NSE: LUPIN · BSE: 500257 · ISIN INE326A01037
Lupin Limited stock analysis
Lupin Limited ranks #35 in the TickerSutra evidence-ranked universe with a score of 77/100 and 95% data confidence. The latest captured fundamentals show ROCE of 29.9%, quarterly sales growth of 32.0% and quarterly profit growth of 16.1%.Watchlist candidate
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- ROCE is 29.9%
- Low debt/equity of 0.29×
- Strong CFO/EBITDA of 0.9×
- 18.9% three-year sales CAGR
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- No calculated threshold risk in the current snapshot.
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹16,405cr | ₹219cr | ₹-1,528cr | 1.3% |
| 2023 | ₹16,642cr | ₹1,721cr | ₹448cr | 10.0% |
| 2024 | ₹20,011cr | ₹3,800cr | ₹1,936cr | 19.0% |
| 2025 | ₹22,708cr | ₹5,278cr | ₹3,306cr | 23.0% |
| 2026 | ₹27,958cr | ₹8,160cr | ₹5,355cr | 29.0% |
| TTM | ₹29,967cr | ₹9,538cr | ₹5,551cr | 32.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
Lupin Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
RoutineLupin Ltd - 500257 - Announcement under Regulation 30 (LODR)-Press Release / Media ReleaseBSE · 28 Sept 2026Lupin Limited has informed the Exchange regarding a press release dated September 28, 2026, titled "Lupin Receives Tentative Approval from U.S. FDA for Novel Apixaban Oral Suspension".
RoutineAlteration Of Capital and Fund Raising-XBRLNSE · 22 Sept 2026 · Structured filingLUPIN LIMITED has informed the Exchange regarding Allotment of Securities
LUPIN LIMITED has informed the Exchange regarding Allotment of Securities
Open original XBRL sourceLupin Limited has informed the Exchange regarding allotment of 24,111 Equity Shares under ESOP.
RoutineLupin Ltd - 500257 - Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPSBSE · 21 Sept 2026Intimation of allotment of 24,111 equity shares under ESOP.
MANAGEMENT COMMENTARY
Signals from filed documents
Moderator: The next question is from Neha Manpuria. Neha Manpuria: In Tolvaptan, we have seen a QoQ increase in market share. Neha Manpuria: I think in one of your previous call, you'd mentioned that despite additional competition coming through, we should be able to defend our market share in Tolvaptan.
We have set ourselves a target of novel proprietary products contributing one third of our India revenues in the next 10-year timeframe. This innovative portfolio for India will come from in-house development as well as in -licensed products, leveraging our strong partnership track record, brand building, development, regulatory and clinical capabilities. Our Other Developed Markets, Europe, Canada, and Australia, ac
We have launched around seven products in Q1FY27 and plan to launch about 20 products in FY27 , vis-a-visa 15 products which we have launched in FY26. We remain confident that our India Formulations business will continue to outperform IPM by 1.2 x - 1.3x to supported by a strong sales force of more than 11,000 people and pipeline of more than 80 new product launches over the coming years including innovation in-hous
business to be in the USD 1.1 billion to USD 1.2 billion range, aided by growth in base business, our injectable launches, and contribution from Pegfilgrastim offsetting the additional competition in products like Mirabegron and Tolvaptan during the year. Going ahead, we remain focused on doubling the share of our complex products in our U.S. business, led by respiratory and complex injectables, and augmented by bios
Ramesh Swaminathan: It is really going to be a function of how much of Tolvaptan sales and at what realization, the kind of competition that you see out there. And more importantly, the impact of price increases that we have seen in the recent past; post the cost increase that is because of the geopolitical tensions around. So, the first quarter was not so hugely impacted because of the fact that we had inventories t
So, considering that, how sizable this could be? And secondly, given the sharp price erosion that has happened already in the U.S. market, how is the European product prices there in biosimilars compared to that of the U.S.?
We expect revenues to be anywhere between USD 250 million to USD 280 million a quarter over the next couple of quarters. August 7, 2026 Page 9 of 17 Shyam Srinivasan: When I look at your full -year margin guidance of about 25% and we did the gross margins of 75% for the current quarter, right? So, what's a more normalized gross margin, please?
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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