Below is a structured extraction and summary of Lupin Limited’s financial results filing dated November 6, 2025, suitable for an investment analysis team:
1. Auditor’s Note
- Type: Limited Review Report by B S R & Co. LLP (Chartered Accountants).
- Conclusion:
- No qualifications, concerns, or issues reported.
- The auditor states nothing has come to their attention indicating material misstatements or non-compliance with applicable accounting standards and SEBI regulations.
- The review covers both standalone and consolidated unaudited financial results for Q2 FY26 (quarter ended September 30, 2025) and YTD.
- Subsidiaries:
- Some subsidiaries’ interim financials were reviewed by other auditors; no modification to conclusion.
- Certain subsidiaries’ interim financials were not reviewed but considered immaterial.
- Overall: Standard clean review report with no qualifications.
2. Financial Performance
Periods Covered:
- Latest quarter: Q2 FY26 (July 1, 2025 - September 30, 2025)
- Immediately preceding quarter: Q1 FY26 (April 1, 2025 - June 30, 2025)
- Same quarter previous year: Q2 FY25 (July 1, 2024 - September 30, 2024)
- Full financial year: FY25 (April 1, 2024 - March 31, 2025)
- Previous financial year: FY24 (not provided in filing)
A. Standalone Financials (₹ million)
| Particulars | Q2 FY26 (Sep 30, 2025) | Q1 FY26 (Jun 30, 2025) | Q2 FY25 (Sep 30, 2024) | H1 FY26 (Apr-Sep 2025) | H1 FY25 (Apr-Sep 2024) | FY25 (Apr 24-Mar 25) |
|---|
| Revenue from operations | | | | | | |
| - Sales / Income | 38,527.9 | 56,054.1 | 39,317.3 | 94,582.0 | 80,157.3 | 164,585.8 |
| - Other operating income | 2,154.9 | 1,031.8 | 1,744.7 | 3,186.7 | 2,581.0 | 5,089.2 |
| Total Revenue | 40,682.8 | 57,085.9 | 41,062.0 | 97,768.7 | 82,738.3 | 169,675.0 |
| Other income | 700.0 | 541.4 | 326.2 | 1,241.4 | 699.6 | 1,740.5 |
| Total Income (Rev + Other) | 41,382.8 | 57,627.3 | 41,388.2 | 99,010.1 | 83,437.9 | 171,415.5 |
| Expenses | | | | | | |
| - Cost of materials consumed | 8,641.4 | 9,091.4 | 9,070.4 | 17,732.8 | 18,803.4 | 37,167.2 |
| - Purchases of stock-in-trade | 3,096.8 | 3,119.3 | 3,124.3 | 6,216.1 | 6,378.4 | 12,468.5 |
| - Changes in inventories | 954.4 | (397.5) | 1,097.5 | 556.9 | 752.7 | (383.5) |
| - Employee benefits expense | 6,088.3 | 6,438.9 | 5,945.1 | 12,527.2 | 11,832.8 | 23,120.7 |
| - Finance cost | 277.8 | 189.0 | 175.5 | 466.8 | 311.0 | 845.0 |
| - Depreciation & amortisation | 1,747.2 | 1,767.3 | 1,457.7 | 3,514.5 | 2,871.9 | 6,476.9 |
| - Other expenses | 12,148.6 | 12,021.9 | 10,890.2 | 24,170.5 | 22,039.6 | 43,370.7 |
| - Net (gain)/loss on forex | (2,003.0) | (484.5) | (213.0) | (2,487.5) | (221.6) | (793.4) |
| Total Expenses | 30,951.5 | 31,745.8 | 31,547.7 | 62,697.3 | 62,788.2 | 122,272.1 |
| Profit before exceptional items & tax | 10,431.3 | 25,881.5 | 9,840.5 | 36,312.8 | 20,689.7 | 49,143.4 |
| Exceptional items | 5,926.8 | - | - | 5,926.8 | - | (772.2) |
| Profit before tax | 16,358.1 | 25,881.5 | 9,840.5 | 42,239.6 | 20,689.7 | 48,371.2 |
| Tax expense | 2,784.6 | 4,600.8 | 1,762.9 | 7,385.4 | 3,700.3 | 8,641.6 |
| Net Profit after tax | 13,573.5 | 21,280.7 | 8,077.6 | 34,854.2 | 16,989.4 | 39,729.6 |
| Other comprehensive income (net of tax) | (157.2) | (19.9) | (72.1) | (177.1) | (140.3) | (144.7) |
| Total comprehensive income | 13,416.3 | 21,260.8 | 8,005.5 | 34,677.1 | 16,829.1 | 39,584.9 |
| Paid-up equity share capital (₹2 each) | 913.6 | 913.5 | 912.3 | 913.6 | 912.3 | 913.2 |
| Earnings per share (Basic, ₹) (not annualised) (before exceptional items) | 18.42 | 46.60 | (not fully provided) | (not fully provided) | (not fully provided) | (not provided) |
B. Consolidated Financials (₹ million)
| Particulars | Q2 FY26 (Sep 30, 2025) | Q1 FY26 (Jun 30, 2025) | Q2 FY25 (Sep 30, 2024) | H1 FY26 (Apr-Sep 2025) | H1 FY25 (Apr-Sep 2024) | FY25 (Apr 24-Mar 25) |
|---|
| Revenue from operations | | | | | | |
| - Sales / Income | 68,314.3 | 61,637.5 | 54,970.1 | 129,951.8 | 110,113.5 | 221,921.1 |
| - Other operating income | 2,160.8 | 1,045.9 | 1,757.2 | 3,206.7 | 2,617.1 | 5,157.9 |
| Total Revenue | 70,475.1 | 62,683.4 | 56,727.3 | 133,158.5 | 112,730.6 | 227,079.0 |
| Other income | 900.0 | 790.4 | 422.9 | 1,690.4 | 855.3 | 1,958.2 |
| Total Income (Rev + Other) | 71,375.1 | 63,473.8 | 57,150.2 | 134,848.9 | 113,585.9 | 229,037.2 |
| Expenses | | | | | | |
| - Cost of materials consumed | 11,391.5 | 11,266.3 | 11,181.2 | 22,657.8 | 22,638.6 | 44,574.1 |
| - Purchases of stock-in-trade | 7,249.2 | 7,139.5 | 6,599.8 | 14,388.7 | 13,005.4 | 26,426.2 |
| - Changes in inventories | (393.0) | (686.5) | (881.6) | (1,079.5) | (1,299.0) | (2,577.8) |
| - Employee benefits expense | 11,055.6 | 10,830.0 | 10,075.2 | 21,885.6 | 19,785.6 | 39,642.0 |
| - Finance cost | 1,075.9 | 917.6 | 708.7 | 1,993.5 | 1,388.8 | 2,948.7 |
| - Depreciation & amortisation | 3,167.7 | 2,989.8 | 2,569.2 | 6,157.5 | 5,046.3 | 11,692.6 |
| - Other expenses | 19,795.8 | 17,720.4 | 16,659.9 | 37,516.2 | 32,408.2 | 66,239.3 |
| - Net (gain)/loss on forex | (2,037.3) | (858.7) | (320.8) | (2,896.0) | 133.1 | (57.9) |
| Total Expenses | 51,305.4 | 49,318.4 | 46,601.6 | 100,623.8 | 93,107.0 | 188,887.2 |
| Profit before tax | 20,069.7 | 14,155.4 | 10,548.6 | 34,225.1 | 20,478.9 | 40,150.0 |
| Tax expense | 5,221.4 | 1,940.8 | 1,953.8 | 7,162.2 | 3,828.7 | 7,087.4 |
| Net Profit after tax | 14,848.3 | 12,214.6 | 8,594.8 | 27,062.9 | 16,650.2 | 33,062.6 |
| Other comprehensive income (net of tax) | 958.2 | 1,602.2 | 576.9 | 2,560.4 | 50.3 | (914.7) |
| Total comprehensive income | 15,806.5 | 13,816.8 | 9,171.7 | 29,623.3 | 16,700.5 | 32,147.9 |
| Profit attributable to owners | 14,779.2 | 12,190.3 | 8,526.3 | 26,969.5 | 15,539.4 | 32,816.2 |
3. Detailed Notes / Management Commentary
- Exceptional Items:
- Q2 FY26 and H1 FY26 include a gain on divestment of OTC and API R&D businesses to wholly owned subsidiaries for ₹8,380 million consideration, resulting in a gain of ₹6,626.8 million (₹6,589.6m + ₹37.2m).
- Provision for diminution in value of investment in a subsidiary of ₹700 million in Q2 FY26.
- FY25 included impairment charges of ₹1,209 million (Group) and ₹410.9 million (Company) related to property, plant & equipment, intangibles, goodwill, and capital work-in-progress.
- Divestitures:
- Transfer of generic business in India to wholly owned subsidiary Lupin Life Sciences Limited in Q2 FY25 resulted in a loss of ₹6.4 million.
- Disputes:
- Provision of ₹856.1 million (USD 10 million) made in FY25 towards ongoing dispute.
- Settlement of USD 9 million (₹750.5 million) related to Glumetza® litigation without admission of liability.
- ESOPs:
- 41,745 shares allotted in Q2 FY26 (192,823 YTD), increasing paid-up capital marginally and securities premium by ₹69.5 million (₹215.6 million YTD).
- Acquisitions:
- Q2 FY26: Nanomi B.V. signed agreement to acquire VISUfarma B.V. (Netherlands) for EUR 190 million (pending regulatory approval, no impact yet).
- Q1 FY26: Acquisition of Renascience Pharma Limited, UK, for ₹1,361.6 million; goodwill and intangibles recognized.
- Accounting Policies:
- No changes or caveats reported in accounting policies.
- Cash Flow Highlights (Consolidated, H1 FY26 vs H1 FY25):
- Operating cash flow improved to ₹29,028 million from ₹11,741 million.
- Investing cash outflow increased to ₹28,423 million from ₹10,242 million, driven by acquisitions and investments.
- Financing cash outflow of ₹2,767 million vs marginal inflow of ₹8 million in prior year, mainly due to dividend payments of ₹5,476.5 million.
- Net cash decreased by ₹2,161 million in H1 FY26.
4. Segment Information (Consolidated)
| Segment | Q2 FY26 Revenue (₹m) | Q1 FY26 Revenue (₹m) | Q2 FY25 Revenue (₹m) | H1 FY26 Revenue (₹m) | H1 FY25 Revenue (₹m) | FY25 Revenue (₹m) | Q2 FY26 Profit Before Tax (₹m) | H1 FY26 Profit Before Tax (₹m) | FY25 Profit Before Tax (₹m) |
|---|
| Pharmaceuticals | 70,103.2 | 62,364.1 | 56,472.0 | 132,467.3 | 112,261.5 | 226,043.1 | 20,479.9 | 35,058.3 | 41,608.1 |
| Others | 376.8 | 322.8 | 262.4 | 699.6 | 476.2 | 1,054.5 | (410.2) | (833.2) | (1,458.1) |
| Total | 70,480.0 | 62,686.9 | 56,734.4 | 133,166.9 | 112,737.7 | 227,097.6 | 20,069.7 | 34,225.1 | 40,150.0 |
- Inter-segment revenue and assets/liabilities are minimal and adjusted.
5. Capex, Projects, and Corporate Activity
- Capital Expenditure:
- Standalone: Capital work-in-progress increased from ₹2,319.0 million (FY25) to ₹3,219.2 million (Sep 30, 2025).
- Consolidated: Capital work-in-progress increased from ₹3,554.5 million to ₹5,928.6 million.
- Significant payments for acquisition of property, plant & equipment: ₹5,738 million (H1 FY26).
- Acquisitions:
- Acquisition of Renascience Pharma Limited (UK) in Q1 FY26 for ₹1,