Lupin Limited (LUPIN)
₹1,961.60 -0.97% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Lupin's revenue was ₹7,475 Cr (+31.9% year on year, +4.3% on the previous quarter), and net profit ₹1,469 Cr (+87.8% year on year); the operating margin was 33.3%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹7,475 | +31.9% | +4.3% |
| Operating profit | ₹2,486 | +88.2% | +9.9% |
| Net profit | ₹1,469 | +87.8% | +24.4% |
| EPS (₹) | 31.94 | +88.7% | +24.1% |
| Operating margin | 33.3% | — | — |
LUPIN delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 63.44% of the LUPIN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 59.14%. That is close to its usual level. In LUPIN futures, open interest rose 0.18% while the futures price fell 0.81%: short buildup (new short positions).
Delivery in the last 5 sessions: 63.4% · 64.7% · 65.6% · 53.6% · 63.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Lupin Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by its Registrar and Share Transfer Agent, MUFG Intime India Private Limited, dated October 03, 2026. It confirms that securities received for dematerialisation during the quarter were processed, verified, and listed on stock exchanges, with certificates cancelled as per guidelines. This is a standard quarterly administrative filing with no impact on business operations or financials.
- Compliance certificate filed under Regulation 74(5) for the quarter ended September 30, 2026
- Certificate issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 03, 2026
- Filing submitted to stock exchanges on October 09, 2026
Lupin Limited has received U.S. FDA approval for its Abbreviated New Drug Application (ANDA) for Phytonadione Injectable Emulsion USP (1 mg/0.5 mL Single-dose Prefilled Syringe). The drug is bioequivalent to International Medication Systems' reference listed drug and is indicated for the treatment and prophylaxis of hypoprothrombinemia and vitamin K-deficiency. According to IQVIA MAT August 2026 data, the product had estimated annual sales of USD 52.3 million (~Rs 435 Cr) in the U.S. This addressable market represents approximately 1.6% of Lupin's TTM revenue of Rs 27,958 Cr.
- Received U.S. FDA approval for Phytonadione Injectable Emulsion USP (1 mg/0.5 mL Single-dose Prefilled Syringe)
- Addressable annual market size in the U.S. estimated at USD 52.3 million (IQVIA MAT Aug 2026)
- Drug is indicated for hypoprothrombinemia and vitamin K-deficiency prophylaxis and treatment
- Product is bioequivalent to reference listed drug by International Medication Systems, Limited
Lupin has launched Formoflo-G MDI in India after receiving approval from the DCGI, making it the world's first fixed-dose triple combination metered-dose inhaler for COPD. The combination includes Glycopyrronium Bromide, Formoterol Fumarate, and Fluticasone Propionate, targeting an estimated patient pool of over 55 million COPD sufferers in India. Lupin holds the #2 rank in the Indian respiratory segment as of MAT March 2026. This launch enhances Lupin's core respiratory portfolio, a major focus area supporting its consolidated TTM revenue base of Rs 27,958 Cr.
- First-of-its-kind fixed-dose triple combination MDI containing 3 active drugs: Glycopyrronium Bromide, Formoterol Fumarate, and Fluticasone Propionate
- Targets India's COPD patient base exceeding 55 million individuals
- Strengthens domestic portfolio where Lupin is ranked #2 in the respiratory therapy segment (IQVIA MAT Mar 2026)
Lupin Limited announced that its step-down subsidiary, Multicare Pharmaceuticals Philippines, Inc. ('MPPI'), has completed the buyback of 30,559 shares effective October 01, 2026. Prior to this, MPPI was a subsidiary of Lupin's wholly owned Dutch arm, Nanomi B.V. Following the completion of this buyback, MPPI has officially become a wholly owned subsidiary of Nanomi B.V. and a step-down wholly owned subsidiary of Lupin. The financial consideration for the buyback was not disclosed in the filing.
- Multicare Pharmaceuticals Philippines, Inc. (MPPI) completed the buyback of 30,559 shares
- Effective date of transition to wholly owned step-down subsidiary is October 01, 2026
- MPPI is held via Nanomi B.V. (Netherlands), a wholly owned subsidiary of Lupin
- Consolidates Lupin's ownership in MPPI to 100% (wholly owned step-down subsidiary)
Lupin Limited has received tentative approval from the U.S. FDA for its New Drug Application (NDA) for Apixaban Oral Suspension 1.25mg/mL via the 505(b)(2) pathway. The drug is an oral liquid formulation of apixaban (the active ingredient in Bristol Myers Squibb's Eliquis) indicated for adult anticoagulation therapy, particularly for patients with difficulty swallowing tablets. Upon final approval, commercial manufacturing will take place at Lupin's Somerset, New Jersey facility. Commercialization timeline and revenue potential are subject to final approval and potential patent litigation or exclusivity expirations.
- Received U.S. FDA tentative approval for Apixaban Oral Suspension 1.25mg/mL via 505(b)(2) regulatory pathway
- Serves as an oral liquid alternative to Bristol Myers Squibb's Eliquis (apixaban) for adult anticoagulation therapy
- Commercial production planned at Lupin's Somerset, New Jersey manufacturing facility upon final approval
- Lupin operates 15 manufacturing facilities and 6 research centers globally
Lupin Limited announced its schedule for upcoming institutional investor meetings under Regulation 30. The company will attend the Kotak Healthcare Conference on September 17, 2026, and the J.P. Morgan India Conference on September 21, 2026. Both events will be in-person group meetings with no unpublished price-sensitive information shared, using existing public presentations.
- Participation in Kotak Healthcare Conference scheduled for September 17, 2026
- Participation in J.P. Morgan India Conference scheduled for September 21, 2026
- Both interactions are in-person group meetings
- Presentations will align with already public materials on company and exchange websites
Lupin Limited has received US FDA approval for its Abbreviated New Drug Application (ANDA) for Modafinil Tablets USP in 100 mg and 200 mg strengths. The drug is bioequivalent to Nuvo Pharmaceuticals' Provigil Tablets and is indicated to treat excessive sleepiness associated with narcolepsy, obstructive sleep apnea, and shift work disorder. According to IQVIA MAT July 2026 data, Modafinil Tablets had estimated annual sales of USD 70.7 million in the US. This expands Lupin's US formulations portfolio against its TTM revenue base of Rs 27,958 Cr.
- Received US FDA ANDA approval for Modafinil Tablets USP (100 mg and 200 mg).
- Approved as bioequivalent to reference listed drug Provigil Tablets.
- Addressable US market size estimated at USD 70.7 million per IQVIA MAT Jul 2026.
Crisil ESG Ratings & Analytics Ltd. has independently assigned Lupin Limited an ESG Rating of 'Crisil ESG 69' and a Core ESG Rating of 'Crisil Core ESG 65' for FY26. This assessment places the pharmaceutical major in the 'Strong' category. The evaluation was conducted independently based on publicly available data without direct company engagement.
- Assigned an overall ESG rating of 'Crisil ESG 69' for FY26
- Assigned a Core ESG rating of 'Crisil Core ESG 65' for FY26
- Categorized under the 'Strong' tier by Crisil ESG Ratings
- Report prepared independently without direct engagement by Lupin
Lupin Limited has allotted 30,967 fully paid-up equity shares of face value ₹2 each on August 25, 2026, pursuant to the exercise of vested employee stock options. Following this allotment, the company's paid-up equity share capital increased marginally to ₹91.45 crore, comprising 45,72,65,861 equity shares. The dilution resulting from this allotment is negligible at approximately 0.007% of the total paid-up equity base.
- Allotted 30,967 fully paid-up equity shares of face value ₹2 each under ESOP schemes
- Total paid-up share capital increased to ₹91,45,31,722 (45,72,65,861 shares of ₹2 each)
- Meeting of Operations and Finance Committee held on August 25, 2026
- Dilution represents ~0.007% of total outstanding shares
Lupin Limited announced that ESG Risk Assessments & Insights Limited has independently assigned the company an ESG Rating of '60', categorizing it as 'Adequate'. The rating agency prepared the assessment independently based on publicly available data without formal engagement by Lupin. This is a routine regulatory intimation under Regulation 30 of SEBI LODR regulations and does not have any direct financial impact on the company's operations or financials (TTM revenue of ₹27,958 Cr).
- ESG Risk Assessments & Insights Limited assigned an ESG rating score of '60'
- The rating places Lupin in the 'Adequate' category
- Assessment was conducted independently from public domain data without engagement by Lupin
- Intimation filed on August 24, 2026 under SEBI LODR Regulation 30
Lupin's wholly owned subsidiary, VISUfarma B.V., has entered into an exclusive licensing agreement with Visus Therapeutics, Inc. to commercialize YUVEZZI (an FDA-approved presbyopia eye drop) across the European Union, UK, Switzerland, Norway, and Iceland. The total potential consideration is up to €75 million through to first commercial sales, consisting of a €20 million strategic investment via a SAFE instrument and up to €55 million in regulatory and commercial milestones, plus royalties. The agreement grants exclusive commercialization and marketing rights for an initial 20-year term post-launch per country.
- Exclusive commercialization rights for YUVEZZI in the EU, UK, Switzerland, Norway, and Iceland
- Total consideration up to €75 million prior to first commercial sales (€20M equity investment + up to €55M milestones)
- Initial agreement term of 20 years from the date of first commercial sale in each country
- Product is already US FDA-approved; UK Marketing Authorisation Application (MMA) submitted via MHRA
Lupin Limited has informed the exchanges regarding the sad demise of Dr. Sofia Mumtaz on August 17, 2026. She was a Senior Management Personnel serving as President, Legal & Compliance, Canada, ANZ & NEA Business. The intimation is filed pursuant to Regulation 30 of SEBI LODR Regulations. This is an administrative disclosure with no immediate financial impact on the company's Rs 27,958 Cr TTM revenue base.
- Senior Management Personnel Dr. Sofia Mumtaz passed away on August 17, 2026 (in U.S.A).
- Role held was President, Legal & Compliance, Canada, ANZ & NEA Business.
- Disclosure filed under Regulation 30 read with Schedule III of SEBI Listing Regulations on August 18, 2026.
Lupin Limited has received final approval from the U.S. FDA for its Abbreviated New Drug Application (ANDA) for Pitolisant Tablets in 4.45 mg and 17.8 mg strengths. The product is bioequivalent to Wakix® and expands the company's US central nervous system and oral solid generic portfolio. This approval adds to Lupin's US product basket, backing its overall business base with TTM revenue of ₹27,958 Cr.
- Final U.S. FDA approval received for Pitolisant Tablets in 4.45 mg and 17.8 mg strengths
- Determined as bioequivalent to reference listed drug Wakix®
- Approval announced on August 17, 2026 for commercialization in the US market
Lupin delivered a record Q1 FY27 with revenue of ₹8,277 cr, up 32% YoY, and EBITDA of ₹2,464 cr. The US business performed strongly at $366 million, though management expects full-year US sales to moderate to the $1.1B-$1.2B range due to new competition in Mirabegron and Tolvaptan. India business grew 13.9% YoY, led by a 31.8% surge in the Diabetes segment. Management maintained its FY27 guidance of high single-digit revenue growth and EBITDA margins of approximately 25%.
- Achieved record quarterly revenue of ₹8,277 cr, marking the 16th consecutive quarter of YoY growth.
- US business recorded $366 million in sales for Q1, with a full-year guidance set at $1.1B to $1.2B.
- India formulation business grew 13.9% YoY, with the Chronic segment now accounting for 67% of the portfolio.
- R&D investment maintained at 7.4% of sales, focusing on a pipeline of 50+ US products over the next 3 years.
- Received EIRs with VAI status for Ankleshwar and Somerset facilities, improving regulatory compliance standing.
Lupin has received US FDA approval for Sodium Zirconium Cyclosilicate for Oral Suspension, a generic version of AstraZeneca’s Lokelma®. The product is indicated for treating hyperkalemia and addresses a US market valued at approximately USD 568 million (IQVIA MAT June 2026). This approval strengthens Lupin's position as the 3rd largest pharmaceutical player in the US by prescriptions. While actual revenue will depend on market share capture, the target market size represents roughly 17% of Lupin's TTM revenue.
- Received US FDA approval for Sodium Zirconium Cyclosilicate for Oral Suspension (5g and 10g packets).
- Targeting a US market with estimated annual sales of USD 568 million as of June 2026.
- Product is bioequivalent to the reference drug Lokelma® by AstraZeneca Pharmaceuticals LP.
- Lupin currently maintains a 3.4% share in the Indian Pharmaceutical Market and is 3rd in US prescriptions.
- Company reported a strong TTM OPM of 31.5% and PAT of ₹5,356 Cr as of FY26.
Financial Performance
Revenue Growth by Segment
Formulations segment accounted for 92.6% of consolidated revenues in 9M FY2024, while the API segment contributed 6.0%. The API business grew 3% YoY to INR 1,177.2 Cr in FY2025. Consolidated revenue grew 13.5% YoY in FY2025 to INR 22,707.9 Cr and 24% YoY in Q2 FY2026 to INR 7,048 Cr.
Geographic Revenue Split
In FY2025, North America contributed 38% (up 16% YoY), India 34% (INR 7,577.3 Cr, up 14% YoY), EMEA 11% (up 22% YoY), Growth Markets 9% (up 7% YoY), and API business 5%.
Profitability Margins
Operating profit margin (OPM) improved to 18.6% in 9M FY2024 from 10.8% in FY2023. Profit Before Tax (PBT) increased by 65.8% in FY2025. Return on Capital Employed (ROCE) reached 25% by the end of Q2 FY2026, up from 21.6% in FY2025.
EBITDA Margin
EBITDA margin for Q2 FY2026 was approximately 24-25%. Consolidated EBITDA rose 39.4% YoY in FY2025, driven by operating leverage and improved product mix.
Capital Expenditure
Regular capital expenditure is estimated at INR 700-800 Cr per annum, primarily funded through internal accruals.
Credit Rating & Borrowing
Short-term rating reaffirmed at [ICRA]A1+ for INR 3,000 Cr facilities. The company maintains a strong liquidity position with cash and bank balances of INR 5,397.8 Cr as of March 31, 2025.
Operational Drivers
Raw Materials
Key raw materials include anti-TB APIs and high-potency APIs. Captive API consumption accounts for 75-80% of total requirements, reducing external dependency.
Key Suppliers
Not disclosed in available documents; however, the company is actively working on alternate vendor development to manage gross margins.
Capacity Expansion
Capex of INR 700-800 Cr per annum is planned for maintenance and incremental expansion. Higher capacity utilization at key manufacturing sites has improved operating leverage.
Raw Material Costs
Raw material costs are managed through high captive integration (75-80%). Gross margins improved in FY2025 due to a shift toward complex generics and respiratory products.
Manufacturing Efficiency
Operating leverage improved due to higher capacity utilization and digitization of commercial operations, contributing to a 25% ROCE in Q2 FY2026.
Logistics & Distribution
Distribution costs are optimized through supply chain agility and digitization, though specific INR values were not disclosed.
Strategic Growth
Expected Growth Rate
24%
Growth Strategy
Growth will be driven by a differentiated pipeline in complex generics (inhalations and injectables), biosimilars (Ranibizumab, Pegfilgrastim), and expansion into underpenetrated European markets like Italy and Spain through a EUR 190 million acquisition. India growth is focused on chronic therapies and new verticals like diagnostics.
Products & Services
Anti-TB medicines, anti-diabetes formulations, respiratory inhalers, complex injectables, biosimilars, and diagnostic services.
Brand Portfolio
Lupin, Lupin Manufacturing Solutions (LMS), Enzene (Biosimilars).
New Products/Services
New product launches in the US and India, including biosimilars like Ranibizumab and Pegfilgrastim, are expected to drive significant margin expansion.
Market Expansion
Expansion into Italy and Spain via the acquisition of Nanomi B.V. for EUR 190 million, expected to be completed by December 2025.
Market Share & Ranking
8th largest company in the Indian Pharmaceutical Market (3.4% share) and 3rd largest pharmaceutical player in the US by prescriptions.
Strategic Alliances
Lupin Manufacturing Solutions (LMS) is positioned as a differentiated CDMO partner for global pharma innovators.
External Factors
Industry Trends
The industry is shifting toward complex generics and CDMO outsourcing due to 10-15% annual price erosion in commoditized generics. Lupin is positioning itself through high-barrier respiratory products and biosimilars.
Competitive Landscape
Intense competition in US generics and biosimilars, with some players exiting due to pricing pressures, allowing Lupin to gain market share in niche segments.
Competitive Moat
Lupin holds a durable moat as the only WHO pre-qualified company globally for both anti-TB APIs and formulations, alongside a dominant 42% US revenue share from complex inhalations.
Macro Economic Sensitivity
Vulnerable to US healthcare reforms, changes in the US tariff regime, and domestic pricing controls under the National List of Essential Medicines (NLEM).
Consumer Behavior
Increased demand for chronic therapies and diagnostic services in India is driving a 14% growth in the domestic formulation business.
Geopolitical Risks
Trade barriers and regulatory shifts in the US and EU could impact the 49% of revenue derived from these regulated markets.
Regulatory & Governance
Industry Regulations
Subject to USFDA manufacturing standards (warning letters pending for Tarapur and Mandideep) and NLEM pricing controls in India.
Environmental Compliance
The company received an ESG rating from NSE Sustainability Ratings & Analytics Limited in December 2025.
Taxation Policy Impact
Financial statements are prepared in accordance with Indian Accounting Standards (Ind AS).
Legal Contingencies
Ongoing investigation by the US DoJ anti-trust division regarding price fixing and collusion allegations; impact remains an event risk.
Risk Analysis
Key Uncertainties
Adverse outcomes from US DoJ investigations or failure to resolve USFDA warning letters could impact revenue by restricting market access or incurring heavy fines.
Geographic Concentration Risk
High concentration in the US (38%) and India (34%), totaling 72% of consolidated revenue.
Third Party Dependencies
20-25% dependency on external suppliers for APIs, mitigated by alternate vendor development initiatives.
Technology Obsolescence Risk
Mitigated through digitization of batch tracking and commercial analytics to enhance speed-to-market.
Credit & Counterparty Risk
Strong receivables quality and cash reserves of INR 5,397.8 Cr ensure low credit risk.
