Lupin Ltd logo

Lupin Ltd

LUPIN NSE

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.

AI Verdict: BUY Confidence: 7%

Lupin Ltd demonstrates exceptional profit growth at 78% TTM with a 3-year profit CAGR of 141%, supported by strong ROE improvement to 29% last year. At a PE of 19.9x, the stock offers reasonable valuation for a pharma company delivering 23% TTM sales growth, though the dividend yield of 0.52% remains modest.

Key Fundamentals

MidcapPharmaceuticalsHealthcare
Market Cap
1.1L Cr
Volatility
Moderate
P/E Ratio
20.08
EBITDA
₹7,788 Cr
Return on Equity
13.47%
Debt to Equity
0.27
Book Value
₹490.96
EPS
₹49.64
52W High
₹2,494
52W Low
₹1,836.8

Technical Indicators

Key Insights

Strengths

2
  • Company has delivered good profit growth of 37.4% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 17.1%

Growth Rate

Revenue Growth
19.98% ↗
Net Income Growth
61.67% ↗
Cash Flow Change
-17.77% ↘
ROE
41.95% ↗
ROCE
20.69% ↘
EBITDA Margin (Avg.)
16.64% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
BUY
Risk medium

Lupin Ltd demonstrates exceptional profit growth at 78% TTM with a 3-year profit CAGR of 141%, supported by strong ROE improvement to 29% last year. At a PE of 19.9x, the stock offers reasonable valuation for a pharma company delivering 23% TTM sales growth, though the dividend yield of 0.52% remains modest.

Bull Case 8
  • Exceptional TTM profit growth of 78% indicates strong earnings momentum and operational leverage kicking in
  • 3-year compounded profit CAGR of 141% reflects a dramatic turnaround from prior years of muted profitability
  • ROE has improved sharply from 10% (10-year average) to 29% last year, signaling significantly better capital efficiency
  • TTM sales growth of 23% is well above the 10-year CAGR of 7%, indicating accelerating revenue traction across key markets
  • PE of 19.9x is reasonable for a high-growth pharma company, offering potential for further re-rating if growth sustains
  • 3-year stock CAGR of 40% demonstrates sustained investor confidence and price momentum
  • 5-year profit CAGR of 37.4% significantly outpaces the 5-year sales CAGR of 13%, showing margin expansion and operating leverage
  • 44.44% of analysts rate it a Buy with total 16 buy recommendations out of 36, indicating positive Street consensus
Bear Case 8
  • Dividend yield of just 0.52% is low, offering minimal income protection in a downturn despite a 17.1% payout ratio
  • Price-to-book ratio of 4.74x is elevated, leaving limited margin of safety if growth disappoints
  • 10-year stock CAGR of only 5% suggests the recent rally is a recovery from prolonged underperformance rather than consistent compounding
  • 19.44% of analysts have a Sell rating (7 out of 36), indicating meaningful Street disagreement on outlook
  • 10-year compounded profit growth of just 10% highlights that the recent surge may not be structurally sustainable
  • 5-year stock CAGR of 15% lags the 5-year profit CAGR of 37%, suggesting the market has already partially priced in further upside
  • Market cap of Rs 1,06,327 Cr relative to current earnings trajectory implies high expectations are already embedded in the valuation
  • 36.11% of analysts recommend Hold (13 out of 36), suggesting limited near-term upside from current levels

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

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Positives 3
  • US hypertension launch with exclusivity Jun 17

    Lupin launched Azilsartan Medoxomil Tablets in the US with 180-day exclusivity, targeting a market with estimated annual sales of USD 53.5 million.

  • FDA nod for biosimilar Ranluspec Jun 4

    Lupin received US FDA approval for Ranluspec, the only interchangeable biosimilar ranibizumab available in both vials and pre-filled syringes.

  • LNP8701 Phase 1 data at ASCO May 28

    Lupin presented Phase 1 data for oncology candidate LNP8701 at ASCO 2026, demonstrating safety and stable disease in patients.

Neutral 3
  • Luforbec launched in Spain via ERN Jun 8

    Lupin partnered with Laboratorios ERN to launch Luforbec (beclometasone/formoterol) 100/6 pMDI in Spain for adult asthma and COPD patients.

  • Multicare Philippines deal delayed May 29

    Subsidiary Nanomi B.V.'s acquisition of minority shares in Multicare Pharmaceuticals Philippines is now expected to close in July 2026.

  • Investor meets in early June May 25

    Lupin participated in in-person analyst meetings hosted by BofA, Morgan Stanley, and Citi from June 02-04, 2026.

TL;DR: Lupin is executing well on its US generics and biosimilar pipeline, securing a 180-day exclusivity launch and a differentiated FDA approval within the same month. The oncology pipeline is progressing with early clinical data. No material headwinds surfaced in this period, suggesting positive momentum in the near term with upcoming revenue contributions from new US launches.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
4,430
4,814
5,039
5,197
4,961
5,600
5,673
5,768
5,667
6,268
7,048
7,168
7,475
Expenses
3,852
3,958
4,121
4,159
3,964
4,359
4,332
4,412
4,346
4,541
4,706
4,906
4,989
Operating Profit
578
856
918
1,038
997
1,241
1,340
1,356
1,321
1,727
2,341
2,262
2,486
OPM %
13%
18%
18%
20%
20%
22%
24%
24%
23%
28%
33%
32%
33%
Other Income
37
23
40
29
29
68
42
54
57
79
90
-312
9
Interest
93
86
81
74
71
68
71
67
89
92
108
115
120
Depreciation
264
235
248
257
457
248
257
271
393
299
317
313
447
PBT
258
559
630
736
498
993
1,055
1,071
896
1,416
2,007
1,522
1,928
Tax %
6%
19%
21%
16%
26%
19%
19%
20%
13%
14%
26%
22%
24%
Net Profit
242
453
495
619
368
806
859
859
782
1,221
1,485
1,181
1,469
EPS in Rs
5.19
9.94
10.76
13.47
7.89
17.58
18.69
18.74
16.92
26.69
32.36
25.73
31.94
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
Expenses
9,146
10,564
12,865
12,649
12,104
13,020
12,596
16,187
14,921
16,211
17,430
19,142
Operating Profit
3,624
3,691
4,502
3,148
2,561
2,355
2,567
219
1,721
3,800
5,278
8,816
OPM %
28%
26%
26%
20%
17%
15%
17%
1%
10%
19%
23%
32%
Other Income
235
184
106
-1,310
91
-134
138
210
151
131
202
-133
Interest
10
59
153
204
302
363
141
143
274
312
295
434
Depreciation
435
487
912
1,086
846
970
887
1,659
881
1,197
1,169
1,376
PBT
3,415
3,329
3,543
547
1,503
887
1,676
-1,372
716
2,422
4,015
6,873
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
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
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
9,300
Total Liabilities
13,054
22,298
26,212
26,020
27,661
24,810
23,430
21,651
22,800
23,751
28,978
38,365
Fixed Assets
4,368
8,717
11,033
10,362
11,087
7,938
7,881
7,382
8,355
8,878
9,719
11,315
CWIP
576
2,702
2,133
2,598
1,640
940
1,066
1,146
1,238
773
517
695
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
22,685
Total Assets
13,054
22,298
26,212
26,020
27,661
24,810
23,430
21,651
22,800
23,751
28,978
38,365
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
98
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
75
ROCE %
40%
24%
19%
10%
10%
9%
9%
-7%
6%
16%
21%
30%

Shareholding Pattern

As of Mar 2026
Promoters 46.86%
DIIs 25.32%
FIIs 21.71%
Public 5.05%
Others 1.06%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 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%
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%
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%
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%
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%
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%
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

Documents

1
Concall - May 2017 May 2017
2
Concall - Aug 2017 Aug 2017
3
Concall - Sep 2017 Sep 2017
4
Concall - Nov 2017 Nov 2017
5
Concall - Jan 2018 Jan 2018

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 & Biotechnology 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 ₹108438.07 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 20.08. 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 ₹1,836.8 and a high of ₹2,494. 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 0.51%. 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 13.47%. 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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