MarketFriction

Lupin Ltd

NSE LUPIN · BSE 500257 · Pharmaceuticals
₹2,031.20 +0.05%
NSE close2026-10-01
52 week range1,900.00 - 2,529.50
Market cap₹93,840 Cr.
P/E15.8
Nifty 200Nifty 500Nifty Midcap 50Nifty Midcap 100Midcap 150Nifty Midcap SelectNifty PharmaNifty Healthcare Index No price band Delivery 55.7%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales5,0395,1974,9615,6005,6735,7685,6676,2687,0487,1687,4758,277
Expenses4,1214,1593,9644,3594,3324,4124,3464,5414,7064,9064,9895,827
Operating Profit9181,0389971,2411,3401,3561,3211,7272,3412,2622,4862,450
OPM %18%20%20%22%24%24%23%28%33%32%33%30%
Other Income402929684254577990-3129130
Interest8174716871678992108115120110
Depreciation248257457248257271393299317313447453
Profit before tax6307364989931,0551,0718961,4162,0071,5221,9282,017
Tax %21%16%26%19%19%20%13%14%26%22%24%30%
Net Profit4956193688068598597821,2211,4851,1811,4691,417
EPS in Rs10.7613.477.8917.5818.6918.7416.9226.6932.3625.7331.9430.95
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales14,25617,36715,79714,66515,37515,16316,40516,64220,01122,70827,95829,967
Expenses10,56412,86512,64912,10413,02012,59616,18714,92116,21117,43019,79820,428
Operating Profit3,6914,5023,1482,5612,3552,5672191,7213,8005,2788,1609,538
OPM %26%26%20%17%15%17%1.3%10%19%23%29%32%
Other Income184106-1,31091-134138210151131202523-82
Interest59153204302363141143274312295434452
Depreciation4879121,0868469708871,6598811,1971,1691,3761,529
Profit before tax3,3293,5435471,5038871,676-1,3727162,4224,0156,8737,474
Tax %32%28%53%59%130%27%10%38%20%18%22%
Net Profit2,2702,565258615-2701,228-1,5284481,9363,3065,3555,551
EPS in Rs50.1756.635.5613.40-5.9526.81-33.629.4542.0171.88116.65120.98
Dividend Payout %15%13%90%37%-101%24%-12%42%19%17%15%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth7%13%19%28%
Compounded Profit Growth10%37%140%61%
Stock Price CAGR3%16%21%7%
Return on Equity10%13%22%29%
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
Borrowings5377,1787,9667,1438,4966,3054,7834,1584,5422,9225,4486,616
Other Liabilities3,6423,9574,7495,3005,4235,9684,8445,3405,7946,5396,3279,082
Total Liabilities13,05422,29826,21226,02027,66124,81023,43021,65122,80023,75128,97838,146
Fixed Assets4,3688,71711,03310,36211,0877,9387,8817,3828,3558,8789,71910,994
CWIP5762,7022,1332,5981,6409401,0661,1461,2387735171,016
Investments1,658162,1362622,2952,3742,4559005171,0751,1463,670
Other Assets6,45110,86210,91012,79812,63913,55712,02812,22412,69013,02617,59622,466
Total Assets13,05422,29826,21226,02027,66124,81023,43021,65122,80023,75128,97838,146
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity2,733-3824,1141,7511,6661,4691,8223671,8973,6483,0007,334
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%99%146%124%105%74%105%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days76116911201281291089598868886
Inventory Days220276266253283232279261242272292303
Days Payable172168189178184162137129136163158208
Cash Conversion Cycle124225167195227199249227204195223181
Working Capital Days561026312611533344532535828
ROCE %40%24%19%10%10%9%9%-7%6%16%21%30%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters47.06%47.04%47.01%46.99%46.96%46.94%46.91%46.90%46.89%46.89%46.85%46.85%
FIIs14.99%16.11%18.29%19.32%21.50%22.04%21.46%21.25%20.50%21.50%21.70%22.42%
DIIs29.14%29.72%27.76%26.77%25.10%24.73%25.41%25.55%26.56%25.58%25.32%24.65%
Government0.28%0.01%0.01%0.01%0.01%0.01%0.01%0.00%0.00%0.00%0.00%0.00%
Public8.52%7.10%6.93%6.92%6.44%6.27%6.21%6.28%6.06%6.04%6.13%6.08%
No. of Shareholders2,89,0742,81,5422,80,2482,88,5372,79,2802,81,9882,83,2102,86,6042,80,2562,88,9312,90,4113,00,283

Fundamentals

Market Cap₹ 93,840 Cr.
Current Price₹ 2,052
Stock P/E15.8
Book Value₹ 491
ROCE29.9 %
ROE28.7 %
Dividend Yield0.88 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)28%
Compounded Profit Growth (TTM)61%
Consolidated figures.
Valuation
Market capRs 92,862 Cr
Enterprise valueRs 93,826 Cr
P/E (TTM)16.80x
Price to book4.14x
Price to sales3.10x
EV / EBITDA9.92x
EV / EBIT11.84x
EV / sales3.13x
Price to cash flow12.66x
Earnings yield5.95%
Dividend yield0.89%
P/E, 3-year average28.84x
P/B, 3-year average5.08x
P/E, 5-year average38.78x
P/B, 5-year average4.08x
Profitability
Operating margin (excl. other income)29.18%
Operating margin (incl. other income)31.06%
EBITDA margin31.56%
Pre-tax margin24.94%
Net profit margin18.45%
Net margin, latest quarter17.10%
ROE26.90%
ROCE28.26%
ROA15.89%
ROE, 3-year average20.68%
ROCE, 3-year average21.95%
ROA, 3-year average12.19%
ROE, 5-year average10.75%
ROCE, 5-year average12.95%
ROA, 5-year average6.34%
ROIC (approx.)26.38%
Tax rate22.07%
Other income / net worth2.33%
Growth
Sales growth (latest year)23.12%
Profit growth (latest year)62.51%
Sales CAGR, 3 years18.88%
Sales CAGR, 5 years13.02%
Profit CAGR, 3 years131.46%
Profit CAGR, 5 years34.39%
Sales growth QoQ10.73%
Profit growth QoQ-3.10%
Sales growth YoY (latest quarter)32.04%
Profit growth YoY (latest quarter)16.08%
Per share
EPS (TTM)Rs 120.93
EPS (latest year)Rs 116.65
EPS (latest quarter)Rs 30.95
EPS, 3-year averageRs 76.85
EPS, 5-year averageRs 41.27
Book value per shareRs 491.02
Sales per shareRs 655.47
Cash flow per shareRs 160.43
Free cash flow per shareRs 120.89
Dividend per share (latest year)Rs 18.00
Dividend per share, 3-year averageRs 12.67
Dividend per share, 5-year averageRs 9.20
Dividends
Dividend payout15.43%
Dividend payout, 3-year average17.06%
Dividend payout, 5-year average23.37%
Efficiency
Asset turnover0.73x
Fixed asset turnover2.54x
Inventory turnover1.67x
Inventory days219 days
Debtor days86 days
Debtors turnover4.23x
Creditor days208 days
Cash conversion cycle181 days
Working capital days28 days
Leverage
Total debtRs 6,616 Cr
Cash and bankRs 5,653 Cr
Net debtRs 963 Cr
Debt to equity0.29x
Net debt / EBITDA0.10x
Interest coverage17.52x
Current ratio (filing 2026-03-31)1.90x
Quick ratio (filing 2026-03-31)1.42x
Trade payables (filing 2026-03-31)Rs 4,173 Cr
Owners' fund to total sources58.85%
Debt to assets17.34%
Cash flow
Cash from Operating Activity (latest year)Rs 7,334 Cr
Cash from Investing Activity (latest year)Rs -3,865 Cr
Cash from Financing Activity (latest year)Rs -846 Cr
Net Cash Flow (latest year)Rs 2,624 Cr
Free cash flow (latest year)Rs 5,527 Cr
FCFE (approx.: FCF + change in debt)Rs 6,695 Cr
Cash from ops / profit, 5 years1.71x
Sales to cash flow3.81x
Statement figures
Net sales (TTM)Rs 29,967 Cr
Net sales (latest year)Rs 27,958 Cr
Sales (latest quarter)Rs 8,277 Cr
Operating profit excl. other income (latest year)Rs 8,160 Cr
Operating profit (latest quarter)Rs 2,450 Cr
Other income (TTM)Rs -82 Cr
EBITDA (TTM)Rs 9,456 Cr
PBDT (TTM)Rs 9,004 Cr
Profit before tax (TTM)Rs 7,474 Cr
Tax (latest year)Rs 1,517 Cr
Net profit (TTM)Rs 5,529 Cr
Net profit (latest year)Rs 5,333 Cr
Net profit (latest quarter)Rs 1,415 Cr
Depreciation (TTM)Rs 1,529 Cr
Depreciation (latest quarter)Rs 453 Cr
Interest (TTM)Rs 452 Cr
Cost of goods sold (latest year)Rs 10,131 Cr
Total expenditure (latest year)Rs 19,798 Cr
Total income (latest year)Rs 28,481 Cr
Share capitalRs 91 Cr
ReservesRs 22,357 Cr
Shareholders' fundsRs 22,448 Cr
Total assetsRs 38,146 Cr
Net blockRs 10,994 Cr
Capital work in progressRs 1,016 Cr
InvestmentsRs 3,670 Cr
ReceivablesRs 6,604 Cr
InventoryRs 6,083 Cr
Other liabilitiesRs 9,082 Cr
Shares outstanding (crore)45.72
Ownership
Promoter holding46.85% (-0.05 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 16.8 is at the 9th percentile of its own 7.4-year range (median 41.6, low 13.2, high 175.0).
P/B 4.14 is at the 66th percentile (median 3.32).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodLUPINNifty 50Difference
1 week-3.3%-2.8% -0.5 pts
1 month-5.7%-6.8% +1.1 pts
3 months-18.0%-7.6% -10.3 pts
6 months-12.2%+0.4% -12.6 pts
1 year+3.4%-9.9% +13.4 pts
2 years-6.9%-13.6% +6.6 pts
3 years+73.4%+14.2% +59.2 pts
5 years+110.2%+27.9% +82.3 pts
228 mutual fund schemes hold about ₹14,924 Cr. Over three months 133 bought more and 51 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
HDFC Balanced Advantage Fund1.16%1,244 +9%
HDFC Flexi Cap Fund0.94%1,070 +37%
HDFC Large Cap Fund2.53%1,010 +8%
Mirae Asset Large & Midcap Fund1.88%862 +13%
Mirae Asset Midcap Fund3.26%682 +16%
Nippon India Pharma Fund6.43%609 +5%
Nippon India Growth Mid Cap Fund0.92%481 +4%
Nippon India Large Cap Fund0.88%477 +1%
SBI Midcap Fund1.87%460 +9%
SBI Midcap Fund1.87%456 +9%
Kotak Arbitrage Fund(M0.56%428 +100%
Nippon India Multi Cap Fund0.74%416 -19%
SBI Large & Midcap Fund0.79%335 +2%
HDFC Large & Mid Cap Fund1.01%306 +7%
Invesco India Contra Fund1.38%284 +7%
Sundaram Mid Cap Fund1.75%261 +15%
Sundaram Mid Cap Fund1.75%255 +15%
Bandhan Large & Mid Cap Fund1.20%252 +39%
DSP Large & Mid Cap Fund1.20%222 +5%
SBI Contra Fund0.46%218 +10%
HSBC Midcap Fund1.17%201 -27%
HDFC Manufacturing Fund1.63%172 +6%
HDFC Multi Cap Fund0.82%170 +8%
Edelweiss Mid Cap Fund0.84%166 -11%
ICICI Pru Arbitrage Fund0.44%153 +1390%

Red flags

F-score 7 of 8
lookAuditor change Auditor change 2026-05-07: Lupin Limited has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2021-09-06Dr. Kamal K SharmaEmployees/Designated Employesell15,000Rs 1.48 CrMarket Sale
2021-09-03Veda Nilesh GuptaPromotersother2,650Gift
2021-09-03MR. NEEL DESHBANDHU GUPTAPromotersother2,650Gift
2021-09-03MR. NILESH D. GUPTAPromotersother5,300Gift
2021-08-20MR. NILESH D. GUPTAPromotersbuy5,300Rs 0.50 CrMarket Purchase
2021-08-16SUNIL MAKHARIAEmployees/Designated Employesell20,000Rs 1.95 CrMarket Sale
2021-08-13Ramesh SwaminathanEmployees/Designated Employesell10,000Rs 0.98 CrMarket Sale
2021-07-08Veda Nilesh GuptaPromotersother2,140Gift
2021-07-08MR. NILESH D. GUPTAPromotersother2,140Gift
2021-06-30Debabrata ChakravortyEmployees/Designated Employesell3,000Rs 0.35 CrMarket Sale
2021-06-29Naresh Kumar GuptaEmployees/Designated Employesell3,000Rs 0.35 CrMarket Sale
2021-06-28MR. NILESH D. GUPTAPromotersbuy2,140Rs 0.25 CrMarket Purchase
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹8,277 Cr +32.1% vs Jun 2025. Net profit ₹1,417 Cr +16.1%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-17Dividend - Rs 18 Per Share
2025-07-25Dividend - Rs 12 Per Share
2024-07-16Dividend - Rs 8 Per Share
2023-07-14Dividend - Rs 4 Per Share
2022-07-14Dividend - Rs 4 Per Share
2021-07-27 Dividend - Rs 6.50 Per Share
2020-08-03 Annual General Meeting/Dividend - Rs 6 Per Share
2019-07-29 Annual General Meeting/Dividend - Rs 5 Per Share
2018-07-30 Annual General Meeting/Dividend Rs 5/- Per Share
2017-07-24 Annual General Meeting/Dividend - Rs 7.50 Per Share
2016-07-25 Annual General Meeting/ Dividend -Rs 7.50/- Per Share
2015-07-14Annual General Meeting/ Dividend - Rs 7.50/- Per Share
2014-07-21Annual General Meeting / Final Dividend - Rs 3/- Per Share
2014-02-13Interim Dividend - Rs 3/- Per Share
2013-07-29Annual General Meeting / Dividend - Rs 4/- Per Share
2012-07-13Annual General Meeting And Dividend Rs.3.20 Per Share
2011-07-18Annual General Meeting And Dividend Rs.3/- Per Share
2010-08-27Face Value Split From Rs.10/- To Rs.2/-0.2000
2010-07-19Annual General Meeting And Dividend Rs.13.50 Per Share
2009-07-20Agm/Div-Rs.12.50 Pr Share
2008-07-11Agm/Div-50% + Spl Div-50%
2007-07-10Agm/Dividend-50%
2006-08-11Bonus 1:10.5000
2006-07-07Agm/Dividend-65%
DateTypeWhat it says
2026-10-01General UpdatesMulticare Pharmaceuticals Philippines, Inc. (MPPI) has completed buyback of 30,559 shares, pursuant to which MPPI has become a step-down wholly owned ...
2026-09-28Press ReleaseA press release dated September 28, 2026, titled "Lupin Receives Tentative Approval from U.S. FDA for Novel Apixaban Oral Suspension".
2026-09-21ESOPAllotment of 24,111 Equity Shares under ESOP.
2026-09-08Concall / analyst meetSchedule of Institutional Investors Meets.
2026-09-04Press ReleaseA press release dated September 04, 2026, titled "Lupin Receives U.S. FDA Approval for Modafinil Tablets, USP".
2026-08-28General UpdatesESG Rating by Crisil ESG Ratings and Analytics Ltd.
2026-08-25ESOPAllotment of 30967 Shares.
2026-08-24General UpdatesESG Rating by ESG Risk Assessments and Insights Limited.
2026-08-20Arrangements for strategic, VISUfarma B.V., the Netherlands, a wholly owned subsidiary of the Company, has entered into an Exclusive License Agreement with Visus Therapeutics, In...
2026-08-18DemiseDemise of Dr. Sofia Mumtaz, President, Legal & Compliance, Canada, ANZ & NEA Business, a Senior Management Personnel of the Company.
2026-08-17Press ReleaseA press release dated August 17, 2026, titled "Lupin Announces Approval from U.S. FDA for Pitolisant Tablets".
2026-08-12Concall / analyst meetTranscript of Q1 FY2027 Earnings Conference Call
2026-08-10Press ReleaseA press release dated August 10, 2026, titled "Lupin Announces the Approval of Sodium Zirconium Cyclosilicate for Oral Suspensionin the United States ...
2026-08-10Concall / analyst meetSchedule of Institutional Investors Meets.
2026-08-07Concall / analyst meetLink of Audio recording of the Earnings Call-Q1 FY27.
2026-08-07Investor PresentationInvestor Presentation
2026-08-06Investor PresentationInvestor Presentation
2026-08-06Press ReleaseA press release dated August 06, 2026, titled "Lupin Q1 FY2027 Results ".
2026-08-06Board meeting outcomeLupin Limited has submitted to the Exchange, Unaudited Standalone and Consolidated Financial Results of the Company for the quarter ended June 30, 202...
2026-08-04Shareholder meetingProceedings of the Forty-Fourth Annual General Meeting held on August 04, 2026. Further, the Company has submitted the Exchange a copy of consolidated...
2026-07-31Press ReleaseA press release dated July 31, 2026, titled "Lupin Announces the Approval of Diazepam Injection, USP in the United States".
2026-07-31Press ReleaseA press release dated July 31, 2026, titled "Lupin Announces U.S. FDA Approval and Launch of Sugammadex Injection".
2026-07-22Concall / analyst meetSchedule of Earnings Call for Q1 FY27.
2026-07-21AcquisitionLupin Inc. U.S.A., wholly owned subsidiary of the Company has entered into a licensing agreement in exchange of 332,000 Common Shares of Kaveri Therap...
2026-07-14Press ReleaseA press release dated July 14, 2026, titled "Lupin Recognized Among India s Best Employers in the Nation-Builders Category by Great Place To Work® Ind...
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.82
Max pain (expiry 2026-10-27)2,100
Largest call open interest at2,100
Largest put open interest at2,100
Implied volatility, at the money21.7%
Underlying at snapshot2,031.20
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-301,162
2026-09-291,675
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2020-03-12NCLATLupin Dealers Pvt. Ltd. VS Ashish Vincom Pvt. Ltd.
2020-02-14NCLATLupin Dealers Pvt. Ltd. VS Ashish Vincom Pvt. Ltd.
2020-02-07NCLATLupin Dealers Pvt. Ltd. VS Ashish Vincom Pvt. Ltd.
2020-01-21CESTATLUPIN LTD ---VS.--- BHOPAL
2019-12-09CESTATLUPIN LIMITED ---VS.--- INDORE
2019-12-09CESTATLUPIN LIMITED ---VS.--- INDORE
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Lupin Ltd?

Lupin Ltd (LUPIN) has a market capitalisation of Rs 93,840 Cr. at the 2026-10-01 close.

What is the P/E ratio of Lupin Ltd?

Lupin Ltd trades at a P/E of 15.8 on trailing twelve-month profit, at the 2026-10-01 close.

What were Lupin Ltd's latest quarterly results?

In the Jun 2026 quarter, Lupin Ltd sales was Rs 8,277 Cr (+32.1% vs Jun 2025) and net profit was Rs 1,417 Cr.

What is the 52-week high and low of Lupin Ltd?

The 52-week high is Rs 2,529.50 and the 52-week low is Rs 1,900.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03