Lupin Ltd Share Price – NSE  / BSE

Pharmaceuticals, Mid Cap

DeslaFlex is an innovative antidepressant formulation developed by Spektus using its proprietary Flexitab oral drug-delivery platform.

This strategic partnership combines Lupin?s strong commercial footprint in Canada and Spektus?s capabilities in developing differentiated, novel formulations to successfully introduce DeslaFlex and establish a robust platform for future launches. The collaboration further strengthens Lupin?s CNS portfolio with physician-endorsed, value-added therapies, well aligned with a supportive regulatory environment.

Claus Jepsen, President, Global Speciality, Lupin, ?This milestone reinforces our long-term commitment to advancing Lupin?s CNS footprint and deepens our commitment to Canadian healthcare. The addition of DeslaFlex? to our portfolio provides patients and clinicians with much-needed flexibility in the management of Major Depressive Disorder, enabling clinicians to deliver more personalized, patient-focused care.?

Zarvaan Merchant, Chief Executive Officer of Spektus Pharma, said, ?This partnership with Lupin represents a key milestone as Spektus transitions from development to commercial execution. Lupin?s global brand and established commercial strength in Canada make it an ideal partner to realize the full value of DeslaFlex? for patients across this important market.?

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.

Lupin reported a 37.46% surge in consolidated net profit to Rs 1,175.55 crore in Q3 FY26 as against Rs 855.16 crore posted in Q3 FY25. Total revenue from operations jumped 24.26% year-on-year to Rs 7,167.52 crore in the quarter ended 31 December 2025.

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Sammaan Capital and Steel Authority of India shares are banned from F&O trading on 17 February 2026.

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Lupin announced that it has entered into a licensing and supply agreement with Spektus to commercialize its antidepressant formulation DeslaFlex in Canada.

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Lupin has allotted 75,273 equity shares under ESOP on 13 February 2026. In view of the above, the issued and paid-up share capital of the Company has increased to Rs 91,40,86,438 consisting of 45,70,43,219 equity shares of Rs 2/- each.

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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.

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