Lupin Limited reported a 115.2% year-on-year increase in profit before tax (PBT) for Q4 FY2026 at Rs 19,280 million, compared to Rs 8,958 million in the corresponding quarter last year, supported by strong growth across its U.S. and India businesses.

The company’s Board of Directors also recommended a 900% dividend based on its long-term growth outlook.

Gross profit for the quarter rose 42.9% to Rs 55,403 million from Rs 38,760 million in Q4 FY2025, with gross margin improving to 75%. Research and development investment stood at Rs 5,898 million, accounting for 8% of sales during the quarter.

For FY2026, Lupin’s U.S. sales increased 46% to Rs 116,783 million, contributing 42% to global sales. Q4 U.S. sales surged 56.9% year-on-year to Rs 33,987 million, accounting for 46% of the company’s global revenue. Lupin launched three products and received three ANDA approvals from the U.S. FDA during the quarter, taking its total marketed generic products in the U.S. to 151.

India sales for FY2026 rose 7.1% to Rs 81,140 million, while Q4 India sales grew 11.5% year-on-year to Rs 19,082 million. Lupin said its India formulation business recorded 14.5% growth during the quarter and the company launched three new brands across therapies.

Emerging Markets sales grew 35.2% year-on-year to Rs 34,828 million in FY2026, while Other Developed Markets recorded 13.3% annual growth to Rs 32,439 million.

The company reported net debt of negative Rs 46,358 million as of March 31, 2026, with a net debt-equity ratio of negative 0.21. Full-year capital expenditure stood at Rs 10,618 million.

Nilesh Gupta, Managing Director, Lupin Limited, said, “Our fourth quarter and full-year results underscore the strength and resilience of our business across key geographies, with the U.S. and India delivering strong sales growth and margin expansion. Building on this momentum, we are well-positioned to accelerate performance through strategic investments in technology, disciplined execution, and operational efficiencies, driving sustainable and profitable growth”.