Lupin (LPC) delivered in-line 2QFY21 results. The EBITDA margin has been on an uptrend since hitting all-time lows in 3QFY20, led by cost rationalization, better-than-industry growth in Domestic Formulations (DF), and improved traction in the US/API segment. Near- to medium-term performance is expected to strengthen further on account of recently launched niche products and better operating leverage. We lower our EPS estimate by 5% for FY21, factoring in a gradual increase in Albuterol Sulfate offtake. We maintain our FY22 estimate and introduce...