Lupin Limited

Vinita Gupta

CEO, LUPIN LIMITED

Nilesh Gupta

MANAGING DIRECTOR, LUPIN LIMITED

Ramesh Swaminathan

EXECUTIVE DIRECTOR, GLOBAL CFO & HEAD OF IT AND API PLUS SBU, LUPIN LIMITED

Ravi Agrawal

M&A AND INVESTOR RELATIONS, LUPIN LIMITED

INR 7,000

uly delighted to announce a record quarter with total revenue from operations and EBITDA exceeding INR 7,000 cr and INR 2,100 crores, respectively, for the first time in our history. Our margins have expand

INR 2,100 crore

announce a record quarter with total revenue from operations and EBITDA exceeding INR 7,000 cr and INR 2,100 crores, respectively, for the first time in our history. Our margins have expanded by 750 basis points

750 basis point

INR 2,100 crores, respectively, for the first time in our history. Our margins have expanded by 750 basis points YoY and 470 basis points quarter-over-quarter reaching 31.3% the highest level recorded in the pa

470 basis point

ctively, for the first time in our history. Our margins have expanded by 750 basis points YoY and 470 basis points quarter-over-quarter reaching 31.3% the highest level recorded in the past many years. This exce

31.3%

r margins have expanded by 750 basis points YoY and 470 basis points quarter-over-quarter reaching 31.3% the highest level recorded in the past many years. This exceptional performance reflects the consi

3.4%

combination of organic initiatives and targeted acquisitions. Switching to India, revenues grew 3.4% year-over year, with the core domestic formulations business delivering a healthy 8.8% growth, tra

8.8%

venues grew 3.4% year-over year, with the core domestic formulations business delivering a healthy 8.8% growth, translating to 1.2 times IPM growth. The overall India number was moderated by lower loca

10.7%

t of loss of exclusivity on products like Gibtulio® and Ajaduo®, domestic growth stood at a robust 10.7% YoY for H1. Volume growth remained strong at 5.2%, while the chronic segment now represents 65% of

5.2%

and Ajaduo®, domestic growth stood at a robust 10.7% YoY for H1. Volume growth remained strong at 5.2%, while the chronic segment now represents 65% of our portfolio, up from 64% last fiscal. Therapy-w

65%

10.7% YoY for H1. Volume growth remained strong at 5.2%, while the chronic segment now represents 65% of our portfolio, up from 64% last fiscal. Therapy-wise, Gl grew 6 times its category rate, while

64%

h remained strong at 5.2%, while the chronic segment now represents 65% of our portfolio, up from 64% last fiscal. Therapy-wise, Gl grew 6 times its category rate, while Cardiac and Respiratory grew 1

rs,

spiratory and diabetes portfolio. We have over 80 new product launches planned over the coming years, including innovative products from both in-house development and in-licensing. This includes GLP-1s

“And there will be an opportunity for you to ask questions after the opening remarks.”

“In addition, we expect our biosimilars portfolio to start positively contributing to U.S.”

“revenues from fiscal year ‘27, and we target to have at least five products in the market by fiscal year ‘30.”

“Altogether, this sets us on track to double the share of complex products in our U.S.”

“This includes GLP-1s, where we expect to be in the first wave of launches with Semaglutide in India and are working on strengthening our innovation pipeline for the long term.”

“It will bring our global specialty business to USD 150 million annualized revenues next year, starting to build some scale.”

“November 7, 2025 Over time, we expect an increasing share of R&D investments to flow into long-acting specialty programs and value-added medicines, injectables, green propellant-based products, and 505(b)(2)s.”

“We also plan to strengthen our innovation ecosystem in India through both in-house development and in licensing of late-stage assets.”

“The share of in-licensed products is only 6% as compared to around 12% in FY25, which also has a positive impact on our profitability going ahead.”

“Manufacturing & Other Expenses Q2FY26 manufacturing and other expenses came in at INR 1,980 crores, increasing 18.8% YoY from INR 1,667 crores in Q2FY25 and INR 1,772 crores in Q1 FY26, translating to 29% of sales versus 30.3% last year.”

Vinita Gupta

34

Moderator

11

Vishal Manchanda

6

Saion Mukherjee

5

Ramesh Swaminathan

4

Nilesh Gupta

4

Bino Pathiparampil

3

Damayanti Kerai

3

Kunal Dhamesha

2

Surya Patra

2

Vinita Gupta

November 7, 2025 Hello, and good evening. Welcome to Lupin Limited Q2FY26 Earnings Conference Call. Thank you for your participation in the call today. Please note that all participants’ line will be in listen-only mode. And there will be an opportunity for you to ask questions after the opening remarks. Please note that this conference is being recorded. I now hand over the conference to the management. Thank you, and over to you. Hello, friends. I am very pleased to welcome you to our Q2 fiscal year '26 earnings call. I have with me our MD, Nilesh; CFO, Ramesh; and our Head of Investor Relations, Ravi. We look forward to sharing our Q2FY26 highlights and outlook for the year ahead. We are truly delighted to announce a record quarter with total revenue from operations and EBITDA exceeding INR 7,000 cr and INR 2,100 crores, respectively, for the first time in our history. Our margins have expanded by 750 basis points YoY and 470 basis points quarter-over-quarter reaching 31.3% the high

Ramesh Swaminathan

Thank you, Vinita. Friends, I welcome you all to our Q2FY26 earnings call. As you may have seen from the results, this has been a record quarter for the company, the company recording its highest quarterly revenues and EBITDA. We've delivered positive results on most key financial metrics, be it growth, gross and operating margins, earnings per share, or leverage ratios. As a result, our ROCE is about 25% as at the end of Q2FY26. Sales Diving into the numbers, total revenues from operations, including other operating income for Q2FY26 came in at INR 7,048 crores as compared to INR 5,670 crores in Q2FY25 last year, a growth of 24% YoY. Amongst the key markets, the U.S. grew by 47% YoY. India grew 3.4% YoY. Other Developed markets have grown 19% YoY, and Emerging markets have grown 45% YoY during this quarter. Our GIB business grew by 9% YoY. US Business Speaking about the U.S. business, this quarter, the U.S. business recorded sales of USD 315 million, a growth of 41% YoY, and 11.5% QoQ

Vinita Gupta

November 7, 2025 we should be, close to between USD 275 million to USD 300 million per quarter to close over USD 1 billion as we have guided in the past. And then in terms of new launches, just recently we launched the authorized generic to Ravicti®, which is a material launch for us. We are about to launch the Risperdal Consta® product in the next couple of weeks. We have an upcoming goal date for Pegfilgrastim, for which we had a recent inspection at the biotech facility. Feel pretty good about that, so that should be coming up. Victoza® was just launched, so we'll see the ramp up of that. So, injectables certainly, Ravicti® plus biosimilars into the next couple of quarters, and then Ranibizumab next year, we feel pretty good about sustaining a USD 1 billion plus level into fiscal year '27. Second question on the EBITDA margin guidance for FY26, which we have raised by almost 100 basis points. But how to look at FY27, how should we kind of look forward to the EBITDA margin for the ye

Kunal Dhamesha

Ramesh Swaminathan: We expect a reduction in the second half. But we have also said in the same breath that there would be an increase in the R&D expenditure. But we do expect the R&D expenditure next year to kind of normalize a little vis-a-vis, in fact, the second half. And given the fact that we expect some of the products to kind of sustain the momentum, we would think that we would be able to close at around 24% - 25% next year as well. And there's, of course, opportunities in other parts of the globe, like as in India with Semaglutide and the like. So, from a sales perspective, we think there would be growth. I'll bet it's going to be a little lacklustre from a comparison perspective vis-a-vis the current year. But overall, there would be we would be able to kind of keep to the margins that we are speaking about.

Nilesh Gupta

In terms of the recent inspection at the Nagpur facility, have we submitted a response? And how important is this facility for us from a future growth perspective, specifically from FY27 and FY28 perspective? The audit was for our injectable facility. So, we've obviously submitted the response. And I think the next update where we've made a lot more progress actually goes in today. We're not happy with the observations, but we believe that they are addressable. We're obviously putting our best foot forward at this point of time with the response. And we hope that it will suffice. It is important, both for our injectables, which are just starting to build at this point of time and some of our biotech products as well. The facility is important and obviously we want to keep it in a state of good compliance. Obviously, we're going to do whatever it takes to get it to the finish line.

Nilesh Gupta

We've just started our injectable journey. So I think we've just got a few approvals and we file 5-6 ANDAs every year. So, I mean, we're not talking about a very large number yet, but I mean, it's a key part of what we want to build going forward.