Lupin Q2 FY27 results: what the company reported
Lupin Limited filed its unaudited results for the quarter ended 30 September 2026 (July to September 2026, called Q2 FY27) with NSE early on 4 November 2026, after a board meeting that began on the evening of 3 November. It also filed a press release and an investor presentation.
Published 5 November 2026 · Potoos Research Services
In short. For July to September 2026, Lupin reported consolidated revenue from operations of Rs 78,272.6 million, up 11.1% from Rs 70,475.1 million a year earlier. Profit for the quarter was Rs 11,553.0 million, down 22.2% from Rs 14,848.3 million.
The numbers
The first two tables are consolidated, in Rs million, as printed in the company's statement of consolidated results. The change column is worked out by us from the filing's own numbers.
| Item | Jul to Sep 2026 | Jul to Sep 2025 | Change |
|---|---|---|---|
| Revenue from operations | 78,272.6 | 70,475.1 | +11.1% |
| Total income (revenue plus other income) | 79,540.5 | 71,375.1 | +11.4% |
| Profit for the period | 11,553.0 | 14,848.3 | -22.2% |
| Profit attributable to owners of the company | 11,552.6 | 14,779.2 | -21.8% |
| Basic EPS (Rs) | 25.27 | 32.36 | -21.9% |
| Item | Apr to Sep 2026 | Apr to Sep 2025 | Change |
|---|---|---|---|
| Revenue from operations | 161,041.5 | 133,158.5 | +20.9% |
| Total income | 163,612.6 | 134,848.9 | +21.3% |
| Profit for the period | 25,722.8 | 27,062.9 | -5.0% |
| Profit attributable to owners of the company | 25,702.6 | 26,969.5 | -4.7% |
| Basic EPS (Rs) | 56.21 | 59.05 | -4.8% |
There were no exceptional items in the consolidated results for the quarter or the half year, in either year. The quarter's depreciation line includes an impairment charge of Rs 246.8 million on certain capital work-in-progress and intangible assets (note 10).
The group is not the same size as a year ago. The notes say a Lupin subsidiary bought VISUfarma B.V., Netherlands, with effect from 1 April 2026, for Rs 20,902.7 million (Euro 192.8 million), so the VISUfarma companies are in this year's consolidated figures and not in last year's.
Lupin Limited on its own (standalone)
Lupin also filed standalone results, for Lupin Limited alone without its subsidiaries. These look very different from the group figures this quarter:
| Item | Jul to Sep 2026 | Jul to Sep 2025 | Change |
|---|---|---|---|
| Revenue from operations | 35,673.4 | 40,682.8 | -12.3% |
| Total income | 36,628.6 | 41,382.8 | -11.5% |
| Exceptional items, income/(expense) | (769.3) | 5,926.8 | not shown |
| Profit/(loss) for the period | (59.1) | 13,573.5 | not shown (loss) |
| Basic EPS after exceptional items (Rs) | (0.13) | 29.72 | not shown (loss) |
Figures in brackets are losses or expenses. The exceptional expense of Rs 769.3 million this quarter is, in the company's words, a provision “for diminution in the value of investment” in a subsidiary, because the carrying value of that investment is higher than the amount the company expects to recover (standalone note 5a). For earlier periods, the same note lists a gain of Rs 6,589.6 million on transferring Lupin's over-the-counter (OTC) business in India to its wholly owned subsidiary Lupinlife Consumer Healthcare Limited. The group (consolidated) figures above are the ones that include all of Lupin's businesses.
What the company said
These are the company's own words, from the press release it filed with NSE on 4 November 2026 and published on lupin.com.
“U.S. sales for Q2 FY2027 were INR 30,202 Mn up 9.3% compared to INR 27,624 Mn in Q2 FY2026”
Lupin press release, 4 November 2026
“India sales for Q2 FY2027 were INR 23,836 Mn, up 14.7% compared to INR 20,777 Mn in Q2 FY2026”
Lupin press release, 4 November 2026
“Investment in R&D for the quarter was INR 6,181 Mn (7.9% of sales).”
Lupin press release, 4 November 2026
The press release reports sales of INR 77,855 Mn, up 14.0%. That is a narrower line than revenue from operations in our table: revenue from operations also adds other operating income, which fell from Rs 2,160.8 million to Rs 417.4 million. That is why the press release shows 14.0% growth and our table shows 11.1%. Both come from the same filing.
What the auditors said
The figures are unaudited. The statutory auditors, Deloitte Haskins & Sells Chartered Accountants LLP, carried out a limited review, which is lighter than a full audit. Their review reports have no emphasis of matter. The consolidated report notes that the figures of 20 subsidiaries were reviewed by other auditors and that 17 subsidiaries were not reviewed by their auditors, and says its conclusion is not modified in respect of these matters. Both reports also say the year-ago quarter and the year ended 31 March 2026 were reviewed or audited by another auditor, who gave an unmodified conclusion.
Dates
- Board meeting: began on 3 November 2026 at 07:30 p.m. IST and ended on 4 November 2026 at 12:25 a.m. IST. The board approved the results at this meeting. The Audit Committee reviewed them on 2 November 2026.
- Filed with NSE: 4 November 2026 at 00:44 IST (results), followed by the press release at 01:44 IST and the investor presentation at 01:49 IST.
- Dividend: none declared in this filing.
Consolidated and standalone: consolidated figures add up Lupin and its subsidiaries in India and abroad as one group. Standalone figures cover Lupin Limited alone. This quarter the two point in different directions: the group made a profit, while Lupin Limited on its own reported a small loss after an exceptional expense.
Exceptional items: one-off gains or charges that the company shows on a separate line so they can be seen apart from day-to-day business.
Owners of the company: the part of the group's profit that belongs to Lupin's own shareholders. The rest belongs to outside shareholders in subsidiaries Lupin does not fully own. EPS is worked out on the owners' part.
Rs million: ten lakh rupees. Ten million make one crore, so Rs 78,272.6 million is about Rs 7,827 crore. The filing reports in million, so this page does too.
Source
- Lupin, outcome of board meeting with unaudited standalone and consolidated results and limited review reports, 4 November 2026. nsearchives.nseindia.com
- Lupin, press release “Lupin Q2 FY2027 Results”, 4 November 2026. nsearchives.nseindia.com and lupin.com
- Lupin, investor presentation, 4 November 2026. nsearchives.nseindia.com
This page was written by Potoos Research Services, a SEBI-registered Research Analyst (INH000027380) in Chennai. Every figure above is copied from the company's filing, and every percentage change is worked out from the filing's own numbers.
This page reports what the company filed. It is not a recommendation to buy, sell or hold.
Common questions
What was Lupin's revenue in Q2 FY27?
Consolidated revenue from operations for July to September 2026 was Rs 78,272.6 million, against Rs 70,475.1 million in July to September 2025, a change of +11.1%.
Did Lupin's profit go up or down in Q2 FY27?
Down. Consolidated profit for the quarter was Rs 11,553.0 million, against Rs 14,848.3 million a year earlier, a change of -22.2%. Profit attributable to owners was Rs 11,552.6 million, against Rs 14,779.2 million.
Why does Lupin show a loss in its standalone results?
Lupin Limited on its own reported a loss of Rs 59.1 million for the quarter. Its standalone results include an exceptional expense of Rs 769.3 million, a provision for diminution in the value of its investment in a subsidiary. The consolidated group figures show a profit of Rs 11,553.0 million.
Did Lupin declare a dividend with these results?
No dividend was declared in the results filing of 4 November 2026.
Is this page a recommendation?
No. It reports what the company filed. It is not a recommendation to buy, sell or hold.