Investor Presentation

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: Investor Presentation - Q2 FY27 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 copy of the Investor Presentation on the Unaudited Financial Results of the Company for the quarter and half year ended on 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 Investor Presentation Q2 FY27 November 04, 2026 Safe Harbor Statement Materials and information provided during this presentation may contain forward looking statements. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties which could cause actual outcomes and results to differ materially from these statements. Risks and uncertainties include general industry, geopolitical and market conditions, domestic and international economic conditions such as interest rate and currency exchange fluctuations. Risks and uncertainties particularly apply with respect to product related forward looking statements. Product risks and uncertainties include, but are not limited to, technological advances, regulatory environment and patents obtained by other pharmaceutical companies. Challenges inherent in new product development include but are not limited to completion of clinical trials; claims and concerns about product safety and efficacy; obtaining regulatory approvals; domestic and foreign healthcare reforms; trends toward managed care and healthcare cost containment; and governmental laws and regulations affecting domestic and international operations. Also, for products that are approved, there are manufacturing and marketing risks and uncertainties, which include, but are not limited to, inability to build production capacity to meet demand, unavailability of raw materials, and failure to gain market acceptance. You are cautioned not to place undue reliance on these forward- looking statements, which reflect our opinions only as of the date of the presentation. Lupin Limited, its directors, officers, employees and affiliates expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. Q2 FY27 Performance Q2 FY27 - Key Growth Metrics Steady Operating Performance Key Metrics Business Performance Values in INR unless indicated otherwise APAC India 77,855 mn Sales 43% YoY 4,273 mn | 23,836 mn | 14% YoY 15% YoY LATAM 2,427 mn | 30% YoY 19,574 mn EBITDA1 25.1% North America 8 % YoY Margin 31,696 mn | 10% YoY 2,624 mn | 4% YoY 11,553 mn Net Income2 14.8% EMEA 22% YoY MPAaTrgin 40% YoY 3,086 mn | 9,913 mn | 20% YoY 1. EBITDA margin excludes Forex and Other Income on Net Sales as base; Arrows indicate Growth / degrowth 4 2. Net income is after adjusting NCI stake from PAT Q2 FY27 - Key Developments Steady Revenue Growth with Healthy EBITDA Margins Financials Key Launches / Approvals Sales* and EBITDA margin Trajectory Tentative Apixaban Oral Sugammadex Launched Approval in the US Suspension 505(b)(2) Injection from U.S. FDA 82,172 77,855 80,000 73,919 37.0% 71,005 68,314 Business Development 70,000 32.0% 60,000 • Entered a strategic partnership with Tenpoint Therapeutics to commercialize 31.3% 31.1% 30.0% 50,000 29.4% YUVEZZI across the EU, UK, Switzerland, Norway & Iceland 27.0% • Received MAA1 for Ranibizumab in the UK & Australia 40,000 25.1% • Launched Formoflo-G® MDI, the world's first fixed-dose triple combination 22.0% 30,000 inhaler for COPD management, in India 20,000 • Strategic spin-out of two oncology programs to Kaveri Therapeutics 17.0% 10,000 • Initiated supply of developmental batches related to a tech transfer deal in the CDMO business 0 12.0% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Compliance U.S. FDA Others Sales* EBITDA margin** *excludes Other Operating Income • Ankleshwar & Somerset: EIR received • Mandideep Unit I : Approval ** EBITDA margins exclude Fx and Other Income on Net Sales as base with VAI status received from ANVISA2 (Brazil) • Pithampur Unit II (OAI): response • Tarapur : WHO3 approval received Note: 1. MAA - Marketing Authorization Application submitted; remediation in progress 2. ANVISA - Agência Nacional de Vigilância Sanitária 3. WHO – World Health Organization Q2 FY27: Financial Snapshot Sales Mix Key Financials INR mn Revenue (In INR mn and %) Q2 FY27 Q2 FY26 Q1 FY27 India, 23,836 United States, 30,2021 77,855 68,314 82,172 Sales API, 3,086 19,574 21,376 24,635 EBITDA3 Emerging Markets2, 8,908 Other Developed 11% Markets3, Net Income4 11,553 14,779 14,150 11,823 1. United States sales includes IP income 2. Other Developed Markets comprises of Canada, Australia, Europe & Others; Emerging Markets comprises of LATAM, South Africa, Philippines & RoW 3. EBITDA excludes Fx and Other income 4. Net income is after adjusting NCI stake from PAT India: Focus on outperforming market growth India business grew 14.7%1 YoY Leveraging Chronic Leadership Brief Overview Brief Overview India Sales (INR mn) #2 #3 #3 Rank Rank Rank 23,796 23,836 Respiratory2 Cardiac2 Diabetes Care2 20,777 20,387 19,082 • Chronic growth 19.5% in H1 (vs IPM growth of 17.2%3 ) • Chronic share ~66% in H1 vs ~65% in FY26 • Volume growth of 6.1% in H1 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 • Total sales force ~11,400 (includes MRs ~8,800)5 Double digit growth with outperformance in leading Therapies Healthy launches across therapies in FY27 • India Rx business grew by 14.4%4 in H1 vs IPM growth of ~14.33% (13.8% in Q2FY27) 4 3 1 1 1 1 1 in in in in in in in Respiratory GI Neuro Cardio Gynae Anti-Infectives Ortho • Key segments – Anti-Diabetes (1.5x), Derma (1.5x) & Cardio (1.1x) grew faster than market during H14,3 • Lupisert ranked # 3 in new launch in CNS6 • Anti-diabetes segment grew 28.6%4 vs IPM growth of 18.8%3 in H1 • Launched 12 products in H1FY27 • Plan to launch 20+ products in FY27 • In-licensed % of India Rx sales4: ~6% in H1, in line with FY26 1. India business comprises of Rx + OTC+ Diagnostics +Others Sales data | 2 IQVIA MAT Sept’26 | 3. IQVIA H1’26 | 4. MIS data | 5. Total Sales Force represents India Formulations field force and related MR’s | 6. IQVIA New Introductions 12 months India: Focus on outperforming market growth IRF poised to outperform IPM by 1.2-1.3x with key drivers in place Enabling end to end healthcare ecosystem & access for the patient Enhancing penetration and reach • CHC Portfolio catering to GI, VMS, Cough/cold therapies • Maximizing Chronic focus with ~70% share by FY31 • Business grew ~57% YoY with highest quarterly l sales in last six quarters • Dedicated division for Semaglutide across a Diabetology/Endocrinology & Gastroenterology/Gynecology i • 32% YoY growth with 7+ lakh patients served • Build emerging therapies s during quarter • Target Alliances/M&A/inorganic activities – mid size companies, n brands & portfolios u • Beyond the pill approach with digital offering for cardiac patients (~15,000 patients Innovative Product Pipeline onboarded during quarter) & Neuro-rehab • In-house pipeline of innovative assets & biosimilars • In-license new products via partnerships including GLP-1s • Building capacity of HCPs and empowering g patients by improving awareness [Showing first 8,000 characters — download PDF for full document]