Lupin Limited (LUPIN) AI Stock Analysis

• Market Cap: ₹879.10B
• Dividend Yield: 0.61%
• Average Volume (3M): 15.42K
• Price to Earnings (P/E): 23.7
• Beta (1Y): 0.72
• Revenue Growth: 12.40%
• EPS Growth: 63.16%
• Country: IN
• Employees: 19,210
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): 26.70
• Shares Outstanding: 456,757,870
• 10 Day Avg. Volume: 16,687
• 30 Day Avg. Volume: 15,416
• PEG Ratio: 0.38
• Price to Book (P/B): 5.18
• Price to Sales (P/S): 4.02
• P/FCF Ratio: 67.69
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹2,137.88
• Price Target Upside: 9.22% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 8

• Rating: 68 Neutral
• Price Target: ₹2,112.00 ▲(7.90% Upside)

Lupin Limited's overall stock score of 68 reflects its strong financial performance, with robust revenue growth and profitability. However, technical analysis indicates potential bearish momentum, and the valuation suggests the stock might be overvalued. The absence of earnings call data and corporate events limits additional insights.

Lupin Limited Business Overview & Revenue Model

Company Description

Lupin Limited, a pharmaceutical company, develops, produces, markets, and sells a range of branded and generic formulations, biotechnology products, and active pharmaceutical ingredients (APIs). It offers formulations for use in the therapeutic areas of cardiovascular, diabetology, asthma, pediatrics, central nervous system, gastrointestinal, anti-infective, nonsteroidal anti-inflammatory drug therapy, respiratory, women's health, and anti-tuberculosis. The company is also involved in the provision of biosimilar and over-the-counter products; specialty products; and drug discovery and development programs in the therapeutic areas of oncology, immunology, and metabolic disorders, as well as bio clinical research activities. Lupin Limited network consists of 18 labs, 280 LupiMitra collection centers, and 450 pick-up points. It operates in India, the United States, the United Kingdom, South Africa, Australia, the Philippines, Germany, the Netherlands, Mexico, and Brazil. The company was formerly known as Lupin Chemicals Limited and changed its name to Lupin Limited in 2001 as a result of its amalgamation with Lupin Laboratories Limited. Lupin Limited was founded in 1968 and is headquartered in Mumbai, India.

How the Company Makes Money

Lupin Limited generates revenue through the sale of its pharmaceutical products, which include both generic and branded formulations. A significant portion of its income comes from generic drugs, which are sold in various international markets, including the United States, Europe, and India. The company also earns from its portfolio of branded medications, which are marketed in specific therapeutic areas. Additionally, Lupin produces and sells active pharmaceutical ingredients (APIs) to other pharmaceutical companies, further contributing to its revenue. Strategic partnerships and collaborations with other pharmaceutical firms enhance its product offerings and market reach. Lupin's focus on research and development enables it to introduce new products, thus driving further growth and profitability.

Lupin Limited Financial Statement Overview

Summary

Lupin Limited exhibits robust financial health with strong revenue growth, profitability, and a stable balance sheet. While cash flow conversion presents some challenges, the company's efficient operations and sound equity structure provide a solid foundation for continued success.

Income Statement

Lupin Limited has demonstrated strong revenue growth over recent years, with significant improvements in both gross and net profit margins. The gross profit margin for 2025 was 48.9%, indicating efficient cost management, while the net profit margin stood at 14.8%, reflecting strong profitability. Moreover, the company achieved a robust revenue growth rate of 12.9% from 2024 to 2025. The EBIT and EBITDA margins were also healthy at 20.1% and 24.7%, respectively, showcasing operational efficiency. The positive trajectory in these metrics highlights strong financial performance.

Balance Sheet

The balance sheet of Lupin Limited shows a solid equity base with a debt-to-equity ratio of 0.32, indicating moderate leverage. The return on equity (ROE) is impressive at 19.1%, showcasing efficient utilization of equity to generate profits. The equity ratio is healthy at 58.9%, pointing to a strong equity position relative to total assets. While the overall stability is good, potential risks could arise if debt levels increase significantly.

Cash Flow

Lupin Limited's cash flow statement reflects a positive free cash flow growth rate of -51.6% from 2024 to 2025, highlighting some challenges in cash generation. However, the operating cash flow to net income ratio of 0.91 suggests that the company is generating sufficient cash from operations relative to its earnings. The free cash flow to net income ratio stands at 0.40, indicating room for improvement in converting profits into free cash flow. While cash flow management appears stable, enhanced cash conversion could further strengthen financial positioning.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	229.46B	221.92B	196.56B	164.92B	163.21B	150.25B
Gross Profit	157.97B	122.37B	125.10B	90.05B	91.05B	73.31B
EBITDA	57.42B	54.79B	36.97B	18.05B	-4.39B	26.48B
Net Income	36.99B	32.82B	19.14B	4.30B	-15.28B	12.17B
Balance Sheet
Total Assets	0.00	292.05B	239.97B	229.56B	218.21B	236.10B
Cash, Cash Equivalents and Short-Term Investments	29.90B	42.01B	21.79B	19.52B	21.04B	41.11B
Total Debt	0.00	54.48B	29.22B	45.42B	41.58B	51.29B
Total Liabilities	-172.94B	119.11B	96.24B	104.13B	95.99B	97.52B
Stockholders Equity	172.94B	172.03B	142.90B	124.64B	121.53B	138.03B
Cash Flow
Free Cash Flow	0.00	13.18B	27.19B	3.98B	-5.38B	11.44B
Operating Cash Flow	0.00	30.00B	36.48B	18.97B	3.67B	18.22B
Investing Cash Flow	0.00	-41.72B	-17.12B	-12.87B	12.92B	-12.40B
Financing Cash Flow	0.00	17.32B	-21.84B	-3.37B	-15.72B	-18.85B

Lupin Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1957.45
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:LUPIN, the sentiment is Negative. The current price of 1957.45 is below the 20-day moving average (MA) of 1984.42, above the 50-day MA of 1954.80, and below the 200-day MA of 2007.57, indicating a bearish trend. The MACD of -9.87 indicates Positive momentum. The RSI at 40.64 is Neutral, neither overbought nor oversold. The STOCH value of 16.21 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:LUPIN.

Lupin Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DRREDDY	74 Outperform	₹1.03T	18.12	―	0.64%	15.86%	2.02%
TORNTPHARM	72 Outperform	₹1.20T	59.90	―	0.90%	7.63%	15.39%
LUPIN	68 Neutral	₹879.10B	23.74	―	0.61%	12.40%	63.16%
ZYDUSLIFE	67 Neutral	₹993.91B	21.74	―	1.12%	14.52%	9.46%
MANKIND	66 Neutral	₹1.02T	53.29	―	0.04%	21.66%	-4.92%
CIPLA	62 Neutral	₹1.21T	22.39	―	0.86%	6.40%	25.27%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Lupin Limited Corporate Events

Lupin Partners with Zentiva for Global Biosimilar Expansion

Lupin Limited has entered into a strategic License and Supply Agreement with Zentiva for the commercialization of its biosimilar Certolizumab Pegol across multiple international markets, excluding Australia, Japan, Brazil, Philippines, and India. Under the agreement, Lupin will handle development, manufacturing, and supply, while Zentiva will manage commercialization in Europe and CIS markets. The collaboration involves a non-refundable payment from Zentiva to Lupin, with profits shared between the companies, enhancing Lupin’s market reach and operational capabilities in the biosimilar segment.