LUPIN
Mid CapLupin Limited
Pharma
Lupin Limited is a global pharmaceutical company with operations in over 100 countries. It focuses on generics, complex generics, biosimilars, and specialty products, supported by a strong R&D and manufacturing footprint. The company aims to deliver treatments across various therapeutic areas.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 90/100Rev +32% YoY · PAT +88% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7,475 Cr | +31.9% | +4.3% |
| EBITDA | ₹2,486 Cr | +88.2% | +9.9% |
| Operating margin | 33.0% | +1000 bps | +100 bps |
| PAT | ₹1,469 Cr | +87.8% | +24.4% |
| PAT margin | 19.6% | +585 bps | +317 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Lupin reports strong Q4 FY26 sales growth of 33% YoY, driven by North America and LATAM, with PAT up 89% YoY. EBITDA margin expanded significantly YoY but saw a slight QoQ dip.
Lupin's Q4 FY26 performance shows robust growth, particularly in North America due to new product launches, and continued outperformance in the India market. While profitability improved significantly YoY, a slight sequential moderation in EBITDA margin and ongoing compliance remediation at some sites warrant monitoring.
Q4 FY26 Sales Mix by Geography/Segment
Latest issuer-disclosed distribution across 5 reported categories.
US New Product Launches
Growth in the US market is driven by new product launches, with 15 products launched in FY26 and a plan to launch 100+ NPLs by FY31.
Complex Generics & Biosimilars Pipeline
Strong pipeline of 45+ Injectables and 20+ inhalation products, with a target to launch 5+ biosimilars by FY31.
India Chronic Leadership
India business focuses on maximizing chronic share to ~70% by FY31, with key segments like Cardiology and Respiratory outperforming the market.
Strategic Alliances & M&A
Company plans to target alliances/M&A for mid-size companies, brands & portfolios, and in-license new products via partnerships including GLP-1s.
Dabhasa Manufacturing Facility Expansion
Completed expansion of Dabhasa manufacturing facility to scale peptide platform and enhance CRDMO capabilities at Lupin Manufacturing Solutions.
Regulatory Approvals for Facilities
Aurangabad received ANVISA & CDSCO approval, Pune Biotech received CDSCO approval, Nagpur Unit 1 received WHO and Ukraine approval.
European Biosimilar Approval
Received European Commission Approval for Biosimilar Ranibizumab (RanluspecTM), strengthening specialty pharma footprint in Europe.
Robust US Pipeline
Filed 10+ ANDAs in FY26, including two 505(b)(2)s, and plans to file 15+ in FY27, indicating future launch potential.
Increased Generic Competition in US
Growth in US was offset by additional generic competition in base business and lower seasonal product sales, leading to mid-single digit price decline.
Loss of Exclusivity (LOE) in India
Anti-diabetes segment in India was impacted by LOE in the in-licensed portfolio, growing 9.4% vs IPM growth of 12.2% in FY26.
Regulatory Compliance Issues
Pithampur Unit II has an OAI status, and remediation is in progress. Tarapur and Mandideep Unit-1 are also identified as remediation sites.
Generic Competition and Pricing Pressure
Additional generic competition in the US base business and price declines in key products like Albuterol pose ongoing challenges.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing overall growth and margin expansion against the previous year. QoQ comparison provides insight into sequential momentum, recent market dynamics, and profitability trends.
Domestic Formulations Growth (India Rx)
India Rx business grew by 14.5% YoY in Q4 FY26, outperforming IPM growth of ~9.9% in FY26.
North America Sales Growth
North America sales were 35,145 mn INR, growing 55% YoY and 6% QoQ in Q4 FY26, driven by new product launches.
Key Launches in US
Launched Dapagliflozin Tabs (gFarxiga®) and Sugammadex Inj (gBridion®) in the US during Q4 FY26.
US FDA Compliance Status
Goa facility received EIR (VAI). Responses submitted for Ankleshwar & Somerset (PAI). Pithampur Unit II (OAI) response submitted, remediation in progress.
Regulatory Compliance Target
Management targets all sites to have satisfactory compliance status, with successful FDA inspections for several units in the last 12 months.
India Product Launch Pipeline
Management plans to launch 20+ products in India in FY27, following healthy launches across therapies in FY26.
US ANDA Filing Plans
Management plans to file 15+ ANDAs in FY27, building on 10+ ANDAs filed in FY26.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Pithampur Unit II US FDA Status | OAI, response submitted, remediation in progress. | Resolution of OAI status and receipt of EIR (VAI/NAI). |
| India Product Launches (FY27) | Plan to launch 20+ products. | Execution and market acceptance of new product launches in India. |
| US ANDA Filings (FY27) | Plan to file 15+ ANDAs. | Progress on ANDA filings and subsequent approvals for new products in the US market. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +4.3% / mo
Technical chart
LUPINdaily · 5Y+14.6%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 47. Wait for confirmation.
- SMA20 falling (~2.8% over last month) — short-term momentum negative.
- RSI(14) at 47 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 9% off 52W high · 15% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.4%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 53.8%.
Main drags
- Valuation is weaker at 14/30; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
- Cash flow is weaker at 6/10; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 98th percentile within Pharma. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Pharma: 98th pctile, median 70 · Mid: 91st pctile, median 76
169 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.4%.
- ▸9 years of positive FCF.
- ▸ROCE is 30.3%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 17.90
- P/B
- 4.59
- EV/EBITDA
- 10.76
- Market Cap
- 103065.00Cr
Profitability
- ROE
- 29.10%
- ROCE
- 30.30%
- ROA
- 13.96%
- Dividend Y
- 0.53%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 37.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 92.50%
Balance Sheet
- Debt/Equity
- 0.29
- Interest Coverage
- 20.31×
- Altman Z
- 6.40
- Book Value
- 491.00
Cash Flow
- FCF Yield
- 3.37%
- FCF Positive Y
- 9/5
- OCF
- 7334.00 Cr
- EPS TTM
- 116.65
Shareholding
- Promoter Hold
- 46.85%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 63%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.