Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹92885 Cr.
Stock P/E
17.3
P/B
3.9
Current Price
₹2031.2
Book Value
₹ 520.5
Face Value
2
52W High
₹2530
52W Low
₹ 1900.3
Dividend Yield
0.89%

Lupin Overview

Business

Lupin Ltd. is a global pharmaceutical company engaged in the development, manufacture, and marketing of a wide range of branded and generic formulations, biotechnology products, and active pharmaceutical ingredients (APIs). The company focuses on therapeutic areas such as cardiovascular, diabetology, asthma, pediatrics, anti-infectives, musculoskeletal, and NSAIDs. Its core business model revolves around developing cost-effective generic alternatives to patented drugs and selling branded generics in markets like India, generating revenue through product sales to pharmacies, hospitals, and distributors worldwide.

Revenue Mix

Lupin's revenue streams are primarily geographical:

North America (primarily USA): Typically accounts for 35-40% of its total revenue, driven by generic formulations.

India Region Formulations: Contributes around 35-40% of revenue, primarily from branded generics.

Growth Markets (LATAM, APAC, EMEA): Accounts for approximately 10-15% of revenue.

API & Other Segments: Contributes the remaining 5-10% through sales of active pharmaceutical ingredients to other manufacturers and contract manufacturing services.

Note: Percentages are approximate and can fluctuate based on recent financial reports.

Industry

The global pharmaceutical industry is characterized by significant R&D investments, stringent regulatory oversight, and intense competition. The generics segment, where Lupin is a major player, faces continuous pricing pressure, especially in mature markets like the US. India is a global hub for generic drug manufacturing, benefiting from cost advantages and skilled labor. Lupin is one of the top five largest Indian pharmaceutical companies by market capitalization and revenue, holding a strong position in the US generics market and a leading position in the Indian branded generics market, competing with other major Indian and global pharma players.

MOAT

Lupin's competitive advantages include:

Manufacturing Scale & Cost Efficiency: Large-scale, vertically integrated manufacturing facilities provide cost advantages in producing high volumes of generics and APIs.

Strong R&D Capabilities: A robust R&D focus on complex generics, biosimilars, and specialty products allows it to develop harder-to-make, higher-margin products with limited competition.

Diverse Product Portfolio: A wide range of products across multiple therapeutic areas reduces dependence on any single drug or segment.

Regulatory Expertise: Proven ability to navigate complex regulatory requirements across major global markets (e.g., US FDA, European EMA).

Established Distribution Network: Extensive sales and distribution networks in key markets like the US and India.

Growth Drivers

Key factors that can drive Lupin's growth over the next 3-5 years include:

Complex Generics & Biosimilar Launches: Successful launches of higher-value, complex generics and biosimilars in regulated markets (US, Europe) can command better pricing and margins.

Indian Pharmaceutical Market Growth: Continued growth in the domestic branded generics market driven by increasing healthcare access and affordability.

Resolution of Regulatory Issues: Successful remediation of regulatory observations and warning letters, particularly from the US FDA, can enable new product approvals and improve sales from existing facilities.

Emerging Market Expansion: Tapping into growth opportunities in emerging markets in Latin America, Southeast Asia, and Africa.

Focus on Specialty Portfolio: Strategic investments and launches in specialty pharmaceuticals can yield higher margins and differentiate its product offering.

Risks

Regulatory Scrutiny: Ongoing or new observations/warning letters from regulatory bodies (especially US FDA) can delay product approvals, impact existing sales, and incur remediation costs.

Pricing Pressure in US Generics: Intense competition and consolidation among buyers continue to exert downward pressure on generic drug prices in its largest market.

R&D Execution Risks: High investment in R&D does not guarantee successful product development or market acceptance, leading to potential write-offs.

Intense Competition: Facing stiff competition from other large generic drug manufacturers globally.

Currency Fluctuations: Exposure to various currencies, particularly the US Dollar, introduces foreign exchange risk.

Supply Chain Disruptions: Geopolitical events, pandemics, or natural disasters can disrupt its global supply chain.

Management & Ownership

Lupin was founded by Dr. Desh Bandhu Gupta. The company remains promoter-driven, with the Gupta family holding a significant ownership stake and active involvement in strategic management. The day-to-day operations are managed by a team of professional and experienced executives, combining entrepreneurial vision with professional management practices.

Outlook

Lupin is navigating a challenging global pharmaceutical landscape, particularly with pricing pressure in the US generics market. The company's future hinges on its ability to successfully execute its strategy of shifting towards higher-value, complex generics and biosimilars, coupled with sustained growth in its Indian branded generics business. Improving its regulatory compliance track record in the US will be crucial for new product approvals and market access. While the competitive environment remains intense, its strong R&D pipeline and established market presence offer potential for recovery and long-term growth, provided it can mitigate ongoing pricing headwinds and regulatory hurdles effectively.

Lupin Share Price

Live · BSE / NSE · Inception: 1983
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Lupin Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 4961 5600 5673 5768 5667 6268 7048 7168 7475 8277
Other Income 29 68 42 54 57 79 90 115 141 130
Total Income 4990 5668 5715 5821 5724 6347 7138 7282 7615 8407
Total Expenditure 3964 4359 4332 4412 4346 4541 4706 4906 4989 5827
Operating Profit 1026 1309 1383 1410 1378 1806 2431 2377 2626 2580
Interest 71 68 71 67 89 92 108 115 120 110
Depreciation 457 248 257 271 393 299 317 313 447 453
Exceptional Income / Expenses 0 0 0 0 0 0 0 -427 -131 0
Profit Before Tax 498 993 1055 1071 896 1416 2007 1522 1928 2017
Provision for Tax 129 187 195 212 113 194 522 342 459 600
Profit After Tax 368 806 859 859 782 1221 1485 1181 1469 1417
Adjustments -9 -4 -7 -4 -10 -2 -7 -5 -8 -2
Profit After Adjustments 359 801 853 855 773 1219 1478 1176 1460 1415
Adjusted Earnings Per Share 7.9 17.6 18.7 18.7 16.9 26.7 32.4 25.7 31.9 30.9

Lupin Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 14139 17494 15804 14665 15375 15163 16405 16642 20011 22708 27958 29968
Other Income 185 107 150 333 484 136 214 151 142 202 1081 476
Total Income 14324 17601 15955 14998 15859 15299 16619 16793 20152 22910 29039 30442
Total Expenditure 10454 13001 12657 12104 13020 12596 16190 14921 16222 17430 19799 20428
Operating Profit 3871 4600 3298 2894 2839 2703 429 1871 3931 5479 9240 10014
Interest 59 153 204 302 363 141 143 274 312 295 434 453
Depreciation 487 912 1086 846 970 887 1659 881 1197 1169 1376 1530
Exceptional Income / Expenses 0 0 -1464 -340 -752 0 0 0 0 0 -558 -558
Profit Before Tax 3329 3543 547 1409 757 1676 -1372 716 2422 4015 6873 7474
Provision for Tax 1059 979 288 888 1157 449 137 269 487 709 1517 1923
Profit After Tax 2270 2565 258 521 -400 1228 -1509 448 1936 3306 5355 5552
Adjustments -9 -7 -7 86 130 -11 -19 -18 -21 -25 -23 -22
Profit After Adjustments 2261 2557 251 607 -269 1217 -1528 430 1914 3282 5333 5529
Adjusted Earnings Per Share 50.2 56.6 5.6 13.4 -5.9 26.8 -33.6 9.5 42 71.9 116.6 120.9

Lupin Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 11163 13498 13577 13742 12537 13803 12153 12465 14290 17204 22448
Minority's Interest 32 35 40 47 44 55 69 78 83 91 65
Borrowings 5374 5648 6425 6642 1793 16 142 28 0 1766 1643
Other Non-Current Liabilities 658 799 452 655 1210 1120 1011 965 820 624 992
Total Current Liabilities 5061 6121 5096 6130 9225 8436 8276 9265 8502 8961 12651
Total Liabilities 22289 26100 25589 27215 24810 23430 21651 22800 23695 28646 37800
Fixed Assets 8717 11033 10362 11087 7938 7881 7382 8355 8878 9719 10994
Other Non-Current Assets 3685 3114 3017 2275 1458 1563 1812 1994 1369 2128 2779
Total Current Assets 9887 11953 12201 13854 15413 13986 12458 12451 13448 16799 24027
Total Assets 22289 26100 25589 27215 24810 23430 21651 22800 23695 28646 37800

Lupin Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 2095 780 687 1416 544 2229 926 991 1232 984 1544
Cash Flow from Operating Activities -382 4114 1751 1666 1469 1822 367 1897 3648 3000 7335
Cash Flow from Investing Activities -6962 -2527 470 -3282 1107 -1240 1292 -1287 -1712 -4172 -3865
Cash Flow from Financing Activities 5836 433 -1492 744 -891 -1885 -1572 -337 -2184 1732 -846
Net Cash Inflow / Outflow -1508 2019 729 -872 1685 -1303 87 273 -248 560 2624
Closing Cash & Cash Equivalent 780 2799 1416 544 2229 926 1013 1265 984 1544 4168

Lupin Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 50.17 56.63 5.56 13.4 -5.95 26.81 -33.62 9.45 42.01 71.87 116.64
CEPS(Rs) 61.18 76.99 29.73 30.21 12.59 46.62 3.29 29.2 68.74 98.02 147.22
DPS(Rs) 7.5 7.5 5 5 6 6.5 4 4 8 12 18
Book NAV/Share(Rs) 245.21 295.04 295.64 298.87 272.01 300.06 263.84 270.67 311.08 374.93 489.59
Core EBITDA Margin(%) 25.85 25.52 11.58 9.68 7.87 9.08 0.73 6.05 11.94 14.19 18.93
EBIT Margin(%) 23.77 20.99 2.76 6.47 3.74 6.43 -4.14 3.48 8.61 11.59 16.95
Pre Tax Margin(%) 23.35 20.13 2.01 5.32 2.53 5.93 -4.62 2.52 7.63 10.8 15.94
PAT Margin (%) 15.92 14.57 0.95 1.97 -1.34 4.34 -5.09 1.57 6.1 8.89 12.42
Cash Profit Margin (%) 19.34 19.75 4.94 5.17 1.91 7.48 0.5 4.67 9.87 12.04 15.61
ROA(%) 12.84 10.6 1 1.97 -1.54 5.09 -6.7 2.01 8.33 12.63 16.12
ROE(%) 22.85 21.05 1.94 3.88 -3.09 9.47 -11.79 3.68 14.61 21.13 27.11
ROCE(%) 24.42 18.57 3.56 7.97 5.45 9.71 -7.11 6.06 16.24 21.97 28.86
Receivable days 92.24 91.82 63.76 71.32 64.63 64.06 53.73 56.09 52.75 50 51.23
Inventory Days 73.96 71.7 49.03 51.72 44.49 48.75 53.64 58.53 54.32 51.19 48.93
Payable days 161.88 160.76 176.19 179.43 163.62 161.68 132.55 144.07 177.49 185.58 205.75
PER(x) 29.5 25.51 132.5 55.14 0 38.08 0 68.54 38.51 28.2 19.83
Price/Book(x) 6.04 4.9 2.49 2.47 2.17 3.4 2.83 2.39 5.2 5.4 4.72
Dividend Yield(%) 0.51 0.52 0.68 0.68 1.02 0.64 0.54 0.62 0.49 0.59 0.78
EV/Net Sales(x) 5.17 4.15 2.47 2.79 1.99 3.26 2.23 1.95 3.76 4.16 3.79
EV/Core EBITDA(x) 18.87 15.77 11.83 14.15 10.77 18.26 85.46 17.33 19.13 17.24 11.47
Net Sales Growth(%) 10.72 23.73 -9.66 -7.21 4.84 -1.38 8.19 1.44 20.25 13.48 23.12
EBIT Growth(%) -1.06 9.07 -79.67 128.91 -34.55 62.21 -167.66 180.59 175.93 57.65 69.54
PAT Growth(%) -7.16 13 -89.93 104.46 -176.75 407.07 -222.92 129.66 332.35 70.82 61.98
EPS Growth(%) -6.16 12.87 -90.19 141.19 -144.36 550.89 -225.39 128.11 344.46 71.07 62.29
Debt/Equity(x) 0.65 0.6 0.53 0.63 0.51 0.35 0.32 0.34 0.19 0.3 0.26
Current Ratio(x) 1.95 1.95 2.39 2.26 1.67 1.66 1.51 1.34 1.58 1.87 1.9
Quick Ratio(x) 1.31 1.36 1.68 1.63 1.3 1.17 0.95 0.86 1 1.26 1.42
Interest Cover(x) 56.98 24.23 3.68 5.66 3.09 12.92 -8.61 3.61 8.77 14.62 16.82
Total Debt/Mcap(x) 0.11 0.12 0.21 0.25 0.24 0.1 0.11 0.14 0.04 0.05 0.06

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +23% +19% +13% +7%
Operating Profit CAGR +69% +70% +28% +9%
PAT CAGR +62% +129% +34% +9%
Share Price CAGR +2% +20% +16% +3%
ROE Average +27% +21% +11% +10%
ROCE Average +29% +22% +13% +12%

Lupin Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 46.85 %
FII 22.42 %
DII (MF + Insurance) 24.65 %
Public (retail) 6.08 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 47.0146.9846.9646.9546.9246.946.946.8946.8646.85
FII 18.2819.3221.522.0421.4621.2520.4921.4921.7122.42
DII 27.7726.7825.124.7425.4225.5726.5525.5825.3224.65
Public 6.936.926.446.266.216.286.066.036.126.08
Others 0000000000
Total 100100100100100100100100100100

Lupin Peer Comparison

Pharmaceuticals & Drugs Edit Columns

Lupin Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Lupin Pros & Cons

Pros

  • Company has delivered good profit growth of 34% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 21%
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 46.85%.
  • Debtor days have increased from 185.58 to 205.75days.
  • Stock is trading at 3.9 times its book value.
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