GST department initiates inspection and search ops at Lupin's office

Feb 25, 2026

Synopsis
Maharashtra's Goods & Services Tax Department has initiated inspection and search proceedings at Lupin's registered office. The pharmaceutical giant stated that these actions will not impact its financials, operations, or other activities. Lupin recently reported strong Q3 FY26 growth, with highest-ever US sales and double-digit growth in India.

The Goods & Services Tax Department of Maharashtra initiated inspection and search proceedings at the registered office of Pharma giant Lupin, the company said in a release on Wednesday.

However, Lupin said that the initiation of this inspection and search does not have any impact on the company’s financials, operations or other activities.

Shares of Lupin Ltd. closed at Rs 2292.45 per script on Wednesday.

The pharmaceutical reported a gross profit of Rs 52,224 million in Q3 FY26, with a gross margin of 73.5%. Its India sales stood at Rs 20,387 million, up 5.6% y-o-y, accounting for 29% of Lupin’s global sales.

Lupin launched 3 brands across therapies during the quarter. Lupin is the 8th largest company in the Indian Pharmaceutical Market (IQVIA MAT Dec 2025), the company said.

"We are happy to deliver another quarter of strong growth led by our highest-ever quarterly sales in the US and double-digit growth in India and all other regions. We are on track to deliver a strong close to FY26," Nilesh Gupta, Managing Director, Lupin Limited, said.

Lupin invested Rs 5,352 million in research and development in the third quarter, which accounts for 7.5% of sales.

United States continues to be its biggest market accounting for 44% of Lupin’s global sales at Rs 31,132 million in Q3.

[The Economic Times]