NSE: LUPIN · BSE: 500257
LUPIN LIMITED
Develops, manufactures and sells generic pharmaceutical formulations and active pharmaceutical ingredients, with operations spanning the United States, India and emerging markets. Pharmaceuticals accounted for 99.5% of FY26 segment revenue at ₹27,812.36 crore, with the remaining 0.5% from 'Others' which posted a small operating loss. The US franchise grew around 40% year-on-year on the back of products such as Tolvaptan, Mirabegron and Risperdal Consta; the India prescription business grew 14.5% year-on-year at 1.3x IPM and emerging markets grew 49% in Q4 FY26 led by Brazil (113% in local currency). Semaglutide was launched in India under the brand Semanext, the VISUfarma acquisition added an ophthalmology franchise, and the biosimilar franchise is currently around USD 50 million. The principal cost lines are other operating expenses at 25.9% of revenue and raw materials (mainly APIs) at 16.5%, with R&D running at around 8% of sales. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pharmaceuticals (100%), Others (1%). Global generic pharmaceuticals — multi-geography, R&D-intensive at ~8% of sales, driven by product launches in regulated markets.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 16,405 | 16,642 | 20,011 | 22,708 | 27,958 |
| EBITDA (ex other income) | 287 | 1,798 | 3,811 | 5,283 | 8,258 |
| margin % | 1.8 | 10.8 | 19.0 | 23.3 | 29.5 |
| Owners' profit | (1,528) | 430 | 1,914 | 3,282 | 5,333 |
| EPS, as reported (₹) | (33.65) | 9.46 | 42.05 | 71.95 | 116.75 |
| ROE % · ROCE % | (12.3) · (9.1) | 3.6 · 7.2 | 13.5 · 17.6 | 19.1 · 21.3 | 23.8 · 28.4 |
| Debt / equity (x) | 0.31 | 0.34 | 0.19 | 0.29 | 0.26 |
| Cash from operations | 1,082 | 1,934 | 3,490 | 430 | 7,546 |
| Capex | (905) | (1,500) | (929) | (1,682) | (2,055) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,673 | 5,768 | 5,667 | 6,268 | 7,048 | 7,168 | 7,475 | 8,277 |
| Profit before tax | 1,055 | 1,071 | 896 | 1,416 | 2,007 | 1,522 | 1,928 | 2,017 |
| Net profit | 859 | 859 | 782 | 1,221 | 1,485 | 1,181 | 1,469 | 1,417 |
| EPS (₹) | 18.70 | 18.75 | 16.93 | 26.70 | 32.36 | 25.74 | 31.96 | 30.95 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Pharmaceuticals | 27,812 | 99.5 |
| Others | 147 | 0.5 |
| Total, before eliminations | 27,960 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 11.7 | 10.8 | — | 27.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.3 | 30.8 | 36 of 158 | 78% |
| P/B | 4.0 | 3.1 | 99 of 163 | 40% |
| ROCE | 26.7 | 10.8 | 13 of 183 | 93% |
| ROE | 23.8 | 9.8 | 13 of 166 | 93% |
| Debt / Equity | 0.3 | 0.2 | 107 of 166 | 36% |
| EBITDA margin | 31.2 | 17.5 | 31 of 165 | 82% |
| Revenue growth | 32.0 | 16.3 | 43 of 161 | 74% |
| Profit growth | 16.0 | 30.9 | 90 of 158 | 43% |
| Market cap | 90257 | 806 | 10 of 181 | 95% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · U.S. FDA closes Goa plant inspection with one observation | regulatory legal | medium | — | — |
| 23 Oct 2026 · Lupin allots 3,033 shares under employee stock options | capital market events | low | — | — |
| 23 Oct 2026 · Lupin appoints Brian Savage as President and Chief Legal Officer | compliance | low | — | — |
| 22 Oct 2026 · Lupin appoints Brian Savage as President and Chief Legal Officer | management changes | high | — | — |
| 19 Oct 2026 · Lupin grants 40,157 stock options to employees under ESOP 2025 | business updates | low | — | — |
| 19 Oct 2026 · Lupin schedules Q2 FY27 earnings call for November 4, 2026 | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Board meeting on Nov 3 to consider Q2 FY27 results | results | low | — | — |
| 15 Oct 2026 · Lupin ESG rating slips to 70 from 71 in FY26 | business updates | low | — | — |
| 9 Oct 2026 · Compliance certificate for Q2 FY27 filed with exchanges | compliance | minimal | — | — |
| 8 Oct 2026 · Lupin gets US FDA approval for Phytonadione Injectable Emulsion | business updates | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.