Lupin Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Sale of pharmaceutical Goods: 99.5% • Income from Research Services & Sale of IPs: 0.5%
AI Sector View
AI GENERATEDHealthcare
This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.
PROS
- Company has delivered good profit growth of 34.3% CAGR over last 5 years
- Company has a healthy return on capital (ROCE) of 22.4%
- Company has a good return on equity (ROE) track record: 3 Years ROE 21.0%
- Operating margins have improved to 18.9% from 6.6%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.32x)
CONS
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SUNPHARMA | 1842.00 | 36.54 | 441957.50 | 0.87 | 2901.23 | 26.53 | 15299.88 | 10.98 | 19.11 | 28.81 |
| DIVISLAB | 9326.00 | 84.64 | 247576.00 | 0.32 | 902.00 | 65.50 | 3080.00 | 27.80 | 21.51 | 40.75 |
| TORNTPHARM | 4975.00 | 86.76 | 189233.01 | 0.76 | 566.00 | 3.28 | 4921.00 | 57.32 | 19.27 | 33.81 |
| ZYDUSLIFE | 1119.50 | 24.74 | 111670.55 | 0.09 | 990.20 | -34.90 | 8017.00 | 23.97 | 21.39 | 24.54 |
| CIPLA | 1365.00 | 32.72 | 110272.68 | 0.95 | 785.55 | -39.18 | 7119.28 | 4.13 | 16.00 | 16.73 |
| LAURUSLABS | 1970.35 | 97.37 | 106460.42 | 0.10 | 362.07 | 123.94 | 2026.31 | 29.10 | 18.20 | 31.50 |
| DRREDDY | 1161.00 | 30.07 | 96906.38 | 0.69 | 435.60 | -69.10 | 8099.80 | -5.21 | 13.75 | 10.63 |
| AUROPHARMA | 1675.45 | 25.97 | 96401.69 | 0.24 | 1032.03 | 25.22 | 9150.35 | 17.44 | 12.76 | 20.54 |
| LUPIN | 2096.00 | 17.34 | 95842.92 | 0.86 | 1416.98 | 16.01 | 8276.89 | 34.28 | 28.86 | 29.59 |
| MANKIND | 2277.00 | 46.04 | 94050.37 | 0.04 | 574.09 | 29.12 | 4030.59 | 12.89 | 13.24 | 26.30 |
| GLENMARK | 2416.90 | 37.94 | 68210.88 | 0.10 | 482.83 | 927.88 | 4018.48 | 31.35 | 20.35 | 20.03 |
| BIOCON | 390.95 | 128.63 | 63712.89 | 0.13 | 136.80 | 53.36 | 4336.00 | 10.89 | 3.26 | 19.54 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4,742 | 4,939 | 5,080 | 4,895 | 5,514 | 5,497 | 5,619 | 5,562 | 6,164 | 6,831 | 7,100 | 7,392 | 8,277 | |
| 3,958 | 4,121 | 4,159 | 3,964 | 4,359 | 4,332 | 4,412 | 4,346 | 4,541 | 4,706 | 4,906 | 4,989 | 6,390 | |
| Operating Profit | 784 | 818 | 920 | 931 | 1,155 | 1,165 | 1,207 | 1,216 | 1,623 | 2,125 | 2,195 | 2,403 | 1,887 |
| OPM % | 16.54% | 16.57% | 18.12% | 19.02% | 20.95% | 21.19% | 21.48% | 21.87% | 26.33% | 31.11% | 30.91% | 32.51% | 22.80% |
| 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 |
| Profit before Tax | 559 | 630 | 736 | 498 | 993 | 1,055 | 1,071 | 896 | 1,416 | 2,007 | 1,522 | 1,928 | 2,017 |
| Tax % | 18.87% | 21.34% | 15.95% | 26.02% | 18.88% | 18.52% | 19.83% | 12.67% | 13.71% | 26.02% | 22.44% | 23.82% | 29.76% |
| Net Profit | 0 | 0 | 0 | 0 | 806 | 859 | 859 | 782 | 1,221 | 1,485 | 1,181 | 1,469 | 1,417 |
| 9.94 | 10.76 | 13.47 | 7.89 | 17.58 | 18.70 | 18.75 | 16.93 | 26.70 | 32.36 | 25.74 | 31.96 | 30.95 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 17,494 | 15,804 | 14,665 | 15,375 | 15,163 | 16,405 | 16,642 | 20,011 | 22,708 | 27,958 | 29,601 | |
| 13,001 | 12,657 | 12,104 | 13,020 | 12,596 | 16,190 | 14,921 | 16,222 | 17,430 | 19,798 | 20,991 | |
| Operating Profit | 4,493 | 3,148 | 2,561 | 2,355 | 2,567 | 215 | 1,721 | 3,789 | 5,278 | 8,160 | 8,610 |
| OPM % | 25.68% | 19.92% | 17.46% | 15.32% | 16.93% | 1.31% | 10.34% | 18.94% | 23.24% | 29.18% | 29.09% |
| 107 | -1,314 | -7 | -268 | 136 | 214 | 151 | 142 | 202 | 523 | -82 | |
| Interest | 153 | 204 | 302 | 363 | 141 | 143 | 274 | 312 | 295 | 434 | 452 |
| Depreciation | 912 | 1,086 | 846 | 970 | 887 | 1,659 | 881 | 1,197 | 1,169 | 1,376 | 1,529 |
| Profit before Tax | 3,543 | 547 | 1,409 | 757 | 1,676 | -1,372 | 716 | 2,422 | 4,015 | 6,873 | 7,474 |
| Tax % | 27.62% | 52.75% | 63.02% | 152.81% | 26.75% | -9.99% | 37.52% | 20.09% | 17.65% | 22.07% | 25.73% |
| Net Profit | 2,565 | 258 | 521 | -400 | 1,228 | -1,509 | 448 | 1,936 | 3,306 | 5,355 | 5,551 |
| EPS | 56.46 | 5.54 | 13.36 | -5.95 | 26.72 | -33.65 | 9.41 | 42.01 | 71.87 | 116.64 | — |
| Dividend Payout % | 13.24% | 89.97% | 37.30% | -100.89% | 24.24% | -11.90% | 42.32% | 19.04% | 16.70% | 15.43% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 7%
- 5 Years:
- 13%
- 3 Years:
- 19%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 9%
- 5 Years:
- 34%
- 3 Years:
- 131%
STOCK PRICE CAGR
- 10 Years:
- 3%
- 5 Years:
- 16%
- 3 Years:
- 23%
- 1 Year:
- 5%
RETURN ON EQUITY
- 10 Years:
- 9%
- 5 Years:
- 11%
- 3 Years:
- 21%
- Last Year:
- 27%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 90 | 90 | 90 | 91 | 91 | 91 | 91 | 91 | 91 | 91 |
| Minority Interest | 35 | 40 | 47 | 44 | 55 | 69 | 78 | 83 | 91 | 65 |
| 13,234 | 13,275 | 13,433 | 12,231 | 13,523 | 11,901 | 12,225 | 14,085 | 17,028 | 22,293 | |
| 8,555 | 7,402 | 8,952 | 5,174 | 3,806 | 4,451 | 4,792 | 3,171 | 5,302 | 6,398 | |
| Trade Payables | 2,589 | 2,575 | 2,498 | 2,412 | 2,014 | 2,283 | 2,532 | 2,958 | 2,958 | 4,173 |
| 1,597 | 2,206 | 2,195 | 4,856 | 3,941 | 2,857 | 3,083 | 3,307 | 3,175 | 4,780 | |
| Total Liabilities | 26,100 | 25,589 | 27,215 | 24,810 | 23,430 | 21,651 | 22,800 | 23,695 | 28,646 | 37,800 |
| 11,033 | 10,362 | 11,087 | 7,938 | 7,881 | 7,382 | 8,355 | 8,878 | 9,719 | 10,994 | |
| Capital Work in Progress | 715 | 956 | 1,019 | 758 | 852 | 847 | 895 | 596 | 355 | 695 |
| 2,136 | 262 | 2,295 | 2,374 | 2,455 | 900 | 517 | 1,075 | 1,146 | 3,670 | |
| 3,642 | 3,662 | 3,837 | 3,457 | 4,092 | 4,631 | 4,492 | 4,954 | 5,476 | 6,083 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,692 | 5,497 | 6,604 | |
| Cash & Bank | 698 | 1,408 | 987 | 2,454 | 1,742 | 1,098 | 1,293 | 1,203 | 3,142 | 5,653 |
| 7,875 | 8,938 | 7,991 | 7,828 | 6,409 | 6,794 | 7,248 | 2,298 | 3,309 | 4,101 | |
| Total Assets | 26,100 | 25,589 | 27,215 | 24,810 | 23,430 | 21,651 | 22,800 | 23,695 | 28,646 | 37,800 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 5,262 | 2,310 | 2,605 | 1,980 | 2,517 | 320 | 2,140 | 3,648 | 3,000 | 7,334 | |
| Cash from Investing | -2,527 | 470 | -3,282 | 1,107 | -1,240 | 1,292 | -1,287 | -1,712 | -4,172 | -3,865 |
| Cash from Financing | 433 | -1,492 | 744 | -891 | -1,885 | -1,572 | -337 | -2,184 | 1,732 | -846 |
| 2,019 | 729 | -872 | 1,685 | -1,303 | 87 | 273 | -248 | 560 | 2,624 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - Lupin Limited has informed the Exchange about Schedule of Institutional Investors Meets.
2026-09-04 - Lupin Limited has informed the Exchange regarding a press release dated September 04, 2026, titled "Lupin Receives U.S. FDA Approval for Modafinil Tablets, USP".
2026-08-28 - Lupin Limited has informed the Exchange about ESG Rating by Crisil ESG Ratings and Analytics Ltd.
2026-08-25 - Lupin Limited has informed the Exchange regarding Allotment of 30967 Shares.
2026-08-24 - Lupin Limited has informed the Exchange about ESG Rating by ESG Risk Assessments and Insights Limited.
2026-08-20 - Lupin Limited has informed the Exchange about VISUfarma B.V., the Netherlands, a wholly owned subsidiary of the Company, has entered into an Exclusive License Agreement with Visus Therapeutics, Inc. U.S.A.
2026-08-18 - Lupin Limited has informed the Exchange regarding Demise of Dr. Sofia Mumtaz, President, Legal & Compliance, Canada, ANZ & NEA Business, a Senior Management Personnel of the Company.
2026-08-17 - Lupin Limited has informed the Exchange regarding a press release dated August 17, 2026, titled "Lupin Announces Approval from U.S. FDA for Pitolisant Tablets".
2026-08-12 - Lupin Limited has informed the Exchange about Transcript of Q1 FY2027 Earnings Conference Call
News
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Lupin Ltd.
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