Lupin Q2 Net Profit Falls 21.8% to Rs 1,155 Crore as Jefferies Cuts Target on US Competition

Lupin's net profit fell 21.8% year-on-year to Rs 1,155 crore in the September quarter, even as revenue rose 11.1% to Rs 7,827 crore, NDTV Profit reported. Jefferies cut its target price on the stock to Rs 1,750 from Rs 2,050, citing intensifying US competition in Mirabegron and Tolvaptan.

Inside Lupin's September Quarter

Lupin is a Mumbai-based generic drugmaker founded in 1968 that makes generics, biosimilars, complex generics and active pharmaceutical ingredients across 15 production facilities, serving more than 100 markets, according to akta.pro company records.

Ebitda declined 8.5% year-on-year to Rs 2,044 crore from Rs 2,341 crore, and the Ebitda margin contracted to 26.1% from 33.2%. Jefferies, which maintained its Underperform rating, expects US sales to decline as competition intensifies for Mirabegron and Tolvaptan, and said key respiratory, injectable and biosimilar launches are unlikely to contribute meaningfully before FY29. The brokerage cut its FY27 and FY28 EPS estimates by 5% and 1% respectively, while keeping its FY27 Ebitda margin guidance of 24% to 25%.

Jefferies Financial Group hosts its Global Healthcare Conference in London in November, with Eton Pharmaceuticals presenting on November 16, 2026, and Electra Therapeutics and Alnylam Pharmaceuticals presenting on November 18, 2026, Stock Titan reported.

Kotak Keeps Its Rs 2,335 Target

Kotak maintained its Add rating and its target price of Rs 2,335. The brokerage expects India formulations to outperform industry growth by 1.2-1.3 times, and said competition in Tolvaptan and Mirabegron in the US is expected to pressure near-term profitability. Kotak said respiratory generics, biosimilars and Ellipta launches could drive a stronger recovery from FY30.

Lupin's Recent Approvals and Launches

According to akta.pro company records, Lupin launched Azilsartan Medoxomil Tablets in the US in June 2026 as the exclusive first-to-file applicant, securing 180-day generic drug exclusivity against a reference brand with estimated annual US sales of $53.5 million. The same records show the US FDA approved Ranluspec (ranibizumab-hkdz) in June 2026 as the only interchangeable biosimilar referencing Genentech's Lucentis, available in vials and pre-filled syringes across 0.3 mg and 0.5 mg strengths.

Approvals Preceding the Results

On November 4, 2026, Lupin received tentative USFDA approval for its generic Diclofenac capsules (18 mg and 35 mg) for osteoarthritis pain, citing $39.6 million in US sales for the branded Zorvolex, NDTV Profit reported. A day earlier, the company received final FDA approval to market generic Aricept tablets for dementia and approval for generic Loestrin24 Fe tablets for contraception, with its US subsidiary set to promote both products shortly, NDTV Profit reported.

Next Steps for Lupin

Lupin said it will respond within the stipulated timeframe to the single Form 483 observation issued after the USFDA concluded an inspection at its Goa facility, NDTV Profit reported on October 24, 2026. Jefferies and Kotak both point to respiratory generics, biosimilars and Ellipta launches as recovery drivers, with Jefferies placing meaningful contribution after FY29 and Kotak from FY30.