Company Update : Lupin Ltd by Motilal Oswal Financial Services Ltd
Strong beat on estimates
* Lupin's (LPC) 3QFY26 revenue grew 25.9% YoY to INR71.7b. (our est. INR67.6b).
* US sales grew 54% YoY to INR31.1b (up 46% YoY in CC to USD350m; 44% of sales).
* Domestic formulation (DF) sales grew 5.6% YoY to INR20.4b (29% of sales). Rx business up 10.9% YoY for 3QFY26.
* Other Developed market sales grew 10.8% YoY to INR8b (11% of sales). ? Emerging market sales grew 42.4% YoY to INR 9.2b (13% of sales)
* API sales decreased 24.1% YoY to INR2.2b (3% of sales).
* Gross Margin (GM) expanded 400bp YoY to 73.8%.
* EBITDA Margin expanded 660bp YoY to 30.8% (our est: 28.1%), largely due to better GM.
* As a result, EBITDA grew 60.5% YoY to INR22.1b (vs our est: INR19.0b).
* Adj. PAT grew 71.4% YoY INR14.7b (our est: INR12.0b).
* For 9MFY26 Revenue/EBITDA/PAT grew 22%/51%/56% YoY.
Other highlights
* LPC received 1 ANDA approvals and launched 3 products in 3QFY26.
* Launched 3 brands across therapies in India during the quarter.
* R&D was INR5.4b (7.5% of sales, down 40bp YoY) for the quarter.
* Capex for the quarter was INR2b (2.8% of sales, up 60bp YoY)
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