5002572026-07-012026-09-305002572026-09-305002572026-03-315002572026-04-012026-09-305002572026-07-012026-09-30in-capmkt:OtherExpenses1Member5002572026-07-012026-09-30in-capmkt:OtherExpenses2Member5002572026-04-012026-09-30in-capmkt:OtherExpenses1Member5002572026-04-012026-09-30in-capmkt:OtherExpenses2Member5002572026-09-30OtherNoncurrentFinancialAssetsDomain15002572026-09-30OtherNoncurrentAssetsDomain15002572026-09-30OtherNoncurrentAssetsDomain25002572026-09-30OtherCurrentFinancialAssetsDomain15002572026-09-30OtherCurrentAssetsDomain15002572026-09-30OtherNoncurrentFinancialLiabilitiesDomain15002572026-09-30OtherNoncurrentFinancialLiabilitiesDomain25002572026-09-30OtherNoncurrentLiabilitiesDomain15002572026-09-30OtherCurrentFinancialLiabilitiesDomain15002572026-09-30OtherCurrentFinancialLiabilitiesDomain25002572026-09-30OtherCurrentLiabilitiesDomain15002572026-07-012026-09-30in-capmkt:ReportableSegments1Member5002572026-07-012026-09-30in-capmkt:ReportableSegments2Member5002572026-07-012026-09-30in-capmkt:ReportableSegments3Member5002572026-04-012026-09-30in-capmkt:ReportableSegments1Member5002572026-04-012026-09-30in-capmkt:ReportableSegments2Member5002572026-04-012026-09-30in-capmkt:ReportableSegments3Member5002572026-07-012026-09-30in-capmkt:ReportableSegments1Member5002572026-07-012026-09-30in-capmkt:ReportableSegments2Member5002572026-07-012026-09-30in-capmkt:ReportableSegments3Member5002572026-04-012026-09-30in-capmkt:ReportableSegments1Member5002572026-04-012026-09-30in-capmkt:ReportableSegments2Member5002572026-04-012026-09-30in-capmkt:ReportableSegments3Member5002572026-07-012026-09-30in-capmkt:ReportableSegments1Member5002572026-09-30in-capmkt:ReportableSegments1Member5002572026-07-012026-09-30in-capmkt:ReportableSegments2Member5002572026-09-30in-capmkt:ReportableSegments2Member5002572026-07-012026-09-30in-capmkt:ReportableSegments3Member5002572026-09-30in-capmkt:ReportableSegments3Member5002572026-07-012026-09-30in-capmkt:ReportableSegments1Member5002572026-09-30in-capmkt:ReportableSegments1Member5002572026-07-012026-09-30in-capmkt:ReportableSegments2Member5002572026-09-30in-capmkt:ReportableSegments2Member5002572026-07-012026-09-30in-capmkt:ReportableSegments3Member5002572026-09-30in-capmkt:ReportableSegments3Member5002572026-07-012026-09-30ItemsThatWillNotBeReclassifiedToProfitAndLoss15002572026-04-012026-09-30ItemsThatWillNotBeReclassifiedToProfitAndLoss15002572026-07-012026-09-30ItemsThatWillBeReclassifiedToProfitAndLoss15002572026-04-012026-09-30ItemsThatWillBeReclassifiedToProfitAndLoss1iso4217:INRiso4217:INRxbrli:shares500257LUPINNOTLISTEDINE326A01037Lupin LimitedMain BoardEquity2026-04-012027-03-312026-11-032026-10-19INRMillionsQuarterlySecond quarterMulti segment2026-11-0319:30:002026-11-0400:25:00trueCash Flow IndirectNot applicable2026-07-012026-09-30UnauditedConsolidated78272600000126790000079540500000131074000007331800000-35780000014235800000105710000048590000002351130000063744600000157959000000157959000007212000003521800000424300000001155290000000010000011553000000303500000118565000001155260000040000011856200000300000914600000225.2725.140025.2725.14Notes accompanying to the consolidated financial results. <br /> 1. The above Consolidated Financial Results were reviewed by the Audit Committee on November 02, 2026 and thereafter approved and taken on record by the Board of Directors at their meeting held on November 03, 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. <br /> 2. The Consolidated Financial Results are prepared in accordance with Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. <br /> 3. 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., 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), Kaveri Therapeutics, Inc., U.S.A. (w.e.f. July 20, 2026) & joint venture, YL Biologics Limited - Japan. <br /> 4. During the quarter ended September 30, 2026, 57,436 (year to date 110,861) 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 equity share capital by Rs. 0.1 million (year to date Rs. 0.2 million) and securities premium account by Rs. 87.1 million (year to date Rs. 164.0 million). <br /> 5. As approved by the Members of the Company at the 44th Annual General Meeting held on August 04, 2026, the Company has disbursed on August 06, 2026 a final dividend of Rs. 18/- per equity share of the face value of Rs. 2/- each aggregating Rs. 8,230.2 million. <br /> 6. Effective April 01, 2026, Nanomi B.V., Netherlands, a wholly owned subsidiary has acquired the entire share capital of VISUfarma B.V., Netherlands for a total consideration of Rs. 20,902.7 million (Euro 192.8 million). Fair value of intangibles acquired Rs.16,730.2 million, deferred tax liability Rs. 4,182.5 million, Goodwill Rs. 6,549.4 million has been provisionally accounted based on report of independent valuer. The acquisition related costs are accounted in "Other expenses". <br /> 7. Effective July 01, 2026, Nanomi B.V., Netherlands, increased its ownership interest in Multicare Pharmaceuticals Philippines Inc. (MPPI) from 56.28% to 99.89% through the acquisition of shares from certain existing shareholders for a consideration amounting to Rs. 3,701.2 million and a share buyback amounting to Rs. 17.0 million. <br /> 8. Effective July 20, 2026, the Company through its wholly owned step-down subsidiary, Lupin Inc., U.S.A., sublicensed two intellectual property assets to Kaveri Therapeutics Inc., U.S.A. ("Kaveri") in exchange for equity shares valued at Rs. 153.3 million (USD 1.6 million), resulting in an 82.17% ownership interest. Consequently, Lupin Inc. obtained control over Kaveri, and Kaveri is accounted for as a subsidiary. <br /> 9. Effective April 02, 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. <br /> 10. During the quarter ended September 30, 2026 and year ended March 31, 2026, the Group has recognised an impairment charge of Rs. 246.8 million and Rs. 1,130.1 million respectively related to certain capital work-in-progress, intangible assets and intangible assets under development. <br /> 11. Exceptional items <br /> 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. During the six months ended September 30, 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. 3,162.8 million (USD 35.8 million) without admission of liability or wrongdoing. The remaining provision continues to be carried by the Group towards future settlements related to similar cases. <br /> 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. <br /> 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. <br /> 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). <br /> 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). <br /> 2026-04-012026-09-30UnauditedConsolidated16104150000025711000001636126000002622400000015754500000-10047000002806580000021535000009387500000470623000001276429000003596970000003596970000010565100000-31830000010246800000025722900000000-100000257228000006586000002638140000025702600000202000002636750000013900000914600000256.2155.920056.2155.92Other expenses24381400000Net (gain) / loss on foreign currency transactions-870100000Other expenses47793400000Net (gain) / loss on foreign currency transactions-731100000539076000009312100000033679900000417629000003970700000029790000028126000000343000001435670000017203600000556930000027048000001684088000006562520000041454400000665603000001939070000014584900000406000003102500000145133400000333600000196094000002307016000000039911040000091460000023959000000024050460000069000002405115000001341590000000049880000001840390000059205000006222600000026393000003318630000041542100000149820000044082200000455804000009029800000961523000001771100000053675000006181800000012541260000000158598900000399110400000Other Non-Current Financial Assets14356700000Non-Current Tax Assets445500000Other Non-Current Assets2259300000Other Current Financial Assets3102500000Other Current Assets19609400000Lease Liabilities4390800000Other Non-Current Financial Liabilities597200000Other Non-Current Liabilities2639300000Lease Liabilities2455600000Other Current Financial Liabilities6574200000Other Current Liabilities17711000000a) Pharmaceuticals77756300000b) Others521200000Less: Inter segment0a) Pharmaceuticals160099800000b) Others951500000Less: Inter segment0782775000001610513000004900000980000078272600000161041500000a) Pharmaceuticals16138400000b) Others-342400000Less: Inter segment0a) Pharmaceuticals36744000000b) Others-774400000Less: Inter segment0157960000003596960000000001579600000035969600000a) Pharmaceuticals397287200000b) Others2347300000Less: Inter segment-5241000003991104000000399110400000a) Pharmaceuticals157560400000b) Others1562200000Less: Inter segment-52370000015859890000001585989000002153500000-3438500000-17619000000-3917900000-51400000-1040000002393100000-397100000324170000005538000003880000093875000000-792900000324500000-442990000025000000258980000001177600000826700000-9517000000-269900000015300000042569000004022660000000011164100000029062500000020397300000000000234000000692100000000000000000000000011995000000-5940400000-318252000000371820000072600000000000465050000010370000008230200000196050000000-19523800000-222865000000-222865000004167730000019390800000Items that will not be reclassified subsequently to profit or loss-42300000-42300000Items that will not be reclassified subsequently to profit or loss-43100000-43100000-14300000-15400000Items that will be reclassified subsequently to profit or loss353500000353500000Items that will be reclassified subsequently to profit or loss87520000087520000022000000188900000303500000658600000