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Lupin Overview

Lupin Limited is an India-based pharmaceutical corporation. The Company develops and commercializes a variety of branded and general formulations, biotechnology merchandise, and active pharmaceutical substances (APIs) in over a hundred markets within the United States, India, South Africa, and throughout the Asia Pacific, Latin America, Europe, and the Middle East regions. It has presence inside the cardiovascular, diabetology, asthma, pediatrics, gastro-intestinal, anti-infectives and nonsteroidal anti-inflammatory drug remedy segments. Its co...Read More

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Lupin Key Financials

Market Cap ₹100720 Cr.

Stock P/E 30.5

P/B 5.1

Current Price ₹2204.1

Book Value ₹ 429.6

Face Value 2

52W High ₹2243.9

Dividend Yield 0.54%

52W Low ₹ 1774

Lupin Share Price

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Volume
Price

Lupin Quarterly Price

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Lupin Quarterly Results

#(Fig in Cr.) Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
Net Sales 4814 5039 5197 4961 5600 5673 5768 5667 6268 7048
Other Income 23 40 29 29 68 42 54 57 79 90
Total Income 4837 5079 5227 4990 5668 5715 5821 5724 6347 7138
Total Expenditure 3958 4121 4159 3964 4359 4332 4412 4346 4541 4706
Operating Profit 879 958 1067 1026 1309 1383 1410 1378 1806 2431
Interest 86 81 74 71 68 71 67 89 92 108
Depreciation 235 248 257 457 248 257 271 393 299 317
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 559 630 736 498 993 1055 1071 896 1416 2007
Provision for Tax 105 134 117 129 187 195 212 113 194 522
Profit After Tax 453 495 619 368 806 859 859 782 1221 1485
Adjustments -1 -6 -6 -9 -4 -7 -4 -10 -2 -7
Profit After Adjustments 452 490 613 359 801 853 855 773 1219 1478
Adjusted Earnings Per Share 9.9 10.8 13.5 7.9 17.6 18.7 18.7 16.9 26.7 32.4

Lupin Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 12770 14139 17494 15804 14665 15375 15163 16405 16642 20011 22708 24751
Other Income 240 185 107 150 333 484 136 214 151 142 202 280
Total Income 13010 14324 17601 15955 14998 15859 15299 16619 16793 20152 22910 25030
Total Expenditure 9150 10454 13001 12657 12104 13020 12596 16190 14921 16222 17430 18005
Operating Profit 3859 3871 4600 3298 2894 2839 2703 429 1871 3931 5479 7025
Interest 10 59 153 204 302 363 141 143 274 312 295 356
Depreciation 435 487 912 1086 846 970 887 1659 881 1197 1169 1280
Exceptional Income / Expenses 0 0 0 -1464 -340 -752 0 0 0 0 0 0
Profit Before Tax 3415 3329 3543 547 1409 757 1676 -1372 716 2422 4015 5390
Provision for Tax 970 1059 979 288 888 1157 449 137 269 487 709 1041
Profit After Tax 2444 2270 2565 258 521 -400 1228 -1509 448 1936 3306 4347
Adjustments -41 -9 -7 -7 86 130 -11 -19 -18 -21 -25 -23
Profit After Adjustments 2403 2261 2557 251 607 -269 1217 -1528 430 1914 3282 4325
Adjusted Earnings Per Share 53.5 50.2 56.6 5.6 13.4 -5.9 26.8 -33.6 9.5 42 71.9 94.7

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 13% 11% 8% 6%
Operating Profit CAGR 39% 134% 14% 4%
PAT CAGR 71% 0% 0% 3%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 2% 44% 16% 2%
ROE Average 21% 13% 7% 10%
ROCE Average 22% 15% 9% 13%

Lupin Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 8874 11163 13498 13577 13742 12537 13803 12153 12465 14290 17204
Minority's Interest 24 32 35 40 47 44 55 69 78 83 91
Borrowings 102 5374 5648 6425 6642 1793 16 142 28 0 1766
Other Non-Current Liabilities 324 658 799 452 655 1210 1120 1011 965 820 624
Total Current Liabilities 3729 5061 6121 5096 6130 9225 8436 8276 9265 8502 8961
Total Liabilities 13054 22289 26100 25589 27215 24810 23430 21651 22800 23695 28646
Fixed Assets 4368 8717 11033 10362 11087 7938 7881 7382 8355 8878 9719
Other Non-Current Assets 853 3685 3114 3017 2275 1458 1563 1812 1994 1369 2128
Total Current Assets 7832 9887 11953 12201 13854 15413 13986 12458 12451 13448 16799
Total Assets 13054 22289 26100 25589 27215 24810 23430 21651 22800 23695 28646

Lupin Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 607 2095 780 687 1416 544 2229 926 991 1232 984
Cash Flow from Operating Activities 2733 -382 4114 1751 1666 1469 1822 367 1897 3648 3000
Cash Flow from Investing Activities -1055 -6962 -2527 470 -3282 1107 -1240 1292 -1287 -1712 -4172
Cash Flow from Financing Activities -197 5836 433 -1492 744 -891 -1885 -1572 -337 -2184 1732
Net Cash Inflow / Outflow 1482 -1508 2019 729 -872 1685 -1303 87 273 -248 560
Closing Cash & Cash Equivalent 2108 780 2799 1416 544 2229 926 1013 1265 984 1544

Lupin Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 53.46 50.17 56.63 5.56 13.4 -5.95 26.81 -33.62 9.45 42.01 71.87
CEPS(Rs) 64.05 61.18 76.99 29.73 30.21 12.59 46.62 3.29 29.2 68.74 98.02
DPS(Rs) 7.5 7.5 7.5 5 5 6 6.5 4 4 8 12
Book NAV/Share(Rs) 196.17 245.21 295.04 295.64 298.87 272.01 300.06 263.84 270.67 311.08 374.93
Core EBITDA Margin(%) 28.14 25.85 25.52 11.58 9.68 7.87 9.08 0.73 6.05 11.94 14.19
EBIT Margin(%) 26.62 23.77 20.99 2.76 6.47 3.74 6.43 -4.14 3.48 8.61 11.59
Pre Tax Margin(%) 26.55 23.35 20.13 2.01 5.32 2.53 5.93 -4.62 2.52 7.63 10.8
PAT Margin (%) 19 15.92 14.57 0.95 1.97 -1.34 4.34 -5.09 1.57 6.1 8.89
Cash Profit Margin (%) 22.38 19.34 19.75 4.94 5.17 1.91 7.48 0.5 4.67 9.87 12.04
ROA(%) 21.08 12.84 10.6 1 1.97 -1.54 5.09 -6.7 2.01 8.33 12.63
ROE(%) 31.09 22.85 21.05 1.94 3.88 -3.09 9.47 -11.79 3.68 14.61 21.13
ROCE(%) 40.3 24.42 18.57 3.56 7.97 5.45 9.71 -7.11 6.06 16.24 21.97
Receivable days 72.65 92.24 91.82 63.76 71.32 64.63 64.06 53.73 56.09 52.75 50
Inventory Days 65.73 73.96 71.7 49.03 51.72 44.49 48.75 53.64 58.53 54.32 51.19
Payable days 146.25 161.88 160.76 176.19 179.43 163.62 161.68 132.55 144.07 177.49 185.58
PER(x) 37.54 29.5 25.51 132.5 55.14 0 38.08 0 68.54 38.51 28.2
Price/Book(x) 10.23 6.04 4.9 2.49 2.47 2.17 3.4 2.83 2.39 5.2 5.4
Dividend Yield(%) 0.37 0.51 0.52 0.68 0.68 1.02 0.64 0.54 0.62 0.49 0.59
EV/Net Sales(x) 7.07 5.17 4.15 2.47 2.79 1.99 3.26 2.23 1.95 3.76 4.16
EV/Core EBITDA(x) 23.39 18.87 15.77 11.83 14.15 10.77 18.26 85.46 17.33 19.13 17.24
Net Sales Growth(%) 13.14 10.72 23.73 -9.66 -7.21 4.84 -1.38 8.19 1.44 20.25 13.48
EBIT Growth(%) 19.81 -1.06 9.07 -79.67 128.91 -34.55 62.21 -167.66 180.59 175.93 57.65
PAT Growth(%) 30.75 -7.16 13 -89.93 104.46 -176.75 407.07 -222.92 129.66 332.35 70.82
EPS Growth(%) 30.55 -6.16 12.87 -90.19 141.19 -144.36 550.89 -225.39 128.11 344.46 71.07
Debt/Equity(x) 0.06 0.65 0.6 0.53 0.63 0.51 0.35 0.32 0.34 0.19 0.3
Current Ratio(x) 2.1 1.95 1.95 2.39 2.26 1.67 1.66 1.51 1.34 1.58 1.87
Quick Ratio(x) 1.43 1.31 1.36 1.68 1.63 1.3 1.17 0.95 0.86 1 1.26
Interest Cover(x) 349.1 56.98 24.23 3.68 5.66 3.09 12.92 -8.61 3.61 8.77 14.62
Total Debt/Mcap(x) 0.01 0.11 0.12 0.21 0.25 0.24 0.1 0.11 0.14 0.04 0.05

Lupin Shareholding Pattern

# Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Promoter 47.06 47.04 47.01 46.98 46.96 46.95 46.92 46.9 46.9 46.89
FII 14.99 16.11 18.28 19.32 21.5 22.04 21.46 21.25 20.49 21.49
DII 29.43 29.73 27.77 26.78 25.1 24.74 25.42 25.57 26.55 25.58
Public 8.52 7.11 6.93 6.92 6.44 6.26 6.21 6.28 6.06 6.03
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Lupin News

Lupin Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Promoter holding is low: 46.89%.
  • Company has a low return on equity of 13% over the last 3 years.
  • Debtor days have increased from 177.49 to 185.58days.
  • Stock is trading at 5.1 times its book value.
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