Lupin Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Sale of Pharmaceutical Goods: 96.9% • Other Operating Revenue: 2.4% • Income from Research Services & Sale of IPs: 0.6%
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 38.3% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 21.6%
- Operating margins have improved to 36.7% from 10.4%
- Latest quarter profit grew 27.6% YoY, showing strong momentum
CONS
- Recurring exceptional / one-off items are inflating headline profit
- Though reporting repeated profits, the company pays out little dividend (12.9%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SUNPHARMA | 1864.00 | 36.98 | 447236.04 | 0.86 | 2901.23 | 26.53 | 15299.88 | 10.98 | 19.11 | 28.81 |
| DIVISLAB | 9405.00 | 85.36 | 249673.20 | 0.32 | 902.00 | 65.50 | 3080.00 | 27.80 | 21.51 | 40.75 |
| TORNTPHARM | 4928.40 | 85.95 | 187460.49 | 0.77 | 566.00 | 3.28 | 4921.00 | 57.32 | 19.27 | 33.81 |
| ZYDUSLIFE | 1118.00 | 24.71 | 111520.93 | 0.09 | 990.20 | -34.90 | 8017.00 | 23.97 | 21.39 | 24.54 |
| CIPLA | 1380.00 | 33.08 | 111484.47 | 0.94 | 785.55 | -39.18 | 7119.28 | 4.13 | 16.00 | 16.73 |
| LAURUSLABS | 1936.00 | 95.67 | 104604.45 | 0.10 | 362.07 | 123.94 | 2026.31 | 29.10 | 18.20 | 31.50 |
| AUROPHARMA | 1669.00 | 25.87 | 96030.57 | 0.24 | 1032.03 | 25.22 | 9150.35 | 17.44 | 12.76 | 20.54 |
| DRREDDY | 1140.80 | 29.55 | 95220.28 | 0.70 | 435.60 | -69.10 | 8099.80 | -5.21 | 13.75 | 10.63 |
| LUPIN | 2075.00 | 17.16 | 94882.67 | 0.87 | 1416.98 | 16.01 | 8276.89 | 34.28 | 28.86 | 29.59 |
| MANKIND | 2246.00 | 45.42 | 92769.93 | 0.04 | 574.09 | 29.12 | 4030.59 | 12.89 | 13.24 | 26.30 |
| GLENMARK | 2417.00 | 37.94 | 68213.70 | 0.10 | 482.83 | 927.88 | 4018.48 | 31.35 | 20.35 | 20.03 |
| BIOCON | 390.00 | 128.32 | 63558.07 | 0.13 | 136.80 | 53.36 | 4336.00 | 10.89 | 3.26 | 19.54 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,425 | 3,560 | 3,999 | 3,332 | 4,084 | 3,932 | 4,060 | 4,383 | 5,605 | 3,853 | 4,434 | 5,152 | 7,172 | |
| 2,791 | 2,824 | 2,898 | 2,696 | 2,968 | 2,991 | 2,797 | 2,740 | 2,979 | 2,893 | 2,885 | 2,953 | 3,664 | |
| Operating Profit | 634 | 736 | 1,101 | 636 | 1,116 | 940 | 1,263 | 1,643 | 2,626 | 960 | 1,549 | 2,199 | 3,508 |
| OPM % | 18.52% | 20.68% | 27.53% | 19.09% | 27.33% | 23.92% | 31.11% | 37.49% | 46.86% | 24.92% | 34.95% | 42.69% | 48.91% |
| 28 | 26 | 23 | 31 | 38 | 33 | -22 | 49 | 54 | 663 | -534 | 537 | 102 | |
| Interest | 16 | 15 | 11 | 13 | 14 | 18 | 20 | 34 | 19 | 28 | 36 | 39 | 36 |
| Depreciation | 140 | 149 | 145 | 290 | 141 | 146 | 153 | 208 | 177 | 175 | 179 | 177 | 190 |
| Profit before Tax | 577 | 696 | 1,084 | 428 | 1,083 | 984 | 1,217 | 1,553 | 2,588 | 1,636 | 868 | 2,602 | 3,610 |
| Tax % | 17.27% | 21.18% | 15.45% | 10.30% | 17.89% | 17.91% | 19.09% | 16.85% | 17.78% | 17.02% | 17.34% | 16.86% | 24.80% |
| Net Profit | 477 | 549 | 916 | 384 | 889 | 808 | 985 | 1,291 | 2,128 | 1,357 | 717 | 2,164 | 2,715 |
| 10.48 | 12.06 | 20.14 | 8.43 | 19.51 | 17.71 | 21.58 | 28.30 | 46.60 | 29.72 | 15.71 | 47.35 | 59.37 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 12,753 | 10,088 | 11,356 | 11,026 | 11,056 | 11,772 | 11,259 | 14,666 | 16,968 | 19,513 | 20,611 | |
| 8,267 | 8,002 | 8,504 | 9,118 | 9,012 | 11,567 | 10,295 | 11,227 | 11,574 | 12,336 | 12,394 | |
| Operating Profit | 4,486 | 2,086 | 2,853 | 1,908 | 2,044 | 205 | 964 | 3,439 | 5,393 | 7,176 | 8,216 |
| OPM % | 35.18% | 20.68% | 25.12% | 17.30% | 18.49% | 1.74% | 8.56% | 23.45% | 31.79% | 36.78% | 39.86% |
| 88 | 131 | -49 | -284 | 129 | 221 | 210 | 126 | 176 | 1,346 | 768 | |
| Interest | 29 | 33 | 35 | 53 | 41 | 73 | 98 | 56 | 84 | 121 | 138 |
| Depreciation | 366 | 390 | 426 | 519 | 503 | 514 | 548 | 725 | 648 | 707 | 720 |
| Profit before Tax | 4,179 | 1,794 | 2,342 | 1,052 | 1,630 | -162 | 527 | 2,785 | 4,837 | 7,694 | 8,716 |
| Tax % | 24.83% | 25.04% | 34.30% | 30.86% | 22.77% | -16.82% | 19.34% | 16.47% | 17.87% | 17.26% | 20.23% |
| Net Profit | 3,141 | 1,345 | 1,539 | 728 | 1,259 | -189 | 425 | 2,326 | 3,973 | 6,367 | 6,953 |
| EPS | 69.35 | 29.66 | 33.89 | 15.99 | 27.65 | -4.16 | 9.31 | 51.04 | 87.01 | 139.25 | — |
| Dividend Payout % | 10.78% | 16.81% | 14.70% | 37.36% | 23.43% | -96.34% | 42.80% | 15.67% | 13.79% | 12.93% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 6%
- 5 Years:
- 12%
- 3 Years:
- 20%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 8%
- 5 Years:
- 38%
- 3 Years:
- 146%
STOCK PRICE CAGR
- 10 Years:
- 3%
- 5 Years:
- 16%
- 3 Years:
- 23%
- 1 Year:
- 5%
RETURN ON EQUITY
- 10 Years:
- 11%
- 5 Years:
- 11%
- 3 Years:
- 18%
- Last Year:
- 23%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 14,516 | 15,483 | 16,808 | 17,168 | 18,285 | 17,898 | 18,172 | 20,399 | 24,105 | 29,981 | |
| 704 | 103 | 102 | 191 | 481 | 923 | 756 | 158 | 300 | 1,138 | |
| Trade Payables | 1,478 | 1,428 | 1,254 | 1,566 | 1,196 | 1,352 | 1,566 | 2,036 | 1,969 | 2,529 |
| 1,059 | 1,576 | 1,436 | 1,665 | 1,805 | 2,051 | 2,098 | 2,238 | 1,967 | 2,364 | |
| Total Liabilities | 17,848 | 18,681 | 19,690 | 20,680 | 21,859 | 22,313 | 22,684 | 24,923 | 28,432 | 36,103 |
| 3,013 | 3,341 | 3,373 | 3,514 | 3,639 | 3,690 | 4,022 | 4,113 | 4,946 | 4,873 | |
| Capital Work in Progress | 481 | 850 | 904 | 695 | 796 | 774 | 738 | 411 | 232 | 429 |
| 6,914 | 5,363 | 7,388 | 7,456 | 9,563 | 9,511 | 9,974 | 11,581 | 11,955 | 15,625 | |
| 2,126 | 2,180 | 2,306 | 2,485 | 2,708 | 3,177 | 3,019 | 2,969 | 3,227 | 3,351 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,842 | 5,664 | 6,922 | |
| Cash & Bank | 173 | 111 | 61 | 1,306 | 284 | 65 | 101 | 139 | 459 | 128 |
| 5,143 | 6,837 | 5,658 | 5,225 | 4,869 | 5,097 | 4,829 | 1,868 | 1,949 | 4,775 | |
| Total Assets | 17,848 | 18,681 | 19,690 | 20,680 | 21,859 | 22,313 | 22,684 | 24,923 | 28,432 | 36,103 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 5,334 | 700 | 3,922 | 2,605 | 1,999 | 3 | 1,921 | 2,504 | 2,445 | 5,540 | |
| Cash from Investing | -1,941 | 725 | -2,865 | -740 | -2,508 | -372 | -1,269 | -1,599 | -1,766 | -5,649 |
| Cash from Financing | -160 | -987 | -295 | -368 | -53 | 102 | -498 | -867 | -460 | -121 |
| 2,252 | -52 | -50 | 1,112 | -991 | -118 | 27 | 38 | 218 | -230 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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
Recent coverage and analyst commentary for LUPIN
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