Lupin Limited · NSE:LUPIN
Lupin — Q2 FY26 Earnings Presentation
21 slides from Lupin's earnings presentation, Nov 6, 2025
Slide 1: Exchange filing cover letter
November 06, 2025 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 FY26 Results D
Slide 2: Investor Presentation Q2 FY26
Investor Presentation Q2 FY26 November 06, 2025
Slide 3: Safe Harbor Statement
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
Slide 4: Q2 FY26 Performance
Q2 FY26 Performance
Slide 5: Q2 FY26 - Key Growth Metrics
Q2 FY26 - Key Growth Metrics Continued Strong Operating Performance Key Metrics Business Performance Values in INR unless indicated otherwise 68,314 mn Sales India APAC 24% YoY 20,777 mn | 3% YoY 2,995 mn | Flat YoY LATAM 3,443 mn | 81% YoY 21,376 mn EBITDA1 31.3% North America 63% YoY Margin 28,720
Slide 6: Q2 FY26 - Key Developments
Q2 FY26 - Key Developments Consistent improvement in margins Financials Key Launches / Approvals Liraglutide Inj. Risperidone Inj. US FDA Sales* and EBITDA margin Trajectory Launched approval (gVictoza®) & 25/37.5/50mg In US with 180- Glucagon Inj. 80,000 68,314 (gRisperdal Consta®) day CGT 70,000 3
Slide 7: Q2 FY26: Financial Snapshot
Q2 FY26: Financial Snapshot Sales Mix Key Financials INR mn Revenue (In INR mn and %) United India, Q2 FY26 Q2FY25 Q1 FY26 States, 20,777 27,6241 30% 40% Sales 68,314 54,970 61,638 API, 2,568 4% EBITDA3 21,376 13,083 16,414 Other Emerging Other Developed 14,779 8,526 12,191 Markets2, Net Income4 Mar
Slide 8: India: Focus on market growth
India: Focus on market growth Brief Overview India business grew 3.4%1 YoY Continued Brief Overview momentum led by Leveraging Chronic Leadership investments in complex Gx, & 505(b)(2) India Sales (INR mn) #2 #3 #3 Rank Rank Rank 20,096 19,305 20,894 20,777 Respiratory2 Diabetes Care2 Cardiac2 17,11
Slide 9: India: Amplifying our Core
India: Amplifying our Core IRF poised to outperform IPM by 1.2-1.3x with key drivers in place Enabling end to end healthcare ecosystem and access for the patient Enhancing penetration and reach CHC Portfolio catering to GI, VMS, • Maximizing Chronic focus with ~70% share by FY30 Cough/cold therapies
Slide 10: United States: Continued momentum on Key Launches
United States: Continued momentum on Key Launches BriefLeadership: Overview 4.7% Gx TRx volume Consistent Sales trajectory3 Continued momentum led by Brief Overview share in U.S.1 investments in complex Gx & 505(b)(2) Sales in US$ Mn 41% YoY 12% QoQ • Plans to file 15+ Products in FY26 (2/3rd in #3
Slide 11: Innovation and Quality
Innovation and Quality R&D pivoting towards complex generics and biosimilars Achieve Best-in-Class Quality Substantial Capabilities to become CGx powerhouse Recent Track Record Successful outcomes in last 12 months • Inhalation: Global presence with end-to-end capabilities of MDIs, DPIs, Soft-Mist I
Slide 12: Key Financial Metrics: Quarterly Trend
Key Financial Metrics: Quarterly Trend R&D (INR mn) Capex (INR mn) Net Debt to Equity 6,000 5,346 15.0%4,500 15.0% 5,091 4,844 13.0%4,000 3,474 13.0% 5,000 4,481 4,344 0.09 11.0% 3,500 11.0% 4,000 3,000 9.0% 9.0% 0.04 9.6% 2,500 2,086 0.02 0.01 3,000 7.0% 7.0% 8.2% 7.7% 7.9% 2,000 7.5% 1,449 1,426 2
Slide 13: P&L Highlights Q2 FY26
P&L Highlights Q2 FY26 Particulars Q2’FY26 % of Sales Q2’FY25 % of Sales YoY Growth Q1’FY26 % of Sales QoQ Growth Net Sales 68,314 100.00% 54,970 100.00% 24.3% 61,638 100.00% 10.8% Other operating 2,161 3.2% 1,757 3.2% 23.0% 1,045 1.7% 106.8% income Total revenue 70,475 103.2% 56,727 103.2% 24.2% 62
Slide 14: P&L Highlights H1 FY26
P&L Highlights H1 FY26 Particulars H1’FY26 % of Sales H1’FY25 % of Sales YoY Growth Net Sales 129,952 100.0% 110,113 100.0% 18.0% Other operating income 3,207 2.5% 2,617 2.4% 22.5% Total revenue 133,159 102.5% 112,730 102.4% 18.1% Gross Profit (excl. other 93,985 72.3% 75,768 68.8% 24.0% operating i
Slide 15: Lupin at a Glance
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Slide 16: Lupin Today
Lupin Today Global Presence Local Leadership Geographically Diverse Growing Sustainability Largest In the US (by India United States 3rd 75,773 79,975 15th $2.7 Bn prescriptions2) 34% 36% India Pharma Market Rank (by 8th sales3) Largest Generic Company (by sales1) Annual sales in FY256 4th Largest A
Slide 17: Catalyzing Treatments that serve Patients around the world
Catalyzing Treatments that serve Patients around the world United States Other Developed India Other Emerging API Markets Markets Substantial scale Driving operating Global reach and scale achieving reliability of Evolving portfolio and Delivering above- leverage in Portfolio, positions us as a supp
Slide 18: Lupin's ESG Update
Lupin’s ESG Update Paving a sustainable future for Planet, People and Patients ESG Goal Status FY 2025 Key Highlights for Q2 FY26 Climate 38% GHG Reduction by Change1 26% GHG Reduction 2030 Water 50% Recycling by 2030 44% Recycling 91 / 100 Achieved new benchmark in Lupin MSCI ESG Rating moved S&P G
Slide 19: Lupin ESG Framework and ESG Ratings
Lupin ESG Framework and ESG Ratings Our Purpose Planet People Patients We catalyze treatments that transform hope into Catalyzing Planet Action Transforming Our People Healing Patients healing Climate Change Diversity and Inclusion Product Launches and Quality Our ESG Framework Water Employee Volunt
Slide 20: Lupin – Awards and Accolades
Lupin – Awards and Accolades • Lupin placed among the Top 10% of companies in our industry based on S&P Global CSA score for 2024. Earns a spot in the esteemed S&P Global Sustainability Yearbook again • Lupin Research Park facility (Pune) awarded the LEED Platinum certification – the first pharmaceu
Slide 21: Thank You
Thank You lupin.com youtube.com/c/LupinGlobal x.com/LupinGlobal Registered Address facebook.com/LupinWorld/ 3rd Floor, Kalpataru Inspire, Off Western Express Phone: +91 22664 02323 linkedIn.com/company/lupin Highway, Santacruz (East), Mumbai - 400055, India Fax: +91 22664 02051