Total revenue from operations jumped 24.26% year-on-year to Rs 7,167.52 crore in the quarter ended 31 December 2025.
Profit before tax stood at Rs 1,522.04 crore during the quarter, up 4207% from Rs 1,071.27 crore recorded in Q3 FY25.
EBITDA stood at Rs 2,376.6 crore in Q3 FY26, registering a 68.6% growth compared with Rs 1,409.80 crore in Q3 FY25. The EBITDA margin improved 840 basis points to 33.5% in Q3 FY26 from 25.1% in Q3 FY25.
U.S. sales for Q3 FY26 rose 54% to Rs 3,113.2 crore ($350 million) from Rs 2,022.1 crore ($240 million) in Q3 FY25, accounting for 44% of the company’s global sales. During the quarter, the company received 1 ANDA approval from the U.S. FDA and launched 3 products in the U.S., taking its total generic portfolio to 149 products.
Lupin continues to be the 3rd largest pharmaceutical player in both U.S. generic market and U.S. total market by prescriptions (IQVIA Qtr. TRx Dec 2025). Lupin is the leader in 55 of its marketed generics in the U.S. and amongst the Top 3 in 116 of its marketed products (IQVIA Qtr Dec 2025 by extended units).
India sales for Q3 FY26 were Rs 2,038.7 crore, up 5.6% from Rs 1,930.5 crore in Q3 FY25, accounting for 29% of the company’s global sales. India Region Formulation sales rose 10.9% in the quarter compared to Q3 FY25. During the quarter, the company launched 3 brands across therapies. Lupin is the 8th largest company in the Indian pharmaceutical market (IQVIA MAT Dec 2025).
Lupin’s Other Developed Markets sales for Q3 FY26 were Rs 812.1 crore, up 10.8% from Rs 732.8 crore in Q3 FY25, accounting for 11% of the company’s global sales.
The company’s Emerging Markets sales for Q3 FY26 were Rs 917.0 crore, up 42.4% from Rs 644.1 crore in Q3 FY25, accounting for 13% of the company’s global sales.
Global API sales for the quarter were Rs 219.5 crore, down 24.1% from Rs 289.1 crore in Q3 FY25, accounting for 3% of global sales.
Investment in Research & Development stood at Rs 535.2 crore (7.5% of sales) for Q3 FY26, up from Rs 441.2 crore (7.9% of sales) in Q3 FY25.
During the quarter, Lupin received approval for 1 ANDA from the U.S. FDA, taking its cumulative ANDA filings to 431 as of December 31, 2025, with 341 approvals received to date. The company now has 52 First-to-File (FTF) filings, including 22 exclusive FTF opportunities. Cumulative U.S. DMF filings stand at 93 as of December 31, 2025.
Commenting on the Q3FY26 results, Nilesh Gupta, MD, Lupin, said “We are happy to deliver another quarter of strong growth led by our highest ever quarterly sales in the US and double-digit growth in India and all other regions. We are on track to deliver a strong close to FY26."
Lupin is a global pharmaceutical leader headquartered in Mumbai, India, with products distributed in over 100 markets. It specializes in pharmaceutical products, including branded and generic formulations, complex generics, biotechnology products, and active pharmaceutical ingredients.
Shares of Lupin declined 1.55% to Rs 2,175.90 on the BSE.