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Lupin

LUPIN NSE

Key Fundamentals

MidcapPharmaceuticalsHealthcare
Market Cap
₹94,560 Cr
Volatility
Low Risk
P/E Ratio
17.32
EBITDA
₹9,240 Cr
Return on Equity
23.79%
Debt to Equity
0.29
Book Value
₹490.92
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

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Lupin Ltd, with a market cap of ₹94,560 Cr, is in a strong growth phase — FY25 revenue rose 13.5% to ₹22,708 Cr and net profit surged 70.8% YoY to ₹3,306 Cr, with EBITDA margins expanding to 24.7%. The stock trades at a PE of 17.1x with a 29% trailing ROE, reflecting robust profitability improvement, though rising borrowings (₹5,077 Cr in FY25 vs ₹2,670 Cr in FY24) and persistent US generic pricing erosion present risks.

Bull Case 8
  • Exceptional profit growth: compounded profit CAGR of 37% over 5 years and 61% TTM growth, with FY25 net profit up 70.8% YoY to ₹3,306 Cr
  • Revenue momentum accelerating: TTM sales growth of 28% and 3-year compounded sales CAGR of 19%, with FY25 revenue at ₹22,708 Cr
  • ROE has improved sharply from 10% (10-year average) to 29% in the last year, indicating significantly better capital efficiency
  • Strong US FDA pipeline with recent approvals including Liraglutide injection, Risperidone LAI with 180-day CGT exclusivity, Sacubitril/Valsartan tablets, and Pegfilgrastim biosimilar — targeting high-value complex generics and biosimilars
  • Working capital efficiency improved meaningfully from 46.4 days to 28.0 days, freeing up cash for operations and investment
  • Gross margins healthy at 68-69% range (Q1 FY25: 68.4%, Q3 FY25: 69.4%), supporting operating leverage as the business scales
  • Reasonable valuation at PE of 17.1x relative to 37% 5-year profit CAGR and 29% ROE, suggesting earnings growth is not fully priced in
  • Consistent dividend payout of 17.1% with FY25 dividend of 600% (₹12 per share), demonstrating cash generation confidence
Bear Case 7
  • Borrowings nearly doubled from ₹2,670 Cr in FY24 to ₹5,077 Cr in FY25, raising leverage concerns despite profit growth
  • US generic pricing erosion projected at 7-12% in FY27 due to competition in key products like Tolvaptan and Mirabegron, threatening the largest revenue geography
  • 10-year stock CAGR of only 3% despite recent recovery, indicating prolonged periods of underperformance and value destruction for long-term holders
  • 10-year compounded profit CAGR of just 10% suggests the recent surge may be a cyclical recovery from a low base rather than a structural shift
  • Proposed US tariffs of 100-200% on generic drugs could pressure margins or disrupt supply chains if implemented, as flagged by Lupin's own CFO
  • Dividend yield of only 0.87% offers limited income cushion in a downturn despite the 17.1% payout ratio
  • Heavy dependence on US market exposes the company to regulatory risks — any FDA warning letter or import alert could materially impact revenue

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 1
  • Key compliance executive passes away Aug 18

    Dr. Sofia Mumtaz, President of Legal & Compliance for Canada, ANZ & NEA Business, passed away on August 17, 2026. Loss of senior leadership in a regulatory-critical role could create short-term operational gaps.

Positives 4
  • US FDA approves generic Pitolisant Aug 17

    Lupin secured US FDA approval for generic Pitolisant Tablets (4.45 mg and 17.8 mg), bioequivalent to Wakix. Strengthens the company's CNS portfolio in the US market.

  • US FDA approves Modafinil Tablets Sep 7

    Lupin received US FDA approval for Modafinil Tablets, a wakefulness-promoting agent for narcolepsy. Back-to-back FDA approvals expand Lupin's US generics pipeline.

  • Strong Crisil ESG rating for FY26 Aug 28

    Lupin received a Crisil ESG rating of 69 (Core ESG: 65) for FY26, placing it in the 'Strong' category. Independent assessment based on publicly available data.

  • European deal for presbyopia drug Aug 20

    Lupin signed an exclusive deal with Visus Therapeutics to commercialize Yuvezi across EU, UK, Switzerland, Norway, and Iceland. Deal includes a €20M strategic investment and up to €55M in milestones, totaling €75M in potential payments.

Neutral 2
  • Kotak and JPM investor meets Sep 8

    Lupin will attend the Kotak Healthcare Conference on September 17 and J.P. Morgan India Conference on September 21, 2026. Both are in-person group meetings with no new material disclosures expected.

  • Adequate ESG rating of 60 Aug 24

    ESG Risk Assessments & Insights assigned Lupin an independent ESG rating of 60, placing it in the 'Adequate' category. A notably lower score than the Crisil ESG rating of 69 received days later.

TL;DR: Lupin is on a strong US generics trajectory with two FDA approvals (Modafinil, Pitolisant) in quick succession, bolstering its CNS portfolio. The €75M European licensing deal for Yuvezi adds a new geographic and therapeutic growth lever. The only notable headwind is the loss of a senior compliance executive, which bears watching for any regulatory continuity risk. Overall trend is positive, with pipeline momentum and ESG credibility improving heading into late 2026.

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 ₹94,560 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 17.32, on earnings per share of ₹49.64, against a book value of ₹490.92 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 0.87%.
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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