Statements are prepared in accordance with Ind AS 110 Consolidated Financial Statements and Ind AS 28 Investments in Associates and Joint Ventures. 4. During the quarter ended June 30, 2026, 53,425 equity shares of Rs. 2/- each, fully paid-up, were allotted upon exercise of the vested stock options pursuant to the Lupin Employees Stock Option Plans (ESOPs), resulting in an increase in the paid-up share capital by Rs. 0.1 million and securities premium account by Rs. 76.9 million. 5. During the quarter ended June 30, 2026, acquisition of wholly owned subsidiary VISUfarma B.V., Netherlands was concluded by Nanomi B.V., Netherlands on April 01, 2026, with total consideration of Rs. 20,902.7 million (Euro 192.8 million). Fair value of intangibles acquired Rs. 15,971.1 million, deferred tax liability Rs. 3,992.8 million, Goodwill Rs. 6,030.2 million has been provisionally accounted based on report of independent valuer. The acquisition related costs are accounted in Other expenses. 6. Exceptional items a. The Group is exposed to multiple civil lawsuits alleging anticompetitive behavior related to certain products and possible violation of federal and state antitrust laws. These lawsuits were combined into the collection of similar cases referred to as In Re Generic Pharmaceuticals Antitrust Litigation. Such litigation are often resolved through settlement agreements. During the quarter ended March 31, 2026; the Group has based on best estimate, created a provision, of Rs. 1,323.1 million (USD 15.8 million), resulting in cumulative provision of Rs. 5,816.9 million (USD 65.8 million) at year ended March 31, 2026 related to antitrust litigation matters. In April 2026, Lupin Pharmaceuticals, Inc., U.S.A., a wholly owned subsidiary of the Group, settled one of the ongoing antitrust matters for an amount of Rs. 2,654.1 million (USD 30.0 million) without admission of liability or wrongdoing. The remaining provision continues to be carried by the Group towards future settlements related to similar cases. b. On February 09, 2026, Lupin Limited and its subsidiary entered into a settlement agreement with Astellas towards ongoing dispute related to Mirabegron ER Tablets a generic version of Myrbetriq ER Tablets in US markets. In respect of the same, Lupin Pharmaceuticals, Inc., U.S.A. paid Rs. 8,475.5 million (USD 90.0 million), which includes Rs. 7,110.8 million (USD 75.0 million) as Prepaid Option and Rs. 1,364.7 million (USD 15.0 million) as one-time payment towards the settlement. During the year ended March 31, 2026, the Group has expensed out Rs. 1,364.7 million (USD 15.0 million) and has capitalised the balance amount towards Prepaid Option. c. The Government of India has consolidated 29 existing labour legislations into a unified framework comprising four labour codes as follows: Code on Wages, 2019, Code on Social Security, 2020, Industrial Relations Code, 2020 and Occupational Safety, Health and Working Conditions Code, 2020 (collectively referred to as the New Labour Codes). The New Labour Codes are effective from November 21, 2025 and introduce changes that include, among other things, setting a uniform definition of wages. The Group has assessed the implications of the New Labour Codes and has recognized an incremental cost of Rs. 512.2 million during the year ended March 31, 2026. The Group continues to monitor the developments pertaining to the New Labour Codes and the impact, if any, will be accounted in accordance with applicable accounting standards. d. During the year ended March 31, 2026, the Group entered into a settlement agreement with an income of Rs. 873.7 million (USD 10.0 million). e. During the year ended March 31, 2026, the Group has received an arbitration award, consequently accounted an income of Rs. 603.2 million (USD 6.9 million) and a reversal of expense provision of Rs. 611.6 million (USD 7.0 million). 7. During the quarter ended June 30, 2025, the Company through its wholly owned step-down subsidiary, Lupin Healthcare (UK) Limited, U.K., acquired 100% equity share capital of Renascience Pharma Limited, U.K., for a consideration of Rs. 1,361.6 million (GBP 12.3 million). Fair value of intangibles acquired Rs. 1,239.4 million, deferred tax liability Rs. 309.8 million, Goodwill Rs. 325.9 million has been accounted based on report of independent valuer. The acquisition related costs are accounted in Other expenses. 8. During the quarter and year ended March 31, 2026, the Group has recognised an impairment charge of Rs. 879.1 milion and Rs. 1,130.1 milion respectively related to certain capital work-in-progress, intangible assets and intangible assets under development. 9. The figures for the quarter ended March 31, 2026 are the balancing figures between audited figures in respect of the previous full financial year and the unaudited published year-to-date figures up to the third quarter ended December 31, 2025. The year-to-date figures up to the third quarter ended December 31, 2025 were only subject to Limited Review and not audited.



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2026 01-04-2026
Date of end of reporting period 30-06-2026 30-06-2026
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 a) Pharmaceuticals 8,23,435.40 8,23,435.40
2 b) Others 4,302.70 4,302.70
3 Less: Inter segment 0.00 0.00
Total Segment Revenue 8,27,738.10 8,27,738.10
Less: Inter segment revenue 49.00 49.00
Revenue from operations 8,27,689.10 8,27,689.10
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 a) Pharmaceuticals 2,06,058.30 2,06,058.30
2 b) Others (4,320.30) (4,320.30)
3 Less: Inter segment 0.00 0.00
Total Profit before tax 2,01,738.00 2,01,738.00
i. Finance cost 0.00 0.00
ii. Other Unallocable Expenditure net off Unallocable income 0.00 0.00
Profit before tax 2,01,738.00 2,01,738.00
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 a) Pharmaceuticals 40,60,329.60 40,60,329.60
2 b) Others 23,546.30 23,546.30
3 Less: Inter segment (2,165.10) (2,165.10)
Total Segment Asset 40,81,710.80 40,81,710.80
Un-allocable Assets 0.00 0.00
Net Segment Asset 40,81,710.80 40,81,710.80
4 Segment Liabilities
Segment Liabilities
1 a) Pharmaceuticals 16,73,841.20 16,73,841.20
2 b) Others 11,947.70 11,947.70
3 Less: Inter segment (2,165.90) (2,165.90)
Total Segment Liabilities 16,83,623.00 16,83,623.00
Un-allocable Liabilities 0.00 0.00
Net Segment Liabilities 16,83,623.00 16,83,623.00
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2026 01-04-2026
B Date of end of reporting period 30-06-2026 30-06-2026
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Remeasurements of Defined Benefit Liability (8.00) (8.00)
Total Amount of items that will not be reclassified to profit and loss (8.00)
2 Income tax relating to items that will not be reclassified to profit or loss (11.00) (11.00)
3 Amount of items that will be reclassified to profit and loss
1 The effective portion of gain & losses on hedging instruments in a cash flow hedge 4,631.00 4,631.00
2 Exchange differences in translating the financial statements of foreign operations 586.00 586.00
Total Amount of items that will be reclassified to profit and loss 5,217.00
4 Income tax relating to items that will be reclassified to profit or loss 1,669.00 1,669.00
5 Total Other comprehensive income 3,551.00 3,551.00