Interim report
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LUPIN LIMITED Registered Office: 3rd Floor, Kalpataru Inspire, Off W. E. Highway, Santacruz (East), Mumbai - 400 055 India. Tel: (91-22) 6640 2323. Corporate Identity Number: L24100MH1983PLC029442 info@lupin.com | www.lupin.com November 06, 2025 National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051 BSE Limited P. J. Towers, Dalal Street, Mumbai Samachar Marg, Mumbai - 400 001 Symbol: LUPIN Scrip Code: Equity - 500257 Subject: Outcome of the Board Meeting - Unaudited Financial Results for the quarter and half year ended September 30, 2025 Dear Sir/Madam, Pursuant to Regulations 30 and 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors of the Company, at its meeting held today i.e. on Thursday, November 06, 2025, inter alia, unanimously approved the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2025. The said Unaudited Financial Results along with the Limited Review Reports of the Statutory Auditors thereon are enclosed herewith. The Board meeting commenced at 01:00 p.m. (IST) and concluded at 06:05 p.m. (IST). The above is for your information and dissemination. Thanking you, For LUPIN LIMITED AMIT KUMAR GUPTA COMPANY SECRETARY & COMPLIANCE OFFICER (ACS -15754) Encl.: a/a.
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~ LUPIN LIMITED Registered Office: 3rd Floor, Kalpataru Inspire, OffWastam Express Highway, Santacruz {East), Mumbai 400 066. Corpond81dantity Number: L24100MH1983PLC029442 Tal: (91·22) 11640 2323 E-mail: lnfo~upln.com Website: www.lup ln.com LUPIN STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2025 {I!' in million) Particulars Quarter Quarter Quarter Six months Six months Year Ended Ended Ended Ended Ended Ended 30/0912025 30101112025 30/0912024 30/0912025 3010912024 31/0312025 !Unaudited) (Unaudited) (Unaudited) !Unaudited) (Unaudited! !Audited) 1) Revenue from operations a) Sales I income from operations 38,527.9 56,054.1 39,317.3 94,582.0 80,157.3 164,585.8 b) Other operating income 2 154.9 1 031.8 1744.7 3 186.7 2,581.0 5,089.2 Total Revenue from operations 40,182.8 &7,08&.9 41,012.0 97,718.7 82,738.3 189,87&.0 2) Other income 700.0 541.4 326.2 1,241.4 699.6 1,740.5 3) Total income {1+2) 41,382.11 &7,627.3 41,388.2 99,010.1 83,437.9 171,41&.& 4) Expenses a) Cost of materials consumed 8,641.4 9,091.4 9,070.4 17,732.8 18,803.4 37,167 .2 b) Purchases of stock-in-trade 3,096.8 3,119.3 3,124.3 6,216.1 6,378.4 12,468.5 c) Changes in inventories of finished goods, 954.4 (397.5) 1,097.5 556.9 752.7 (383.5) work-i,..progress and stock-in-trade [(increase)/decreese] d) Employee benerrts expense 6,088.3 6,438.9 5,945.1 12,527.2 11,832.8 23,120 .7 e) Finance cost 277.8 189.0 175.5 466.8 311.0 845.0 f) Depreciation, amortisation and impairmen1 expense (Refer note 10) 1,747.2 1,767.3 1,457.7 3,514.5 2,871.9 6,476 .9 g) Other expenses (Refer note 6 and 7) 12,148.6 12,021.9 10,890.2 24,170.5 22,039.6 43,370 .7 h) Net (gain) /loss on foreign currency transactions (2,003.0) (484.5) (213.0) (2,487.5) (221.6) (793.4) Total expenses 30,951.& 31,74&.8 31,547.7 62,6117.3 62,7118.2 122,272.1 5) Profit before ex~;:eptional item and tax (3-4) 10,431 .3 25,881.5 9,840.5 31,312.8 20,1811.7 49,143.4 6) Exceptional items (Refer note 4) 5,926.8 - - 5,926.8 - (772.2) 7) Profit before tax (6-ft) 11,358 .1 2&,881.5 9,840.& 42,239.6 20,669.7 48,371.2 8) Tax expense Current tax (net) 2,872.3 4,515.4 1,719.5 7,387.7 3,611.4 8,571.2 Deferred tax {net) (87.7) 85.4 43.4 (2.3) 88.9 70.4 Total tax expense 2,784.6 4,600.8 1,762.9 7,385.4 3,700.3 8,641.6 9) N.t Prom after tax (7-81 13,573 .5 21,280.7 8,077.6 34,854 .2 16,969.4 311,729.6 1 0) Other comprehensive income I (loss) (a) {i) Items that will not be reclassified subsequently to 196.3 (103.5) {110.9) 92.8 (215.7) (222.4) profit or loss {iO Income tax relating to items that will not be reclassified (68.6) 36.2 38.8 (32.4) 75.4 77.7 subsequently to prof~ or loss (b) (i) Items that will be reclassified subsequently to profit or (437.9) 72.8 - (365.1) - - loss {iO Income tax relating to items that will be reclassified to 153.0 (25.4) - 127.6 - - profit or loss other comprehensive Income I {loss), n8t of tax (157.2) (19.9) {72.1) (177.1) (140.3) (144.7] 11) Total comprehensive income/ {lou), net of tax (IH-1 0) 13,416.3 21,280.8 8,00&.& 34,877.1 18,829.1 39,&84.9 12) Paid up equity share capital (Face value f 21- each) 913.6 913.5 912.3 913.6 912.3 913.2 13) Other equity 241,869.2 14) Eamings par share (of' 21- each) (Not annuaised for the quarters and six months ended) (A) Before exceptional items a) Basic (in f) 18.42 46.60 17.71 65.01 37.22 88.80 b) Diluted (in f) 18.37 46.48 17.86 64.84 37.10 88.48 (B) After exceptional items a) Basic (in f) 29.72 46.60 17.71 76.32 37.22 87.10 b) Diluted (in f) 29.65 46.48 17.66 76.12 37.10 86.79 See accompanying notes to the standalone tlnancial results. continued on Page 2 ..
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...•• Pago2 ..... NOTES: 1. The above Standalone Financial Results were reviewed by the Audit Committee and thereafter approved and taken on record by the Board of Directors at their meeting held on November 06, 2025. The statutory Auditors of the Company have carried out limited review of the above Standalone Financial Results pursuant to Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. 2. During the quarter ended September 30, 2025, 41,745 (year to date 192,823) equity shares of~ 21- each, fully paid-up, were allotted upon exercise of the vested stock options pursuant to the Lupin Employees stock Option Plans (ESOPs), resulting in an increase in the paid-up equity share capital by~ 0.1 million (year to date~ 0.4 million) and securities premium account by~ 69.5 million (year to date~ 215.6 million). 3. As approved by the Members of the Company at the 43rd Annual General Meeting held on August 11, 2025, the Company has disbursed on August 14,2025 a final dividend of~ 121- per equity share of the face value of~ 21- each aggregating~ 5,481.0 million. 4. Exceptional items a. During the quarter and six months ended September 30, 2025, the Company transferred its Over the Counter ('OTC1 and API R&D business in India to its wholly owned subsidiaries Lupinlife Consumer Healthcare Limited and Lupin Manufacturing Solutions Limited respectively, as a going concern on slump sale basis for a consideration of~ 8,200.0 million and~ 180.0 million resulting in gain on divestment of~ 6,589.6 million and~ 37.2 million respectively, subject to working capital adjustments. b. During the quarter and six months ended September 30, 2025, the Company has determined that the carrying value of investment in a subsidiary is higher than the recoverable amount and has provided for diminution in the value of investment of it' 700.0 million. During the year ended March 31, 2025, the Company had provided for diminution in the value of investments in subsidiaries of~ 772.2 million. 5. During the quarter ended September 30, 2024, the Company has transferred its generic business in India to its wholly owned subsidiary Lupin Life Sciences Limited (formerty known as Lupin Atharv Ability Limited), as a going concern on slump sale basis resulting in loss on divestment of~ 6.4 million. 6. During the year ended March 31,2025, the Company has made a provision of it' 856.1 million (USD 10.0 million) towards ongoing dispute. 7. During the six months ended September 30, 2024 and year ended March 31, 2025, Lupin Limited and its subsidiary, agreed to setUe the dispute for an amount of USD 9.0 million ~ 750.5 million) in connection with the drug Glumetza® without admitting any liability for any wrongdoing, with a view to avoid the costs and uncertainties of continued litigation. continued on Page 3 ..
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...•• Pago3 ..... 8. Standalone Balance Sheet: (if in million) Particulars As at As at 30/09/2025 31/0312025 (Unaudited (Audited! A. ASSETS 1) Non-Current Aaaats a. Property, Plant and Equipment 33,962.0 34,456.7 b. Capital Work-in-Progress 3,219.2 2,319.0 c. Right-of-use-Assets 3,917.2 3,447.5 d. Goodwill - - e. Intangible Assets 10,987.1 11,554.4 f. Intangible Assets Under Development 560.1 464.7 g. Financial Assets (i) Non-Current Investments - In Subsidiaries (Refer note 4b) 108,919.9 108,919.9 -In Others 594.8 594.8 (ii) Non-Current Loans 1,278.5 1,282.7 (iii) other Non-Current Finandal Assets 581.4 743.9 h. Nor>-Current Tax Assets (Net) 402.4 426.9 i. Other Non-Current Assets 1,105.7 1,163.8 Total Non-Current Assets 165,528.3 165,374.4 2) Current Assets a. Inventories 33,995.7 32,272.2 b. Financial Assets (i) Current Investments 31,467.8 10,035.6 (ii) Trade Receivables 67,487.4 56,643.5 (iii) Cash and Cash Equivalents 1,564.7 3,418.0 (iv) Other Bank Balances 2,194.5 1,167.8 (v) Current Loans 1,044.2 345.7 (vi) Other Current Financial Assets 15,141.2 3,919.8 c. Other Current Assets 8,170.2 9,012.7 d. Assets induded in disposal group held for sale (Refer note 4a) - 2,130.2 Total CurrentAsaats 161,085.7 118,945.5 TOTAL ASSETS 326,614.0 284,319.9 B. EQUITY AND UABILITIES 1) Equity a. Equity Share Capital 913.6 913.2 b. Other Equity 271,333.4 241,869.2 Total Equity 272,247.0 242,782.4 Liabilities I) Non-Current Liabilities a. Financial Liabilities (i) Lease Liabilities 2,349.9 1,899.8 (ii) Other Non-Current Financial Liabilities 522.6 358.6 b. Non-Current Provisions 4,199.8 3,985.0 c. Deferred Tax Liabilities (Net) 1,455.4 1,552.9 d. Other Non-Current Liabilities 1,746.7 743.8 Total Non-Current Liabilities 10,274.4 8,540.1 II) Current Liabilities a. Financial Liabilities (i) Current Borrowings 7,063.8 - (ii) Lease Liabilities 722.4 601.5 (iii) Trade Payables -Total outstanding dues of Micro Enterprises and Small Enterprises 1,002.1 764.6 -Total outstanding dues of other than Micro Enterprises and Small Enterprises 20,149.3 18,923.1 (iv) Other Current Financial Liabilities 4,244.4 2,880.8 b. Other Current Liabilities 3,584.6 3,915.7 c. Current Provisions 1,761.1 1,793.6 d. Current Tax Liabilities (Net) 5,564.9 3,445.9 e. Liabilities induded in disposal group held for sale (Refer note 4a) - 672.2 Total Current LlabiiiUos 44,092.6 32,997.4 Total Liabilities 54,367.0 41,537.5 TOTAL EQUITY AND LIABILITIES 326,614.0 284,319.9 continued on Page 4 ..
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9. standalone Statement of Cash Flows: Profrt before Tax Adjustments for: Depreciation, Amortisation and Impairment Expense ...•• Page4 ..... Loaa I (Profit) on Sale I Write-off of Property. Plant and Equipment /Intangible Assets Loss/(Profit) on Divestment of Business Undertaking Gain on Sale of Investments Finance Costs Interest on Deposits with Banks and Others Interest on Income Tax Refund Unrealised Loss I (Gain) on Investments Doubtful Trade Receivables I Advances provided Bad Trade Receivables I Advances Written off Share Based Payments Expense Impairment in value of Non-Current investments Unrealised Exchange Loss I (Gain) on Revaluation OperaUng Profit before Working Capital Changes Changes in working capital: (Increase) I Decrease in Inventories (Increase) I Decrease in Trade Receivables (Increase) I Decrease in Other Asset Increase I (Decrease) in Trade Payables Increase I (Decrease) in Other Liabilities Cash Generated from Operations Net Income tax paid Not Caeh Flow generated from I (used in) Operating ActivHios Cash Flow from lnvsstlng ActlvHies Payment for Purchase of Business Payment for acquisition of Property, Plant and Equipment (induding capital work-in progress, other intangible assets, intangible assets under development, capital advances and capital crediton1) Proceeds from Sale of Property, Plant and Equipments I Intangible Assets Investments in subsidiaries Purchase of Investment Proceeds from Sale of Investments Change in other bank balance and cash not available for immediate use Loan given to Subsidiaries Interest Received Net Cash Flow generated from I (used in) Investing Activities Cash Flow from Financing Activities Proceeds from I (Repayment of) Current Borrowings Proceeds from Issue of Equity Shares (including Share Application Money) Payment of Principal Portion of Lease Liabilities Interest Paid on Lease Liabilities Finance Costs Paid Dividend Paid Not Cash Flow generated from I (ussd In) Financing ActlviUes Net Increase/ (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents as at the Beginning of the Year Unrealised loss I (gain) on Foreign Currency Cash and Cash Equivalents Cash and Cash Equivalents as at End of the Period 42.239.6 3,514.5 20.669.7 2,871.9 (12.4) (2.5) (t5t.O) 311.0 (221.7) (8.9) (25.5) 360.7 101.2 (91.3) (2.5t6.0) 38.6 (3,023.2) (78.875.9) 74.117.2 4.0 (200.0) 221.7 continued on Page 5 ..
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..... Page 5 ..... 1 0. During the year ended March 31, 2025, the Company has recognised an impairment charge of ~ 41 0.9 million related to property, plant and equipment, commercialised intangibles and capital wor1< in progress. Place : Mumbai Data : November 06, 2025 By Order of the Board For Lupin Limited Nilash D. Gupta Managing Director DIN: 01734642
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B S R & Co. LLP Chartered Accountants 14th Floor, Central B Wing and North C Wing Nesco IT Park 4, Nesco Center Western Express Highway Goregaon (East), Mumbai – 400 063, India Telephone: +91 (22) 6257 1000 Fax: +91 (22) 6257 1010 Registered Office: B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063 Page 1 of 1 Limited Review Report on unaudited standalone financial results of Lupin Limited for the quarter ended 30 September 2025 and year to date results for the period from 01 April 2025 to 30 September 2025 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of Lupin Limited 1. We have reviewed the accompanying Statement of unaudited standalone financial results of Lupin Limited (hereinafter referred to as “the Company”) for the quarter ended 30 September 2025 and year to date results for the period from 01 April 2025 to 30 September 2025 (“the Statement”) which includes interim financial results from Lupin Limited, Nepal Branch (hereinafter referred to as "the Branch"). 2. This Statement, which is the responsibility of the Company’s management and approved by its Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”). Our responsibility is to issue a report on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as stated in Paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. For B S R & Co. LLP Chartered Accountants Firm’s Registration No.:101248W/W-100022 Sudhir Soni Partner Mumbai Membership No.: 041870 06 November 2025 UDIN:25041870BMOMMA7740
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[I] LUPIN LIMITED Rqlste...cl Olllce: .lrd Floor, Kalpetaru Inspire, Oft'. Western Expres~ HII~Y. Santacruz (East), Mumbel400 055. Corporate Identity Number: L24100MH198JPI.C029442 Tel: (91·ZZ) 6640 2323 E-mail: lnfotplupln.com Website: www.lupln.com LUPIN STATEMENT OF UNAUDITED CONSOUDATED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, Z025 ('!:In million) Particulars Quarter Quarter Qwlrter Sill Months Six Months Year Ended Ended Ended Ended Ended Ended JO/(I!J/2Jll5 J0/06/Zf125 30/09/ZOZ4 30/09/m25 30/09/21JZ4 31/fS/ZGn (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited} (Audited I 1) llllvenue from operations a} Sales /Income from operations 68,314.3 61,637.5 54,970.1 129,951.8 110,113.5 221,921.1 b} Other operating income 2,160.8 1,045.9 1,757.2 3,206.7 2,617.1 5,157.9 Tota I Revenue from operations 70.475.1 62,&8M 5&,727.3 133,158.5 11:t730.& 227,Q79.0 2) Otker Income 900.0 790.4 422.9 1,690.4 855.3 1,958.2 3) Total Income (1+2.) 71,375.1 &3,47!.8 57,150.2 134.848.9 1U,585.9 229,fS7.2 41 Expenses a) Cost of materials consumed 11,391.5 11,266.3 11,181.2 22,657.8 22,638.6 44,574.1 b) Purctlases of stock·in-trade 7,249.2 7,139.5 6,599.8 14,388.7 13,005.4 26,426.2 c) Ctlanges In Inventories of flnlstled goods, work-In-progress (393.0) (686.5) (881.6) (1,079.5) (1,299.0) (2,577.8) and stock-In-trade ((Increase) I decrease] d) Employee beneflts expense 11,055.6 1D,830.0 10,075.2 21,88S.6 19,785.6 39,642.0 e) Finance costs 1,075.9 917.6 708.7 1,993.5 1,388.8 2,948.7 f) Depreciation, amortisation and Impairment expense (Refer note 12} 3,167.7 2,989.8 2,569.2 6,157.5 5,046.3 11,692.6 Ill Other expenses (Refer note B and 9) 19,795.8 17,720A 16,669.9 37,516.2 32.,408.2 66,239.3 h) Net (pln)/loss on foreign currency transactions (2,037.3) {858.7) {320.8) (2,89ti.O) 133.1 (57.9) TDtal expenses 51,305.4 411,311A 4&,&01.6 100,68.8 93,107.0 188,887.2 5) Proflt I (Loss) before share of profit of joint venture and tax (3-4) 20,069.7 14,155.4 10,548.6 34,225.1 20,478.9 40,150.0 6) Share of proflt from jol nt venture (net of tax) . . . . . . 7) Pruflt /(Loll) befora tax (5-+6) 20,1169.7 14,155A 10,548.6 34,225.1 20,478.9 40,150.0 8) Tax expense Current tax (net) 3,239.9 4,908.9 2,029.3 8,148.8 4,404.8 9,906.9 Deferred tax (net) 1,981.5 (2,968.1) (75.5} (986.6) (576.1) (2,819.5} Total tax expense 5,221.4 1,940.8 1,953.8 7,162.2 3,828.7 7,087.4 9) Profit /(Loss) after tall (7-8) 14,8411.3 1:t214.& 8,594.8 27,0&2.9 1&.&50.2 33,o&2.& 10) Otker Comprehensive Income I (Loss} (a) (I) Items that will not be reclasslfled subsequently to proflt or loss 93.7 (103.5) (110.9) (9.8) (215.6) (233.7) (ii) Income tax relatins to items that will not be reclassified (42.8) 36.2 38.8 (6.6) 75.4 79.6 subsequently to profit or loss (b) (i)ltems that will be reclassified subsequently to profit or loss 754.3 1,694.9 &49.0 2,449.2 2116.0 (760.6) (ii) Income ta~ relatinc to items that will be reclassified 153.0 (25A) - 127.6 (95.5) . subsequently to profit or loss Other comprehe.._lve Income /(Loll), net of tax 958.2 1,602.2 576.9 Z,560.4 5G.3 (914.71 11) TDta I comprehensive Income I (Loss), net of tax (9+-10) 15,10&.5 13,81&.1 9,171.7 29,623.3 1&,700.5 32.147.9 12) Proflt I (Loss) attributable to : Owners oftke Companv 14,779.2 12,190.3 8,526.3 26,969.5 16,539.4 32,816.2 Non·ControllinBinterest of the Company 69.1 24.3 68.5 93.4 11D.8 246.4 Pruflt /(Loss)forthe period 14,8411.3 12,214.& 8,594.8 27,()&2.9 1&.&50.2 33,o&l.& 13) Otker Comprehensive Income/ (Loss) attributable to: owners oftke companv 5155.7 1,582.7 540.1 2,538.4 48.0 (914.3) Non-Controllinclnterest of the Company 2.5 19.5 36.8 22.0 2.3 (0.4) Other Comprehensive Income /11..051) for the period 958.2 1,602.2 576.9 2,560.4 50.3 (914.71 14) Total comprekensive Income I [Loss) attributable to: Owners of t11e Companv 15,734.9 13,773.0 9,066.4 29,507.9 16,587.4 31,901.9 Non..COntrolli n,g Interest of tl1e Companv 71.6 43.8 105.3 115.4 113.1 246.0 Tota I Comprehe.._lve Income /I 1..055) for the period 15,10&.5 13,81&.8 9,171.7 29,623.3 1&,700.5 32.147.9 15) Paid up equity share capital (Faoe value of II! 2/· each) 913.6 913.5 912.3 913.6 912.3 913.2 16) Otker Equity 171,121.8 17) Eamines per skare (Face value of'~! 2/-eech) [Not annualised for t11e quarters and six montl'ls ended) a) Basic (in"!} 32.36 26.70 18.70 59.05 36.28 71.95 b) Diluted (In II!) 32.28 26.62 18.64 58.90 36.16 71.69 See accompanvlns notes to the consolidated financial results. continued on Pase2 ..
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"''' ...... .... Sesment lnfonnatlon (llll:inmillion) Particulars Quarter Quarter Quarter 5ixMonths 5ixMonths Year Ended Ended Ended Ended Ended Ended 30/ff9/'ZJJ25 30/06/2025 3D/ff9/7JJ24 3D/ff9/7JJ25 3D/ff9/7JJ24 31/03/'ZJJ25 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) !Audited) 1) Revenue a) Pharmaceuticals 70,103.2 62,364.1 56,472.0 132,467.3 112,261.5 226,043.1 b) Others 376.8 322.8 262.4 699.6 476.2 1,054.5 Total 70,480.0 62,686.9 56,734A 133,166.9 112,737.7 227,097.6 Less: Inter segment revenue 4.9 ... 7.1 8.4 7.1 18.6 Total revenue from operations 7D,475.1 62,683.4 56,727.3 133,158.5 112,730.6 227,079.0 2) Results a) Pharmaceuticals 20,479.9 14,578.4 10,890.1 35,058.3 21,201.4 41,608.1 b) Others 1423.0) 1341.5) 1833.2) 1722.5) 11,458.1) Total profit before tax 14,155.4 10,548.6 34,225.1 20,478.9 40,150.0 3) Assets a) Pharmaceuticals 332,471.5 318,909.9 2SS,396.3 332,471.S 2SS,396.3 292,826.1 b) Others 2,555.2 2,229.4 2,445.5 2,555.2 2,445.5 2,749.2 Total 335,026.7 321,139.3 257,841.8 335,026.7 257,841.8 295,575.3 Less: Inter segment assets 22.3 3,S22.7 3,022.2 22.3 3,022.2 3,526.5 Total assets 335,004.4 317,616.6 254,819.6 335,004.4 254,819.6 292,048.8 4) Liabilities a) Pharmaceuticals 136,746.5 129,854.8 96,779.9 136,746.S 96,779.9 118,208.6 b) Others 995.2 3,070.0 3,814.0 995.2 3,814.0 2,966.9 Total 137,741.7 132,924.8 100,593.9 137,741.7 100,593.9 121,175.5 Less: Inter segment liabilities 21.0 2,11S.8 2,971.2 21.0 2,971.2 2,070.2 Total liabilities 137,720.7 130,809.0 97,622.7 137,720.7 97,622.7 119,105.3 NOTES: 1 The above Consolidated Financial Results were reviewed by the Audit Committee and thereafter approved and taken on record by the Board of Directors at their meeting held on November 06, 2025. The Statutory Auditors of the Company have carried out limited review of the above Consolidated Financial Results pursuant to Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. 2 The Consolidated Financial Results include the financial results of the subsidiaries, Lupin Pharmaceuticals, Inc. - U.S.A, Lupin Australia Pty Limited - Australia, Nanomi B.V.- Netherlands, Pharma Dynamics (Proprietary) Limited· South Africa, Hormosan Pharma GmbH- Germany, Multicare Pharmaceuticals Philippines Inc.- Philippines, Lupin Atlantis HoldlnJS SA· Switzerland, Lupin Healthcare (UK) Limited - U.K., Lupin Pharma canada Limited- Canada, Generic Health Pty Limited ·Australia, Lupin Mexico S.A de C.V.- Mexico, Lupin Philippines Inc.- Philippines, Lupin Diagnostics Limited -India, Generic Health SON. BHD.- Malaysia, Lupin Inc.- U.S.A, Laboratories Grin S.A de C.V.- Mexico, Medquimica industria Farmaceutica LTDA- Brazil, Novel Laboratories, Inc.- U.S.A., Lupin Research Inc.- U.S.A., Lupin Management Inc.- U.S.A, Lupin Europe GmbH - Germany, Lupin Bloloslcs Limited - India, Lupin OncoiOBY Inc. - U.S.A, Lupin Digital Health Limited - India, Avenue Coral Sprlnss LLC - U.S.A., Southern Cross Pharma Pty Ltd - Australia, Lupin Life Sciences Limited - India (formerly known as Lupin Atharv Ability Limited - India), Lupin Manufacturing Solutions Limited- India, Medisoi S.AS.- France, Lupin Lanka {Private) Ltd.- Sri Lanka (w.e.f. August OS, 2024), Lupin NZ Ltd. - New Zealand (w.e.f. August 08, 2024), Lupinlife Consumer Healthcare Limited- India (w.e.f. March 08, 2025), Renasclence Ph arm a Limited- U.K. (w.e.f. April 02, 2025) and a ]oint venture, YL Biologics Limited- Japan. 3 The Consolidated Financial Statements are prepared in accordance with lnd AS 110 "Consolidated Financial Statements" and ind AS 28 nlnvestments in Associates and Joint Ventures". 4 During the quarter ended September 30, 2025, 41,745 (year-to-date 192,823) equity shares of~ 2/- each, fully paid-up, were allotted upon exercise of the vested stock options pursuant to the Lupin Employees Stock Option Plans (ESOPs), resulting in an increase in the paid-up share capital by~ 0.1 million (year-to-date 1111:0.4 million) and securities premium account by~ 69.5 million (year-to-date~ 215.6 million). 5 During the quarter ended September 30, 2025, the Company through its wholly owned subsidiary Nanomi B.V., Netherlands ('Nanomi') has entered into a definitive agreement to acquire 100% share capital ofVISUfarma B.V., Netherlands, for a consideration of Euro 190.0 million (subject to closlns adjustments). Pending reBUiatory approval, no impact has been given in the results. The acquisition related costs are accounted in "Other expensesn. 6 During the quarter ended June 30, 2025, the Company through its wholly owned step-down subsidiary, Lupin Healthcare (UK) Limited, U.K., acquired 100% equity share capital of Rena science Phanna Limited, U.K., for a consideration of Ill: 1,361.6 million (GBP 12.3 million). Fair value of intangibles acquired Ill: 1,239.4 million, deferred tax liability~ 309.8 million, Goodwill~ 325.9 million has been accounted based on report of Independent valuer. 7 As approved by the Members of the Company at the 43rd Annual General Meeting held on August 11, 2025, the Company has disbursed on August 14, 202S a final dividend of~ 12/- per equity share of the face value of~ 2/- each aaresatlns ~ 5,481.0 million. 8 During the quarter/six months ended September 30, 2024 and year ended March 31, 2025, the Group has made a provision of Ill: 58S.1 million and Ill: 1,441.2 million respectively towards onsolng disputes. 9 During the six months ended September 30, 2024 and year ended March 31, 2025, Lupin Limited and its subsidiary, agreed to settle the dispute for an amount of USD 9.0 million (~ 750.5 million) In connection with the drus Glumetza• without admlttlns any liability for any wrongdoing, with a view to avoid the costs and uncertainties of continued litigation. continued on Page 3 ..
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'"'' Pa1Je3 .... 10 Consolidated Balance Sheet: (II: In million) Particulars Asat As at 30/ff9/'ZJJ25 31/03/2025 (Unaudited) !Audited) A. ASSETS 1) Non-CurrentAssets a. Property, Plant and Equipment 47,498.7 46,998.6 b. capital Work-in-Progress 5,928.6 3,554.5 c. Ris;ht-of-use Assets 5,057.0 4,483.2 d. Goodwill 24,749.2 22,326.1 e. Other Intangible Assets 23,629.3 23,385.6 f. lntans;ible Assets Under Development 1,589.2 1,611.9 g. Investments accounted for using equity method 292.8 276.9 h. Financial Assets (i) Non-Current Investments 595.8 595.8 (II) Non-current Loans 28.5 32.7 (iii) Other Non-Current Financial Assets 13,243.4 12,934.7 i. Deferred Tax Assets (Net) 6,726.3 5,591.0 j. Non-Current Tax Assets (Net) 475.6 461.9 k. Other Non-Current Assets 2,530.8 1,810.1 Total Non-Current Assets 132,345.2 124,063.0 2) Current Assets a. Inventories 59,549.6 54,763.5 b. Financial Assets (i) Current Investments 32,418.7 10,591.1 (ii) Trade Receivables 62,901.5 54,971.0 (Ill) Cash and Cash Equivalents 13,275.8 15,436.9 (iv) Other Bank Balances 17,126.4 15,986.4 (v) Current Loans 48.3 50.2 (vi) Other Current Financial Assets 5,668.2 3,321.1 c. Current Tax Assets (Net) 286.8 346.3 d. Other Current Assets 11,383.9 12,519.3 Total CUrrent Assets 202,659.2 167,985.8 TOTAL ASSETS 335,004.4 292,048.8 B. EQUITY AND UABIUTIES 1) Equity a. Equity Share Capital 913.6 913.2 b. Other Equity 195,412.3 171,121.8 c. Non-controlling Interest 957.8 908.5 Total Equity 197,283.7 172,943.5 2) Liabilities I) Non-Current Llabllldes a. Financial Liabilities (I) Non-Current Borrowings 15,390.1 17,662.3 (ii) Lease Liabilities 3,058.6 2,642.7 (iii) Other Non-Current Financial Liabilities 769.0 516.4 b. Non-Current Provisions 4,856.7 4,360.8 c. Deferred Tax Liabilities (Net) 2,559.3 2,264.1 d. Other Non-Current Liabilities 2,881.0 2,045.1 Total Non-Current Liabilities 29,514.7 29,491.4 II) Current Liabilities a. Financial Liabilities (I) Current Borrowings 42,394.5 33,104.2 (ii) Lease Liabilities 1,326.8 1,068.5 (iii) Trade Payables -Total outstanding dues of Micro Enterprises and Small Enterprises 1,191.5 858.7 -Total outstanding dues of other than Micro Enterprises and Small Enterprises 32,880.0 28,722.9 (iv) Other Current Financial Liabilities 7,594.3 7,324.9 b. Other Current Liabilities 13,488.1 11,401.2 c. Current Provisions 2,785.7 2,731.8 d. Current Tax Liabilities (Net) 6,545.1 4,401.7 Total CUrrent Uabllitles 108,206.0 89,613.9 Total Liabilities 137,720.7 119,105.3 TOTAL EQUITY AND LIABIUTIES 335,004.4 292,048.8 continued on Pas:e 4 ..
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'"'' Pa1Je4 .... 11 Consolidated Statement of Cash Flows: (II: In million) Six Months Six Months Particulars Ended Ended 3D/09/7JJ25 30/09/2ll24 (Unaudited) (Unaudited) A. cash Flow from Operadns Activities Profit before Tax 34,225.1 20,478.9 Adjustments for: Depreciation, Amortisation and Impairment Expense 6,157.5 5,046.3 (Profit) I Loss on sale I write-off of Property, Plant and Equipment /Intangible Assets (40.2) (11.4) Finance Costs 1,993.5 1,388.8 Gain on Sale of Investments (212.5) (167.4) Interest on Deposits with Banks and Others (1,067.2) (484.2) Interest on Income Tax Refund (16.0) (8.9) Bad Trade Receivables I Advances written off 155.9 2.5 Unrealised Loss I (Gain) on Investments (345.1) (24.4) Impairment Allowances for Doubtful Trade Receivables I Other Receivables I Deposits I Advances 647.1 237.0 Provisions I Credit balances no longer required written back - (48.1) Provision for Dimunition in value of Non-Current invesbnents - 46.8 Share Based Payment Expense 234.7 230.5 Net (Gain) I Loss on Financial Assets I Financial Liabilities Measured at Fair Value Through Profit or Loss 15.5 4.5 Unrealised Exchans:e (Gain) I Loss on Revaluation (1,835.0) (189.7) Operatins Profit before Wortdns capital Olanses 39,913.3 26,501.2 Changes in working capital: (Increase) I Decrease in Trade Receivables (6,428.4) (3,472.5) (Increase) I Decrease In Inventories (4,580.8) (3,040.8) (Increase) I Decrease in Other Assets (1,674.7) (95.1) Increase I (Decrease) in Trade Payables 4,004.4 (261.7) Increase I (Decrease) In Other Liabilities 3,737.7 (4,887.8) cash Generated from Operations 34,971.5 14,743.3 Net Income tax paid (5,943.6) (3,002.4) Net cash Flow generated from I {used in) Operadns Activities 29,027.9 11,740.9 B. cash Flow from Investing Activities Payment for acquisition of business, net of cash acquired (1,357.5) (462.6) Payment for acquisition of Property, Plant and Equipment (Including capital work-In-progress, other Intangible assets, (5,738.0) (4,682.0) intangible assets under development, capital advances and capital creditors) Proceeds from sale of Property, Plant and Equipment /Intangible Assets 95.7 26.7 Purchase of lnvesbnents (85,108.7) (82,484.9) Proceeds from sale of Investments 63,758.4 77,636.9 Change in other bank balance and cash not available for immediate use (1,139.6) (760.5) Interest received 1,067.2 484.2 Net cash Flow sene rated from I {used In) lnvestlns Activities (28,422.5) (10,242.2) C. cash Flow from Financing Activities Proceeds from I (Repayment of) Current Borrowins:s 4,874.1 5,165.6 Proceeds from issue of equity shares (including share application money) 53.4 345.1 Payment of Principal Portion of lease Liabilities (381.9) (594.1) Interest paid on Lease Liabilities (170.3) (98.9) Finance Costs Paid (1,665.3) (1,156.3) Dividend paid (5,476.5) (3,653.2) Net cash Flow generated from I {used in) Financins Activities (2,766.5) a.z Net Increase I (decrease) In cash and cash Equivalents (2,161.1) 1,506.9 Cash and Cash Equivalents as at the beginnins: of the period 15,436.9 9,832.8 cash and cash Equivalents as at the end of the period 13,275.8 11,339.7 Reconciliation of cash and cash Equivalents with the Balance Sheet Cash and Cash Equivalents 11,975.6 11,094.6 Effect of Exchanse Rate Changes on Cash and Cash Equivalents 1,300.2 245.1 cash and cash Equivalents as at the end of the period as per Balance Sheet 13,275.8 11,339.7 continued on Page 5 ..
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'"'' Pace s '"" 12 During the year ended March 31, 2025, the Group has recognised an impairment charge of ~ 1,209.0 million related to certain property, plant and equipment, capital work-ln-prOflress, Intangible assets, Intangible assets under development and goodwill. Place : Mumbal Date : November 06, 2025 By order of the Board For Lupin Limited Nilesh Deshban dhu Gupta Nllesh D. Gupt<l Managing Director DIN: 01734642 ~~r~DJrt•n O.tmv:lhu Guptl tlftt-IN.~r'lll.mlt-eJZ. ~OIIIIIr¥'n~t.4N · l.5~109111f'SJ~1 ~~ll!IIC<bWI 41~1. -~ -- lll'IIIN~1~ ......,,4tcl~19fZIWf Smi0Etl5c:il!l17271k.cn"'"...,. Pes'*-"dhwGuptl O..:l025.11.D6U~+OS"JO'
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B S R & Co. LLP Chartered Accountants 14th Floor, Central B Wing and North C Wing Nesco IT Park 4, Nesco Center Western Express Highway Goregaon (East), Mumbai – 400 063, India Telephone: +91 (22) 6257 1000 Fax: +91 (22) 6257 1010 Registered Office: B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063 Page 1 of 5 Limited Review Report on unaudited consolidated financial results of Lupin Limited for the quarter ended 30 September 2025 and year to date results for the period from 01 April 2025 to 30 September 2025 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of Lupin Limited 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Lupin Limited (hereinafter referred to as “the Parent”), and its subsidiaries (the Parent and its subsidiaries together referred to as “the Group”) and its share of the net profit after tax and total comprehensive income of its joint venture for the quarter ended 30 September 2025 and year to date results for the period from 01 April 2025 to 30 September 2025 (“the Statement”), being submitted by the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). 2. This Statement, which is the responsibility of the Parent’s management and approved by the Parent’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the entities mentioned in Annexure I to the Statement. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
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B S R & Co. LLP Limited Review Report (Continued) Lupin Limited Page 2 of 5 6. We did not review the interim financial information of Seventeen (17) Subsidiaries included in the Statement, whose interim financial information reflects total assets (before consolidation adjustments) of Rs. 305,561.9 million as at 30 September 2025 and total revenues (before consolidation adjustments) of Rs. 53,464.5 million and Rs. 100,493.1 million, total net profit after tax (before consolidation adjustments) of Rs. 3,525.8 million and Rs. 6,043.3 million and total comprehensive income (before consolidation adjustments) of Rs. 4,634.7 million and Rs. 8,099.2 million, for the quarter ended 30 September 2025 and for the period from 01 April 2025 to 30 September 2025 respectively, and cash inflow (net) (before consolidation adjustments) of Rs. 551.0 million for the period from 01 April 2025 to 30 September 2025 as considered in the Statement. This interim financial information has been reviewed by other auditors whose reports have been furnished to us by the Parent’s management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. These subsidiaries located outside India whose interim financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been reviewed by other auditor under generally accepted auditing standards applicable in their respective countries. The Parent’s management has converted the interim financial information of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Parent’s management. Our conclusion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the reports of other auditor and the conversion adjustments prepared by the management of the Parent and reviewed by us. Our conclusion is not modified in respect of this matter. 7. The Statement includes the interim financial information of Sixteen (16) Subsidiaries which have not been reviewed, whose interim financial information reflects total assets (before consolidation adjustments) of Rs. 30,351.5 million as at 30 September 2025 and total revenues (before consolidation adjustments) of Rs. 6,238.5 million and Rs. 11,552.8 million, total net loss after tax (before consolidation adjustments) of Rs. 881.8 million and Rs.1,380.9 million and total comprehensive loss (before consolidation adjustments) of Rs. 921.2 million and Rs. 1,373.2 million, for the quarter ended 30 September 2025 and for the period from 01 April 2025 to 30 September 2025 respectively, and cash outflow (net) (before consolidation adjustments) of Rs 878.6 million for the period from 01 April 2025 to 30 September 2025 as considered in the Statement. According to the information and explanations given to us by the Parent’s management, these interim financial information are not material to the Group. The Statement also includes the Group’s share of total comprehensive income of Rs. 3.1 million and Rs. 15.9 million, for the quarter ended 30 September 2025 and for the period from 01 April 2025 to 30 September 2025 respectively, as considered in the Statement, in respect of one (1) joint venture, based on its interim financial information which has not been reviewed. According to the information and explanations given to us by the management, these interim financial information are not material to the Group.
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B S R & Co. LLP Limited Review Report (Continued) Lupin Limited Page 3 of 5 Our conclusion is not modified in respect of this matter. For B S R & Co. LLP Chartered Accountants Firm’s Registration No.:101248W/W-100022 Sudhir Soni Partner Mumbai Membership No.: 041870 06 November 2025 UDIN:25041870BMOMMB7113
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B S R & Co. LLP Limited Review Report (Continued) Lupin Limited Page 4 of 5 Annexure I List of entities included in unaudited consolidated financial results. Sr. No Name of entities Relationship 1 Lupin Limited Parent 2 Lupin Pharmaceuticals, Inc. - U.S.A. Subsidiary 3 Lupin Australia Pty Limited - Australia Subsidiary 4 Nanomi B.V. - Netherlands Subsidiary 5 Pharma Dynamics (Proprietary) Limited - South Africa Subsidiary 6 Hormosan Pharma GmbH - Germany Subsidiary 7 Multicare Pharmaceuticals Philippines Inc. - Philippines Subsidiary 8 Lupin Atlantis Holdings SA - Switzerland Subsidiary 9 Lupin Healthcare (UK) Limited - U.K. Subsidiary 10 Lupin Pharma Canada Limited - Canada Subsidiary 11 Generic Health Pty Limited - Australia Subsidiary 12 Lupin Mexico S.A. de C.V. - Mexico Subsidiary 13 Lupin Philippines Inc. - Philippines Subsidiary 14 Lupin Diagnostics Limited - India Subsidiary 15 Generic Health SDN. BHD. - Malaysia Subsidiary 16 Lupin Inc. - U.S.A. Subsidiary 17 Laboratorios Grin S.A. de C.V. - Mexico Subsidiary 18 Medquimica Industria Farmaceutica LTDA - Brazil Subsidiary 19 Novel Laboratories, Inc.- U.S.A. Subsidiary 20 Lupin Research Inc. - U.S.A. Subsidiary
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B S R & Co. LLP Limited Review Report (Continued) Lupin Limited Page 5 of 5 21 Lupin Management Inc. - U.S.A Subsidiary 22 Lupin Europe GmbH - Germany Subsidiary 23 Lupin Biologics Limited - India Subsidiary 24 Lupin Oncology Inc. - U.S.A Subsidiary 25 Lupin Digital Health Limited - India Subsidiary 26 Avenue Coral Springs LLC - U.S.A. Subsidiary 27 Southern Cross Pharma Pty Ltd - Australia Subsidiary 28 Lupin Life Sciences Limited - India (formerly known as Lupin Atharv Ability Limited - India) Subsidiary 29 Lupin Manufacturing Solutions Limited - India Subsidiary 30 Medisol S.A.S. - France Subsidiary 31 Lupin Lanka (Private) Ltd. - Sri Lanka (w.e.f. August 05, 2024) Subsidiary 32 Lupin NZ Ltd. - New Zealand (w.e.f. August 08, 2024) Subsidiary 33 Lupinlife Consumer Healthcare Limited - India (w.e.f. March 08, 2025) Subsidiary 34 Renascience Pharma Limited - U.K. (w.e.f. April 02, 2025) Subsidiary 35 YL Biologics Limited - Japan Joint Venture