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Lupin Limited
(LUPIN)
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Rating:69Neutral
Price Target:
₹2,200.00
▲(1.15% Upside)
Action:Downgraded
Date:08/09/26
The score is primarily supported by improving fundamentals—accelerating revenue growth, sharply higher margins, and stronger ROE—partly tempered by cash-conversion variability and a modest uptick in debt. Near-term technical signals are weaker (negative MACD, sub-50 RSI, and price below the 20-day average), while valuation is broadly reasonable but not compelling given the low dividend yield.
Positive Factors
Accelerating growth and profitability
Lupin has moved from low growth and weak profitability to stronger revenue expansion and substantial operating margins. This improvement indicates better earnings power and provides greater capacity to reinvest in products, regulatory execution, and market expansion over the coming quarters.
Negative Factors
Gross margin volatility
Although net and EBIT margins improved strongly, the decline in gross margin shows that underlying product mix, pricing, or cost economics are not fully stable. Continued volatility could limit the durability of recent margin gains and make future profitability more dependent on execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Accelerating growth and profitability
Lupin has moved from low growth and weak profitability to stronger revenue expansion and substantial operating margins. This improvement indicates better earnings power and provides greater capacity to reinvest in products, regulatory execution, and market expansion over the coming quarters.
Read all positive factors
Lupin Limited (LUPIN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹918.70B
Dividend Yield0.9%
Average Volume (3M)33.67K
Price to Earnings (P/E)16.6
Beta (1Y)0.67
Revenue Growth28.19%
EPS Growth49.25%
CountryIN
Employees28,137
SectorGeneral
Sector StrengthN/A
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)121.01
Shares Outstanding457,289,980
10 Day Avg. Volume28,073
30 Day Avg. Volume33,672
Financial Highlights & Ratios
PEG Ratio0.32
Price to Book (P/B)4.71
Price to Sales (P/S)3.78
P/FCF Ratio20.58
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹2,700.00Price Target Upside24.14% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)95.09
Revenue Forecast (FY)₹302.60B
Lupin Limited Business Overview & Revenue Model
Company Description
Lupin Limited is a pharmaceutical firm dedicated to the creation, manufacturing, commercialization, and distribution of a wide array of branded and generic medications, biotechnology items, and active pharmaceutical ingredients (APIs). Its compreh...
Lupin Limited Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
76
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 299.00B | 279.58B | 227.08B | 200.11B | 166.42B | 164.05B |
| Gross Profit | 173.96B | 147.95B | 153.27B | 128.99B | 94.10B | 95.05B |
| EBITDA | 92.52B | 85.70B | 53.28B | 37.71B | 17.33B | 29.17B |
| Net Income | 55.29B | 53.33B | 32.82B | 19.14B | 4.30B | -15.28B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 383.65B | 292.05B | 239.97B | 229.56B | 218.21B |
| Cash, Cash Equivalents and Short-Term Investments | 78.95B | 92.30B | 42.01B | 21.79B | 19.52B | 21.04B |
| Total Debt | 0.00 | 66.16B | 54.48B | 29.22B | 45.42B | 41.58B |
| Total Liabilities | -225.13B | 158.51B | 119.11B | 96.24B | 104.13B | 95.99B |
| Stockholders Equity | 225.13B | 224.48B | 172.03B | 142.90B | 124.64B | 121.53B |
Cash Flow | ||||||
| Free Cash Flow | 23.29B | 51.35B | 13.18B | 27.19B | 3.98B | -5.38B |
| Operating Cash Flow | 29.03B | 71.90B | 30.00B | 36.48B | 18.97B | 3.67B |
| Investing Cash Flow | -28.42B | -40.81B | -41.72B | -17.12B | -12.87B | 12.92B |
| Financing Cash Flow | -2.77B | -4.84B | 17.32B | -21.84B | -3.37B | -15.72B |
Lupin Limited Technical Analysis
Neutral
2175.00
Price Trends
2063.19
Negative
2215.54
Negative
2232.59
Negative
Market Momentum
-27.45
Negative
51.20
Neutral
89.92
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:LUPIN, the sentiment is Neutral. The current price of 2175 is above the 20-day moving average (MA) of 1970.48, above the 50-day MA of 2063.19, and below the 200-day MA of 2232.59, indicating a neutral trend. The MACD of -27.45 indicates Negative momentum. The RSI at 51.20 is Neutral, neither overbought nor oversold. The STOCH value of 89.92 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:LUPIN.
Lupin Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ₹1.03T | 45.88 | ― | 0.04% | 13.27% | 27.32% | |
69 Neutral | ₹918.70B | 16.62 | ― | 0.90% | 28.19% | 49.25% | |
69 Neutral | ₹965.37B | 26.27 | ― | 0.24% | 9.09% | 9.61% | |
69 Neutral | ₹4.27T | 35.26 | ― | 0.90% | 11.41% | 16.62% | |
63 Neutral | ₹1.13T | 40.24 | ― | 0.59% | -3.60% | -52.23% | |
57 Neutral | ₹1.24T | 27.76 | ― | 0.08% | 21.11% | -1.28% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:LUPIN
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Lupin Limited Corporate Events
Lupin Names Brian Savage President and Chief Legal Officer to Bolster Global Compliance
Oct 22, 2026
Lupin Limited has appointed Brian Savage as President and Chief Legal Officer, effective October 22, 2026, in a move that underscores the company’s focus on strengthening legal and compliance capabilities. Savage will assume responsibility f...
Lupin Discloses Slight Dip in Independent ESG Rating for FY26
Oct 15, 2026
Lupin Limited has received an independently prepared Environmental, Social and Governance rating of 70 for fiscal year 2026 from NSE Sustainability Ratings and Analytics Limited, down slightly from 71 in fiscal year 2025. The marginal decline stem...
Lupin Wins U.S. FDA Nod for Generic Phytonadione Injectable
Oct 8, 2026
Lupin Limited has secured approval from the U.S. Food and Drug Administration for its Abbreviated New Drug Application for Phytonadione Injectable Emulsion USP, a 1 mg/0.5 mL single-dose prefilled syringe. The product is deemed bioequivalent to In...
Lupin launches world’s first triple combination MDI for COPD in India
Oct 6, 2026
Lupin Limited has launched Formoflo-G MDI in India, the world’s first fixed-dose triple combination metered-dose inhaler for chronic obstructive pulmonary disease, after securing approval from the Drug Controller General of India. The inhale...
Lupin Wins U.S. FDA Tentative Nod for Novel Apixaban Oral Suspension
Sep 28, 2026
Lupin Limited has secured tentative approval from the U.S. FDA for its Apixaban Oral Suspension 1.25 mg/mL, filed via the 505(b)(2) pathway, marking a novel oral liquid formulation of the anticoagulant apixaban. The product is designed to offer an...
Lupin Wins U.S. FDA Nod for Generic Modafinil Tablets
Sep 4, 2026
Lupin has secured approval from the U.S. Food and Drug Administration for its Abbreviated New Drug Application covering Modafinil Tablets USP in 100 mg and 200 mg strengths. The product is deemed bioequivalent to Nuvo Pharmaceuticals’ Provig...
Lupin Discloses Demise of Senior Legal and Compliance President Overseeing International Markets
Aug 18, 2026
Lupin Limited has reported the passing of Dr. Sofia Mumtaz, President, Legal Compliance for its Canada, Australia and New Zealand, and North East Asia businesses, a senior management role central to the company’s governance across key inter...
Lupin Publishes Unaudited Q1 FY27 Results Extract in Line with SEBI Norms
Aug 8, 2026
Lupin Limited has published an extract of its unaudited financial results for the quarter ended June 30, 2026 in newspapers, in line with regulatory disclosure requirements. The company notified the National Stock Exchange of India and BSE that th...
Lupin Files Revised Investor Presentation on Q1 FY27 Results
Aug 6, 2026
Lupin Limited has submitted a revised investor presentation to the National Stock Exchange of India and BSE Limited, covering its unaudited financial results for the quarter ended June 30, 2026, corresponding to Q1 FY27. The filing, made under Ind...
Lupin Shares Q1 FY27 Investor Presentation With Stock Exchanges
Aug 6, 2026
Lupin Limited, a leading Indian pharmaceutical manufacturer of generic and branded medicines, operates globally from its Mumbai base and is listed on both the National Stock Exchange of India and BSE Limited. The company adheres to SEBI’s li...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.