Interim report
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LUPIN August 06 , 2026 National Stock Exchange of India Limited Exchange Plaza , Bandra Kurla Complex , Bandra ( East ) , Mumbai 400 051 Symbol : LUPIN BSE Limited P. J. Towers , Dalal Street , Mumbai Samachar Marg , Mumbai - 400 001 Scrip Code : Equity - 500257 Subject : Outcome of the Board Meeting - Unaudited Financial Results for the quarter ended June 30 , 2026 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 , August 06 , 2026 , inter alia , unanimously approved the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter ended June 30 , 2026 . The said Unaudited Financial Results along with the Limited Review Reports of the Statutory Auditors thereon are enclosed herewith . The Board meeting commenced at 04.30 p.m. ( IST ) and concluded at 09.40 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 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 : L24100MH1983 PLC029442 info@lupin.com | www.lupin.com
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I~· LUPIN LIMITED Registared Office: 3rcl Floor, Kalpat:arulnspire, OlfWest:arn Express Highway, Santacruz (East), Mumbai 400 01111. Corporate Identity Number: L24100MH1983PLC029442 Tal: (91-22) 6640 2323 E-mail: lnfo@llupln.com Website: www.lupln.com LUPIN STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2026 (II' in million) Particulars Quarbtr Quarbtr Quarbtr Year Ended Ended Ended Ended 30/0612026 31/0312026 30/0612025 31/0312026 (Unaudited) (Audited) (Unaudiledl (Audited) (Refer note 4) 1) Revenue from operations a) Sales I income from operations 71,124.6 51,522.6 56,054.1 190,444.2 b) Other operating income 594.4 823.4 1,031.8 4,682.4 Totel Revenue from operwtlons 71,719.0 52,346.0 57,085.9 195,121..6 2) Other income 1,024.8 888.3 541.4 3,127.7 3) Totel income (1+2) 72,743.8 153,234.3 117,1127.3 198,2114.3 4) Expansea a) Cost of materials consumed 10,505.5 9,955.3 9,091.4 36,783.6 b) Purchases of stock-in-trade 3,089.0 2,745.8 3,119.3 11,923.2 c) Changes in inventories of finished goods. (99.6) (335.1) (397.5) 46.6 work-ill-progress and stock-in-trade [(increase)ldecrease] d) Employee benefrts expense 7,196.9 6,606.5 6,438.9 25,448.8 e) Finance cost 355.6 387.7 189.0 1,214.7 f) Depreciation, amortisation and impairment expense 1,900.1 1,no.5 1,767.3 7,071.8 g) Other expanses 13,619.9 13,667.5 12,021.9 49,159.8 h) Net loss I (gain) on foreign currency transactions 75.8 (3,110.1) (484.5) (6,271.0) Totel expenses 38,843.2 31,888.1 31,746.8 1215,377.15 5) Profit before exceptional Item and tax (3-4) 38,100.11 21,548.2 25,881.5 72,876.8 6) Exceptional items [income/( expense)] (Refer note 3) - 4,4n.3 - 4,065.7 7) Profit before tax (5+8) 38,100.8 26,023.5 25,881.5 711,942.5 8) Tax expense Current tax (net) 8,925.7 4,711.2 4,515.4 13,512.9 Deferred tax (net) 28.9 (324.6) 85.4 (236.0) Total tax expense 8,954.6 4,366.6 4,600.8 13,276.9 9) Net Profit afbtr tax (NI) 27,146.0 21,838.9 21,280.7 83,886.6 1 0) Other Comprehensive Income I (Loss) (a) (i) Items that wil not be reclassified subsequently to (0.8) 46.4 (103.5) 61.8 profrt or loss (ii) Income tax relating to items that will not be reclassified 0.3 (16.2) 36.2 (21.6) subsequently to profit or loss (b) (i) Items that wil be reclassified subsequently to profit or 109.2 53.7 72.8 (324.3) loss (ii) Income tax relating to items that will be reclassified (38.1) (18.8) (25.4) 113.3 subsequently to profit or loss Other comprehensive income I (loss), net of tax 70.8 0.1 (19.8) (170.8) 11) Tote I comprehensive income, net of tax (9+1 0) 27,216.8 21,702.0 21,280.8 83,494.8 12) Paid up equity share capital (Face value it 21- each) 914.5 914.4 913.5 914.4 13) Other equity 300,423.3 14) Earnings per share (Face value off 21- each) (Not annualised for the quarters) (A) Before exceptional items a) Basic (in it) 59.37 37.01 46.60 129.18 b) Diluted (in f) 59.27 36.92 46.48 128.84 (B) After exceptional items a) Basic (in it) 59.37 47.35 46.60 139.38 b) Diluted (in it) 59.27 47.24 46.48 139.01 See accompanying notes to the standalone financial results. continued on Page 2 ..
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•.••• Page2 •.••• 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 August 06, 2026. 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 June 30, 2026, 53,425 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 {ESOP&), resulting in an increase in the paid-up equity share capital by ' 0. 1 million and securities premium account by ' 76.9 million. 3. Exceptional items a. The Company and its subsidiary are exposed to multiple civil lawsuits alleging anticompetitive behavior related to certain products and a possible violation of federal and stata antitrust laws. These lawsuits ware combined into the collection of similar cases referred to as In Re Generic Pharmaceuticals Antitrust Litigation. Such litigation are often resolved through settlement agreements. During the year ended March 31 2026, the Company on best estimate recorded a provision of' 4,493.9 million (USD 50.0 million) towards this litigation without admission of liability or wrongdoing. During the quarter ended March 31 , 2026, this provision has been recorded by the subsidiary and consequently reversed in the standalone results. In April 2026, the wholly owned subsidiary settled one of the ongoing dispute for an amount of' 2,654.1 million (USD 30.0 million) without admission of liability or wrongdoing. b. On February 09, 2026, Lupin Limited and its subsidiary entered into a settlement agreement with A&tellas towards ongoing dispute related to Mirebegron ER Tablets a generic version of Myrbatriq ER Tablets in US markets and agreed to pay USD 90.0 million. During the year ended March 31, 2026, the Company has compensated Lupin Pharmaceuticals, Inc., U.SA, for the settlement payment of' 1,364.7 million {USD 15.0 million) made by it and accordingly expensed. The balance amount of USD 75.0 million towards prepaid option has been paid and capitalised by the subsidiary. c. The Govemment of India has consolidated 29 existing labour legislations into a unified framework comprising four labour codes as follows: Code on Wages, 2019, Code on Social Security, 2020, Industrial Relations Code, 2020 and Occupational Safety, Health and Working Conditions Code, 2020 {collectively referred to as the "New Labour Codes'1, The New Labour Codes are effective from November 21, 2025 and introduce changes that indude, among other things, setting a uniform definition of wages. The Company has assessed the implications of the New Labour Codes and has recognized an incremental cost of ' 496.4 million during the year ended March 31, 2026. The Company continues to monitor the developments pertaining to the New Labour Codes and the impact, if any, will be accounted in accordance with applicable accounting standards. d. During the year ended March 31, 2026, the Company has transferred its Over the Counter ('OTC1 and API R&D business in India to its wholly owned subsidiaries LupinlifB Consumer Healthcare Limited and Lupin Manufacturing Solutions Limited respectively, as a going concem 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. e. During the year anded March 31, 2026, the Company has datermined 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 off 700.0 million. 4. The figures for the quarter ended March 31, 2026 are the balancing figures between audited figures in respect of the full previous financial year and the unaudited published year-to-date figures up to the third quarter ended December 31, 2025. The year-to-date figures up to the third quartar ended December 31, 2025 ware only subject to Limited Review and not audited. Place : Zurich Data : August 06, 2026 By Order of the Board For Lupin Limited Nllesh ~=~~u Deshband ._ huGupta =.,~ Nlleeh D. Gupta Managing Director DIN: 01734642
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Regd. Office: 19th floor, Shapath-V, Opp. Karnavati Club, S.G. Highway, Ahmedabad-380 015, Gujarat, India. Deloitte Haskins & Sells Chartered Accountants LLP is registered with Limited Liability having LLP identification No: AAX-2454 Chartered AccountantsOne International CenterTower 3, 27th-32nd floorsSenapati Bapat MargElphinstone Road (West)Mumbai-400 013Maharashtra, IndiaTel: 226 185 4000Fax: 226 185 4101 FINANCIAL RESULTSTO THE BOARD OF DIRECTORS OFLUPIN LIMITED1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of LUPIN LIMITEDrequirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended2. m Financial relevant rules issued thereunder 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 a (ICAI). A review of interim financial information consists of making inquiries, primarily of the applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 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 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
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5. The standalone financial results of the Company for the quarter and year ended March 31, 2026 and for the quarter ended June 30, 2025 included in the Statement, were audited/ reviewed by another auditor who expressed an unmodified opinion/ conclusion on those statements on May 07, 2026 and August 05, 2025 respectively.Our conclusion on the Statement is not modified in respect of this matter.6. The figures for the three months ended March 31, 2026 as reported in the Statement are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures upto the third quarter of the previous financial year. The figures up to the end of the third quarter of previous financial year had only beenreviewed and not subjected to audit. Our conclusion on the Statement is not modified in respect of this matter.For Deloitte Haskins & Sells Chartered Accountants LLPChartered Accountants117364W/W100739)Mohammed Bengali(Partner)(Membership No. 105828)(UDIN: 26105828DFGVKF8073)Place: MumbaiDate: August 06, 2026
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L U P I NParticularsQuarter EndedQuarter EndedQuarter EndedYear Ended30/06/202631/03/202630/06/202531/03/2026(Unaudited)(Audited)(Unaudited)(Audited)(Refer note 9)1)Revenue from operationsa)Sales / income from operations82,172.3 73,919.1 61,637.5 274,875.4 b)Other operating income596.6 827.5 1,045.9 4,704.9 Total Revenue from operations82,768.9 74,746.6 62,683.4 279,580.3 2)Other income1,303.2 1,407.1 790.4 4,244.5 3)Total income (1+2)84,072.1 76,153.7 63,473.8 283,824.8 4)Expensesa)Cost of materials consumed13,116.6 12,313.0 11,266.3 46,219.0 b)Purchases of stock-in-trade8,422.7 7,084.1 7,139.5 28,670.1 c)Changes in Inventories of finished goods, work-in-progress (646.9) (880.8) (686.5) (1,624.5) and stock-in-trade [(increase) / decrease]d)Employee benefits expense13,830.0 12,426.9 10,830.0 45,745.3 e)Finance costs1,096.4 1,201.6 917.6 4,344.9 f)Depreciation, amortisation and impairment expense (Refer note 8)4,528.5 4,467.9 2,989.8 13,755.0 g)Other expenses23,412.0 22,092.7 17,720.4 78,975.1 h)Net loss / (gain) on foreign currency transactions 139.0 (3,145.1) (858.7) (6,564.7) Total expenses63,898.3 55,560.3 49,318.4 209,520.2 5)Profit / (Loss) before share of profit of joint venture and tax (3-4)20,173.8 20,593.4 14,155.4 74,304.6 6)Share of loss from joint venture (net of tax)(0.2) - - - 7)Profit / (Loss) before tax and exceptional items (5+6)20,173.6 20,593.4 14,155.4 74,304.6 8)Exceptional items [income/(expense)] (Refer note 6)- (1,313.4) - (5,579.1) 9)Profit / (Loss) before tax (7+8)20,173.6 19,280.0 14,155.4 68,725.5 10)Tax expenseCurrent tax (net)9,843.9 5,079.2 4,908.9 15,273.5 Deferred tax (net) (3,840.1) (485.9) (2,968.1) (102.7) Total tax expense6,003.8 4,593.3 1,940.8 15,170.8 11)Profit / (Loss) after tax (9-10)14,169.8 14,686.7 12,214.6 53,554.7 12)Other Comprehensive Income / (Loss)(a)(i) Items that will not be reclassified subsequently to profit or loss(0.8) 5.2 (103.5) (63.9) (ii) Income tax relating to items that will not be reclassified 1.1 (19.3) 36.2 1.1 subsequently to profit or loss(b)(i) Items that will be reclassified subsequently to profit or loss521.7 517.6 1,694.9 4,195.6 (ii) Income tax relating to items that will be reclassified (166.9) 139.1 (25.4) 271.2 subsequently to profit or lossOther comprehensive Income / (Loss), net of tax355.1 642.6 1,602.2 4,404.0 13)Total comprehensive Income / (Loss), net of tax (11+12)14,524.9 15,329.3 13,816.8 57,958.7 14)Profit / (Loss) attributable to :Owners of the Company14,150.0 14,603.4 12,190.3 53,328.4 Non-Controlling Interest of the Company19.8 83.3 24.3 226.3 Profit / (Loss) for the period14,169.8 14,686.7 12,214.6 53,554.7 15)Other Comprehensive Income / (Loss) attributable to:Owners of the Company361.3 616.4 1,582.7 4,356.3 Non-Controlling Interest of the Company(6.2) 26.2 19.5 47.7 Other Comprehensive Income / (Loss) for the period355.1 642.6 1,602.2 4,404.0 16)Total Comprehensive Income / (Loss) attributable to: Owners of the Company14,511.3 15,219.8 13,773.0 57,684.7 Non-Controlling Interest of the Company 13.6 109.5 43.8 274.0 Total Comprehensive Income / (Loss) for the period14,524.9 15,329.3 13,816.8 57,958.7 17)914.5 914.4 913.5 914.4 18)Other Equity223,568.3 19)(Not annualised for the quarters)(A) Before exceptional items30.95 34.83 26.70 128.45 30.89 34.75 26.62 128.11 (B) After exceptional items30.95 31.96 26.70 116.75 30.89 31.89 26.62 116.44 See accompanying notes to the consolidated financial results.continued on Page 2.. LUPIN LIMITEDSTATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2026Tel: (91-22) 6640 2323 E-mail: info@lupin.com Website: www.lupin.comRegistered Office: 3rd Floor, Kalpataru Inspire, Off. Western Express Highway, Santacruz (East), Mumbai 400 055.Corporate Identity Number: L24100MH1983PLC029442
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Segment InformationParticularsQuarter EndedQuarter EndedQuarter EndedYear Ended30/06/202631/03/202630/06/202531/03/2026(Unaudited)(Audited)(Unaudited)(Audited)(Refer note 9)1)Revenuea) Pharmaceuticals82,343.5 74,347.4 62,364.1 278,123.6 b) Others430.3 404.7 322.8 1,473.9 Total82,773.8 74,752.1 62,686.9 279,597.5 Less: Inter segment revenue4.9 5.5 3.5 17.2 Total revenue from operations82,768.9 74,746.6 62,683.4 279,580.3 2)Resultsa) Pharmaceuticals20,605.6 19,771.0 14,578.4 70,502.7 b) Others(432.0) (491.0) (423.0) (1,777.2) Total profit before tax (after exceptional items)20,173.6 19,280.0 14,155.4 68,725.5 3)Assetsa) Pharmaceuticals406,033.0 381,286.0 318,909.9 381,286.0 b) Others2,354.6 2,394.6 2,229.4 2,394.6 Total408,387.6 383,680.6 321,139.3 383,680.6 Less: Inter segment assets216.5 32.3 3,522.7 32.3 Total assets408,171.1 383,648.3 317,616.6 383,648.3 4)Liabilitiesa) Pharmaceuticals167,384.1 157,462.2 129,854.8 157,462.2 b) Others1,194.8 1,084.7 3,070.0 1,084.7 Total168,578.9 158,546.9 132,924.8 158,546.9 Less: Inter segment liabilities216.6 32.3 2,115.8 32.3 Total liabilities168,362.3 158,514.6 130,809.0 158,514.6 NOTES:123456a.b.c.d.e.During the quarter ended June 30, 2026, 53,425 equity shares of2/- each, fully paid-up, were allotted upon exercise of the vested stockoptionspursuant to the Lupin Employees Stock Option Plans (ESOPs), resulting in an increase in the paid-up share capital by0.1 million andsecuritiesExceptional itemsDuring the quarter ended June 30, 2026, acquisition of wholly owned subsidiary VISUfarma B.V., Netherlands was concluded by NanomiB.V.,Netherlands on April 01, 2026, with total consideration of20,902.7 million (Euro 192.8 million). Fair value of intangibles acquired15,971.1million, deferred tax liability3,992.8 million, Goodwill6,030.2 million has been provisionally accounted based on report of independentvaluer.The acquisition related costs are accounted in "Other expenses".The Consolidated Financial Statements are prepared in accordance with Ind AS 110 "Consolidated Financial Statements" and Ind AS28"Investments in Associates and Joint Ventures". The above Consolidated Financial Results were reviewed by the Audit Committee and thereafter approved and taken on record by the BoardofDirectors at their meeting held on August 06, 2026. The Statutory Auditors of the Company have carried out limited review of theaboveConsolidated Financial Results pursuant to Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.The Consolidated Financial Results include the financial results of the subsidiaries, Lupin Pharmaceuticals, Inc. - U.S.A., Lupin Australia PtyLimited- Australia, Nanomi B.V. - Netherlands, Pharma Dynamics (Proprietary) Limited - South Africa, Hormosan Pharma GmbH - Germany,MulticarePharmaceuticals Philippines Inc. - Philippines, Lupin Atlantis Holdings SA - Switzerland, Lupin Healthcare (UK) Limited - U.K., LupinPharmaCanada Limited - Canada, Generic Health Pty Limited - Australia, Lupin Mexico S.A. de C.V. - Mexico, Lupin Philippines Inc. - Philippines,LupinDiagnostics Limited - India, Generic Health SDN. BHD. - Malaysia, Lupin Inc. - U.S.A., Laboratorios Grin S.A. de C.V. - Mexico,MedquimicaIndustria 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 Biologics Limited - India, Lupin Oncology Inc. - U.S.A., Lupin Digital Health Limited - India, Avenue Coral Springs LLC-U.S.A., Southern Cross Pharma Pty Ltd - Australia, Lupin Life Sciences Limited - India, Lupin Manufacturing Solutions Limited - India,MedisolS.A.S. - France, Lupin Lanka (Private) Ltd. - Sri Lanka, Lupin NZ Ltd. - New Zealand, Lupinlife Consumer Healthcare Limited - India,RenasciencePharma Limited - U.K. (w.e.f. April 02, 2025), VISUfarma B.V. - Netherlands (w.e.f. April 01, 2026), VISUfarma UK Limited - U.K. (w.e.f. April01,2026), VISUfarma SPA - Italy (w.e.f. April 01, 2026), IRIS Bidco SAS - France (w.e.f. April 01, 2026), IRIS BidCo Srl - Italy (w.e.f. April 01,2026),VISUfarma Espana SL, Spain (w.e.f. April 01, 2026), Laboratorios Nicox SLU, Spain (w.e.f. April 01, 2026), Lupin (Thailand) Limited, Thailand (w.e.f April 17, 2026) and a joint venture, YL Biologics Limited - Japan.The Group is exposed to multiple civil lawsuits alleging anticompetitive behavior related to certain products and possible violation offederaland state antitrust laws. These lawsuits were combined into the collection of similar cases referred to as In Re GenericPharmaceuticalsAntitrust Litigation. Such litigation are often resolved through settlement agreements. During the quarter ended March 31, 2026; theGrouphas based on best estimate, created a provision, of1,323.1 million (USD 15.8 million), resulting in cumulative provision of5,816.9million(USD 65.8 million) at year ended March 31, 2026 related to antitrust litigation matters. In April 2026, Lupin Pharmaceuticals, Inc., U.S.A.,awholly owned subsidiary of the Group, settled one of the ongoing antitrust matters for an amount of2,654.1 million (USD 30.0million)without admission of liability or wrongdoing. The remaining provision continues to be carried by the Group towards future settlementsrelatedto similar cases.On February 09, 2026, Lupin Limited and its subsidiary entered into a settlement agreement with Astellas towards ongoing dispute relatedtoMirabegron ER Tablets a generic version of Myrbetriq ER Tablets in US markets. In respect of the same, Lupin Pharmaceuticals, Inc.,U.S.A.paid8,475.5 million (USD 90.0 million), which includes7,110.8 million (USD 75.0 million) as Prepaid Option and1,364.7 million(USD15.0 million) as one-time payment towards the settlement. During the year ended March 31, 2026, the Group has expensed out1,364.7million (USD 15.0 million) and has capitalised the balance amount towards Prepaid Option.The Government of India has consolidated 29 existing labour legislations into a unified framework comprising four labour codes asfollows:Code on Wages, 2019, Code on Social Security, 2020, Industrial Relations Code, 2020 and Occupational Safety, Health andWorkingConditions Code, 2020 (collectively referred to as the "New Labour Codes"). The New Labour Codes are effective from November 21,2025and introduce changes that include, among other things, setting a uniform definition of wages. The Group has assessed the implications oftheNew Labour Codes and has recognized an incremental cost of512.2 million during the year ended March 31, 2026. The Group continuestomonitor the developments pertaining to the New Labour Codes and the impact, if any, will be accounted in accordance withapplicableaccounting standards.During the year ended March 31, 2026, the Group has received an arbitration award, consequently accounted an income of603.2millioncontinued on Page 3..
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789 By order of the BoardFor Lupin LimitedNilesh D. GuptaPlace : ZurichManaging DirectorDate : August 06, 2026DIN: 01734642The figures for the quarter ended March 31, 2026 are the balancing figures between audited figures in respect of the previous full financial yearandthe unaudited published year-to-date figures up to the third quarter ended December 31, 2025. The year-to-date figures up to the thirdquarterended December 31, 2025 were only subject to Limited Review and not audited.During the quarter and year ended March 31, 2026, the Group has recognised an impairment charge of879.1 milion and1,130.1milionrespectively related to certain capital work-in-progress, intangible assets and intangible assets under development.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 Renascience Pharma Limited, U.K., for a consideration of1,361.6 million (GBP 12.3 million). Fair valueofintangibles acquired1,239.4 million, deferred tax liability309.8 million, Goodwill325.9 million has been accounted based on reportofindependent valuer. The acquisition related costs are accounted in "Other expenses".
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Regd. Office: 19th floor, Shapath-V, Opp. Karnavati Club, S.G. Highway, Ahmedabad-380 015, Gujarat, India. Deloitte Haskins & Sells Chartered Accountants LLP is registered with Limited Liability having LLP identification No: AAX-2454 Chartered AccountantsOne International CenterTower 3, 27th-32nd floorsSenapati Bapat MargElphinstone Road (West)Mumbai-400 013Maharashtra, IndiaTel: 226 185 4000Fax: 226 185 4101CONSOLIDATED FINANCIAL RESULTSTO THE BOARD OF DIRECTORS OFLUPIN LIMITED 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of LUPIN LIMITED and total comprehensive loss of its one joint venture for the quarter ended June 30, 2026 being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as 2. Financial with relevant rules issued thereunder 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 ,issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 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 SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.4. The Statement includes the results of entities mentioned in Annexure Ito this report.
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5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the auditors referred to in paragraph 6 below, 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 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.6. We did not review the interim financial information of 17 subsidiaries included in the consolidated unaudited financial results, whose interim financial information reflect total revenues of Rs. 53,604.3 million (before consolidation adjustments) for the quarter ended June 30, 2026, total net loss after tax of Rs. 2,411.0 million (before consolidation adjustments) for the quarter ended June 30, 2026 and total comprehensive loss of Rs. 2,614.8 million (before consolidation adjustments) for the quarter ended June 30, 2026 as considered in the Statement. These interim financial statements have been reviewed by other auditors whose reports have been furnished to us by the 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 are located outside India whose interim financial statements have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been reviewed by other auditors under generally accepted s management has converted the interim financial statements 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 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 report of other auditors and the conversion adjustments prepared by the management of the Company and reviewed by us.Our conclusion on the Statement is not modified in respect of this matter.7. The consolidated unaudited financial results includes the financial information of 17 subsidiaries which have not been reviewed by their auditors, whose interim financial information reflect total revenue of Rs. 3,894.1 million (before consolidation adjustments) for the quarter ended June 30, 2026, total profit after tax of Rs. 473.5 million (before consolidation adjustments) for the quarter ended June 30, 2026 and total comprehensive income of Rs. 455.7 million (before consolidation adjustments) for the quarter ended June 30, 2026, as considered in the Statement. The consolidated unaudited financial results also s. 0.2 million for the quarter ended June 30, 2026 and total comprehensive loss of Rs. 5.6 million for the quarter ended June 30, 2026, as considered in the Statement, in respect of 1 joint venture, based on their interim financial information which have not been reviewed by their auditors. According to the information and explanations given to us by the Management, these interim financial information are not material to the Group.Our conclusion on the Statement is not modified in respect of this matter.
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8. The consolidated financial results of the Company for the quarter and year ended March 31, 2026 and for the quarter ended June 30, 2025 included in the Statement, were audited/ reviewed by another auditor who expressed an unmodified opinion/ conclusion on those statements on May 07, 2026 and August 05, 2025 respectively.Our conclusion on the Statement is not modified in respect of this matter.9. The figures for the three months ended March 31, 2026 as reported in the Statement are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures upto the third quarter of the previous financial year. The figures up to the end of the third quarter of previous financial year had only beenreviewed and not subjected to audit. Our conclusion on the Statement is not modified in respect of this matter.For Deloitte Haskins & Sells Chartered Accountants LLPChartered Accountants117364W/W100739)Mohammed Bengali(Partner)(Membership No. 105828)(UDIN: 26105828CDVBON2993)Place: MumbaiDate: August 06, 2026
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INTERIM CONSOLIDATED FINANCIAL RESULTS Board of Directors of Lupin Limited) Deloitte Haskins & Sells Chartered Accountants LLP ANNEXURE I TO THE INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF (Referred to in paragraph 4 under Independent Auditor's Review Report of even date to the Sr. No. Name of entities Relationship 1 Lupin Limited Parent 2 Lupin Pharmaceuticals, Inc.- USA Subsidiary 3 Lupin Australia Pty Limited -Australia Subsidiary 4 Nanomi B.V. -Netherlands Subsidiary 5 Pharma Dynamics (Proprietary) Limited - South Africa Subsidiary 6 Multicare Pharmaceuticals Philippines Inc. - Philippines Subsidiary 7 Lupin Philippines, Inc. - Philippines Subsidiary 8 Hormosan Pharma GmbH- Germany Subsidiary 9 Generic Health SDN. BHD. - Malaysia Subsidiary 10 Lupin Mexico S.A. de C.V. - Mexico Subsidiary 11 Lupin Inc. - USA Subsidiary 12 Avenue Coral Springs, LLC - USA Subsidiary 13 Lupin Oncology Inc. - USA Subsidiary 14 Lupin Research Inc. - USA Subsidiary 15 Lupin Management Inc. - USA Subsidiary 16 Novel Laboratories, Inc. - USA Subsidiary 17 VISUfarma B. V. - Netherlands Subsidiary (w.e.f. April 01, 2026)
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Deloitte Haskins & Sells Chartered Accountants LLP 18 VISUfarma UK Ltd- United Kingdom (w.e.f. April 01, 2026) 19 Iris BidCo Sri - Italy (w.e.f. April 01, 2026) 20 Laboratories Nicox SLU - Spain (w.e.f. April 01, 2026) 21 VISUfarma Espana SL- Spain (w.e.f. April 01, 2026) 22 Iris Bidco SAS - France (w.e.f. April 01, 2026) 23 VISUfarma SpA - Italy (w.e.f. April 01, 2026) 24 Lupin Diagnostics Limited - India 25 Lupin (Thailand) Ltd. -Thailand (incorporated on April 17, 2026) 26 Lupin Biologics Limited - India 27 Lupin Digital Health Limited - India 28 Lupin Life Sciences Limited - India 29 Lupin Manufacturing Solutions Limited - India 30 Lupinlife Consumer Healthcare Limited - India 31 Lupin Atlantis Holdings S.A. -Switzerland 32 Lupin Europe GmbH - Germany 33 Medquimica Industria Farmaceutica LTDA - Brazil 34 Medisol S.A.S. - France Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary
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Deloitte Haskins & Sells Chartered Accountants LLP 35 Lupin Pharma Canada Ltd. - Canada 36 Laboratories Grin, S.A. de C.V. -Mexico 37 Lupin Healthcare (UK) Limited - United Kingdom 38 Renascience Pharma Limited -United Kingdom 39 Southern Cross Pharma Pty Ltd. - Australia 40 Generic Health Pty Ltd. - Australia 41 Lupin NZ Ltd. - New Zealand 42 Lupin Lanka (Private) Limited - Sri Lanka 43 YL Biologics Limited - Japan Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Joint Venture