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 04, 2026 National Stock Exchan ge 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, 2026 Dear Sir/Madam, Pursuant to Regulations 30 and 33 of the Securities and Exchang e Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform y ou that the Board of Directors of the Company, at its meeting held on Tuesday, November 03, 2026, inter alia , unanimously approved the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2026. T h e s a i d U n a u d i t e d F i n a n c i a l R e s u l t s a l o n g w i t h t h e L i m i t e d R e view Reports of the Statutory Auditors thereon are enclosed herewith. The Board meeting commenced on November 03, 2026, at 07:30 p.m. (IST) and concluded on November 04, 2026, at 12:25 a.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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L U P I N (₹ in million) Particulars 30/09/2026 30/06/2026 30/09/2025 30/09/2026 30/09/2025 31/03/2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited ) 1) Revenue from operations a) Sales / income from operati ons 35,282.9 71,124.6 38,527.9 106,4 07.5 94,582.0 190,444.2 b) Other operating income 390.5 5 94.4 2,154.9 984.9 3,186.7 4,682.4 Total Revenue from operations 35, 673.4 71,719.0 40,682.8 107,392.4 97,768.7 195,126.6 2) Other income 955.2 1,024.8 700.0 1,980.0 1,241.4 3,127.7 3) Total income (1+2) 36,628.6 72,743. 8 41,382.8 109,372.4 99,010.1 198, 254.3 4) Expenses a) Cost of materials consumed 10,142 .7 10,505.5 8,641.4 20,648.2 17,7 32.8 36,783.6 b) Purchases of stock-in-trade 3 ,388.6 3,089.0 3,096.8 6,477.6 6,216. 11 1 , 9 2 3 . 2 c) Changes in inventorie s of finished goods, (810.8) (99.6) 954.4 (9 10.4) 556.9 46.6 work-in-progress and stock-in-trade [(increase)/decrease] d) Employee benefits expense 7,4 69.8 7,196.9 6,088.3 14,666.7 12,527. 22 5 , 4 4 8 . 8 e) Finance cost 325.5 355.6 277.8 681.1 466.8 1,214.7 f) Depreciation, amortisation and impairment expense 1,931.2 1,900 .1 1,747.2 3,831.3 3,514.5 7,071.8 g) Other expenses 14,230.8 13,619.9 12,148.6 27,850.7 24,170.5 49,159. 8 h) Net (gain) / loss on foreign cu rrency transactions (860.4) 75.8 (2,003.0) (784.6) (2,487.5) (6,271.0) Total expenses 35,817.4 36,643.2 30, 951.5 72,460.6 62,697.3 125,377.5 5) Profit / (Loss) before exceptional item and tax (3-4) 811.2 36,10 0.6 10,431.3 36,911. 8 36,312.8 72,876.8 6) Exceptional items [income/(expense)] (Refer note 5) (769.3) - 5, 926.8 (769.3) 5,926.8 4,065.7 7) Profit / (Loss) before tax (5+6) 41 .9 36,100.6 16,358.1 36,142.5 42, 239.6 76,942.5 8) Tax expense (net) Current tax 32.3 8,925.7 2,872.3 8,958.0 7,387.7 13,512.9 Deferred tax 68.7 28.9 (87.7) 97.6 (2.3) (236.0) Total tax expense 101.0 8,954.6 2 ,784.6 9,055.6 7,385.4 13,276.9 9) Net Profit / (Loss) after tax (7-8) (59.1) 27,146.0 13,573.5 27,086 .9 34,854.2 63,665.6 10) Other Comprehensive Income / (Loss) (a) (i) Items that will not be reclassified subsequently to (43.4) (0.8) 196.3 (44.2) 92.8 61.8 profit or loss (ii) Income tax relating to items that will not be reclassified 15.1 0.3 (68.6) 15.4 (32.4) (21.6) subsequently to profit or loss (b) (i) Items that will be reclassified subsequently to profit or 51.8 109.2 (437.9) 161.0 (365.1) (324.3) loss (ii) Income tax relating to items that will be reclassified (18.2) (38.1) 153.0 (56.3) 127.6 113.3 subsequently to profit or loss Other Comprehensive Income / (Loss), net of tax 5. 3 70.6 (157.2) 75 .9 (177.1) (170.8) 11) Total Comprehensive Income / (Loss), net of tax (9+10) (53.8) 27, 216.6 13,416.3 27,162. 8 34,677.1 63,494.8 12) Paid up equity share capital (Face value ₹ 2/- each) 914.6 914.5 913.6 914.6 913.6 914.4 13) Other equity 300,423.3 14) Earnings per share (of ₹ 2/- each) (Not annualised for the quarters and six months ended) (A) Before exceptional items 'a) Basic (in ₹) 1.55 59.37 18.42 60.92 65.01 129.18 'b) Diluted (in ₹) 1.55 59.27 18.37 60.61 64.84 128.84 (B) After exceptional items 'a) Basic (in ₹) (0.13) 59.37 29.72 59.24 76.32 139.38 'b) Diluted (in ₹) (0.13) 59.27 29.65 58.94 76.12 139.01 See accompanying notes to the standalone financial results. continued on Page 2.. Year Ended LUPIN LIMITED Registered Office: 3rd Floor, Kalpataru Inspire, Off Western Express Highway, Santacruz (East), Mumbai 400 055. Tel: (91-22) 6640 2323 E-mail: info@lupin.com Website: www.lupin.com Corporate Identity Number: L24100MH1983PLC029442 STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2026 Quarter Ended Six months Ended Quarter Ended Quarter Ended Six months Ended
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NOTES: 1. 2. 3. 4. 5. a. b. c. d. e. f. continued on Page 3.. During the previous periods ended September 30, 2025 and March 31, 2026, the Company has determined that the carrying value of investment in a wholly owned subsidiary is higher than the recoverable amount and has provided for diminution in the value of investment of ₹ 700.0 million. During the quarter ended and six months ended September 30, 202 6, 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 ₹ 769.3 million. 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 state antitrust laws.These lawsuits were 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 reversedin the standalone results. During the period ended September 30, 2026, the wholly owned subsidiary settled one of the ongoing antitrust matters for an amount of₹ 3,162.8 million (USD 35.8 million) without admission of liability or wrongdoing. On February 09, 2026, Lupin Limited and its subsidiary entered into a settlement agreement with Astellas towards ongoing dispute related to Mirabegron ER Tablets a generic version of Myrbetriq ER Tabletsin 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.S.A., 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. The Government of India has consolidated 29 existing labour legislationsinto 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"). The New Labour Codes are effective from November 21, 2025 and introduce changes that include, 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. During the previous periods ended September 30, 2025 and March 31, 2026, the Company transferred its Over the Counter ('OTC') 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 millio n and ₹ 37.2 million respectiv ely. ….. Page 2 ….. The above Standalone Financial Results were reviewed by the Audit Committee on November 02, 2026 and thereafter approved and taken on record by the Board of Directors at their meeting held on November 03, 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. As approved by the Members of the Company at the 44th Annual General Meetingheld on August 04, 2026, the Company has disbursed on August 06, 2026 a final dividend of ₹ 18/- per equity share of the face value of ₹ 2/- each aggregating ₹ 8,230.2 million. During the quarter ended September 30, 2026, 57,436 (year to date 110,861)equity shares of₹ 2/- each, fully paid-up, were allotted upon exercise of the vested stock options pursuant to the Lupin Employees StockOption Plans (ESOPs), resulting in an increase in the paid-up equity share capital by₹ 0.1 million (year to date₹ 0.2 million) and securities premium account by₹ 87.1 million (year to date₹ 164.0 million). Exceptional items The Standalone Financial Results are prepared in accordance with Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.
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6. Standalone Balance Sheet: (₹ in million) As at 30/09/2026 As at 31/03/2026 (Unaudited) (Audited) A. ASSETS 1) Non-Current Assets a. Property, Plant and Equipment 31,318.4 31,685.1 b. Capital Work-in-Progress 6,121.3 4,294.3 c. Right-of-use Assets 5,512.3 6,273.3 d. Intangible Assets 10,427.3 10,767.3 e. Intangible Assets Under Development 960.2 931.7 f. Financial Assets (i) Non-Current Investments - In Subsidiaries 149,074.5 121,370.9 - In Others 634.6 634.6 (ii) Non-Current Loans 1,184.3 1,271.1 (iii) Other Non-Current Financial Assets 4,698.8 26,052.6 g. Non-Current Tax Assets (Net) 313.9 396.2 h. Other Non-Current Assets 1,856.5 1,401.2 212,102.1 205,078.3 2) Current Assets a. Inventories 37,417.9 33,507.8 b. Financial Assets (i) Current Investments 39,881.5 34,247.7 (ii) Trade Receivables 71,366.4 69,220.3 (iii) Cash and Cash Equivalents 1,654.3 1,116.3 (iv) Other Bank Balances 158.6 164.4 (v) Current Loans 531.7 1,023.7 (vi) Other Current Financial Assets 4,688.0 6,405.9 c. Current Tax Assets (Net) -4 . 3 d. Other Current Assets 14,334.2 10,260.2 170,032.6 155,950.6 382,134.7 361,028.9 B. EQUITY AND LIABILITIES 1) Equity a. Equity Share Capital 914.6 914.4 b. Other Equity 320,274.2 300,423.3 321,188.8 301,337.7 2) Liabilities I) Non-Current Liabilities a. Financial Liabilities (i) Lease Liabilities 3,226.3 3,906.5 (ii) Other Non-Current Financial Liabilities 382.5 316.0 b. Non-Current Provisions 4,960.6 4,527.8 c. Deferred Tax Liabilities (Net) 1,363.6 1,225.1 d. Other Non-Current Liabilities 1,433.4 1,392.5 11,366.4 11,367.9 II) Current Liabilities a. Financial Liabilities (i) Current Borrowings 4,664.2 5,768.8 (ii) Lease Liabilities 1,530.2 1,476.0 (iii) Trade Payables - Total outstanding dues of Micro Enterprises and Small Enterprises 1,243.0 1,335.0 28,065.4 23,952.4 (iv) Other Current Financial Liabilities 4,156.1 4,635.4 b. Other Current Liabilities 3,576.2 3,855.7 c. Current Provisions 1,795.6 1,733.9 d. Current Tax Liabilities (Net) 4,548.8 5,566.1 49,579.5 48,323.3 60,945.9 59,691.2 382,134.7 361,028.9 continued on Page 4.. Particulars ….. Page 3 ….. Total Liabilities Total Non-Current Assets Total Current Assets TOTAL ASSETS Total Equity Total Non-Current Liabilities - Total outstanding dues of creditors other than Micro Enterprises and Small Enterprises Total Current Liabilities TOTAL EQUITY AND LIABILITIES
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7. Standalone Statement of Cash Flows: (₹ in million) Six months ended Six months ended 30/09/2026 30/09/2025 (Unaudited) (Unaudited) A. Cash Flow from Operating Activities Profit before Tax 36,142.5 42,239.6 Adjustments for: Depreciation, Amortisation and Impairment Expense 3,831.3 3,514.5 (Profit) / Loss on sale / write-off of Property, Plant and Equipment / Intangible Assets (15.9) (33.1) (Profit) / Loss on Divestment of Business Undertaking - (6,626.8) Finance Costs 681.1 466.8 Gain on Sale of Investments (179.4) (196.0) Interest on Deposits with Banks and Others (411.4) (377.8) Interest on Income Tax Refund (63.2) - Bad Trade Receivables / Advances Written off 0.2 1.3 Unrealised Loss / (Gain) on Investments (920.6) (345.6) Impairment Allowances for Doubtful Trade Receivables / Advances provided (35.3) 619.7 Share Based Payments Expense 291.7 95.2 Impairment in value of Non-Current investments 769.3 700.0 Unrealised Exchange (Gain) / Loss on Revaluation 2,552.4 (1,835.0) Operating Profit before Working Capital Changes 42,642.7 38, 222.8 Changes in working capital: (Increase) / Decrease in Trade Receivables (4,891.3) (9,367.1) (Increase) / Decrease in Inventories (3,910.1) (1,855.2) (Increase) / Decrease in Other Assets (1,936.1) (1,713.1) Increase / (Decrease) in Trade Payables 4,238.8 1,162.0 Increase / (Decrease) in Other Liabilities (236.0) 1,540.2 Cash Generated from Operations 35,908.0 27,989.6 Net Income tax paid (9,836.1) (5,244.2) Net Cash Flow generated from / (used in) Operating Activities 26,071.9 22,745.4 B. Cash Flow from Investing Activities Payment for acquisition of business, net of cash acquired -( 9 5 . 6 ) (4,631.0) (2,616.5) 33.4 58.5 (7,101.2) (700.0) (85,030.0) (74,881.3) 80,599.1 53,990.7 95.8 (1,026.7) (515.0) (700.0) 1,115.0 - 402.1 363.5 Net Cash Flow generated from / (used in) Investing Activities (15,031.8) (25,607.4) C. Cash Flow from Financing Activities Proceeds from / (Repayment of) Current Borrowings (1,104.6) 7,063.8 Proceeds from issue of equity shares (including share application money) 72.6 53.4 Payment of Principal Portion of Lease Liabilities (739.5) (299.5) Interest Paid on Lease Liabilities (235.6) (127.8) Finance Costs Paid (264.8) (184.7) Dividend Paid (8,230.2) (5,476.5) Net Cash Flow generated from / (used in) Financing Activities (10,502.1) 1,028.7 Net increase / (decrease) in Cash and Cash Equivalents 538. 0 (1,833.3) Cash and Cash Equivalents as at the beginning of the perio d 1,116.3 3,418.0 Effect of Exchange Rate Changes on Cash and Cash Equivalents - - Cash and Cash Equivalents as at the end of the period 1,654 .3 1,584.7 By Order of the Board For Lupin Limited Nilesh D. Gupta Place : Naples, USA Managing Director Date : November 03, 2026 DIN: 01734642 and capital creditors) ….. Page 4 ….. Loan Repaid by Subsidiaries Interest Received Particulars Investments in subsidiaries Proceeds from sale of Investments Loan given to Subsidiaries Payment for acquisition of Property, Plant and Equipment (including capital work-in- progress, other intangible assets, intangible assets under development, capital advances Proceeds from sale of Property, Plant and Equipments / Intangible Assets Purchase of Investments Change in other bank balance and cash not available for immed iate use Nilesh Deshband hu Gupta Digitally signed by Nilesh Deshbandhu Gupta DN: c=IN, o=Personal, title=6932, pseudonym=9r75p60l1secq2oz3mk8a4 txwfhdjibv, 2.5.4.20=109981f538c9b5977dbe12906 d79bec1952a6256119ccb991416d6372 ec44b31, postalCode=400049, st=Maharashtra, serialNumber=7a16dcea8b43492f4add0 9114ed80d4fed841982fa49f5cee0c8f5c 83172792c, cn=Nilesh Deshbandhu Gupta Date: 2026.11.03 22:47:30 +05'30'
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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 Accountants One International Center Tower 3, 27th-32nd floors Senapati Bapat Marg Elphinstone Road (West) Mumbai-400 013 Maharashtra, India Tel: 226 185 4000 Fax: 226 185 4101 INDEPENDENT AUDITOR’S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF LUPIN LIMITED 1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of LUPIN LIMITED (“the Company”), which includes branch located at Nepal for the quarter and six months ended September 30, 2026 (“the St atement”), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“the Listing Regulations”). 2. This Statement, which is the responsibility of the Company’s Management and approved by the Company’s Board of Directors, has been prepar ed in accordance with the recognition and measurement principles laid down in the Indi an Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013 read 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 Engagements (SRE) 2410 ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’, issued by the Institute of Chartered Account ants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company’s personnel responsible for financial and accounting matters , and applying analytical and other review procedures. A review is substantially less in sco pe than an audit conducted in accordance with Standards on Auditing specified under sectio n 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 Indi an Accounting Standard and other accounting principles generally accepte d 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 year en ded March 31, 2026 and for the quarter and six months ended September 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 November 06, 2025 respectively. Our conclusion on the Statement is not modified in respect of this matter. For Deloitte Haskins & Sells Chartered Accountants LLP Chartered Accountants (Firm’s Registration No.117364W/W-100739) Mohammed Bengali (Partner) (Membership No. 105828) (UDIN: 26105828NJBKME7455) Place: Mumbai Date: November 03, 2026 MOHAMMED SAIFUDDIN BENGALI Digitally signed by MOHAMMED SAIFUDDIN BENGALI Date: 2026.11.03 23:01:34 +05'30'
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L U P I N (₹ in million) Particulars Quarter Ended Quarter Ended Quarter Ended Six Months Ended Six Months Ended Year Ended 30/09/2026 30/06/2026 30/09/2025 30/09/2026 30/09/2025 31/03/2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1) Revenue from operations a) Sales / income from operations 77,855.2 82,172.3 68,314.3 160,027 .5 129,951.8 274,875.4 b) Other operating income 417.4 596.6 2,160.8 1,014.0 3,206.7 4,704.9 Total Revenue from operations 78,272.6 82,768.9 70,475.1 161,041.5 1 33,158.5 279,580.3 2) Other income 1,267.9 1,303.2 900.0 2,571.1 1,690.4 4,244.5 3) Total income (1+2) 79,540.5 84,072.1 71,375.1 163,612.6 134,848.9 283 ,824.8 4) Expenses a) Cost of materials consumed 13,107.4 13,116.6 11,391.5 26,224.0 22, 657.8 46,219.0 b) Purchases of stock-in-trade 7,331.8 8,422.7 7,249.2 15,754.5 14,38 8.7 28,670.1 c) Changes in Inventories of finished goods, work-in-progress (3 57.8) (646.9) (393.0) (1,004.7) (1,079.5) (1,624.5) and stock-in-trade [(increase) / decrease] d) Employee benefits expense 14,235.8 13,830.0 11,055.6 28,065.8 21,8 85.6 45,745.3 e) Finance costs 1,057.1 1,096.4 1,075.9 2,153.5 1,993.5 4,344.9 f) Depreciation, amortisation and impairment expense (Refer note 10) 4,859.0 4,528.5 3,167.7 9,387.5 6,157.5 13,755.0 g) Other expenses 24,381.4 23,412.0 19,795.8 47,793.4 37,516.2 78,975. 1 h) Net (gain) / loss on foreign currency transactions (870.1) 139 .0 (2,037.3) (731.1) (2,896.0) (6,564.7) Total expenses 63,744.6 63,898.3 51,305.4 127,642.9 100,623.8 209,520 .2 5) Profit / (Loss) before share of profit of joint venture and t ax (3-4) 15,795.9 20,173.8 20,069.7 35,969.7 34,225.1 74,304.6 6) Share of profit / (loss) from joint venture (net of tax) 0.1 (0 .2) - (0.1) - - 7) Profit / (Loss) before tax and exceptional items (5+6) 15,796.0 2 0,173.6 20,069.7 35,969.6 34,225.1 74,304.6 8) Exceptional items [income/(expense)] (Refer note 11) - - - - - (5,5 79.1) 9) Profit / (Loss) before tax (7+8) 15,796.0 20,173.6 20,069.7 35,969. 6 34,225.1 68,725.5 10) Tax expense (net) Current tax 721.2 9,843.9 3,239.9 10,565.1 8,148.8 15,273.5 Deferred tax 3,521.8 (3,840.1) 1,981.5 (318.3) (986.6) (102.7) Total tax expense 4,243.0 6,003.8 5,221.4 10,246.8 7,162.2 15,170.8 11) Net Profit / (Loss) after tax (9-10) 11,553.0 14,169.8 14,848.3 25, 722.8 27,062.9 53,554.7 12) Other Comprehensive Income / (Loss) (a) (i) Items that will not be reclassified subsequently to prof it or loss (42.3) (0.8) 93.7 (43.1) (9.8) (63.9) (ii) Income tax relating to items that will not be reclassified 14.3 1.1 (42.8) 15.4 (6.6) 1.1 subsequently to profit or loss (b) (i) Items that will be reclassified subsequently to profit o r loss 353.5 521.7 754.3 875.2 2,449.2 4,195.6 (ii) Income tax relating to items that will be reclassified (22 .0) (166.9) 153.0 (188.9) 127.6 271.2 subsequently to profit or loss Other Comprehensive Income / (Loss), net of tax 303.5 355.1 958.2 6 58.6 2,560.4 4,404.0 13) Total Comprehensive Income / (Loss), net of tax (11+12) 11,856.5 14,524.9 15,806.5 26,381.4 29,623.3 57,958.7 14) Profit / (Loss) attributable to : Owners of the Company 11,552.6 14,150.0 14,779.2 25,702.6 26,969.5 53 ,328.4 Non-Controlling Interest of the Company 0.4 19.8 69.1 20.2 93.4 226.3 Profit / (Loss) for the period 11,553.0 14,169.8 14,848.3 25,722.8 2 7,062.9 53,554.7 15) Other Comprehensive Income / (Loss) attributable to: Owners of the Company 303.6 361.3 955.7 664.9 2,538.4 4,356.3 Non-Controlling Interest of the Company (0.1) (6.2) 2.5 (6.3) 22.0 47 .7 Other Comprehensive Income / (Loss) for the period 303.5 355.1 958 .2 658.6 2,560.4 4,404.0 16) Total Comprehensive Income / (Loss) attributable to: Owners of the Company 11,856.2 14,511.3 15,734.9 26,367.5 29,507.9 5 7,684.7 Non-Controlling Interest of the Company 0.3 13.6 71.6 13.9 115.4 27 4.0 Total Comprehensive Income / (Loss) for the period 11,856.5 14,52 4.9 15,806.5 26,381.4 29,623.3 57,958.7 17) Paid up equity share capital (Face value of ₹ 2/- each) 914.6 914.5 913.6 914.6 913.6 914.4 18) Other Equity 223,568.3 19) Earnings per share (Face value of ₹ 2/- each) (Not annualised for the quarters and six months ended) (A) Before exceptional items a) Basic (in ₹) 25.27 30.95 32.36 56.21 59.05 128.45 b) Diluted (in ₹) 25.14 30.89 32.28 55.92 58.90 128.11 (B) After exceptional items a) Basic (in ₹) 25.27 30.95 32.36 56.21 59.05 116.75 b) Diluted (in ₹) 25.14 30.89 32.28 55.92 58.90 116.44 See accompanying notes to the consolidated financial results. continued on Page 2.. LUPIN LIMITED STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2026 Tel: (91-22) 6640 2323 E-mail: info@lupin.com Website: www.lupin.com Registered Office: 3rd Floor, Kalpataru Inspire, Off. Western Express Highway, Santacruz (East), Mumbai 400 055. Corporate Identity Number: L24100MH1983PLC029442
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Segment Information Particulars Quarter Ended Quarter Ended Quarter Ended Six Months Ended Six Months Ended Year Ended 30/09/2026 30/06/2026 30/09/2025 30/09/2026 30/09/2025 31/03/2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1) Revenue a) Pharmaceuticals 77,756.3 82,343.5 70,103.2 160,099.8 132,467.3 278 ,123.6 b) Others 521.2 430.3 376.8 951.5 699.6 1,473.9 Total 78,277.5 82,773.8 70,480.0 161,051.3 133,166.9 279,597.5 Less: Inter segment revenue 4.9 4.9 4.9 9.8 8.4 17.2 Total revenue from operations 78,272.6 82,768.9 70,475.1 161,041.5 1 33,158.5 279,580.3 2) Results a) Pharmaceuticals 16,138.4 20,605.6 20,479.9 36,744.0 35,058.3 70,50 2.7 b) Others (342.4) (432.0) (410.2) (774.4) (833.2) (1,777.2) Total profit before tax (after exceptional items) 15,796.0 20,173 .6 20,069.7 35,969.6 34,225.1 68,725.5 3) Assets a) Pharmaceuticals 397,287.2 406,033.0 332,471.5 397,287.2 332,471.5 381,286.0 b) Others 2,347.3 2,354.6 2,555.2 2,347.3 2,555.2 2,394.6 Total 399,634.5 408,387.6 335,026.7 399,634.5 335,026.7 383,680.6 Less: Inter segment assets 524.1 216.5 22.3 524.1 22.3 32.3 Total assets 399,110.4 408,171.1 335,004.4 399,110.4 335,004.4 383,64 8.3 4) Liabilities a) Pharmaceuticals 157,560.4 167,384.1 136,746.5 157,560.4 136,746.5 157,462.2 b) Others 1,562.2 1,194.8 995.2 1,562.2 995.2 1,084.7 Total 159,122.6 168,578.9 137,741.7 159,122.6 137,741.7 158,546.9 Less: Inter segment liabilities 523.7 216.6 21.0 523.7 21.0 32.3 Total liabilities 158,598.9 168,362.3 137,720.7 158,598.9 137,720.7 1 58,514.6 NOTES: 1 2 3 4 5 6 7 8 9 10 continued on Page 3.. During the quarter ended September 30, 2026, 57,436 (year to date 110,861)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 equity share capital by₹ 0.1 million (year to date ₹ 0.2 million) and securities premium account by ₹ 87.1 million (year to date ₹ 164.0 million). Effective April 01, 2026, Nanomi B.V., Netherlands, a wholly owned subsidiary has acquired the entire share capital of VISUfarma B.V., Netherlandsfor a total consideration of₹ 20,902.7 million (Euro192.8 million). Fair value of intangibles acquired₹16,730.2 million, deferred tax liability₹ 4,182.5 million, Goodwill ₹ 6,549.4 million hasbeen provisionally accounted based on report of independent valuer. The acquisition related costs are accounted in "Other expenses". Effective April 02, 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 of₹ 1,361.6 million (GBP 12.3 million). Fair value of intangibles acquired₹ 1,239.4 million, deferred tax liability ₹ 309.8 million, Goodwill ₹ 325.9 million has been accounted based on report of independent valuer. During the quarter ended September 30, 2026 and year ended March 31, 2026, the Group has recognised an impairment charge of₹ 246.8 million and₹ 1,130.1 million respectively related to certain capital work-in-progress, intangible assets and intangible assets under development. Effective July 01, 2026, Nanomi B.V., Netherlands, increased its ownership interest in Multicare Pharmaceuticals Philippines Inc. (MPPI) from 56.28% to 99.89% through the acquisition of shares from certain existing shareholders for a consideration amounting to₹ 3,701.2 million and a share buyback amounting to ₹ 17.0 million. Effective July 20, 2026, the Company through its wholly owned step-down subsidiary, Lupin Inc., U.S.A., sublicensed two intellectual property assets to Kaveri Therapeutics Inc., U.S.A. ("Kaveri") in exchange for equity sharesv a l u e da t₹ 153.3 million (USD 1.6 million), resulting in an 82.17% ownership interest. Consequently, Lupin Inc. obtained control over Kaveri, and Kaveri is accounted for as a subsidiary. ….. Page 2 ….. The above Consolidated Financial Results were reviewed by the Audit Committee on November 02, 2026 and thereafter approved and taken on record by the Board of Directors at their meeting held on November 03, 2026. 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. 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 Holdings 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-I n d i a , Generic Health SDN. BHD. - Malaysia, Lupin Inc. - U.S.A., Laboratorios 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 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, Medisol S.A.S. - France, Lupin Lanka (Private) Ltd. - Sri Lanka,Lupin NZ Ltd. - New Zealand, Lupinlife Consumer Healthcare Limited - India, Renascience Pharma Limited - U.K., VISUfarma B.V. - Netherlands (w.e.f. April 01, 2026), VISUfarma UK Limited - U.K. (w.e.f. April 01, 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), Kaveri Therapeutics, Inc., U.S.A. (w.e.f. July 20, 2026) & joint venture, YL BiologicsLimited - Japan. As approved by the Members of the Company at the 44th Annual General Meetingheld on August 04, 2026, the Company has disbursed on August 06, 2026 a final dividend of ₹ 18/- per equity share of the face value of ₹ 2/- each aggregating ₹ 8,230.2 million. (₹ in million) The Consolidated Financial Results are prepared in accordance with Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.
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11 continued on Page 4.. a. The Group is exposed to multiple civil lawsuits alleging anticompetitive behavior related to certain products and possible violation of federaland state antitrust laws. These lawsuits were 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 thequarter ended March 31, 2026; the Group has based on best estimate, createda provision, of₹ 1,323.1 million (USD 15.8 million), resulting in cumulative provision of₹ 5,816.9 million (USD 65.8 million) at year ended March 31,2026 related to antitrust litigation matters. During the six months ended September 30, 2026, Lupin Pharmaceuticals, Inc., U.S.A., a wholly owned subsidiary of the Group, settled one of the ongoing antitrust matters for an amount of₹ 3,162.8 million (USD 35.8 million) without admission of liability or wrongdoing. The remaining provision continues to be carried by the Group towards future settlements related to similar cases. Exceptional items e. During the year ended March 31, 2026, the Group has received an arbitration award, consequently accounted an income of₹ 603.2 million (USD 6.9 million) and a reversal of expense provision of ₹ 611.6 million (USD 7.0 million). ….. Page 3 ….. b. On February 09, 2026, Lupin Limited and its subsidiary entered into a settlement agreement with Astellas towards ongoing dispute related to Mirabegron ER Tablets a generic version of Myrbetriq ER Tablets in US markets. In respect of the same, Lupin Pharmaceuticals, Inc., U.S.A. paid₹ 8,475.5 million (USD 90.0 million), which includes₹ 7,110.8 million (USD 75.0 million) as Prepaid Option and₹ 1,364.7 million (USD 15.0 million) as one-time payment towards the settlement. During the year ended March 31, 2026, the Group has expensedo u t₹ 1,364.7 million (USD 15.0 million) and has capitalised the balance amount towards Prepaid Option. c. The Government 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"). The New Labour Codesare effective from November 21, 2025 and introduce changes that include, among other things, setting a uniform definition of wages. The Group has assessed the implications of the New Labour Codes and has recognized an incremental cost of ₹ 512.2 million during the year ended March 31, 2026. d. During the year ended March 31, 2026, the Group entered into a settlement agreement with an income of ₹ 873.7 million (USD 10.0 million).
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12 Consolidated Balance Sheet: (₹ in million) Particulars (Unaudited) (Audited) A. ASSETS 1) Non-Current Assets a. Property, Plant and Equipment 46,439.9 46,685.6 b. Capital Work-in-Progress 9,312.1 6,951.6 c. Right-of-use Assets 7,467.7 7,805.4 d. Goodwill 33,679.9 26,585.3 e. Other Intangible Assets 41,762.9 28,862.5 f. Intangible Assets Under Development 3,970.7 3,209.5 g. Investments accounted for using equity method 297.9 289.8 h. Financial Assets (i) Non-Current Investments 2,812.6 635.6 (ii) Non-Current Loans 34.3 21.1 (iii) Other Non-Current Financial Assets 14,356.7 14,515.8 i. Deferred Tax Assets (Net) 5,569.3 5,647.2 j. Non-Current Tax Assets (Net) 445.5 489.8 k. Other Non-Current Assets 2,259.3 1,675.3 Total Non-Current Assets 168,408.8 143,374.5 2) Current Assets a. Inventories 65,625.2 60,832.5 b. Financial Assets (i) Current Investments 41,454.4 35,771.3 (ii) Trade Receivables 66,560.3 66,040.6 (iii) Cash and Cash Equivalents 19,390.7 41,677.3 (iv) Other Bank Balances 14,584.9 14,851.7 (v) Current Loans 40.6 29.3 (vi) Other Current Financial Assets 3,102.5 5,629.8 c. Current Tax Assets (Net) 333.6 14.5 d. Other Current Assets 19,609.4 15,426.8 Total Current Assets 230,701.6 240,273.8 TOTAL ASSETS 399,110.4 383,648.3 B. EQUITY AND LIABILITIES 1) Equity a. Equity Share Capital 914.6 914.4 b. Other Equity 239,590.0 223,568.3 c. Non-Controlling Interest 6.9 651.0 Total Equity 240,511.5 225,133.7 2) Liabilities I) Non-Current Liabilities a. Financial Liabilities (i) Non-Current Borrowings 13,415.9 16,433.9 (ii) Lease Liabilities 4,390.8 4,948.7 (iii) Other Non-Current Financial Liabilities 597.2 526.5 b. Non-Current Provisions 5,920.5 5,327.0 c. Deferred Tax Liabilities (Net) 6,222.6 2,187.7 d. Other Non-Current Liabilities 2,639.3 2,578.4 Total Non-Current Liabilities 33,186.3 32,002.2 II) Current Liabilities a. Financial Liabilities (i) Current Borrowings 41,542.1 42,668.1 (ii) Lease Liabilities 2,455.6 2,111.1 (iii) Trade Payables - Total outstanding dues of Micro Enterprises and Small Enterprises 1,498.2 1,573.1 - Total outstanding dues of creditors other than Micro Enterprises and Small Enterprises 44,082.2 40,158.2 (iv) Other Current Financial Liabilities 6,574.2 11,220.2 b. Other Current Liabilities 17,711.0 16,488.9 c. Current Provisions 5,367.5 5,612.4 d. Current Tax Liabilities (Net) 6,181.8 6,680.4 Total Current Liabilities 125,412.6 126,512.4 Total Liabilities 158,598.9 158,514.6 TOTAL EQUITY AND LIABILITIES 399,110.4 383,648.3 continued on Page 5.. As at 31/03/2026 As at 30/09/2026 ….. Page 4 …..
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13 Consolidated Statement of Cash Flows: (₹ in million) Particulars Six Months Ended Six Months Ended 30/09/2026 30/09/2025 (Unaudited) (Unaudited) A. Cash Flow from Operating Activities Profit before Tax 35,969.6 34,225.1 Adjustments for: Depreciation, Amortisation and Impairment Expense 9,387.5 6,157.5 (Profit) / Loss on sale / write-off of Property, Plant and Equipment / Intangible Assets (56.1) (40.2) Finance Costs 2,153.5 1,993.5 Gain on Sale of Investments (213.8) (212.5) Interest on Deposits with Banks and Others (1,108.4) (1,067.2) Interest on Income Tax Refund (69.2) (16.0) Bad Trade Receivables / Advances written off 15.3 155.9 Unrealised Loss / (Gain) on Investments (951.7) (345.1) Impairment Allowances for Doubtful Trade Receivables / Other Receivables / Deposits / Advances - 647.1 Share Based Payment Expense 826.7 234.7 Net (Gain) / Loss on Financial Assets / Financial Liabilities Measured at Fair Value Through Profit or Loss - 15.5 Unrealised Exchange (Gain) / Loss on Revaluation 2,589.8 (1,835.0) Operating Profit before Working Capital Changes 48,543.2 39,913.3 Changes in working capital: (Increase) / Decrease in Trade Receivables (1,761.9) (6,428.4) (Increase) / Decrease in Inventories (3,438.5) (4,580.8) (Increase) / Decrease in Other Assets (1,680.2) (1,674.7) Increase / (Decrease) in Trade Payables 3,241.7 4,004.4 Increase / (Decrease) in Other Liabilities (4,280.7) 3,737.7 Cash Generated from Operations 40,623.6 34,971.5 Net Income tax paid (11,164.1) (5,943.6) Net Cash Flow generated from / (used in) Operating Activities 29,459.5 29,027.9 B. Cash Flow from Investing Activities Payment for acquisition of business, net of cash acquired (20,3 97.3) (1,357.5) (6,921.0) (5,738.0) Proceeds from sale of Property, Plant and Equipment / Intangible Assets 234.0 95.7 Purchase of Non Current Investments (2,177.0) - Purchase of Investments (103,022.4) (85,108.7) Proceeds from sale of Investments 99,259.0 63,758.4 Change in other bank balance and cash not available for immediate use (397.1) (1,139.6) Interest received 1,199.5 1,067.2 Net Cash Flow generated from / (used in) Investing Activities (32,222.3) (28,422.5) C. Cash Flow from Financing Activities Proceeds from / (Repayment of) Non-Current Borrowings (3,160.5) - Proceeds from / (Repayment of) Current Borrowings (1,490.0) 4,874.1 Buyback of shares (17.0) - Stake acquired from non-controlling interest (3,701.2) - Proceeds from issue of equity shares (including share application money) 72.6 53.4 Payment of Principal Portion of Lease Liabilities (1,037.0) (381.9) Interest paid on Lease Liabilities (305.6) (170.3) Finance Costs Paid (1,654.9) (1,665.3) Dividend paid (8,230.2) (5,476.5) Net Cash Flow generated from / (used in) Financing Activities (19,523.8) (2,766.5) Net increase / (decrease) in Cash and Cash Equivalents (22, 286.6) (2,161.1) Cash and Cash Equivalents as at the beginning of the period 41,677.3 15,436.9 Cash and Cash Equivalents as at the end of the period 19,39 0.7 13,275.8 Reconciliation of Cash and Cash Equivalents with the Balance Sheet 19,183.8 11,975.6 Effect of Exchange Rate Changes on Cash and Cash Equivalents 206.9 1,300.2 Cash and Cash Equivalents as at the end of the period as per Balance Sheet 19,390.7 13,275.8 By order of the Board For Lupin Limited Nilesh D. Gupta Place : Naples, USA Managing Director Date : November 03, 2026 DIN: 01734642 ….. Page 5 ….. Cash and Cash Equivalents Payment for acquisition of Property, Plant and Equipment (including capital work-in-progress, other intangible assets, intangible assets under development, capital advances and capital creditors) Nilesh Deshband hu Gupta Digitally signed by Nilesh Deshbandhu Gupta DN: c=IN, o=Personal, title=6932, pseudonym=9r75p60l1secq2oz3mk8a 4txwfhdjibv, 2.5.4.20=109981f538c9b5977dbe1290 6d79bec1952a6256119ccb991416d637 2ec44b31, postalCode=400049, st=Maharashtra, serialNumber=7a16dcea8b43492f4add 09114ed80d4fed841982fa49f5cee0c8f 5c83172792c, cn=Nilesh Deshbandhu Gupta Date: 2026.11.03 22:48:29 +05'30'
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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 Accountants One International Center Tower 3, 27th-32nd floors Senapati Bapat Marg Elphinstone Road (West) Mumbai-400 013 Maharashtra, India Tel: 226 185 4000 Fax: 226 185 4101 INDEPENDENT AUDITOR’S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF LUPIN LIMITED 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of LUPIN LIMITED (“the Parent”) and its subsidiaries (the Parent and its subsidiaries together referred to as “the Group”), and its share of the net profit / (loss) after tax and total comprehensive income of its one joint venture for the quarter and six months ended Septem ber 30, 2026 (“the Statement”) which includes the branch of the Group located at Nepal, being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“the 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 the Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013 read 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 accord ance 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 (ICAI). A review of interim financial information consists of making inquiries, primarily of Parent’s personnel 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 Auditi ng specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to ob tain 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 Re quirements) Regulations, 2015, as amended, to the extent applicable. 4. The Statement includes the results of entities mentioned in Annexure I to this report. 5. Based on our review conducted and procedures perf ormed 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 20 subsidiaries included in the consolidated unaudited financial results, whose interim financial information reflects total assets (before consolidation adjustments) of Rs. 358,026.9 million as at September 30, 2026, total revenues of Rs. 56,483.9 million and Rs. 113,054.7 million (before consolidation adjustments) for the quarter and six months ended September 30, 2026 respectively, total net loss after tax of Rs. 389.3 million and Rs. 3,130.2 million (before consolidation adjustments) for the quarter and six months ended September 30, 2026 respectively and total comprehensive income / (loss) of Rs. 39.5 million and Rs. (2,944.8) million (before consolidation adjustments) for the quarter and six months ended September 30, 2026 respectively, and cash outflow (net) (before consolidation adjustments) of Rs. 24,165.3 million for the six months ended September 30, 2026 as considered in the Statement. These interim fi nancial statements have been reviewed by other
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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 pr ocedures performed by us as stated in paragraph 3 above. These subsidiaries are located outside India whose in terim 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 auditing standards applicable in their respective countries. The Parent‘s management has converted the interim financial statements of such subsidiaries located outside India from accounting principles ge nerally 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 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 reflects total assets (before consolidation adjustments) of Rs. 19,423.4 million as at September 30, 2026, total revenues of Rs. 3,895.5 million and Rs. 7,789.6 million, (before consolidation adjustments) for the quarter and six months ended September 30, 2026 respectively, total net profit after tax of Rs. 193.3 million and Rs. 666.8 million (before consolidation adjustments) for the quarter and si x months ended September 30, 2026 respectively and total comprehensive income of Rs. 163.5 million and Rs. 619.2 million (before consolidation adjustments) for the quarter and six months ended September 30 , 2026 respectively, and cash inflow (net) (before consolidation adjustments) of Rs. 1,134.6 million for the six months ended September 30, 2026 as considered in the Statement. The consolidated unaudited financial results also includes the Group’s share of profit / (loss) after tax of Rs. 0.1 million and Rs . (0.1) million and total comprehensive income of Rs. 13.7 million and Rs. 8.10 million for the quarter and six months ended September 30, 2026, respectively, as considered in the Statement, in respect of 1 join t 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. 8. The consolidated financial results of the Company fo r the year ended March 31, 2026 and for the for the quarter ended and six months ended September 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 November 06, 2025 respectively. Our conclusion on the Statement is not modified in respect of this matter. For Deloitte Haskins & Sells Chartered Accountants LLP Chartered Accountants (Firm’s Registration No.117364W/W-100739) Mohammed Bengali (Partner) (Membership No. 105828) (UDIN: 26105828NDKKKQ9979) Place: Mumbai Date: November 03, 2026 MOHAMMED SAIFUDDIN BENGALI Digitally signed by MOHAMMED SAIFUDDIN BENGALI Date: 2026.11.03 23:00:40 +05'30'
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ANNEXURE I TO THE INDEPENDENT AUDITOR’S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS (Referred to in paragraph 4 under Independent Auditor’s Review Report of even date to the Board of Directors of Lupin Limited) 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 (w.e.f. April 01, 2026) Subsidiary 18 VISUfarma UK Ltd – United Kingdom (w.e.f. April 01, 2026) Subsidiary 19 Iris BidCo Srl – Italy (w.e.f. April 01, 2026) Subsidiary 20 Laboratorios Nicox SLU - Spain (w.e.f. April 01, 2026) Subsidiary 21 VISUfarma España SL - Spain (w.e.f. April 01, 2026) Subsidiary 22 Iris Bidco SAS – France (w.e.f. April 01, 2026) Subsidiary 23 VISUfarma SpA - Italy (w.e.f. April 01, 2026) Subsidiary 24 Lupin Diagnostics Limited - India Subsidiary
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Sr. No. Name of entities Relationship 25 Lupin (Thailand) Ltd. - Thailand (incorporated on April 17, 2026) Subsidiary 26 Lupin Biologics Limited - India Subsidiary 27 Lupin Digital Health Limited - India Subsidiary 28 Lupin Life Sciences Limited - India Subsidiary 29 Lupin Manufacturing Solutions Limited - India Subsidiary 30 LupinLife Consumer Healthcare Limited - India Subsidiary 31 Lupin Atlantis Holdings S.A. - Switzerland Subsidiary 32 Lupin Europe GmbH – Germany Subsidiary 33 Medquimica Industria Farmaceutica LTDA - Brazil Subsidiary 34 Medisol S.A.S. – France Subsidiary 35 Lupin Pharma Canada Ltd. - Canada Subsidiary 36 Laboratorios Grin, S.A. de C.V. - Mexico Subsidiary 37 Lupin Healthcare (UK) Limited - United Kingdom Subsidiary 38 Renascience Pharma Limited - United Kingdom Subsidiary 39 Southern Cross Pharma Pty Ltd. - Australia Subsidiary 40 Generic Health Pty Ltd. - Australia Subsidiary 41 Lupin NZ Ltd. - New Zealand Subsidiary 42 Lupin Lanka (Private) Limited - Sri Lanka Subsidiary 43 Kaveri Therapeutics Inc. – USA (w.e.f July 20, 2026) Subsidiary 44 YL Biologics Limited – Japan Joint Venture