13 Feb , 2026 By : Debdeep Gupta
Lupin Ltd. posted a 37.4 per cent year-on-year (YoY) jump in quarterly net profit to Rs. 1,180.5 crore in Q3 FY26, driven primarily by record US sales, stronger gross margins, and a favourable product mix, even as sequential earnings dipped due to exceptional items and higher taxes.
The company’s net profit expanded sharply from Rs.858.9 crore a year earlier, buoyed by 54 percent growth (YoY) in US revenue to Rs 3113.2 crore, its highest ever, and double?digit gains across emerging geographies, helping offset weakness in its active pharmaceutical ingredient (API) business, which declined 24.1 percent year?on?year.
Revenue for the quarter climbed 26.4 percent to Rs.7100.5 crore, led by broad?based formulation growth: India sales rose 5.6 percent YoY to Rs. 2038.7 crore, emerging markets surged 42.4 percent to Rs.812 crore and developed markets grew 10.8 percent to Rs.917 crore.
Gross profit rose to Rs.5222.4 crore with margins improving to 73.5 percent, reflecting lower material costs as a share of sales and continued operating leverage.
However, compared with the previous quarter, net profit dropped 20.5 per cent, largely due to a net exceptional charge of Rs. 426.6 crore, higher tax outgo, and a slight compression in EBITDA margin to 33.5 per cent from 35.6 per cent.
While US sales accounted for 44 percent of global revenue, the company also launched three new brands in India and three new products in the US, strengthening its portfolio of 149 generics in the American market. R&D investments increased to Rs.535.2 crore (7.5 percent of sales) as Lupin secured one new ANDA approval and progressed its complex generics and first?to?file pipeline.
On the balance?sheet front, Lupin maintained a net cash position of Rs.2879.3 crore, reinforcing what Gupta called the company’s operational “resilience” heading into the final quarter of FY26.
Managing Director Nilesh Gupta attributed the performance to “our highest ever quarterly sales in the US and double?digit growth in India and all other regions,” adding that Lupin remains on track for a strong close to FY26.
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