Lupin Ltd. share price target

Beat in Q3FY26 vs our expectation was mainly driven by stellar performance in the US region, posting revenue of USD 350mn (up 46.8% YoY). Apart from a few seasonal products, sales in US were largely led by Tolvaptan, Mirabegron and Spiriva.

We recommend a BUY rating with a target price of Rs 2,460/share.

Sales/EBITDA /APAT reported 8.2%/13.1%/25% above our estimates. EBITDA Margin reported 130 bps above our estimates

Lupin (LPC) posted a better-than-expected financial performance in 3QFY26, with 6%/16%/22% beat on revenues/EBITDA/PAT. Robust traction in US and other developed markets helped LPC sustain profitable growth momentum in 3Q.

U.S. business grew ~41% YoY in Q2FY26, led by specialty & complex launches. Europe up ~27% YoY; Other Developed Markets up ~19%.

In Q2FY26, Lupin reported a consolidated revenue of Rs. 7,048cr, up 24.2% YoY, Lupin's India segment revenue rose 3.4% YoY to Rs. 2,078cr, led by an 8.8% growth in Rx business, strong chronic therapy momentum and robust volume growth,...

Lupin remains well-positioned to sustain its strong growth trajectory, supported by a healthy specialty pipeline in the U.S., improved product mix, and operating leverage gains.

Niche launches in the US drive numbers; future pipeline key for sustainability Earning momentum strong till FY26; apparent slowdown in FY27 but pipeline buildup to continue- Strong growth was attributable US launches under exclusivity (gMyrbetriq, gTolvaptan and gSpiriva) and launches across regions. India was impacted due to lower tender sales in Institutional business. The company has maintained the strong EBITDA margins trajectory mainly driven by strong GPM performance. The...

Lupin delivered a beat of 9.5%/26.3%/21.8% in revenue/EBITDA/PAT vs our estimates in Q2FY26, driven by exclusive products like Tolvaptan and Mirabegron.

Lupin (LPC) delivered better-than-expected performance for the quarter, with a 9%/30%/28% beat on revenue/EBITDA/PAT.

Received USFDA approval for 3rd complex injectable Risperdal Consta; we anticipate full-year sales of USD 17 mn in FY27

A shift to complex drugs in recent times in the US led to revenue and PAT CAGRs of 21.93% and 64.18% over FY22 to FY25.

Earnings above our estimates on all fronts. US sales in cc terms were at 282mn vs our estimate of USD264 mn

Lupin delivered yet another quarter of earnings outperformance vs street as well as our estimates, with the beat in 1QFY26 being driven by a higher gross margin.

We recommend a BUY rating with a target price of Rs 2,500/share.

Lupin's (LPC) Q1FY26 EBITDA stood at Rs16.4bn (up 28% YoY) was in line with our estimates on the back of higher US sales supported by niche launches (gTolvaptan). LPC saw remarkable turnaround in profitability with ~2x jump in EBITDA over FY23-24 aided by better product mix, continued niche launches in the US, clearance from USFDA for facilities, domestic formulations regaining momentum and cost optimization measures. We expect margins to sustain given a strong pipeline in the US. Our FY26E and FY27E broadly remain...

Lupin’s Q1FY26 result was largely in-line with our estimates. Launch of Tolvaptan in US (180 days exclusivity) helped Lupin offset the impact of price erosion in its US portfolio and a muted performance in India.

LPC's OTC carve-out won't significantly impact financials, but aims to double OTC sales by sharpening focus

Lupin's (LPC) Q4FY25 EBITDA was at Rs13bn (up 30% YoY) ~10% beat to our estimates on the back of higher US sales supported by niche launches. GMs improved YoY. LPC saw remarkable turnaround in profitability with ~2x jump in EBITDA over FY23-24 aided by better product mix, continued niche launches in the US, clearance from USFDA for facilities, domestic formulations regaining momentum and cost optimization measures. We expect margins to sustain given a strong pipeline in the US. Our FY26E stands increase by 5% as we factor...

Lupin (LPC) delivered slightly better-than-expected revenue, EBITDA, and PAT for the quarter (4% beat). LPC continues to track well in the US generics segment (40% of 4Q sales), clocking the highest quarterly run-rate of USD245m over the past 24 quarters.