Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 8 Oct - Lupin received US FDA approval for Phytonadione Injectable Emulsion USP; estimated U.S. sales $52.3 million.
Source: Bse
Lupin Limited (LUPIN)
Mid CapPharma stocks · Mid cap · NSE
Lupin Limited is a global pharmaceutical company with operations in over 100 countries. It focuses on generics, complex generics, biosimilars, and specialty products, supported by a strong R&D and manufacturing footprint. The company aims to deliver treatments across various therapeutic areas.
Data qualityFresh enough for analysisQuote updated 21 Oct, 12:15 pm ISTDetails
Quote21 Oct, 12:15 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result07 Aug, 03:32 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
54Neutralfull bear SMA stack · SMA20 -5.1% / mo · MACD + · near 52W low · sector +4.3pp vs Nifty 500 (3M)
Stock trend: 24
Sector RS: 99
Sector 3M: -1.6% vs Nifty 500 -5.9%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
LUPIND candles · FIT view-16.0%TODAY · PROVISIONALLatest price ₹1933.40 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-0.8%
RSI
32
MACD hist
0.17
52W pos
5%
2026-10-21O ₹1948.10H ₹1960.00L ₹1931.10C ₹1933.40Vol 3.1L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
LUPINNifty PharmaNifty 500
- LUPIN
- -21.8%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- -16.2 pp
Chart stats
19 Oct 2026- From 52W high
- -23.3%
- 52W range position
- 6%
- ATR (14)
- 2.0%
- Volume vs 20D
- 0.86x
- Avg traded value
- ₹135 Cr
- 20D price channel
- ₹1,925.7 - ₹2,135
₹2,529.5
₹1,900 - ₹2,529.5
₹39.4
Latest completed session
20-session average
20.7% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · DEEP VALUE83
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent75
Revenue +32.0% · PAT +16.1% YoY
Technical
Neutral54
Price trend and sector-relative-strength timing.
Valuation
Legacy model+64.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence85
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 75/100Rev +32% YoY · PAT +16% YoY · margin expansion · +11% QoQ
Filed 06 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹8,277 Cr | +32.0% | +10.7% |
| EBITDA | ₹2,450 Cr | +41.9% | -1.4% |
| Operating margin | 30.0% | +200 bps | -300 bps |
| PAT | ₹1,417 Cr | +16.1% | -3.5% |
| PAT margin | 17.1% | -236 bps | -253 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 14.90
- P/B
- 3.95
- EV/EBITDA
- 8.61
- Market Cap
- 88678.00Cr
Profitability
- ROE
- 28.70%
- ROCE
- 29.90%
- ROA
- 14.55%
- Dividend Y
- 0.93%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 37.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 92.50%
Balance Sheet
- Debt/Equity
- 0.29
- Interest Coverage
- 21.10×
- Altman Z
- 6.03
- Book Value
- 491.00
Cash Flow
- FCF Yield
- 3.91%
- FCF Positive Y
- 9/5
- OCF
- 7334.00 Cr
- EPS TTM
- 120.98
Shareholding
- Promoter Hold
- 46.84%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 6%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 28.0k+23.1% vs prev
Net Profit
₹ CrLatest: 5,551+3.7% vs prev
Return on Equity
%Latest: 24.7-20.6% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 32.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~5.7% over last month) — short-term momentum negative.
- RSI(14) at 32 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
48
RS percentile
Stage 4 Downtrend
1M return
-6.9%
3M return
-21.8%
6M return
-16.0%
1Y return
+1.1%
RS 1D
+1
RS 20D
+6
Sector rank
#1
Industry rank
#3
Stage evidence
- Price is 14.4% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.6%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 103.48-0.13%
RS vs Nifty 500103
Valuation & peers
U-Score 83 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 83 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation17/30
Growth25/25
Quality20/20
Balance Sheet9/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
83
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
83/100 · legacy band DEEP VALUE
Positive drivers
- FCF yield is supportive at 3.9%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 64.5%.
Main drags
- Valuation is weaker at 17/30; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
- Cash flow is weaker at 6/10; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
14.9
PB
4.0
EV/EBITDA
8.6
ROE
28.7%
ROCE
29.9%
FCF Yield
3.9%
Debt/Equity
0.3
MoS
+64.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
83
Previous: 83
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+64.5%
Previous: +64.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
83
83
83
83
83
83
83
83
83
83
83
83
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹1,156.08
-67.2% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹5,444.1
+64.5% MoS
PEG
0.25
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ZYDUSLIFE
Large
Zydus Lifesciences Limited
Pharmaceuticals
match 158
63
23.4
21.2%
+45%
UNDERVALUED
SUNPHARMA
Large
Sun Pharmaceutical Industries Limited
Pharmaceuticals
match 141
50
33.2
16.0%
+23%
FAIR VALUE
GLENMARK
Mid
Glenmark Pharmaceuticals Limited
Pharmaceuticals
match 136
68
20.4
23.6%
+23%
UNDERVALUED
AUROPHARMA
Mid
Aurobindo Pharma Limited
Pharmaceuticals
match 135
35
25.5
10.1%
-214%
WATCHLIST
ALKEM
Mid
Alkem Laboratories Limited
Pharmaceuticals
match 134
51
26.3
18.9%
-15%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T19:29:32.473Z
Management commentary snapshot
Lupin reports strong Q4 FY26 sales growth of 33% YoY, driven by North America and LATAM, with PAT up 89% YoY. EBITDA margin expanded significantly YoY but saw a slight QoQ dip.
Lupin's Q4 FY26 performance shows robust growth, particularly in North America due to new product launches, and continued outperformance in the India market. While profitability improved significantly YoY, a slight sequential moderation in EBITDA margin and ongoing compliance remediation at some sites warrant monitoring.
Current business mix
Q4 FY26 Sales Mix by Geography/Segment
Latest issuer-disclosed distribution across 5 reported categories.
United States46.0%
India26.0%
Emerging Markets13.0%
Other Developed Markets12.0%
API3.0%
Growth engines
US New Product Launches
Growth in the US market is driven by new product launches, with 15 products launched in FY26 and a plan to launch 100+ NPLs by FY31.
Complex Generics & Biosimilars Pipeline
Strong pipeline of 45+ Injectables and 20+ inhalation products, with a target to launch 5+ biosimilars by FY31.
India Chronic Leadership
India business focuses on maximizing chronic share to ~70% by FY31, with key segments like Cardiology and Respiratory outperforming the market.
Strategic Alliances & M&A
Company plans to target alliances/M&A for mid-size companies, brands & portfolios, and in-license new products via partnerships including GLP-1s.
Capacity and execution
Dabhasa Manufacturing Facility Expansion
Completed expansion of Dabhasa manufacturing facility to scale peptide platform and enhance CRDMO capabilities at Lupin Manufacturing Solutions.
Regulatory Approvals for Facilities
Aurangabad received ANVISA & CDSCO approval, Pune Biotech received CDSCO approval, Nagpur Unit 1 received WHO and Ukraine approval.
Tailwinds
European Biosimilar Approval
Received European Commission Approval for Biosimilar Ranibizumab (RanluspecTM), strengthening specialty pharma footprint in Europe.
Robust US Pipeline
Filed 10+ ANDAs in FY26, including two 505(b)(2)s, and plans to file 15+ in FY27, indicating future launch potential.
Headwinds
Increased Generic Competition in US
Growth in US was offset by additional generic competition in base business and lower seasonal product sales, leading to mid-single digit price decline.
Loss of Exclusivity (LOE) in India
Anti-diabetes segment in India was impacted by LOE in the in-licensed portfolio, growing 9.4% vs IPM growth of 12.2% in FY26.
Risk radar
Regulatory Compliance Issues
Pithampur Unit II has an OAI status, and remediation is in progress. Tarapur and Mandideep Unit-1 are also identified as remediation sites.
Generic Competition and Pricing Pressure
Additional generic competition in the US base business and price declines in key products like Albuterol pose ongoing challenges.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing overall growth and margin expansion against the previous year. QoQ comparison provides insight into sequential momentum, recent market dynamics, and profitability trends.
Sector KPIs management disclosed
Domestic Formulations Growth (India Rx)
India Rx business grew by 14.5% YoY in Q4 FY26, outperforming IPM growth of ~9.9% in FY26.
North America Sales Growth
North America sales were 35,145 mn INR, growing 55% YoY and 6% QoQ in Q4 FY26, driven by new product launches.
Key Launches in US
Launched Dapagliflozin Tabs (gFarxiga®) and Sugammadex Inj (gBridion®) in the US during Q4 FY26.
US FDA Compliance Status
Goa facility received EIR (VAI). Responses submitted for Ankleshwar & Somerset (PAI). Pithampur Unit II (OAI) response submitted, remediation in progress.
Management forward view
Regulatory Compliance Target
Management targets all sites to have satisfactory compliance status, with successful FDA inspections for several units in the last 12 months.
India Product Launch Pipeline
Management plans to launch 20+ products in India in FY27, following healthy launches across therapies in FY26.
US ANDA Filing Plans
Management plans to file 15+ ANDAs in FY27, building on 10+ ANDAs filed in FY26.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Pithampur Unit II US FDA Status | OAI, response submitted, remediation in progress. | Resolution of OAI status and receipt of EIR (VAI/NAI). |
| India Product Launches (FY27) | Plan to launch 20+ products. | Execution and market acceptance of new product launches in India. |
| US ANDA Filings (FY27) | Plan to file 15+ ANDAs. | Progress on ANDA filings and subsequent approvals for new products in the US market. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
85Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 98th percentile within Pharma. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
183 docs text-extracted · 64 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
98th percentile
overall median 67 · Pharma: 98th pctile, median 70 · Mid: 93rd pctile, median 76
Evidence depth
Financial-only
183 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.9%.
- ▸9 years of positive FCF.
- ▸ROCE is 29.9%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Lupin Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 21 Sep - Intimation of allotment of 24,111 equity shares under ESOP.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Sep - Intimation about participating in the Analyst/Institutional Investors Meet.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 25 Aug - Intimation of allotment of 30967 equity shares under ESOP.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 10 Aug - Lupin won U.S. FDA approval for sodium zirconium cyclosilicate oral suspension, a Lokelma generic.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Aug - Intimation about participating in the Analyst/Institutional Investors Meet.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 14 Jul - Lupin ranked among India’s Top 14 employers in Great Place To Work® India 2026 Nation Builders category.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Jul - Copy of Newspaper Advertisement relating to Annual General Meeting and e-voting related information.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Jul - Copy of Newspaper Advertisement relating to Annual General Meeting, Record Date and other related information.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 8 Jul - Intimation of allotment of 2358 equity shares under ESOP.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 1 Jul - Lupin received FDA EIR with VAI classification for Somerset facility after April 13-17, 2026 inspection.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Updates on Acquisition 1 Jul - Subsidiary stake increased to 99.89% after acquisition and buyback.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.