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Lupin INR

At a glance: strengths & risks
✓Revenue growing (+24%)✓Profit growing (+63%)✓Margins improving (25%→32%)✓Low leverage (0.2x EBITDA)✓Cheaper than own history (EV/EBITDA 12.2 vs avg 17.1)

Sector: Pharmaceuticals

IN_LUPIN

Price chart

2 153 INRDay -0.85%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
2 153 INR · -0.85%
Market cap
984.4 bn INR

Growth

Δ revenue y/y
33.3%
Δ EBITDA y/y
50.1%

Multiples

P/E (LTM)
18.5x
3y avg: 29.4x
P/B (FY)
4.4x
P/E (ann.)
17.4x
EV/EBITDA (LTM)
12.2x
3y avg: 17.1x
EV/EBITDA (ann.)
10.2x

Cash return

Dividend yield
0.8%
FCF yield (LTM)
5.4%

Value creation

fundamental value/yr, % of market cap
Value created / year
+35.0%
↓ details

Liquidity

Daily turnover (listing)
119.9 mln INR

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B INR, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB INROperating profitB INRD&AB INREBITDAB INRNet profitB INROperating CFB INRCapex + M&AB INRAssetsB INREquityB INRROE (annualized)Net debtB INRSource
2026-06-30Q2 2026 (3M)PARTIAL82.2
y/y 33.3%
21.0
y/y 56.3%
3.6
y/y 22.1%
24.6
y/y 50.1%
14.2
y/y 16.1%
———
y/y —
225.1
y/y 30.2%
25.2%≈ 17.4—
2026-03-31FY 2026 (12M)OK—
y/y 23.9%
—
y/y 56.9%
—
y/y 17.6%
—
y/y 48.6%
—
y/y 62.5%
——383.6
y/y 31.4%
224.5
y/y 30.5%
25.3%17.4—
2025-12-31Q4 2025 (3M)PARTIAL71.0
y/y 23.1%
19.0
y/y 60.7%
3.1
y/y —
22.1
y/y 87.2%
11.8
y/y 37.5%
———
y/y —
197.3
y/y 25.5%
7.9%≈ 27.4—
2025-09-30Q3 2025 (3M)OK70.5
y/y 24.2%
18.2
y/y 64.1%
1.1
y/y —
19.3
y/y 74.2%
14.8
y/y 73.3%
——335.0
y/y 31.5%
197.3
y/y 25.5%
31.9%27.4Link
2025-06-30Q2 2025 (3M)PARTIAL61.6
y/y 10.1%
13.4
y/y 29.2%
3.0
y/y —
16.4
y/y 58.0%
12.2
y/y 52.1%
———
y/y —
172.9
y/y 20.3%
28.3%≈ 35.3—
2025-03-31FY 2025 (12M)OK—
y/y 12.9%
—
y/y 55.4%
—
y/y 17.4%
—
y/y 45.4%
—
y/y 71.4%
——292.0
y/y 21.7%
172.0
y/y 20.4%
19.9%35.3—
2024-12-31Q4 2024 (3M)PARTIAL57.7
y/y 11.0%
11.8
y/y 54.3%
—
y/y —
11.8
y/y 54.3%
8.6
y/y 39.5%
———
y/y —
157.2
y/y 18.1%
7.3%≈ 17.6Link
2024-09-30Q3 2024 (3M)OK56.7
y/y 12.6%
11.1
y/y 64.4%
—
y/y —
11.1
y/y 64.4%
8.5
y/y 74.1%
——254.8
y/y 8.7%
157.2
y/y 18.1%
22.7%17.6Link
2024-06-30Q2 2024 (3M)PARTIAL56.0
y/y —
10.4
y/y —
—
y/y —
10.4
y/y —
8.0
y/y —
———
y/y —
143.7
y/y —
22.4%≈ 16.9Link
2024-03-31FY 2024 (12M)OK—
y/y 20.8%
—
y/y 214.4%
—
y/y 13.0%
—
y/y 114.2%
—
y/y 345.1%
——240.0
y/y 4.5%
142.9
y/y 14.6%
13.9%16.9—
2023-12-31Q4 2023 (3M)PARTIAL52.0
y/y —
7.6
y/y —
—
y/y —
7.6
y/y —
6.1
y/y —
———
y/y —
133.1
y/y —
6.1%≈ 19.0Link
2023-09-30Q3 2023 (3M)OK50.4
y/y —
6.8
y/y —
—
y/y —
6.8
y/y —
4.9
y/y —
——234.4
y/y —
133.1
y/y —
15.2%19.0Link
2023-03-31FY 2023 (12M)OK162.7
y/y —
8.9
y/y —
8.8
y/y —
17.7
y/y —
4.3
y/y —
19.0-15.0229.6
y/y —
124.6
y/y —
—30.1—

Revenue & EBITDA

RevenueEBITDA

Quarterly values (INR mln)

020 00040 00060 00080 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%25%50%75%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Net debt / cash (INR mln)

010 00020 00030 00040 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q4

Profit and cash

Profit is cash-backed
In a typical year of 2022–2026 operating cash flow came to 1.64x of reported net profit; after capex, 0.96x. Loss years (2022) are left out of the ratio.
year2023202420252026
cash flow / profit4.41x1.91x0.91x1.38x
accruals, % of assets-6.4%-7.2%1.0%-5.2%
net debt / EBITDA 0.2x · capex 1.4x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +35.0%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (24 634 − 16 414) × 3.52
28 916
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (984 427 + 17 425) ÷ 86 648
11.6x
3. Target multiple
(Current EV/EBITDA + 11) ÷ 2
= (11.6 + 11) ÷ 2
11.3x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 17 905 + 0 + 0 − 0
17 905
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (28 916 × 11.3 + 17 905) ÷ 984 427
+35.0%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • FCF (LTM) approximated by latest FY (ended 2026-03-31, before the latest reported period 2026-06-30)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +24% vs +13% the year before — a +11.0 pp move. 3-year CAGR +19%.
revenue growth by year: 2024 +21% · 2025 +13% · 2026 +24%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-07-1718 INREx-dividend: 18 INR per sharePaidYahoo Finance (ex-div)
2025-07-2512 INREx-dividend: 12 INR per sharePaidYahoo Finance (ex-div)
2024-07-168 INREx-dividend: 8 INR per sharePaidYahoo Finance (ex-div)
2023-07-144 INREx-dividend: 4 INR per sharePaidYahoo Finance (ex-div)
2022-07-144 INREx-dividend: 4 INR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Lupin — from primary filings.

Frequently asked questions

What is Lupin's P/E ratio?
Lupin trades at a P/E of 18.5x (price to trailing 12-month earnings).
What is Lupin's EV/EBITDA?
Lupin trades at 12.2x EV/EBITDA.
What is Lupin's P/B ratio?
Lupin trades at a P/B of 4.4x.
What is Lupin's dividend yield?
Lupin's trailing 12-month dividend yield is 0.8%.
What is Lupin's return on equity (ROE)?
Lupin's ROE is 25.2%.
What is Lupin's market capitalization?
Lupin's market cap is 984.4 bn INR.

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