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Lupin INR

Lupin Limited is a pharmaceutical company that develops, manufactures, and markets branded and generic drugs, biotechnology products, and active pharmaceutical ingredients across multiple therapeutic areas, including cardiovascular, diabetes, asthma, and infectious diseases. It also operates diagnostics and digital healthcare services and collaborates on treatments for tuberculosis and related con

At a glance: strengths & risks
✓Revenue growing (+33% y/y, Q1 2026)✓Profit growing (+16% y/y, Q1 2026)✓Margins improving (27%→30%, Q1 2026)✓Low leverage (0.2x EBITDA)✓Cheaper than own history (EV/EBITDA 10.7 vs avg 17.1)

Sector: Pharmaceuticals

IN_LUPIN

Price chart

2 063.2 INRDay -0.70%

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
2 063.2 INR · -0.70%
Market cap
943.4 bn INR

Growth

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

Multiples

P/E (LTM)
17.1x
3y avg: 29.4x
P/B (FY)
4.2x
P/E (ann.)
16.7x
EV/EBITDA (LTM)
10.7x
3y avg: 17.1x
EV/EBITDA (ann.)
9.8x

Cash return

Dividend yield
0.9%
FCF yield (LTM)
5.6%

Value creation

fundamental value/yr, % of market cap
Value created / year
+32.8%
↓ details

Liquidity

Daily turnover (listing)
1.2 bln 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%≈ 17.4Yahoo Finance
2026-03-31Q1 2026 (3M)OK71.8
y/y 39.3%
17.6
y/y 73.0%
6.5
y/y —
24.1
y/y —
14.6
y/y 89.0%
——383.6
y/y 31.4%
224.5
y/y 30.5%
25.3%17.4Yahoo Finance
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 —
11.8
y/y 37.5%
———
y/y —
197.3
y/y 25.5%
7.9%≈ 27.4Yahoo Finance
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 —
14.8
y/y 73.3%
——335.0
y/y 31.5%
197.3
y/y 25.5%
31.9%27.4stockanalysis.com
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 —
12.2
y/y 52.1%
———
y/y —
172.9
y/y 20.3%
28.3%≈ 35.3Yahoo Finance
2025-03-31Q1 2025 (3M)OK51.5
y/y —
10.2
y/y —
—
y/y 17.4%
—
y/y 45.4%
7.7
y/y —
——292.0
y/y 21.7%
172.0
y/y 20.4%
19.9%35.3Yahoo Finance
2024-12-31Q4 2024 (3M)PARTIAL57.7
y/y 11.0%
11.8
y/y 54.3%
—
y/y —
—
y/y —
8.6
y/y 39.5%
———
y/y —
157.2
y/y 18.1%
7.3%≈ 17.6stockanalysis.com
2024-09-30Q3 2024 (3M)OK56.7
y/y 12.6%
11.1
y/y 64.4%
—
y/y —
—
y/y —
8.5
y/y 74.1%
——254.8
y/y 8.7%
157.2
y/y 18.1%
22.7%17.6stockanalysis.com
2024-06-30Q2 2024 (3M)PARTIAL56.0
y/y —
10.4
y/y —
—
y/y —
—
y/y —
8.0
y/y —
———
y/y —
143.7
y/y —
22.4%≈ 16.9stockanalysis.com
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%16.9Yahoo Finance
2023-12-31Q4 2023 (3M)PARTIAL52.0
y/y —
7.6
y/y —
—
y/y —
—
y/y —
6.1
y/y —
———
y/y —
133.1
y/y —
6.1%≈ 19.0stockanalysis.com
2023-09-30Q3 2023 (3M)OK50.4
y/y —
6.8
y/y —
—
y/y —
—
y/y —
4.9
y/y —
——234.4
y/y —
133.1
y/y —
15.2%19.0stockanalysis.com
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 —
—30.1Yahoo Finance

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%20%40%60%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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

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

Value created per year: +32.8%

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) × 2.91
23 908
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (943 431 + 17 425) ÷ 71 644
13.4x
3. Target multiple
(Current EV/EBITDA + 11) ÷ 2
= (13.4 + 11) ÷ 2
12.2x
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
= (23 908 × 12.2 + 17 905) ÷ 943 431
+32.8%

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).

Peer comparison

Group: Pharmaceuticals. Each peer is shown as it trades and re-priced onto this company's market (India) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Aurobindo PharmaIndia10.113.3x13.3x
Dr. Reddy's LaboratoriesIndia10.017.4x17.4x
Kalbe FarmaIndonesia2.04.2x18.3x
CiplaIndia11.520.3x20.3x
Sun Pharmaceutical IndustriesIndia46.425.9x25.9x
Group median17.4x18.3x
Group average16.2x19.0x
This companyIndia10.010.7x10.7x

Group median 17.4x as traded, 18.3x adjusted; this company 10.7x — a 42% discount.

Group average 16.2x as traded, 19.0x adjusted; against the average this company is at a 44% discount.

At the adjusted group median the market cap would be +73% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 23.0x, Russia 3.9x, South Africa 5.4x, Kazakhstan 7.7x, India 18.1x, Indonesia 4.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-09-15; the company's own is live.

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 17.1x (price to trailing 12-month earnings).
What is Lupin's EV/EBITDA?
Lupin trades at 10.7x EV/EBITDA.
What is Lupin's P/B ratio?
Lupin trades at a P/B of 4.2x.
What is Lupin's dividend yield?
Lupin's trailing 12-month dividend yield is 0.9%.
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 943.4 bn INR.

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