Lupin Ltd. reported a strong set of first-quarter earnings, with profit rising 16% year-on-year and comfortably beating Street estimates, aided by robust revenue growth and a sharp improvement in operating margins.
The pharmaceutical major posted a consolidated net profit of Rs 1,415 crore for the June quarter, up 16% from Rs 1,219 crore in the corresponding period last year. The figure also surpassed the Bloomberg consensus estimate of Rs 1,350 crore.
Revenue from operations climbed 32% year-on-year to Rs 8,277 crore from Rs 6,268 crore, exceeding analysts’ estimate of Rs 7,869 crore. The strong top-line growth reflects healthy performance across key markets and product segments.
Operating performance was even stronger, with Ebitda surging 50% year-on-year to Rs 2,463 crore compared with Rs 1,641 crore a year earlier. The figure was well ahead of the Street expectation of Rs 2,154 crore.
The company’s Ebitda margin expanded 360 basis points to 29.8% from 26.2% in the year-ago period, significantly outperforming analysts’ expectation of 27.4%. The margin expansion indicates improved operating leverage and a favourable business mix.
Personnel cost stood at 16.8% of sales, reaching Rs 1,383 crore compared to Rs 1,083 crore in the quarter ended June. Meanwhile, manufacturing and other expenses accounted for 28.5% of sales, coming in at Rs 2,341.2 crore versus Rs 1,772 crore in the same period of the previous year.
As on June 30, 2026, operating working capital stood at Rs 8,259.6 crore, with operating days for the quarter at 90 days. Capital expenditure for the quarter was Rs 278.6 crore. Additionally, Net Debt was recorded at Rs 2,830.8 crore, while the Net Debt-to-Equity ratio stood at -0.12.