The Maharashtra Goods and Services Tax (GST) Department has initiated inspection and search proceedings at the registered office of pharmaceutical major Lupin Ltd., the company confirmed in an official statement on Wednesday.
Clarifying the development, Lupin stated that the inspection would not have any bearing on its financial position, day-to-day operations, or overall business activities. The company emphasized that it continues to function normally and remains focused on its strategic and operational priorities.
Shares of Lupin Ltd. ended Wednesday’s trading session at ₹2,292.45 per share.
Strong Q3 FY26 Financial Performance
The regulatory development comes at a time when Lupin has reported robust financial performance for the third quarter of FY26. The company posted a gross profit of ₹52,224 million during the quarter, translating into a healthy gross margin of 73.5%.
Lupin’s India business recorded sales of ₹20,387 million, reflecting a 5.6% year-on-year growth. The domestic market contributed 29% to the company’s overall global revenues, underlining India’s continued importance in Lupin’s revenue mix.
During the quarter, the drugmaker introduced three new brands across multiple therapy segments, strengthening its product portfolio and reinforcing its presence in key therapeutic areas.
Global Momentum and Market Position
Lupin highlighted that it achieved its highest-ever quarterly sales in the United States, alongside double-digit growth in India and other international markets. The company expressed confidence in maintaining this growth trajectory and indicated that it remains on course for a strong finish to the financial year 2025–26.
According to IQVIA MAT data for December 2025, Lupin ranks as the eighth-largest company in the Indian Pharmaceutical Market, reflecting its significant footprint in the domestic pharma landscape.
Despite the ongoing GST inspection, Lupin’s management reiterated that business momentum remains intact, with sustained growth across geographies and a positive outlook for the remainder of FY26.
