Press Release

November 04, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, P. J. Towers, Dalal Street, Bandra Kurla Complex, Mumbai Samachar Marg, Bandra (East), Mumbai - 400 001 Mumbai - 400 051 Symbol: LUPIN Scrip Code: Equity - 500257 Subject: Press Release - Q2 FY2027 Results Dear Sir/Madam, Pursuant to Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are pleased to enclose a Press Release, inter alia covering the Unaudited Financial Results of the Company for the quarter and half year ended September 30, 2026. The above is for your information and dissemination. Thanking you, For LUPIN LIMITED AMIT KUMAR GUPTA COMPANY SECRETARY & COMPLIANCE OFFICER (ACS -15754) Encl.: a/a LUPIN LIMITED Registered Office: 3rd Floor, Kalpataru Inspire, Off W. E. Highway, Santacruz (East), Mumbai - 400 055 India. Tel: (91-22) 6640 2323. Corporate Identity Number: L24100MH1983PLC029442 info@lupin.com | www.lupin.com Press Release BSE: 500257 NSE: LUPIN REUTERS: LUPIN.BO BLOOMBERG: LPCIN Lupin Q2 FY2027 Results Mumbai, November 04, 2026: Pharma major Lupin Limited [BSE: 500257 | NSE: LUPIN] reported its financial performance for the quarter ended September 30, 2026. These unaudited results were taken on record by the Board of Directors at a meeting held today. Financial Highlights – Consolidated IND-AS Amt in INR Mn Quarter Particulars Q2 FY2027 Q2 FY2026 YoY Growth % Q1 FY2027 QoQ Growth % Sales 77,855 68,314 ↑ 14.0% 82,172 ↓ 5.3% EBITDA* 21,712 24,313 ↓ 10.7% 25,799 ↓ 15.8% EBITDA Margin (%)* 27.9% 35.6% ↓ 770 bps 31.4% ↓ 350 bps PBT 15,796 20,070 ↓ 21.3% 20,174 ↓ 21.7% PAT 11,553 14,848 ↓ 22.2% 14,170 ↓ 18.5% *Includes forex & other income Income Statement Highlights – Q2 FY2027 ❖ Gross Profit was up 15.4% at INR 57,774 Mn from INR 50,066 Mn in Q2 FY2026, with a gross margin of 74.2%. ❖ Personnel cost was 18.3% of sales at INR 14,236 Mn compared to INR 11,056 Mn in Q2 FY2026. ❖ Manufacturing and other expenses were 31.3% of sales at INR 24,381 Mn compared to INR 19,796 Mn in Q2 FY2026. ❖ PBT at INR 15,796 Mn was 20.3% of sales, down 21.3% YoY from INR 20,070 Mn in Q2 FY2026. ❖ Investment in R&D for the quarter was INR 6,181 Mn (7.9% of sales). Balance Sheet Highlights ❖ Operating working capital was INR 75,420 Mn as on September 30, 2026. Operating days for quarter is at 87 days. ❖ Capital Expenditure for the quarter was INR 2,230 Mn. ❖ Net Debt as on September 30, 2026, stands at INR -33,490 Mn. ❖ Net Debt Equity as on September 30, 2026, stands at -0.14. Mr. Nilesh Gupta, Managing Director, Lupin Limited said "We delivered a strong first half of FY27, underpinned by solid growth across key markets and sustained profitability. While we remain mindful of near-term challenges, we are confident in our long-term growth prospects, supported by the strength of our portfolio, continued investments in R&D and commercial capabilities, and our unwavering focus on disciplined execution." Page 1 of 5 Press Release BSE: 500257 NSE: LUPIN REUTERS: LUPIN.BO BLOOMBERG: LPCIN Consolidated Financial Results Q2 FY2027 Amt in INR Mn Q2 % of Q2 % of Q1 % of Particulars YoY Gr% QoQ Gr% FY2027 sales FY2026 sales FY2027 sales Sales 77,855 100.0% 68,314 100.0% ↑ 14.0% 82,172 100.0% ↓ 5.3% Other operating income 418 0.5% 2,161 3.2% ↓ 80.7% 597 0.7% ↓ 30.0% Total Revenue from 78,273 100.5% 70,475 103.2% ↑ 11.1% 82,769 100.7% ↓ 5.4% operations Material cost 20,081 25.8% 18,248 26.7% ↑ 10.0% 20,892 25.4% ↓ 3.9% Gross Profit (excluding 57,774 74.2% 50,066 73.3% ↑ 15.4% 61,280 74.6% ↓ 5.7% Other operating income) Employee cost 14,236 18.3% 11,056 16.2% ↑ 28.8% 13,830 16.8% ↑ 2.9% Manufacturing & Other 24,381 31.3% 19,796 29.0% ↑ 23.2% 23,412 28.5% ↑ 4.1% expenses Other Income 1,267 1.6% 900 1.3% ↑ 40.8% 1,303 1.6% ↓ 2.7% Forex Loss / (Gain) (870) -1.1% (2,038) -3.0% ↓ 57.3% 139 0.2% NA EBITDA 21,712 27.9% 24,313 35.6% ↓ 10.7% 25,799 31.4% ↓ 15.8% Depreciation, Amortization 4,859 6.2% 3,168 4.6% ↑ 53.4% 4,529 5.5% ↑ 7.3% & Impairment expense EBIT 16,853 21.6% 21,145 31.0% ↓ 20.3% 21,270 25.9% ↓ 20.8% Finance cost 1,057 1.4% 1,075 1.6% ↓ 1.7% 1,096 1.3% ↓ 3.6% Profit Before Tax (PBT) 15,796 20.3% 20,070 29.4% ↓ 21.3% 20,174 24.6% ↓ 21.7% Tax 4,243 5.4% 5,222 7.6% ↓ 18.7% 6,004 7.3% ↓ 29.3% Profit After Tax (PAT) 11,553 14.8% 14,848 21.7% ↓ 22.2% 14,170 17.2% ↓ 18.5% (-) Share of (Profit)/Loss (0) 0.0% - - - 0 0.0% NA from JV (-) Non-Controlling Interest 0 0.0% 69 0.1% ↓ 99.4% 20 0.0% ↓ 98.0% Profit/(Loss) for the period 11,553 14.8% 14,779 21.6% ↓ 21.8% 14,150 17.2% ↓ 18.4% Page 2 of 5 Press Release BSE: 500257 NSE: LUPIN REUTERS: LUPIN.BO BLOOMBERG: LPCIN Sales Mix Amt in INR Mn Particulars Q2 FY2027 Q2 FY2026 YoY Growth % Q1 FY2027 QoQ Growth % U.S. 30,202 27,624 ↑ 9.3% 34,348 ↓ 12.1% India 23,836 20,777 ↑ 14.7% 23,796 ↑ 0.2% Other Developed Markets 11,823 8,117 ↑ 45.7% 11,494 ↑ 2.9% Emerging Markets 8,908 9,228 ↓ 3.5% 9,897 ↓ 10.0% Total Formulations 74,769 65,746 ↑ 13.7% 79,535 ↓ 6.0% API 3,086 2,568 ↑ 20.2% 2,637 ↑ 17.0% Total Product Sales 77,855 68,314 ↑ 14.0% 82,172 ↓ 5.3% Q2 FY2027 Sales Mix Page 3 of 5 Press Release BSE: 500257 NSE: LUPIN REUTERS: LUPIN.BO BLOOMBERG: LPCIN Operational Highlights U.S. U.S. sales for Q2 FY2027 were INR 30,202 Mn up 9.3% compared to INR 27,624 Mn in Q2 FY2026; (USD 317 Mn in Q2 FY2027 compared with USD 314 Mn in Q2 FY2026); accounting for 39% of Lupin’s global sales. The Company received 4 ANDA and 1 NDA 505(b)(2) approvals from the U.S. FDA, and launched 1 product in the quarter in the U.S. The Company now has 149 generic products in the U.S. Market. Lupin continues to be the 3rd largest pharmaceutical player in both U.S. generic market and U.S. total market by prescriptions (IQVIA Quarter September 2026). Lupin is the leader in 61 of its marketed generics in the U.S. and amongst the Top 3 in 113 of its marketed products (IQVIA Quarter September 2026 by extended units). India India sales for Q2 FY2027 were INR 23,836 Mn, up 14.7% compared to INR 20,777 Mn in Q2 FY2026; accounting for 31% of Lupin’s global sales. India Region Formulation sales up by 13.8% in the quarter as compared to Q2 FY2026. The Company launched 5 brands across therapies during the quarter. Lupin is the 8th largest company in the Indian Pharmaceutical Market (IQVIA MAT September 2026). Other Developed Markets Other Developed markets sales for Q2 FY2027 were INR 11,823 Mn, up 45.7% compared to INR 8,117 Mn in Q2 FY2026; accounting for 15% of Lupin’s global sales. Emerging Markets Emerging Markets sales for Q2 FY2027 were INR 8,908 Mn, down 3.5% compared to INR 9,228 Mn in Q2 FY2026; accounting for 11% of Lupin’s global sales. Global API Global API sales for Q2 FY2027 were INR 3,086 Mn, up 20.2% compared to INR 2,568 Mn in Q2 FY2026; accounting for 4% of Lupin’s global sales. Research and Development Investment in R&D was INR 6,181 Mn (7.9% of sales) for the quarter as compared to INR 5,222 Mn (7.6% of sales) for Q2 FY2026. Lupin received approval for 4 ANDA and 1 NDA 505(b)(2) from the U.S. FDA in the quarter. Cumulative ANDA filings with the U.S. FDA stand at 429 as of September 30, 2026, with the company having received 353 approvals to date. The Company now has 48 First-to-File (FTF) filings including 21 exclusive FTF opportunities. Cumulative U.S. DMF filings stand at 94 as of September 30, 2026. Page 4 of 5 Press Release BSE: 500257 NSE: LUPIN REUTERS: LUPIN.BO BLOOMBERG: LPCIN About Lupin Lupin Limited is a global pharmaceutical leader headquartered in Mumbai, India, with products distributed in over 100 markets. Lupin specializes in pharmaceutical products, including branded and generic formulations, complex generics, biotechnology products, and active pharmaceutical ingredients. Trusted by healthcare professionals and consumers globally, the company enjoys a strong position in India and the U.S. across multiple therapy areas, including respiratory, cardio [Showing first 8,000 characters — download PDF for full document]