LUPIN Q4 FY26 Guidance vs Delivery (LUPIN Management Mirror)

Financial Guidance & Margins

Management guides for high single-digit top-line growth and Mar'27 EBITDA margins of approximately 25%, an upgrade from the 24% to 25% range projected in the Sep'25 Qtr and Dec'25 Qtr. R&D spending is reaffirmed at 8% of sales for Mar'27, consistent with the 7.5% to 8.5% range maintained since the Sep'25 Qtr. The Effective Tax Rate (ETR) is expected to rise to 25% to 26% for Mar'27 due to phasing out domestic incentives, an increase from the 21% to 22% expected for Mar'26 in prior quarters. [Status: Upgraded]