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Lupin

LUPIN NSE
₹2,008.60 −7.30 (−0.36%)
P/E
16.60
View as Markdown
MCP
Close 4 Nov 2026 ₹2,008.60 +53.10 +2.72% 1Y
Start ₹1,955.50

Key Fundamentals

MidcapPharmaceuticals & BiotechnologyHealthcare

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
29.90%
Debt to Equity
0.29
EPS (TTM)
₹120.98
Book Value
₹490.90
Market Cap
—
P/E (TTM)
16.60
P/B
4.09
ROE
28.70%
Dividend Yield
0.89%
EBITDA
₹9,240 Cr
52W High
₹2,529.50
52W Low
₹1,892.90
Day Range
₹2,004.50 – ₹2,062.10
Volume
17,00,376

Peer Comparison

Healthcare › Pharmaceuticals

Lupin peer comparison
Sun Pharma
₹1,773.4038.81₹4,29,049 Cr4.770.90%16.00%20.50%₹61,631 Cr₹10,987 Cr
Divis Laboratories
₹10,037.5091.10₹2,65,269 Cr15.900.30%16.50%22.00%₹11,230 Cr₹2,925 Cr
Torrent Pharmaceuticals
₹4,738.5078.61₹1,77,061 Cr9.810.82%27.40%15.20%₹17,400 Cr₹2,099 Cr
Zydus Life Science
₹1,188.1026.44₹1,25,446 Cr4.370.08%21.20%21.10%₹28,592 Cr₹4,593 Cr
Laurus Labs
₹2,323.80114.81₹1,25,228 Cr20.720.04%18.30%17.80%₹7,270 Cr₹1,090 Cr
Dr Reddys Laboratories
₹1,374.0035.59₹1,14,543 Cr2.960.58%11.20%13.00%₹33,228 Cr₹3,184 Cr
Cipla
₹1,402.0033.59₹1,12,454 Cr3.200.93%11.60%15.50%₹28,324 Cr₹3,356 Cr
Lupin (this company)
₹2,008.6016.60₹92,784 Cr4.090.89%28.70%29.90%₹29,967 Cr₹5,552 Cr
Median 8 companies₹1,891.0037.20₹1,25,337 Cr4.570.70%17.40%19.15%₹28,458 Cr₹3,270 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

57 Good

Data confidence 100/100

Category scores

Quality
57
Good
Returns, margins, earnings quality 22% weight
Valuation
89
Strong
Cheap vs sector & own history 24% weight
Growth
84
Strong
Sales & profit trajectory 9% weight
Financial Health
49
Average
Solvency, leverage, coverage 9% weight
Momentum
11
Poor
Trend strength, vol-adjusted 12% weight
Ownership
49
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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

No weaknesses listed

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallNeutral757
OscillatorsBullish153
Moving AveragesStrong Bearish604

Key readings

RSI (14)
50.86
Neutral
MACD (12,26,9)
−15.26
Bullish
SMA (50)
2,050.21
Bearish
SMA (200)
2,240.51
Bearish

As of

Analyst Rating

Based on 35 analysts
BUY40%

14 of 35 analysts rate Buy, 11 Hold, 10 Sell.

As of

BUY
14
40%
HOLD
11
31%
SELL
10
29%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+6.97%
5Y+13.02%
3Y+18.88%
1Y+23.12%
TTM+28.20%

Net profit

Net profit growth by window
10Y+8.96%
5Y+34.25%
3Y+128.64%
1Y+61.98%
TTM+49.21%

Operating cash flow

Operating cash flow growth by window
10YTurned positive
5Y+32.12%
3Y+56.95%
1Y+144.47%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+3.30 pp
5Y+12.26 pp
3Y+18.85 pp
1Y+5.95 pp
TTM+7.26 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹17,367 Cr
Mar 2018₹15,797 Cr
Mar 2019₹14,665 Cr
Mar 2020₹15,375 Cr
Mar 2021₹15,163 Cr
Mar 2022₹16,405 Cr
Mar 2023₹16,642 Cr
Mar 2024₹20,011 Cr
Mar 2025₹22,708 Cr
Mar 2026₹27,958 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹2,565 Cr
Mar 2018₹258 Cr
Mar 2019₹615 Cr
Mar 2020−₹270 Cr
Mar 2021₹1,228 Cr
Mar 2022−₹1,528 Cr
Mar 2023₹448 Cr
Mar 2024₹1,936 Cr
Mar 2025₹3,306 Cr
Mar 2026₹5,355 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹1,929 Cr −23.5% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 30 Oct 2026
AI opinion · based on fundamentals
Risk medium

As of 2026-10-30, Lupin Ltd trades at ₹2,011 with a market cap of ₹91,961 Cr, a P/E (TTM) of 16.62x, and ROE of 23.79%. The company has delivered strong profit growth of 37% CAGR over five years and 61% TTM, while maintaining a conservative balance sheet with a debt-to-equity ratio of 0.29. The stock is trading closer to its 52-week low of ₹1,892.9 versus its 52-week high of ₹2,529.5.

Bull Case 8
  • Exceptional profit growth trajectory with 140% compounded profit growth over 3 years and 61% TTM profit growth, indicating a strong earnings acceleration phase
  • Healthy return ratios with ROE at 23.79% and ROCE at 28.42%, well above cost of capital, reflecting efficient capital deployment
  • Conservative leverage with debt-to-equity at just 0.29, providing financial flexibility and a buffer against interest rate or earnings volatility
  • Significant improvement in working capital efficiency, with requirements reducing from 46.4 days to 28.0 days, freeing up cash for growth or shareholder returns
  • TTM sales growth of 28% alongside 10-year compounded sales growth of 7% suggests the company has meaningfully accelerated its top-line momentum in recent years
  • Valuation at a P/E of 16.62x appears moderate relative to the 61% TTM profit growth and 29% ROE delivered last year, offering a low PEG-style profile
  • Consistent dividend payout track record of 17.1%, with a current yield of 0.9%, indicating shareholder-friendly capital allocation
  • 5-year stock CAGR of 15% reflects sustained long-term wealth creation, supported by improving fundamentals across sales and profitability
Bear Case 7
  • The stock has delivered a negative 1-year stock CAGR of -1%, underperforming despite strong underlying earnings growth, suggesting potential market concern about sustainability of recent performance
  • 10-year compounded profit growth of only 10% and sales growth of 7% indicate that the recent surge may be a recovery from a prolonged weak phase rather than a structural shift
  • The 10-year ROE average of 10% versus last year's 29% highlights significant cyclicality in returns, raising questions about whether current profitability levels are sustainable
  • The stock is approximately 20.5% below its 52-week high of ₹2,529.5, reflecting meaningful selling pressure or derating in recent months
  • Dividend yield of 0.9% is modest, meaning investors are largely dependent on capital appreciation for total returns
  • The pharmaceutical sector faces ongoing risks from regulatory actions, pricing pressure in the US generics market, and potential ANDA-related setbacks that could impact the 28% TTM sales growth rate
  • The 5-year ROE of 13% versus the current 23.79% suggests that the current return profile may be at a cyclical peak, and mean reversion could compress valuation multiples

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

AI News Digest

9h ago

TL;DR: Lupin is on a strong US generics streak, securing three FDA approvals in October-November 2026 with 180-day exclusivity on two products and a combined addressable market of ~$78 million. The India business got a boost from the world's first triple-combo COPD inhaler targeting a large patient base. A minor ESG rating dip is the only negative signal. The pipeline momentum and exclusivity windows position Lupin well for near-term revenue growth in the U.S. generics segment.

Headwinds 1
  • ESG rating slips in FY26 Oct 15

    Lupin's ESG rating fell to 70 in FY26 from 71 in FY25, driven by a one-point drop in both Social and Governance scores.

Positives 4
  • Triple-combo COPD drug launched in India Oct 6

    Lupin launched Formoflo-G MDI, the world's first fixed-dose triple combination COPD inhaler approved by DCGI, targeting over 55 million patients in India.

  • Raltegravir US launch with exclusivity Nov 3

    Lupin launched Raltegravir 600 mg tablets in the U.S. with 180-day first-to-file generic exclusivity; the reference drug Isentress HD has estimated annual U.S. sales of $26 million.

  • Amifampridine FDA approval secured Nov 2

    Lupin received US FDA approval for Amifampridine 10 mg tablets with 180 days of shared generic exclusivity as a first-to-file applicant, bioequivalent to Firdapse.

Neutral 2
  • Akhil Gupta appointed independent director Nov 3

    Lupin appointed Akhil Gupta as independent director effective November 3, 2026 for a five-year term until November 2, 2031, subject to shareholder approval.

  • Brian Savage named President & CLO Oct 23

    Lupin appointed Brian Savage, former Teva Pharmaceuticals EVP, as President and Chief Legal Officer effective October 22, 2026 to lead global Legal, Compliance, and IPMG functions.

Quarterly Results

₹ Cr
LUPIN quarterly results, ₹ crore
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 (₹)
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

₹ Cr
LUPIN profit and loss, annual, ₹ crore
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 (₹)
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%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
24%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
42%
19%
17%
15%
—

Balance Sheet

₹ Cr
LUPIN balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
LUPIN cash flow, annual, ₹ crore
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

Ratios

LUPIN financial ratios, annual
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

Log in to view Lupin insights

70 extracted metrics across FY00–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 46.84%
  • DIIs 23.78%
  • FIIs 23.28%
  • Public 5.13%
  • Others 0.96%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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)…
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 PE ratio of Lupin Ltd?
Lupin Ltd trades at a PE ratio of 16.60 as of 4 Nov 2026, on earnings per share of ₹120.98, 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 ₹1,892.9 and ₹2,529.5 as of 4 Nov 2026.
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 28.70%. 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 10 Sep 2001
Face Value ₹2

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