Lupin: revenue accelerated to +33.3%, but net profit rose only 16.1% — margin compressed

25 августа Lupin раскрыла результаты за первый квартал 2026 финансового года. Выручка выросла на 33,3% год к году, до 82 172,3 млн INR, EBITDA – на 51,8%, но чистая прибыль прибавила лишь 16,1%. При текущей цене акция выглядит привлекательно: мультипликатор EV/EBITDA 10,8 против среднего за три года 17,1, а модель портала даёт апсайд +36%.

Key takeaways

— Выручка ускорилась до +33,3% на фоне сильного спроса на ключевых рынках

— EBITDA-маржа расширилась до 30,3% с 26,6% годом ранее

— Чистая прибыль выросла лишь на 16,1% из-за роста налогов и финансовых статей

— Долговая нагрузка остаётся низкой: чистый долг составляет 0,19 EBITDA за последние 12 месяцев

— Дивидендная доходность скромная, но компания генерирует сильный денежный поток

— Оценка ниже собственной истории: EV/EBITDA 10,8 против среднего 17,1 за три года

Attractiveness

Key figures, INR bn

Revenue accelerated to +33.3% on strong demand in key markets

In the first quarter of fiscal 2026, Lupin's revenue reached 82,172.3 million INR, up 33.3% year-on-year. This marks a notable acceleration from +10.1% in Q1 2025 and +12.1% in Q4 2025.

Growth was fueled by strong demand in key markets, particularly the US and India. The company continues to expand its share in the generics market through new product launches and portfolio expansion.

EBITDA margin expanded to 30.3% from 26.6% a year earlier

EBITDA in the reported quarter grew 51.8% year-on-year to 24,634.5 million INR. EBITDA margin reached 30.3% versus 26.6% in Q1 2025.

Margin expansion is attributed to operating leverage and cost control. The company also benefits from a favorable product mix and lower production costs.

Net profit rose only 16.1% due to higher taxes and financial items

Net profit for Q1 2026 stood at 14,150.0 million INR, up 16.1% year-on-year. Growth lagged revenue and EBITDA due to higher tax provisions and financial expenses.

Net margin narrowed to 17.2% from 19.8% in Q1 2025. The bottom line was also pressured, likely by one-off items, though the report does not disclose details.

Leverage remains low: net debt is 0.19 of EBITDA over the last 12 months

At the end of the quarter, Lupin's net debt stood at 17,424.7 million INR, equivalent to 0.19 of EBITDA over the last 12 months. This is a low level, leaving ample headroom for investments and dividends.

Over the last 12 months, net debt declined by 17.9 billion INR, reflecting strong cash generation. Operating cash flow for the period reached 73,300.0 million INR.

Dividend yield is modest, but the company generates strong cash flow

Over the last 12 months, Lupin paid dividends with a yield of 0.86% at the current price. This is below the market average, but the company prefers to reinvest funds for growth.

Strong operating cash flow of 73,300.0 million INR over the last 12 months provides comfortable coverage of dividends and investments. The company may increase payouts in the future if it maintains current momentum.

Valuation below its own history: EV/EBITDA 10.8 versus 17.1 average over three years

The current EV/EBITDA multiple stands at 10.8, well below the three-year average of 17.1. This suggests the market is valuing Lupin cheaper than its historical average.

The portal's model estimates the share's upside at +36% from the current price. If current revenue growth and margins persist, the stock has significant re-rating potential.

Valuation on the latest reported figures

Bottom line

Lupin delivered a strong quarter: revenue accelerated to +33.3%, EBITDA margin expanded to 30.3%, and leverage remains low. However, net profit is growing slower due to taxes and financial items, which slightly tarnishes the picture. At the current valuation – EV/EBITDA 10.8 versus the three-year average of 17.1 – the stock looks undervalued, and the portal's model implies an upside of +36%. Verdict: attractive, but watch net margin dynamics and cash flow.