Arthneeti

Lupin Q1 FY27 Share Price & Earnings Call Analysis

₹1,989.90+0.87% today
Market cap
₹90,978 Cr
P/E
15.27
ROE
28.68%
PEG
0.11
Price to sales
3.05
Debt to equity
0.29
52W high / low
₹2,515 / ₹1,922
Sales growth (5Y)
13.02%
EBITDA margin
31.83%
Net profit margin
20.42%
Promoter holding
46.85%
Sales (last year)
₹29,967 Cr

Lupin is an innovation-led transnational pharmaceutical company headquartered in Mumbai. Lupin develops and commercializes a wide range of branded and generic formulations, biotechnology products, and APIs in over 100 markets in the U.S., India, South Africa, and across the Asia Pacific (APAC), Latin America (LATAM), Europe, and Middle East regions.

Guidance scorecard · Q1 FY27 call

What Lupin Ltd's management guided
and where it ranks in Pharmaceuticals & Biotechnology

#58of 83 in
Pharmaceuticals & Biotechnology
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • Europe is expected to grow at a 10%-20% level, with South Africa slightly lower.
  • Rest of World (ROW) markets also anticipated to continue double-digit growth.
  • U.S. sales projected to return to growth trajectory from FY28, building on a base of USD 1.1-1.2 billion in FY27.
  • U.S. portfolio complexity to double in 3-5 years with 50+ planned product launches including exclusive first-to-files, biosimilars, and 505(b)(2) products.
  • India business growing 13.9% YoY, core prescriptions growing 15.1%, outperforming market by 1.1x, targeting 1.2x-1.3x IPM growth.
  • India aims for one-third revenue from innovative products over next 10 years with 60-70 product launches.

2 more points from Lupin Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Lupin Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Lupin has allocated capital for innovation in India, focusing on developing 30-50 assets at a time and aiming for one-third of India revenues from innovative products over 10 years.
  • A small but commercial investment is planned, particularly in the U.S., for the biosimilars business and 505(b)(2) products like Apixaban.
  • Investment is also ongoing in expanding the biosimilars portfolio, specialty acquisitions (e.g., VISUfarma), and complex generics in Europe and the U.S.
  • Incremental investments in key markets are expected to maximize pipeline opportunities, including commercial investments for 505(b)(2) filings.

2 more points from Lupin Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what Lupin Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

  • The discussion focuses primarily on revenue growth, product pipeline, market segments, geographic business outlook, and financial performance including margins and investments.
  • Planned launch of 50+ products in the U.S. over the next three years, including 10+ exclusive first-to-files, 5 biosimilars, and 2-3 505(b)(2) products.
  • Strong pipeline in biosimilars, injectables, respiratory, and specialty products.
  • Doubling complex generics portfolio in the U.S. over 3-5 years.

2 more points from Lupin Ltd's call on the order book

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Full Q1 FY27 analysis
Full Pharmaceuticals & Biotechnology ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Pharmaceuticals & Biotechnology
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Lupin Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Pharmaceuticals & Biotechnology companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹556 Cr22.1
240%+Up 0–2%₹215 Cr22.2
340%+Flat₹16,144 Cr—
440%+Flat₹6,072 Cr48.0
540%+Flat₹40 Cr—
620–40%Up 2%+₹50,220 Cr43.8

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Financials of Lupin Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Lupin Ltd

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +4,4304,8145,0395,1974,9615,6005,6735,7685,6676,2687,0487,1687,475
Expenses +3,8523,9584,1214,1593,9644,3594,3324,4124,3464,5414,7064,9064,989
Operating Profit5788569181,0389971,2411,3401,3561,3211,7272,3412,2622,486
OPM %13%18%18%20%20%22%24%24%23%28%33%32%33%
Other Income +3723402929684254577990-3129
Interest93868174716871678992108115120
Depreciation264235248257457248257271393299317313447
Profit before tax2585596307364989931,0551,0718961,4162,0071,5221,928
Tax %6%19%21%16%26%19%19%20%13%14%26%22%24%
Net Profit +2424534956193688068598597821,2211,4851,1811,469
EPS in Rs5.199.9410.7613.477.8917.5818.6918.7416.9226.6932.3625.7331.94

Financials of Lupin Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +12,77014,25617,36715,79714,66515,37515,16316,40516,64220,01122,70827,958
Expenses +9,14610,56412,86512,64912,10413,02012,59616,18714,92116,21117,43019,142
Operating Profit3,6243,6914,5023,1482,5612,3552,5672191,7213,8005,2788,816
OPM %28%26%26%20%17%15%17%1%10%19%23%32%
Other Income +235184106-1,31091-134138210151131202-133
Interest1059153204302363141143274312295434
Depreciation4354879121,0868469708871,6598811,1971,1691,376
Profit before tax3,4153,3293,5435471,5038871,676-1,3727162,4224,0156,873
Tax %28%32%28%53%59%130%27%10%38%20%18%22%
Net Profit +2,4442,2702,565258615-2701,228-1,5284481,9363,3065,355
EPS in Rs53.4750.1756.635.5613.40-5.9526.81-33.629.4542.0171.88116.65
Dividend Payout %14%15%13%90%37%-101%24%-12%42%19%17%15%

Financials of Lupin Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital909090909091919191919191
Reserves8,78411,07313,40713,48713,65212,44613,71212,06212,37414,19917,11222,357
Borrowings +5377,1787,9667,1438,4966,3055,1294,1584,5422,9225,4486,616
Other Liabilities +3,6423,9574,7495,3005,4235,9684,4985,3405,7946,5396,3279,300
Total Liabilities13,05422,29826,21226,02027,66124,81023,43021,65122,80023,75128,97838,365
Fixed Assets +4,3688,71711,03310,36211,0877,9387,8817,3828,3558,8789,71911,315
CWIP5762,7022,1332,5981,6409401,0661,1461,238773517695
Investments1,658162,1362622,2952,3742,4559005171,0751,1463,670
Other Assets +6,45110,86210,91012,79812,63913,55712,02812,22412,69013,02617,59622,685
Total Assets13,05422,29826,21226,02027,66124,81023,43021,65122,80023,75128,97838,365

Financials of Lupin Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +2,733-3824,1141,7511,6661,4691,8223671,8973,6483,0007,334
Cash from Investing Activity +-1,034-6,769-2,527470-3,2821,107-1,2401,292-1,287-1,712-4,172-3,865
Cash from Financing Activity +-1975,836433-1,492744-891-1,885-1,572-337-2,1841,732-846
Net Cash Flow1,502-1,3152,019729-8721,685-1,30387273-2485602,624
Free Cash Flow1,865-6,1641,5132617067981,150-5314362,7321,3475,527
CFO/OP101%21%117%73%102%84%98%146%124%105%74%98%

Financials of Lupin Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days76116911201281291089598868886
Inventory Days220276266253283232279261242272292303
Days Payable172168189178184162137129136163158208
Cash Conversion Cycle124225167195227199249227204195223181
Working Capital Days561026312611533344532535875
ROCE %40%24%19%10%10%9%9%-7%6%16%21%30%

Guidance history

How Lupin Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatPlanned——
Q4 FY26 call →0–10%Down 0–2%Planned——
Q3 FY26 call →10–20%FlatPlannedPlanned—
Q2 FY26 call →10–20%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

21out of 100

Momentum score · price trend

21 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+1.7%61%
Last 6 months−13.7%30%
Last 3 months−17.8%22%

The price is 20.9% below its all-time high of ₹2,514.8 (21 Jul 2026). Stocks more than 20% below their peak have their score halved, so 41 became 21.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Lupin Ltd: 0.4 × 61 + 0.4 × 30 + 0.2 × 22 = 41, halved to 21 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Lupin Ltd's management said in earlier quarters

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