StrengthTalking point
Profit outpacing revenue
Profit grew 62.0% while revenue grew 23.1%, so the company kept more of each rupee of revenue as profit.
Importance 72 / 95 · growth
Lupin · Research view
Lupin Ltd
NSE: LUPINBSE: 500257ISIN INE326A01037Face value ₹2consolidated
₹2,029
−0.64% · 2026-10-01 · 52-wk ₹1,906–₹2,515
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
WatchTalking point
Volatile earnings
Profit has swung sharply over 7 years (from ₹-1,509 to ₹5,355) — one year is a weak guide to the earnings power.
Importance 65 / 95 · growth
WatchTalking point
Cash conversion trending down
Cash conversion (CFO ÷ profit) has averaged 1.11× over the last 3 profit-making years versus 2.66× before that.
Importance 64 / 95 · cash quality
StrengthTalking point
Margins at a multi-year high
EBITDA margin of 33.1% is the widest in 7 years (prior range 2.6% to 24.1%).
Importance 62 / 95 · profitability
Section 03 · The company
Who is this company?
Classified by the exchange under Healthcare › Healthcare › Pharmaceuticals & Biotechnology › Pharmaceuticals.
- Market cap
- ₹92,766 cr
- FY2026 revenue
- ₹27,958 cr
- FY2026 net profit
- ₹5,355 cr
- Net worth
- ₹22,513 cr
- Total debt
- ₹5,910 cr
- EPS (basic)
- ₹116.75
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 12 pharmaceuticals.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Profit grew 62.0% while revenue grew 23.1%, so the company kept more of each rupee of revenue as profit.
Rule PROFIT_FASTER_THAN_REVENUE
- Revenue growth per year
- +7.9%over 7 years
- Revenue growth
- +23.1%vs last year
- Net profit growth
- +62.0%vs last year
- Change in net profit since FY19
- +770%
Profit has swung sharply over 7 years (from ₹-1,509 to ₹5,355) — one year is a weak guide to the earnings power.
Over 7 years profit compounded at 36.2% a year while revenue compounded at 7.9% a year — though FY2024 saw a one-off step-change of 332% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Net profit grew 62.0% year on year (FY2025 → FY2026).
Revenue grew 23.1% year on year (FY2025 → FY2026).
Revenue has compounded at 7.9% a year over 7 years (₹16,369 → ₹27,958) — steady rather than rapid.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 revenue was ₹8,277 cr, up 32.0% from ₹6,268 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 EBIT was ₹2,127 cr, up 41.1% from ₹1,507 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
Strength
Q1 FY27 net profit was ₹1,417 cr, up 16.0% from ₹1,221 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 5,673 | — | 859 | — | 15.2% |
| Q3 FY25 | 5,768 | +11.0% | 859 | +38.8% | 14.9% |
| Q4 FY25 | 5,667 | +14.2% | 782 | +112.5% | 13.8% |
| Q1 FY26 | 6,268 | +11.9% | 1,221 | +51.6% | 19.5% |
| Q2 FY26 | 7,048 | +24.2% | 1,485 | +72.8% | 21.1% |
| Q3 FY26 | 7,168 | +24.3% | 1,181 | +37.5% | 16.5% |
| Q4 FY26 | 7,475 | +31.9% | 1,469 | +87.7% | 19.6% |
| Q1 FY27 | 8,277 | +32.0% | 1,417 | +16.0% | 17.1% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹29,967 crTTM
- EBITDA
- ₹10,014 crTTM
- EBIT
- ₹8,485 crTTM
- PBT
- ₹7,474 crTTM
- Net profit
- ₹5,551 crTTM
C. Corporate actions
17 Jul 2026DividendFinal Dividend - Rs. - 18.0000 — ₹18.00/share
25 Jul 2025DividendFinal Dividend - Rs. - 12.0000 — ₹12.00/share
16 Jul 2024DividendFinal Dividend - Rs. - 8.0000 — ₹8.00/share
14 Jul 2023DividendFinal Dividend - Rs. - 4.0000 — ₹4.00/share
14 Jul 2022DividendFinal Dividend - Rs. - 4.0000 — ₹4.00/share
27 Jul 2021DividendFinal Dividend - Rs. - 6.5000 — ₹6.50/share
3 Aug 2020DividendFinal Dividend - Rs. - 6.0000 — ₹6.00/share
29 Jul 2019DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share
30 Jul 2018DividendDividend - Rs. - 5.0000 — ₹5.00/share
24 Jul 2017DividendDividend - Rs. - 7.5000 — ₹7.50/share
25 Jul 2016DividendDividend - Rs. - 7.5000 — ₹7.50/share
14 Jul 2015DividendDividend - Rs. - 7.5000 — ₹7.50/share
21 Jul 2014DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share
13 Feb 2014DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
29 Jul 2013DividendDividend - Rs. - 4.0000 — ₹4.00/share
13 Jul 2012DividendDividend - Rs. - 3.2000 — ₹3.20/share
18 Jul 2011DividendDividend - Rs. - 3.0000 — ₹3.00/share
27 Aug 2010Stock splitStock Split From Rs.10/- to Rs.2/- — 10:2
19 Jul 2010DividendDividend - Rs. - 13.5000 — ₹13.50/share
20 Jul 2009DividendDividend - Rs. - 12.5000 — ₹12.50/share
11 Jul 2008DividendDividend - Rs. - 10.0000 — ₹10.00/share
10 Jul 2007DividendDividend - Rs. - 5.0000 — ₹5.00/share
24 Jan 2002DividendInterim Dividend - Rs. - 2.5000 — ₹2.50/share
29 Aug 2001DividendDividend - Rs. - 3.5000 — ₹3.50/share
16 Jul 2001OtherReduction of Capital
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
EBITDA margin of 33.1% is the widest in 7 years (prior range 2.6% to 24.1%).
Rule MARGIN_AT_MULTI_YEAR_HIGH
- EBITDA margin now
- 33.1%
- 8-year range
- 2.6–33.1%
- ROE FY2026
- 26.9%
- ROCE FY2026
- 31.0%
ROE of 26.9% is the highest in 7 years (prior range -11.6% to 20.9%).
ROE of 26.9% is well above the pharmaceuticals median of 14.4%.
EBITDA margin improved from 24.1% to 33.1% of revenue.
ROE improved from 20.9% to 26.9% year on year.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Watch
Cash conversion (CFO ÷ profit) has averaged 1.11× over the last 3 profit-making years versus 2.66× before that.
Rule CASH_CONVERSION_DETERIORATING
Operating cash flowNet profit
- Total debt
- ₹5,910 cr
- Operating cash flow ÷ net profit
- 1.41×FY2026
- Free cash flow
- ₹5,738 cr
- Current ratio
- 1.90×
Total debt is down from ₹8,222 to ₹5,910 over 7 years (28.1% lower); debt-to-equity moved 0.60× → 0.26×.
Operating cash flow has matched or exceeded reported profit in 4 of the last 5 profit-making years (latest 1.41×).
Free cash flow has been positive in 5 of the last 6 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 12 pharmaceuticals (FY2026, consolidated).
Revenue growth
LUPIN · 2nd of 12 · set median 14.8%
EBITDA margin
LUPIN · 4th of 12 · set median 28.7%
Return on equity
LUPIN · 1st of 12 · set median 14.4%
P/E ratio
LUPIN · 1st of 12 · set median 36.3×
Context
ROE of 26.9% beats the pharmaceuticals median (14.4%) while P/B (4.12×) sits below it (4.65×).
Rule STRONG_RETURNS_AT_DISCOUNT
- P / E
- 16.7×TTM to Jun 26
- P / B
- 4.1×latest book
- P / S
- 3.1×TTM sales
- Earnings yield
- 6.0%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 17.3× · P/S 3.3× · ROE 26.9%.
Section 09 · The stock
How has the stock performed?
Context
Over 5 years profit compounded at 34.3% a year while the stock returned 16.0% a year.
Rule STOCK_LAGGED_EARNINGS
- 1-year return
- +2.4%
- 3-year return
- +73.2%
- 5-year return
- +110.0%
- From 52-wk high
- −19.3%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹2,208
- vs 200-day avg
- Below₹2,257
- RSI (14)
- 30.0oversold
- MACD histogram
- 1.0
- From 52-wk high
- −19.3%
- From 52-wk low
- +6.5%
- 30-day volatility
- 15.5%ann.
- 6-month return
- −12.3%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchVolatile earningsProfit has swung sharply over 7 years (from ₹-1,509 to ₹5,355) — one year is a weak guide to the earnings power.EARNINGS_VOLATILE · conviction 65
- WatchCash conversion trending downCash conversion (CFO ÷ profit) has averaged 1.11× over the last 3 profit-making years versus 2.66× before that.CASH_CONVERSION_DETERIORATING · conviction 64
- WatchReported profit carries a one-offFY2026 pre-tax profit includes a ₹558 exceptional charge (8.1% of PBT) — the underlying trend differs from the reported number.PROFIT_INCLUDES_EXCEPTIONALS · conviction 39
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16,369 | 15,375 | 15,163 | 16,405 | 16,642 | 20,011 | 22,708 | 27,958 |
| Total income | 17,082 | 15,859 | 15,299 | 16,547 | 16,715 | 20,131 | 22,904 | 28,382 |
| EBITDA | 3,246 | 2,839 | 2,703 | 429 | 1,871 | 3,931 | 5,479 | 9,240 |
| Profit before tax | 1,517 | 753 | 1,675 | −1,373 | 716 | 2,422 | 4,015 | 6,873 |
| Net profit | 615 | −270 | 1,228 | −1,509 | 448 | 1,936 | 3,306 | 5,355 |
| EPS (₹) | 34.3 | −6.0 | 27.1 | −33.6 | 9.5 | 42.0 | 72.0 | 116.8 |
| Net worth | 13,789 | 12,581 | 13,858 | 12,222 | 12,543 | 14,373 | 17,294 | 22,513 |
| Total debt | 8,222 | 4,286 | 3,066 | 3,844 | 4,244 | 2,670 | 5,077 | 5,910 |
| Operating cash flow | — | — | 1,239 | 1,082 | 1,934 | 3,490 | 430 | 7,546 |
| Free cash flow | — | — | 562 | 184 | 473 | 2,574 | −1,223 | 5,738 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | -6.1 | -1.4 | 8.2 | 1.4 | 20.2 | 13.5 | 23.1 |
| Profit growth YoY | — | -143.8 | — | -222.9 | — | 332.3 | 70.8 | 62.0 |
| Profitability | ||||||||
| EBITDA margin % | 19.8 | 18.5 | 17.8 | 2.6 | 11.2 | 19.6 | 24.1 | 33.1 |
| Net margin % | 3.6 | -1.7 | 8.0 | -9.1 | 2.7 | 9.6 | 14.4 | 18.9 |
| Return on equity % | 4.5 | -2.0 | 9.3 | -11.6 | 3.6 | 14.4 | 20.9 | 26.9 |
| Return on capital % | 9.8 | 9.6 | 10.7 | -7.5 | 6.0 | 16.2 | 21.9 | 31.0 |
| Leverage & cash | ||||||||
| Debt to equity | 0.60 | 0.34 | 0.22 | 0.31 | 0.34 | 0.19 | 0.29 | 0.26 |
| Cash flow ÷ profit | — | — | 1.01 | — | 4.32 | 1.80 | 0.13 | 1.41 |
| Current ratio | 2.26 | 1.67 | 1.66 | 1.51 | 1.34 | 1.58 | 1.87 | 1.90 |