Lupin Ltd
Lupin Ltd
Healthcare F&OKey Fundamentals
MidcapPharmaceuticalsHealthcareInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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49 extracted metrics + investor summaries across FY00–FY26.
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Technical Indicators
Key Insights
Strengths
3- Company has delivered good profit growth of 37.0% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 17.1%
- Company's working capital requirements have reduced from 46.4 days to 28.0 days
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 12d agoLupin Ltd is a ₹1.10 lakh crore mid-large-cap pharmaceutical company trading at a PE of 20.6x with TTM sales growth of 23% and TTM profit growth of 76%. The company has delivered a 5-year profit CAGR of 37% and improved its ROE from 13% (5-year average) to 29% last year, though valuation at 4.92x book reflects substantial re-rating from its earlier underperformance cycle.
- TTM revenue growth of 23% significantly outpaces the Indian pharma sector average, with FY25 consolidated revenue reaching ~₹22,708 crore (13.5% YoY growth)
- TTM profit growth of 76% demonstrates strong operating leverage and margin expansion, with FY25 EBITDA margin improving to ~24%
- 5-year compounded profit CAGR of 37% reflects a sustained earnings recovery cycle from the regulatory setbacks of 2018-2021
- ROE has improved sharply from a 5-year average of 13% to 29% in the last year, indicating efficient capital deployment
- Working capital days reduced from 46.4 to 28.0 days, freeing up cash and improving return ratios
- PE of 20.6x is below peers like Sun Pharma (~36x) and in line with Dr. Reddy's (~23x), despite superior recent growth rates
- US business (36% of FY25 revenue) benefits from the company ranking 3rd by prescriptions in US generics, with a pipeline tilted toward complex generics
- Company achieved net-cash-positive balance sheet status, with net debt-equity turning negative, reducing financial risk
- Stock has already re-rated 31% CAGR over 3 years, with much of the earnings recovery potentially priced in at 4.92x price-to-book
- 10-year profit CAGR of only 10% and 10-year stock CAGR of only 4% reveal a long history of inconsistent execution prior to the current upcycle
- US generics market faces structural price erosion, with the overall market projected to grow at only 3.6% CAGR through 2033, limiting pricing power
- Dividend yield of just 0.75% (17.1% payout ratio) offers limited income cushion in a correction, especially relative to the sector average
- Q4 FY24 showed sequential revenue decline of 4.55% and profit decline of 41.38% QoQ, indicating potential quarter-to-quarter lumpiness
- Geographic concentration risk with US (36%) and India (34%) contributing 70% of revenue, both subject to regulatory and pricing pressure
- Pharma sector faces ongoing risks from intellectual property challenges, government pricing controls, and FDA compliance requirements that have historically impacted Lupin
- At a market cap of ₹1.10 lakh crore, maintaining 23% revenue growth becomes progressively harder on a larger base, with FY25 standalone growth already moderating to 13.5%
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- US competition from generics Aug 10
Increased competition from Mirabegron and Tolvaptan expected to partially offset US growth drivers, tempering near-term upside in the $1.1B–$1.2B US business forecast.
- US growth delayed to FY28 Aug 10
Lupin's US business not expected to return to growth until FY28, relying on pipeline of first-to-file products, biosimilars, and 505(B)(2) formulations still in development.
- Q1 FY27 sales surge 33% Aug 6
Lupin reported Q1 FY27 consolidated revenue of ₹82,172–82,769 Mn (up 32-33% YoY) with net profit growing 16-27% YoY, driven by strong US and emerging market performance.
- Sugammadex launched in US Jul 30
Lupin launched Sugammadex Injection in the US market, competing with Merck's Bridion in the neuromuscular blockade reversal segment.
- ₹18 dividend declared Aug 4
Shareholders approved ₹18 final dividend and reappointed Nilesh D. Gupta as MD at the 44th AGM held August 4, 2026.
- Kaveri Therapeutics acquisition Jul 21
Lupin Inc. acquired 82.2% stake in Kaveri Therapeutics for USD 1.6 million, gaining exclusive license to two oncology programs.
- FDA approval sodium zirconium Aug 10
Lupin received US FDA approval for Sodium Zirconium Cyclosilicate Oral Suspension, expanding its US pharmaceutical portfolio.
- Diazepam Injection FDA cleared Jul 31
US FDA approved Lupin's Diazepam Injection USP, reinforcing presence in the US injectable generics segment.
- Institutional block trades on NSE Aug 5
Two block trades executed in Jul-Aug: ₹29.03 Cr at ₹2,388.30/share (Aug 5) and ₹27.12 Cr at ₹2,444.40/share (Jul 17), indicating institutional portfolio activity.
- 25% EBITDA margin guided Aug 10
Lupin guided approximately 25% EBITDA margins and high single-digit revenue growth for the current year with US business forecast at $1.1B–$1.2B.
- Q1 FY27 earnings call held Jul 22
Lupin hosted Q1 FY27 earnings call on August 7, 2026 at 16:30 IST to discuss financial results.
TL;DR: Lupin is executing well with 33% revenue growth in Q1 FY27, multiple FDA approvals, and strategic acquisitions expanding its oncology and injectable pipeline. The key risk is rising US generic competition from Mirabegron and Tolvaptan, with full US growth recovery not expected until FY28. The trend is positive near-term on strong quarterly results and product launches, though investors should monitor competitive pressure in the US base business.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,814 | 5,039 | 5,197 | 4,961 | 5,600 | 5,673 | 5,768 | 5,667 | 6,268 | 7,048 | 7,168 | 7,475 | 8,277 |
| Expenses | 3,958 | 4,121 | 4,159 | 3,964 | 4,359 | 4,332 | 4,412 | 4,346 | 4,541 | 4,706 | 4,906 | 4,989 | 5,827 |
| Operating Profit | 856 | 918 | 1,038 | 997 | 1,241 | 1,340 | 1,356 | 1,321 | 1,727 | 2,341 | 2,262 | 2,486 | 2,450 |
| OPM % | 18% | 18% | 20% | 20% | 22% | 24% | 24% | 23% | 28% | 33% | 32% | 33% | 30% |
| Other Income | 23 | 40 | 29 | 29 | 68 | 42 | 54 | 57 | 79 | 90 | -312 | 9 | 130 |
| Interest | 86 | 81 | 74 | 71 | 68 | 71 | 67 | 89 | 92 | 108 | 115 | 120 | 110 |
| Depreciation | 235 | 248 | 257 | 457 | 248 | 257 | 271 | 393 | 299 | 317 | 313 | 447 | 453 |
| PBT | 559 | 630 | 736 | 498 | 993 | 1,055 | 1,071 | 896 | 1,416 | 2,007 | 1,522 | 1,928 | 2,017 |
| Tax % | 19% | 21% | 16% | 26% | 19% | 19% | 20% | 13% | 14% | 26% | 22% | 24% | 30% |
| Net Profit | 453 | 495 | 619 | 368 | 806 | 859 | 859 | 782 | 1,221 | 1,485 | 1,181 | 1,469 | 1,417 |
| EPS in Rs | 9.94 | 10.76 | 13.47 | 7.89 | 17.58 | 18.69 | 18.74 | 16.92 | 26.69 | 32.36 | 25.73 | 31.94 | 30.95 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 12,770 | 14,256 | 17,367 | 15,797 | 14,665 | 15,375 | 15,163 | 16,405 | 16,642 | 20,011 | 22,708 | 27,958 | 29,967 |
| Expenses | 9,146 | 10,564 | 12,865 | 12,649 | 12,104 | 13,020 | 12,596 | 16,187 | 14,921 | 16,211 | 17,430 | 19,798 | 20,428 |
| Operating Profit | 3,624 | 3,691 | 4,502 | 3,148 | 2,561 | 2,355 | 2,567 | 219 | 1,721 | 3,800 | 5,278 | 8,160 | 9,538 |
| OPM % | 28% | 26% | 26% | 20% | 17% | 15% | 17% | 1.3% | 10% | 19% | 23% | 29% | 32% |
| Other Income | 235 | 184 | 106 | -1,310 | 91 | -134 | 138 | 210 | 151 | 131 | 202 | 523 | -82 |
| Interest | 10 | 59 | 153 | 204 | 302 | 363 | 141 | 143 | 274 | 312 | 295 | 434 | 452 |
| Depreciation | 435 | 487 | 912 | 1,086 | 846 | 970 | 887 | 1,659 | 881 | 1,197 | 1,169 | 1,376 | 1,529 |
| PBT | 3,415 | 3,329 | 3,543 | 547 | 1,503 | 887 | 1,676 | -1,372 | 716 | 2,422 | 4,015 | 6,873 | 7,474 |
| Tax % | 28% | 32% | 28% | 53% | 59% | 130% | 27% | 10% | 38% | 20% | 18% | 22% | — |
| Net Profit | 2,444 | 2,270 | 2,565 | 258 | 615 | -270 | 1,228 | -1,528 | 448 | 1,936 | 3,306 | 5,355 | 5,551 |
| EPS in Rs | 53.47 | 50.17 | 56.63 | 5.56 | 13.4 | -5.95 | 26.81 | -33.62 | 9.45 | 42.01 | 71.88 | 117 | 121 |
| Div. Payout % | 14% | 15% | 13% | 90% | 37% | -101% | 24% | -12% | 42% | 19% | 17% | 15% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 90 | 90 | 90 | 90 | 90 | 91 | 91 | 91 | 91 | 91 | 91 | 91 |
| Reserves | 8,784 | 11,073 | 13,407 | 13,487 | 13,652 | 12,446 | 13,712 | 12,062 | 12,374 | 14,199 | 17,112 | 22,357 |
| Borrowings | 537 | 7,178 | 7,966 | 7,143 | 8,496 | 6,305 | 4,783 | 4,158 | 4,542 | 2,922 | 5,448 | 6,616 |
| Other Liabilities | 3,642 | 3,957 | 4,749 | 5,300 | 5,423 | 5,968 | 4,844 | 5,340 | 5,794 | 6,539 | 6,327 | 9,082 |
| Total Liabilities | 13,054 | 22,298 | 26,212 | 26,020 | 27,661 | 24,810 | 23,430 | 21,651 | 22,800 | 23,751 | 28,978 | 38,146 |
| Fixed Assets | 4,368 | 8,717 | 11,033 | 10,362 | 11,087 | 7,938 | 7,881 | 7,382 | 8,355 | 8,878 | 9,719 | 10,994 |
| CWIP | 576 | 2,702 | 2,133 | 2,598 | 1,640 | 940 | 1,066 | 1,146 | 1,238 | 773 | 517 | 1,016 |
| Investments | 1,658 | 16 | 2,136 | 262 | 2,295 | 2,374 | 2,455 | 900 | 517 | 1,075 | 1,146 | 3,670 |
| Other Assets | 6,451 | 10,862 | 10,910 | 12,798 | 12,639 | 13,557 | 12,028 | 12,224 | 12,690 | 13,026 | 17,596 | 22,466 |
| Total Assets | 13,054 | 22,298 | 26,212 | 26,020 | 27,661 | 24,810 | 23,430 | 21,651 | 22,800 | 23,751 | 28,978 | 38,146 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 2,733 | -382 | 4,114 | 1,751 | 1,666 | 1,469 | 1,822 | 367 | 1,897 | 3,648 | 3,000 | 7,334 |
| Investing | -1,034 | -6,769 | -2,527 | 470 | -3,282 | 1,107 | -1,240 | 1,292 | -1,287 | -1,712 | -4,172 | -3,865 |
| Financing | -197 | 5,836 | 433 | -1,492 | 744 | -891 | -1,885 | -1,572 | -337 | -2,184 | 1,732 | -846 |
| Net Cash Flow | 1,502 | -1,315 | 2,019 | 729 | -872 | 1,685 | -1,303 | 87 | 273 | -248 | 560 | 2,624 |
| Free Cash Flow | 1,865 | -6,164 | 1,513 | 261 | 706 | 798 | 1,150 | -531 | 436 | 2,732 | 1,347 | 5,527 |
| CFO/OP | 101 | 21 | 117 | 73 | 102 | 84 | 99 | 146 | 124 | 105 | 74 | 105 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 76 | 116 | 91 | 120 | 128 | 129 | 108 | 95 | 98 | 86 | 88 | 86 |
| Inventory Days | 220 | 276 | 266 | 253 | 283 | 232 | 279 | 261 | 242 | 272 | 292 | 303 |
| Days Payable | 172 | 168 | 189 | 178 | 184 | 162 | 137 | 129 | 136 | 163 | 158 | 208 |
| Cash Conversion Cycle | 124 | 225 | 167 | 195 | 227 | 199 | 249 | 227 | 204 | 195 | 223 | 181 |
| Working Capital Days | 56 | 102 | 63 | 126 | 115 | 33 | 34 | 45 | 32 | 53 | 58 | 28 |
| ROCE % | 40% | 24% | 19% | 10% | 10% | 9% | 9% | -7% | 6% | 16% | 21% | 30% |
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Company Information
Lupin is an innovation-led transnational pharmaceutical company headquartered in Mumbai. Lupin develops and commercializes a wide range of branded and generic formulations, biotechnology products, and APIs in over 100 markets in the U.S., India, South Africa, and across the Asia Pacific (APAC), Latin America (LATAM), Europe, and Middle East regions.