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Mumbai generic drugmaker known for respiratory, cardiovascular and anti-TB medicines, sold mainly in the US and India.
Mumbai generic drugmaker known for respiratory, cardiovascular and anti-TB medicines, sold mainly in the US and India.
The US, where it sells generics to pharmacy chains and wholesalers, is the largest market, followed by India, where branded prescription drugs, especially chronic-disease medicines, are sold through doctors. Founded in 1968 by Desh Bandhu Gupta, whose family still leads and controls it.
In one line: A smaller, generics-focused Viatris.
Moat: narrow (regulatory licence, brand, process know-how). Strong India brand plus complex-generic (inhaler, injectable) approvals in the US.
Headquarters: Mumbai, India · Founded: 1968 · Employees: 28,137
Size Lupin (LUPIN.NS) is an India Health Care company (Pharmaceuticals: Other) with a market value of $9.65B, the 126th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,988 on 6 Nov 2026.
Performance Over six months the shares fell 19.2%, against -5.8% for the median peer and 0.0% for the India market (cap-weighted) — 3rd lowest of 12 in its peer set.
Growth Revenue grew 24.2% over the last twelve months (peer median +9.1%); the operating margin is 23.8% (peer median 14.0%).
Valuation It trades at 20.9× forward earnings against a peer median of 18.1× (5th most expensive of 10).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.7 points above its cost of capital (12.4% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹307B | ₹277B | ₹222B | ₹197B | ₹165B |
| Revenue growth | — | +24% | +13% | +19% | — |
| Gross profit | ₹162B | ₹173B | ₹122B | ₹102B | ₹72.2B |
| EBITDA | ₹88.0B | ₹83.2B | ₹48.7B | ₹35.5B | ₹16.7B |
| Net income | ₹52.1B | ₹53.3B | ₹32.8B | ₹19.1B | ₹4.30B |
| Free cash flow | n/a | ₹51.4B | ₹12.2B | ₹24.8B | ₹2.03B |
| Capital expenditure | n/a | ₹20.5B | ₹16.8B | ₹9.29B | ₹15.0B |
| Total debt | ₹61.8B | ₹66.2B | ₹54.5B | ₹29.2B | ₹45.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Lupin LUPIN.NS | $9.65B | -19% | +24% | 24% | 20.9× | 8.8% |
| Sun Pharmaceutical Industries SUNPHARMA.NS | $47.3B | +1% | +12% | 23% | 35.4× | 28.4% |
| Cipla CIPLA.NS | $12.1B | +4% | -1% | 13% | 29.0× | 28.2% |
| Dr. Reddy's Laboratories DRREDDY.NS | $12.1B | +5% | -4% | 9% | 31.8× | 30.1% |
| Teva Pharmaceutical Industries Limited Sponsored ADR TEVA | $49.7B | +19% | -4% | 19% | 15.1× | 10.2% |
| Viatris VTRS | $22.9B | +17% | +5% | 10% | 7.5× | 12.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LUPIN.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.2% | +6.3% | lowest of 12 |
| 6-month return | -19.2% | -5.8% | 3rd lowest of 12 |
| Distance from 52-week high | -21.4% | -21.3% | 6th lowest of 12 |
| Revenue growth (TTM) | +24.2% | +9.1% | 2nd highest of 11 |
| Operating margin | 23.8% | 14.0% | 4th highest of 11 |
| Forward P/E | 20.9× | 18.1× | 5th most expensive of 10 |
| Growth the price implies (Req g, 7 yrs) | 8.8% | 1.0% | 4th most demanding of 11 |
| Growth delivered (Del g) | +13.0% | +5.9% | 3rd highest of 11 |
| Hurdle (Req g minus delivered) | -4.2 pp | +1.6 pp | 5th least demanding of 11 |
| ROIC minus cost of capital | +11.7 pp | +4.0 pp | 4th highest of 11 |
| EV / EBITDA | 10.2× | 13.4× | 2nd cheapest of 4 |
| Net debt / EBITDA | -0.1× | -0.2× | 2nd most indebted of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Lupin LUPIN.NS | India | $9.65B | -19% | +24% | 24% | 20.9× | 8.8% | +13.0% |
| Aurobindo Pharma AUROPHARMA.NS | India | $10.9B | +22% | +14% | 15% | 22.4× | 21.0% | +6.3% |
| Cipla CIPLA.NS | India | $12.1B | +4% | -1% | 13% | 29.0× | 28.2% | +8.1% |
| Abivax ABVX.PA | France | $7.58B | -25% | n/a | n/a | n/a | n/a | n/a |
| Zhejiang NHU 002001.SZ | China | $12.3B | -23% | +11% | 33% | 9.9× | -7.8% | +16.7% |
| Dong-E-E-Jiao 000423.SZ | China | $4.80B | -8% | +8% | 29% | 17.1× | -4.6% | +14.5% |
| Shijiazhuang Yiling Pharmaceutical 002603.SZ | China | $4.02B | -6% | +32% | 21% | 18.1× | -3.2% | -2.2% |
| Guangdong Zhongsheng Pharmaceutical 002317.SZ | China | $3.13B | +35% | -14% | 9% | 80.3× | 34.7% | +5.9% |
| Bausch Health Companies BHC.TO | Canada | $3.09B | +48% | +10% | 27% | 1.9× | -14.5% | +5.9% |
| Jilin Aodong Pharmaceutical 000623.SZ | China | $3.02B | -9% | -4% | -13% | n/a | 5.2% | +1.0% |
| By-health 300146.SZ | China | $2.61B | -1% | +10% | 11% | 25.0× | 5.1% | +0.6% |
| China Resources Double-Crane Pharmaceutical 600062.SS | China | $2.50B | -10% | -1% | 13% | 9.8× | -8.3% | +5.3% |