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Lupin Ltd

LUPIN NSE

Key Fundamentals

MidcapPharmaceuticalsHealthcare
Market Cap
1.0L Cr
Volatility
Moderate
P/E Ratio
18.45
EBITDA
₹9,240 Cr
Return on Equity
23.79%
Debt to Equity
0.29
Book Value
₹490.96
EPS
₹49.64
52W High
₹2,529.5
52W Low
₹1,875

Insights

Beta

AI-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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Tapetide Score

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

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

Revenue Growth
26.75% ↗
Net Income Growth
61.98% ↗
Cash Flow Change
144.49% ↗
ROE
24.42% ↗
ROCE
33.49% ↗
EBITDA Margin (Avg.)
33.03% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 15d ago
AI opinion · based on fundamentals
Risk medium

Lupin 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.

Bull Case 8
  • 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
Bear Case 8
  • 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 anthropic claude-opus-4.6 18h ago
Headwinds 2
  • US competition from Mirabegron, Tolvaptan Aug 10

    Increased competition from Mirabegron and Tolvaptan generics expected to partially offset US growth drivers, pressuring the $1.1B–$1.2B US revenue forecast.

  • US growth delayed until FY28 Aug 10

    Lupin's US business anticipated to return to growth only starting FY28, implying near-term headwinds in its largest international market.

Positives 5
  • 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 rising 16–27% YoY to ₹14,170–27,146 Mn, driven by strong US and emerging market performance.

  • Sugammadex launched in US Jul 30

    Lupin launched Sugammadex Injection in the US, competing with Merck's Bridion in the neuromuscular blockade reversal segment.

  • ₹18 dividend, Deloitte appointed Aug 4

    Shareholders approved ₹18 final dividend and reappointed MD Nilesh Gupta at the 44th AGM on August 4, 2026.

  • Kaveri Therapeutics oncology acquisition Jul 21

    Lupin Inc. acquired 82.2% stake in Kaveri Therapeutics for USD 1.6 million, gaining exclusive license to two oncology programs.

  • 25% EBITDA margin guidance Aug 10

    Management guided high single-digit revenue growth with ~25% EBITDA margins for the current year, supported by injectables and Pegfilgrastim launches.

Neutral 4
  • FDA approval for Pitolisant Tablets Aug 17

    Lupin received final US FDA approval for generic Pitolisant Tablets (4.45 mg and 17.8 mg), bioequivalent to Wakix®, strengthening its CNS pipeline.

  • FDA approval Sodium Zirconium Cyclosilicate Aug 10

    Lupin secured US FDA approval for Sodium Zirconium Cyclosilicate Oral Suspension, expanding its US portfolio.

  • FDA approval for Diazepam Injection Jul 31

    Lupin received US FDA approval for Diazepam Injection USP, reinforcing its presence in the US injectables segment.

  • ₹29 Cr block trade on NSE Aug 5

    A block trade of ~1.22 lakh shares at ₹2,388.30/share (₹29.03 Cr) was executed on NSE, indicating institutional-level activity.

TL;DR: Lupin delivered a strong Q1 FY27 with 33% revenue growth and healthy profitability, supported by multiple US FDA approvals and new launches like Sugammadex. Management guides ~25% EBITDA margins and $1.1–1.2B US revenue, though increased generic competition from Mirabegron/Tolvaptan is a near-term drag. The US business is expected to return to growth only by FY28, with biosimilars and 505(B)(2) products as key catalysts. Overall trend is positive with a robust pipeline, but execution in the US market bears watching.

Quarterly Results

  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

  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

  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

  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

  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%

Shareholding Pattern

As of Jun 2026
Promoters 46.85%
DIIs 24.65%
FIIs 22.42%
Public 5.06%
Others 1.02%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
46.86%
46.84%
46.83%
46.81%
46.78%
47.10%
47.11%
47.10%
47.08%
47.07%
47.05%
47.04%
47.01%
46.98%
46.96%
46.95%
46.92%
46.90%
46.90%
46.89%
46.86%
46.85%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
16.11%
18.28%
19.32%
21.50%
22.04%
21.46%
21.25%
20.49%
21.49%
21.71%
22.42%
DIIs
22.08%
21.68%
24.38%
24.76%
26.84%
26.82%
27.54%
29.38%
29.21%
28.98%
29.42%
29.73%
27.76%
26.78%
25.09%
24.74%
25.41%
25.56%
26.55%
25.58%
25.32%
24.65%
Government
0.29%
0.28%
0.28%
0.28%
0.29%
0.29%
0.00%
0.00%
0.00%
0.00%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.00%
0.00%
Public
10.02%
9.91%
10.18%
9.99%
8.53%
8.59%
8.41%
8.06%
7.86%
7.06%
6.24%
5.87%
5.70%
5.65%
5.29%
5.17%
5.10%
5.23%
5.12%
5.10%
5.05%
5.06%
Others
20.75%
21.29%
18.34%
18.16%
17.57%
17.19%
16.94%
15.45%
15.85%
16.89%
17.27%
1.23%
1.23%
1.26%
1.15%
1.10%
1.10%
1.05%
0.94%
0.93%
1.06%
1.02%
No. of Shareholders
0
2,93,782
3,02,292
3,61,288
3,61,862
3,78,547
3,82,828
3,78,011
3,60,677
3,22,678
2,89,074
2,81,542
2,80,248
2,88,537
2,79,280
2,81,988
2,83,210
2,86,604
2,80,256
2,88,931
2,90,411
3,00,283

Documents

Frequently Asked Questions about Lupin Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: LUPIN and BSE: 500257. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Lupin Ltd belong to?
Lupin Ltd operates in the Healthcare sector within the Pharmaceuticals industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Lupin Ltd?
Lupin Ltd has a market capitalisation of approximately ₹102401.80 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Lupin Ltd?
The Price-to-Earnings (PE) ratio of Lupin Ltd is 18.45. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Lupin Ltd?
Over the past 52 weeks, Lupin Ltd has traded between a low of ₹1,875 and a high of ₹2,529.5. This range helps investors understand the stock's price volatility and recent trading levels.
Does Lupin Ltd pay dividends?
Yes, Lupin Ltd has a dividend yield of 0.80%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Lupin Ltd?
Lupin Ltd has a Return on Equity (ROE) of 23.79%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Lupin Ltd on Tapetide?
On Tapetide, you can view Lupin Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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