Lupin’s revenue was largely in-line with our estimates (+2.3%). EBITDA and Adj. PAT beat our estimates significantly due to lower-than-expected COGS and lower than expected other expenses.We increase our FY2E6 EPS estimates to INR 79.7 (previously: 78.8) as we anticipate expanding respiratory portfolio in Europe, upcoming injectable launches include glucagon and dalbavancin, and GLP-1 launch in India in 2026E will drive growth.