Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,748.00 last close on 23 Oct 2026 −0.57%
Research updated
Lupin Ltd.
NSE: LUPINHealthcareDrug Manufacturers - Specialty & Generic
- Last close
- ₹1,928.90
- Day change
- +₹6.90 (+0.36%)vs
- Market cap
- ₹88,486 crIndian rupees
- Research updated
- 1 report
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About Lupin
Lupin Ltd. is a multinational pharmaceutical company based in India. It is primarily involved in the development, manufacturing, and marketing of a wide range of pharmaceutical products. The company's product portfolio includes generic and branded formulations, active pharmaceutical ingredients (APIs), and specialties across various therapeutic areas including cardiovascular, central nervous system, diabetes, respiratory, anti-infective, gastrointestinal, and women's health. Lupin has a notable presence in both emerging markets and established regions such as the United States and Europe. Its commitment to affordable healthcare and innovation is evident through its extensive research and development initiatives, supported by multiple facilities worldwide. As a key player in the global pharmaceutical industry, Lupin Ltd. plays a significant role in advancing public health by providing access to essential medications and investing in drug discovery and biotechnology solutions.
- Sector
- Healthcare
- Industry
- Drug Manufacturers - Specialty & Generic
- Listing
- NSE: LUPIN
- Next results
- Chief executive
- Ms. Vinita D. Gupta
- Employees
- 24,006
- Headquarters
- Mumbai, India
- ISIN
- INE326A01037
- Website
- lupin.com
Public research · Report of
Business model & financial foundation
Lupin (NSE: LUPIN), Pharmaceuticals: branded formulations, generics, APIs and biosimilars: revenue of ₹27,958 crore in FY26 (+23.1% on FY25), an EBITDA margin of 33.1%, net profit of ₹5,333 crore and net cash of ₹4,684 crore.
- Revenue, FY26 (₹ crore)
- 27,958
- consolidated
- Revenue growth, FY26
- +23.1%
- on FY25
- Net profit, FY26 (₹ crore)
- 5,333
- to owners
- Return on equity, FY26
- 26.8%
- on average equity
- Market capitalisation (₹ crore)
- 97,146
- at the close of 13 Oct 2026
Company profile
Lupin develops, manufactures and markets branded formulations, generic pharmaceuticals, APIs and emerging specialty and biosimilar products. India chronic therapies and US complex generics are central to earnings, with additional international and manufacturing businesses. Patent exclusivity, competitive entry, launch execution and regulatory compliance affect the durability of reported margins.
| Item | Value |
|---|---|
| Legal name | Lupin Limited |
| Exchange and ticker | NSE: LUPIN; BSE: 500257 |
| ISIN | INE326A01037 |
| CIN | L24100MH1983PLC029442 |
| Sector | Healthcare |
| Industry | Pharmaceuticals: branded formulations, generics, APIs and biosimilars |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells Chartered Accountants LLP (since 2026-08-04) |
| Market capitalisation | ₹97,146 crore (13 Oct 2026) |
| Shares outstanding | 45.72 crore shares (FY26) |
| Price | ₹1,957 (close, 13 Oct 2026) |
| 52-week range | ₹1,900 - ₹2,530 (to 13 Oct 2026) |
| Website | https://www.lupin.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Nanomi B.V. | 100% | Netherlands material holding subsidiary |
| Lupin Atlantis Holdings SA | 100% | Swiss material holding subsidiary |
| Lupin Pharmaceuticals Inc. | 100% | US pharmaceutical marketing subsidiary |
| Lupin Inc. | 100% | US material subsidiary through Nanomi |
| Lupin Manufacturing Solutions Limited | 100% | API/CDMO manufacturing |
| Lupinlife Consumer Healthcare Limited | 100% | India OTC consumer healthcare |
| Lupin Diagnostics Limited | 100% | India diagnostics |
| Multicare Pharmaceuticals Philippines Inc. | 100% | Philippines formulations; wholly owned from 1 October 2026 |
| VISUfarma B.V. | 100% | European ophthalmology acquired 1 April 2026 |
Selected material/key subsidiaries, not full legal-entity list. FY26 audited group has 33 subsidiaries and a 45% JV YL Biologics under liquidation. Holdings as at 31 March 2026 except MPPI and VISUfarma cutoff-eligible changes.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 46.90% | 46.89% | 46.86% | 46.85% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 20.49% | 21.49% | 21.71% | 22.42% |
| Domestic institutions | 26.55% | 25.58% | 25.32% | 24.65% |
| of which mutual funds | 20.57% | 18.01% | 16.93% | 14.84% |
| Retail | 4.98% | 4.96% | 4.92% | |
| Other | 1.16% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Lupin develops/manufactures branded formulations, generics, APIs and emerging specialty/biosimilar products. India chronic brands and US complex generics are the earnings spine; geography sales and statutory segment PBT are different lenses. Consolidated reporting is required: parent transfers/gains to wholly owned subsidiaries are eliminated. Revenue is total operations including other operating income, not only product sales. Statutory Pharmaceuticals/Others annual revenues and PBT reconcile, while some management regional maps do not. Selected subsidiaries and post-year-end VISUfarma/MPPI changes are in identity/capital.
| Segment | sales, FY26 (₹ crore) | Share | operations bridge, FY26 (₹ crore) | Share | revenue, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| India sales excluding API | 8,114 | 29.5% | ||||
| United States including IP income (later decks) | 11,678 | 42.5% | ||||
| Other Developed Markets including Canada | 3,244 | 11.8% | ||||
| Emerging Markets LATAM South Africa Philippines RoW | 3,483 | 12.7% | ||||
| API external sales | 968.5 | 3.5% | ||||
| Sales-to-operations-income bridge (not a geography) | 470.5 | 100.0% | ||||
| Statutory Pharmaceuticals segment (Ind AS108) | 27,812 | 99.5% | ||||
| Statutory Others: diagnostics digital health neurorehabilitation | 147.4 | 0.5% | ||||
| Statutory intersegment eliminations (negative) | -1.72 | -0.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Sun Pharmaceutical Industries (SUNPHARMA) | India brands and US specialty scale; higher specialty mix. |
| Dr. Reddy's Laboratories (DRREDDY) | US generic exclusivity and complex product cycles. |
| Cipla (CIPLA) | Respiratory and India chronic franchise closest comparator. |
| Aurobindo Pharma (AUROPHARMA) | US generics and injectables scale. |
| Zydus Lifesciences (ZYDUSLIFE) | Complex launches, R&D and India franchise. |
| Alkem Laboratories (ALKEM) | India acute portfolio and US generics contrast. |
| Torrent Pharmaceuticals (TORNTPHARM) | India chronic brands benchmark; less US generic exposure. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total revenue from operations | 16,193 | 16,270 | 20,011 | 22,708 | 27,958 |
| Cost of revenue (vendor classification) * | 7,088 | 7,265 | 7,147 | 7,456 | 8,111 |
| Other operating costs (vendor classification) * | 3,787 | 4,169 | 5,096 | 5,455 | 6,652 |
| EBITDA (vendor classification) * | 2,348 | 1,852 | 4,066 | 5,645 | 9,064 |
| EBIT before exceptional items including other income and forex | -1,265 | 956.7 | 2,734 | 4,310 | 7,865 |
| Finance costs | 107.3 | 240.2 | 311.6 | 294.9 | 434.5 |
| Profit before tax after exceptional items | -1,372 | 716.5 | 2,422 | 4,015 | 6,873 |
| Total current and deferred tax expense | 137.2 | 268.8 | 486.7 | 708.7 | 1,517 |
| PAT before non-controlling interest | -1,509 | 447.7 | 1,936 | 3,306 | 5,355 |
| Diluted EPS (₹) | -33.65 | 9.41 | 41.87 | 71.69 | 116.4 |
| Company PBITDA including other income and forex | 3,931 | 5,479 | 9,240 | ||
| Other income | 120.2 | 195.8 | 424.5 | ||
| Depreciation amortisation and impairment | 1,197 | 1,169 | 1,376 | ||
| Exceptional items: expense positive | 0.00 | 0.00 | 557.9 | ||
| Profit attributable to non-controlling interest | 21.1 | 24.6 | 22.6 | ||
| Share of JV profit net of tax | 0.00 | 0.00 | 0.00 | ||
| PAT attributable to owners | 1,914 | 3,282 | 5,333 | ||
| Materials purchases and inventory change | 6,643 | 6,842 | 7,326 | ||
| Employee benefits expense | 3,495 | 3,964 | 4,575 | ||
| Other expenses excluding separately shown forex | 6,073 | 6,624 | 7,898 | ||
| Net foreign currency loss or gain: loss positive | -10.5 | -5.79 | -656.5 | ||
| International operations residual revenue | 13,354 | 15,131 | 19,844 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 12,222 | 12,543 | 14,373 | 17,294 | 22,513 |
| Current and non-current borrowings excluding leases | 4,158 | 4,542 | 2,670 | 5,077 | 5,910 |
| Cash and cash equivalents: balance sheet | 1,090 | 1,278 | 983.3 | 1,544 | 4,168 |
| Trade receivables | 4,262 | 4,481 | 4,692 | 5,497 | 6,604 |
| Inventories | 4,631 | 4,492 | 4,954 | 5,476 | 6,083 |
| Total trade payables: MSME and other creditors | 2,283 | 2,532 | 2,958 | 2,958 | 4,173 |
| Net property plant and equipment excluding ROU/intangibles | 2.64 | 2.20 | 4,584 | 4,700 | 4,669 |
| Capital work in progress excluding intangible development | 847.5 | 894.8 | 595.7 | 355.5 | 695.2 |
| Total assets | 21,821 | 22,956 | 23,997 | 29,205 | 38,365 |
| Equity attributable to owners | 14,290 | 17,204 | 22,448 | ||
| Total current and non-current lease liabilities | 251.9 | 371.1 | 706.0 | ||
| Current liquidity investments | 846.9 | 1,059 | 3,577 | ||
| Other bank balances including earmarked non-current deposits | 228.6 | 2,809 | 2,849 | ||
| Company summary cash bank and surplus-fund investments | 2,217 | 5,401 | 10,594 | ||
| Company adjusted net debt including liquidity investments | 611.1 | -335.3 | -4,684 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after income tax | -1,542 | 1,078 | 3,648 | 3,000 | 7,335 |
| Free cash flow (vendor definition) * | -537.8 | 397.6 | 2,719 | 1,318 | 5,280 |
| Dividends paid (the provider's sign: an outflow is negative) * | -295.1 | -182.5 | -182.8 | -365.3 | -548.3 |
| Gross cash purchases PPE and intangibles: outflow positive | 7.09 | -1,461 | 928.9 | 1,682 | 2,055 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued shares at fiscal year end | 45.40 | 45.47 | 45.57 | 45.66 | 45.72 |
| Diluted weighted average equity shares (crore) | 45.8 | 45.8 | |||
| CFO / owners PAT annual (x) | 1.91x | 0.91x | 1.38x | ||
| Three-year cumulative CFO / owners PAT (x) | 1.33x | ||||
| Receivable YoY less operations revenue YoY (pp) | 3.68 | -2.98 | |||
| Analytical unrestricted liquidity | 7,883 | ||||
| Unrestricted liquidity / next12m debt-plus-lease cashflows | 1.58x |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Total revenue from operations | 5,673 | 5,768 | 5,667 | 6,268 | 7,048 | 7,168 | 7,475 | 8,277 |
| Cost of revenue (vendor classification) * | 1,690 | 1,722 | 1,686 | 1,772 | 1,878 | 1,852 | 2,089 | |
| Other operating costs (vendor classification) * | 1,667 | 1,696 | 1,688 | 1,772 | 1,937 | 2,209 | 2,341 | |
| EBITDA (vendor classification) * | 1,383 | 1,410 | 1,378 | 1,806 | 2,377 | 2,626 | 2,580 | |
| Finance costs | 70.9 | 66.9 | 89.1 | 91.8 | 107.5 | 115.0 | 120.2 | 109.6 |
| Total tax expense | 195.4 | 212.4 | 113.4 | 194.0 | 522.2 | 341.5 | 459.3 | 600.4 |
| Other income | 42.3 | 53.7 | 57.0 | 79.0 | 90.0 | 114.7 | 140.7 | 130.3 |
| Depreciation amortisation and impairment | 256.9 | 271.5 | 393.2 | 299.0 | 316.8 | 313.0 | 446.8 | 452.9 |
| Exceptional items: expense positive | n.r. | 0.00 | 0.00 | 0.00 | 0.00 | 426.6 | 131.3 | 0.00 |
| Employee cost | 1,008 | 984.4 | 1,001 | 1,083 | 1,106 | 1,143 | 1,243 | 1,383 |
| International operations residual revenue | 3,663 | 3,837 | 3,956 | 4,179 | 4,970 | 5,129 | 5,567 | 5,897 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 8.5% | 0.5% | 23.0% | 13.5% | 23.1% |
| EBITDA margin | 19.6% | 24.1% | 33.1% | ||
| Net margin | 9.6% | 14.5% | 19.1% | ||
| Return on equity | 14.2% | 20.7% | 26.8% | ||
| Return on capital employed | -7.2% | 5.7% | 16.0% | 21.9% | 31.0% |
| Return on assets | 8.2% | 12.3% | 15.8% | ||
| Net debt (₹ crore) | 611.1 | -335.3 | -4,684 | ||
| Net debt / EBITDA | 0.16x | -0.06x | -0.51x | ||
| Interest cover | -11.8x | 3.98x | 8.77x | 14.6x | 18.1x |
| Asset turnover | 0.71x | 0.73x | 0.85x | 0.85x | 0.83x |
| Receivable days | 96 | 101 | 86 | 88 | 86 |
| Inventory days (on revenue) | 104 | 101 | 90 | 88 | 79 |
| Payable days (on revenue) | 51 | 57 | 54 | 48 | 54 |
| Cash conversion | 1.91x | 0.91x | 1.38x | ||
| Capex intensity | 0.0% | 9.0% | 4.6% | 7.4% | 7.3% |
| Free cash flow (₹ crore) | -1,549 | -382.6 | 2,719 | 1,318 | 5,280 |
| Dividend payout | 9.5% | 11.1% | 10.3% | ||
| EPS, diluted (₹) | -33.65 | 9.41 | 41.87 | 71.69 | 116.4 |
| Book value per share (₹) | 269.2 | 275.9 | 315.4 | 378.8 | 492.4 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Company PBITDA including other income and forex) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company adjusted net debt including liquidity investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Company PBITDA including other income and forex).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Lupin includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Lupin
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
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