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Lupin

LUPIN NSE

Key Fundamentals

MidcapPharmaceuticalsHealthcare
Market Cap
₹92,770 Cr
Volatility
Moderate
P/E Ratio
16.79
EBITDA
₹9,240 Cr
Return on Equity
23.79%
Debt to Equity
0.29
Book Value
₹490.9
EPS
₹49.64
52W High
₹2,529.5
52W Low
₹1,900

Tapetide Score

Data-driven rating, 0–100. How it works →

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

Revenue Growth
26.75% higher than 3Y
Net Income Growth
61.98% lower than 3Y
Cash Flow Change
144% higher than 3Y
ROE
24.42% higher than 3Y
ROCE
33.49% lower than 3Y
EBITDA Margin (Avg.)
33.03% lower than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

Lupin Ltd has a market capitalisation of about ₹95,447 crore. Its earnings have recovered sharply: profit grew at a 140% CAGR over 3 years, TTM profit growth is 61%, and TTM sales growth is 28%. Last-year ROE was 29%. The stock trades at 17.3x earnings and 4.27x book value. Over the longer run the record is weaker, with 10-year sales CAGR of 7%, profit CAGR of 10%, stock CAGR of 3%, and average ROE of 10%, so the key question is whether the current profitability can last.

Bull Case 8
  • Profit has compounded at 37% CAGR over 5 years and 140% CAGR over 3 years, which reflects a strong earnings recovery from a low base.
  • Momentum continues in the latest period, with TTM sales growth of 28% and TTM profit growth of 61%. That points to operating leverage as revenue scales.
  • ROE has risen to 29% last year from a 10-year average of 10% and a 5-year average of 13%. This suggests a large improvement in capital efficiency.
  • Working capital days have fallen from 46.4 to 28.0. This frees up cash and points to better receivables and inventory management.
  • A P/E of 17.3 is modest compared with TTM profit growth of 61% and 3-year sales CAGR of 19%, so the valuation does not appear to fully price in recent growth.
  • Sales growth has sped up from a 10-year CAGR of 7% to a 5-year CAGR of 13% and a 3-year CAGR of 19%, which suggests a structural shift in the growth trajectory.
  • The company keeps a dividend payout of 17.1%, returning cash to shareholders while keeping most earnings for reinvestment.
  • The stock has delivered a 23% CAGR over 3 years and 17% over 5 years, broadly in line with the improvement in fundamentals.
Bear Case 7
  • The 10-year record is weak: sales CAGR of 7%, profit CAGR of 10%, and stock CAGR of only 3%. This suggests the business has been cyclical over the long run and has not compounded consistently.
  • The 3-year profit CAGR of 140% comes off a depressed base. Growth rates like this are unlikely to continue and may overstate the underlying trend.
  • Last-year ROE of 29% is well above the 10-year average of 10%. It could fall back if US generic pricing or product-specific opportunities fade.
  • At a P/B of 4.27, the stock prices in continued high returns. If ROE falls back toward the 13% 5-year average, this multiple would be hard to justify.
  • Stock returns have slowed to 9% over 1 year from a 23% CAGR over 3 years. This may mean much of the earnings recovery is already priced in.
  • The dividend yield is low at 0.86%, so income investors get little cushion if earnings growth slows.
  • Much of the 28% TTM sales growth depends on regulated export markets. There, FDA inspection outcomes and generic price erosion can quickly reverse gains, as the weak 10-year profit CAGR of 10% shows.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Positives 2
  • Tentative FDA nod: Apixaban suspension Sep 28

    Lupin received tentative U.S. FDA approval for its novel Apixaban Oral Suspension, a liquid option for patients who cannot swallow tablets. A tentative approval means the product cannot launch commercially yet, so the revenue benefit comes later.

  • US FDA approval for Modafinil Sep 7

    Lupin received US FDA approval for Modafinil Tablets, a wakefulness-promoting agent used for narcolepsy, which adds to its US portfolio. Modafinil is a mature generic molecule, so the revenue impact is likely to be small.

Neutral 2
  • Philippines arm now wholly owned Oct 1

    Multicare Pharmaceuticals Philippines completed a buyback of 30,559 shares and became a wholly owned subsidiary of Nanomi B.V. effective October 1, 2026, following an intimation dated July 1, 2026. This is a structural consolidation disclosed under SEBI LODR Regulation 30.

  • Kotak, J.P. Morgan investor meets Sep 8

    Lupin attended the Kotak Healthcare Conference on September 17, 2026 and a J.P. Morgan India Conference group meet on September 21, both in person with analysts and institutional investors. Presentations used only material already published on exchange websites, so no new disclosures were expected.

TL;DR: Lupin's recent news flow is steady and slightly positive. It received two US FDA approvals in September, including a tentative nod for a differentiated Apixaban oral suspension, and no negative developments were reported. The main limits are that the Apixaban approval is only tentative, so revenue depends on future final approval and launch timing, and that Modafinil is a crowded generic market with a small expected contribution. The trend looks stable to improving, and the next things to watch are a final Apixaban approval and growth in US generics in upcoming quarterly results.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others1.02%Promot.46.85%Public5.06%FIIs22.42%DIIs24.65%As ofJun 2026

Documents

Frequently Asked Questions about Lupin

What does Lupin Ltd do?
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), L...
Where is Lupin Ltd (LUPIN) listed?
Lupin Ltd trades as LUPIN on the NSE and under code 500257 on the BSE.
Which sector does Lupin Ltd belong to?
Lupin Ltd is classified under the Healthcare sector, in the Pharmaceuticals industry.
What is the market capitalisation of Lupin Ltd?
Lupin Ltd has a market capitalisation of ₹92,770 Cr, which places it in the Large Cap band.
What is the PE ratio of Lupin Ltd?
Lupin Ltd trades at a PE ratio of 16.79, on earnings per share of ₹49.64, against a book value of ₹490.9 per share.
What is the 52-week high and low of Lupin Ltd?
Over the last 52 weeks Lupin Ltd has traded between ₹1,900 and ₹2,529.5.
Does Lupin Ltd pay dividends?
Lupin Ltd has a dividend yield of 0.89%.
What is the Return on Equity (ROE) of Lupin Ltd?
Lupin Ltd reported a return on equity of 23.79%. Its debt-to-equity ratio is 0.29.

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.

Website lupin.com
CEO Ms. Vinita D. Gupta
Employees 24,006
Listed 2001-09-10
Face Value ₹ 2
Issued Size 45,67,98,806

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