LUPIN

Lupin Limited

Branded and generic formulations, complex generics, biosimilars and APIs

Healthcare›Healthcare›Pharmaceuticals & Biotechnology›Pharmaceuticals

lupin.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1961.60
Market cap
89,682 Cr
Stock P/E
16.2
P/B
3.99
Dividend yield
0.6%
ROE (FY26)
23.7%
ROCE (FY26)
25.7%
Operating margin (FY26)
26.6%
Debt / equity (FY26)
0.26
OCF / EBITDA (FY26)
85.6%
OCF / EBITDA (3Y)
64.0%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Lupin makes branded and generic medicines, complex generics, biosimilars and API products, and sells them in the United States, India, Europe and emerging markets.

Company snapshot

10thBy market cap

Ranked among 119 companies in Pharmaceuticals.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 99.6% of revenue

SegmentRevenue shareRevenuePBTAssets
Others
0.4%
74 Cr109 Cr—
Pharmaceuticals
99.6%
16,968 Cr3,229 Cr—

What we see

Positives
  • ✓Net margin of 19.2% — the business keeps a healthy share of every rupee it earns.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales5,039 Cr5,197 Cr4,961 Cr5,600 Cr5,673 Cr5,768 Cr5,667 Cr6,268 Cr7,048 Cr7,168 Cr7,475 Cr8,277 Cr
Operating expenses (approx.)4,121 Cr4,159 Cr3,964 Cr4,359 Cr4,332 Cr4,412 Cr4,346 Cr4,541 Cr4,706 Cr4,906 Cr4,989 Cr5,827 Cr
EBITDA918 Cr1,038 Cr997 Cr1,241 Cr1,340 Cr1,356 Cr1,321 Cr1,727 Cr2,341 Cr2,262 Cr2,486 Cr2,450 Cr
OPM %18.2%20.0%20.1%22.2%23.6%23.5%23.3%27.6%33.2%31.6%33.3%29.6%
Other income40 Cr29 Cr29 Cr68 Cr42 Cr54 Cr57 Cr79 Cr90 Cr115 Cr141 Cr130 Cr
Interest81 Cr74 Cr71 Cr68 Cr71 Cr67 Cr89 Cr92 Cr108 Cr115 Cr120 Cr110 Cr
Depreciation248 Cr257 Cr457 Cr248 Cr257 Cr271 Cr393 Cr299 Cr317 Cr313 Cr447 Cr453 Cr
Profit before tax630 Cr736 Cr498 Cr993 Cr1,055 Cr1,071 Cr896 Cr1,416 Cr2,007 Cr1,522 Cr1,928 Cr2,017 Cr
Tax %21.3%15.9%26.0%18.9%18.5%19.8%12.7%13.7%26.0%22.4%23.8%29.8%
Net profit495 Cr619 Cr368 Cr806 Cr859 Cr859 Cr782 Cr1,221 Cr1,485 Cr1,181 Cr1,469 Cr1,417 Cr
EPS (₹)₹10.76₹13.47₹7.89₹17.58₹18.70₹18.75₹16.93₹26.70₹32.36₹25.74₹31.96₹30.95

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales17,494 Cr15,560 Cr16,369 Cr15,375 Cr15,163 Cr16,405 Cr16,642 Cr20,011 Cr22,708 Cr27,958 CrSign in free for the trailing twelve months
Operating expenses (approx.)13,001 Cr12,657 Cr13,836 Cr13,020 Cr12,596 Cr16,118 Cr14,844 Cr16,200 Cr17,425 Cr19,142 CrSign in free for the trailing twelve months
EBITDA4,493 Cr2,903 Cr2,533 Cr2,355 Cr2,567 Cr287 Cr1,798 Cr3,811 Cr5,283 Cr8,816 CrSign in free for the trailing twelve months
OPM %25.7%18.7%15.5%15.3%16.9%1.8%10.8%19.0%23.3%31.5%Sign in free for the trailing twelve months
Other income107 Cr395 Cr713 Cr484 Cr136 Cr142 Cr73 Cr120 Cr196 Cr424 CrSign in free for the trailing twelve months
Interest153 Cr204 Cr308 Cr363 Cr141 Cr143 Cr274 Cr312 Cr295 Cr434 CrSign in free for the trailing twelve months
Depreciation912 Cr1,086 Cr1,085 Cr970 Cr887 Cr1,659 Cr881 Cr1,197 Cr1,169 Cr1,376 CrSign in free for the trailing twelve months
Profit before tax3,543 Cr547 Cr1,517 Cr877 Cr1,676 Cr-1,372 Cr716 Cr2,422 Cr4,015 Cr6,873 CrSign in free for the trailing twelve months
Tax %27.6%52.8%59.4%130.8%26.8%-10.0%37.5%20.1%17.7%22.1%Sign in free for the trailing twelve months
Net profit2,565 Cr258 Cr615 Cr-270 Cr1,228 Cr-1,509 Cr448 Cr1,936 Cr3,306 Cr5,355 CrSign in free for the trailing twelve months
EPS (₹)₹56.69₹30.83₹13.41₹-5.96₹27.09₹-33.65₹9.46₹42.05₹71.95₹116.75Sign in free for the trailing twelve months
Dividend payout %————22.2%—40.8%9.4%11.0%10.2%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital90 Cr90 Cr91 Cr91 Cr91 Cr91 Cr91 Cr91 Cr91 Cr91 Cr
Reserves13,407 Cr13,487 Cr13,652 Cr12,446 Cr13,712 Cr12,062 Cr12,374 Cr14,199 Cr17,112 Cr22,357 Cr
Borrowings7,952 Cr6,876 Cr8,222 Cr4,286 Cr3,066 Cr3,844 Cr4,244 Cr2,670 Cr5,077 Cr5,910 Cr
Other liabilities5,123 Cr5,812 Cr5,938 Cr8,117 Cr6,687 Cr5,755 Cr6,169 Cr6,954 Cr6,834 Cr9,941 Cr
Total liabilities26,607 Cr26,305 Cr27,949 Cr24,984 Cr23,610 Cr21,821 Cr22,956 Cr23,997 Cr29,205 Cr38,365 Cr
Fixed assets (net)4,636 Cr4,907 Cr4,912 Cr4,366 Cr4,383 Cr4,550 Cr4,645 Cr4,899 Cr5,148 Cr5,449 Cr
CWIP715 Cr956 Cr1,019 Cr758 Cr852 Cr847 Cr895 Cr596 Cr355 Cr695 Cr
Investments2,136 Cr262 Cr2,295 Cr2,374 Cr2,455 Cr900 Cr517 Cr1,075 Cr1,146 Cr3,670 Cr
Loans & advances——25 Cr37 Cr15 Cr2 Cr2 Cr3 Cr5 Cr3 Cr
Inventories3,642 Cr3,662 Cr3,837 Cr3,457 Cr4,092 Cr4,631 Cr4,492 Cr4,954 Cr5,476 Cr6,083 Cr
Trade receivables4,307 Cr5,192 Cr5,150 Cr5,446 Cr4,474 Cr4,262 Cr4,481 Cr4,692 Cr5,497 Cr6,604 Cr
Cash & bank682 Cr1,394 Cr572 Cr2,215 Cr921 Cr991 Cr1,232 Cr983 Cr1,544 Cr4,168 Cr
Other assets10,488 Cr9,931 Cr10,140 Cr6,331 Cr6,419 Cr5,638 Cr6,693 Cr6,797 Cr10,033 Cr11,693 Cr
Total assets26,607 Cr26,305 Cr27,949 Cr24,984 Cr23,610 Cr21,821 Cr22,956 Cr23,997 Cr29,205 Cr38,365 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity4,114 Cr1,751 Cr1,666 Cr1,469 Cr1,239 Cr1,082 Cr1,934 Cr3,490 Cr430 Cr7,546 Cr
Cash from investing-2,527 Cr-1,407 Cr-3,282 Cr1,107 Cr-657 Cr577 Cr-1,324 Cr-1,554 Cr-1,602 Cr-4,076 Cr
Cash from financing433 Cr-1,492 Cr744 Cr-891 Cr-1,885 Cr-1,572 Cr-337 Cr-2,184 Cr1,732 Cr-846 Cr
Net cash flow2,019 Cr-1,148 Cr-872 Cr1,685 Cr-1,309 Cr65 Cr273 Cr-248 Cr560 Cr2,624 Cr
Free cash flow (OCF − Capex)1,477 Cr198 Cr681 Cr796 Cr562 Cr177 Cr435 Cr2,562 Cr-1,252 Cr5,491 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %17.2%3.7%8.3%7.4%10.7%-7.7%5.9%16.0%19.3%25.7%
ROE %18.9%1.9%4.4%-2.1%8.8%-12.5%3.4%13.3%19.0%23.7%
Debtor days901211151291079598868886
Inventory days450451392399470521443437447479
Days payable320317255278231257250261242329
Cash conversion cycle220255251250346359291261294236
OCF / EBITDA %91.6%60.3%65.8%62.4%48.3%n.m.107.6%91.6%8.1%85.6%
OCF / EBITDA % (3 years)——75.8%62.7%58.7%72.8%91.5%110.4%53.8%64.0%
Debt / equity0.590.510.600.340.220.320.340.190.300.26
Current ratio1.952.402.261.671.661.511.341.581.871.90
Net debt / EBITDA1.62—3.020.880.849.931.680.440.670.20