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Swing Capital

Lupin Ltd

NSE: LUPIN BSE: 500257Pharma

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.

₹2,256
52W: ₹1837 — ₹2494
PE 17.1 · Book ₹659 · +242% vs book
Market Cap₹1,03,152 Cr
Stock P/E17.1Price to Earnings
ROCE26.6%Return on Capital
ROE22.2%Return on Equity
Div. Yield0.54%Face Value ₹2

Strengths

  • +Company is almost debt free.
  • +Company has delivered good profit growth of 37.7% CAGR over last 5 years

Shareholding Pattern

Promoters46.85%
FIIs21.7%
DIIs25.32%
Public6.13%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters46.99%46.96%▼0.046.94%▼0.046.91%▼0.046.9%▼0.046.89%▼0.046.89%46.85%▼0.0
FIIs19.32%21.5%▲2.222.04%▲0.521.46%▼0.621.25%▼0.220.5%▼0.821.5%▲1.021.7%▲0.2
DIIs26.77%25.1%▼1.724.73%▼0.425.41%▲0.725.55%▲0.126.56%▲1.025.58%▼1.025.32%▼0.3
Public6.92%6.44%▼0.56.27%▼0.26.21%▼0.16.28%▲0.16.06%▼0.26.04%▼0.06.13%▲0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales4,1163,3964,1684,1064,2084,4865,7094,0684,5015,235
Expenses2,8982,6962,9682,9912,7972,7402,9792,8932,8852,953
Operating Profit1,2177001,2001,1151,4111,7462,7301,1761,6172,282
OPM %30%21%29%27%34%39%48%29%36%44%
Net Profit9163848898089851,2912,1281,3577172,164
EPS ₹20.138.4319.517.7121.5828.2846.629.7215.7147.33

AI Insights

Revenue Trend

Mar 2026 revenue at ₹19,513Cr, up 15% YoY. OPM at 40%.

Debt Position

Borrowings at ₹1,115Cr. Debt-to-equity ratio: 0.04x. Healthy balance sheet.

Capex Cycle

CWIP at ₹429Cr (9% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 25.32% (-3.76pp change). FIIs: 21.7% (+7.77pp change). Promoters hold 46.85%.

Margin & Efficiency

ROCE declining from 40% (Mar 2015) to 27% (Mar 2026). Working capital days: 199.

Valuation

PE 17.1x with 26.6% ROCE. Price is 242% above book value of ₹659. Dividend yield: 0.54%.

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