Guidance ledger · Q4 FY26

Lupin Limited LUPIN

3 revisions on record · 0 lowered · 2 raised — the strikethrough is what management used to say

directional guidance only · shifted across quarters

Holding view → · latest concall · The pulse

↑ raised FY26 EBITDA margin guidance Q1 FY26 → Q4 FY26

~~24%-25%~~ → 29.7% (actual)

“EBITDA was INR 8,160 crores a sharp increase of 54.6% YoY with margins of 29.7% vis-a-vis 23.8% over the same period last year and significantly higher than a margin guidance of 27% to 28%”

→ narrowed FY27 EBITDA margin guidance Q3 FY26 → Q4 FY26

~~24%-25%~~ → around 25%

“we would be looking at around about 25%, or in the vicinity of that for the full year and of course high -single digit number”

↑ raised FY27 ETR Q3 FY26 → Q4 FY26

~~21%-22% (FY26)~~ → 25%-26%

“For FY27, we expect the ETR to be about 25% - 26% due to the phasing out of incentives on some of our domestic facilities”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.