Lupin Ltd. share price target

Lupin’s next phase of growth and potential re-rating will largely depend on its ability to execute the planned product launches across geographies, particularly in the US.

Lupin delivered a strong Q1FY27, led by exclusivities in the US (+29.8%) and robust growth in emerging (+51.7%) and other developed markets (+48.3%).

Lupin (LPC) has delivered a better-than-expected financial performance in 1QFY27, with 5%/15% beat on revenue/EBITDA. Compared to the EBITDA beat, the PAT beat was lower because of higher depreciation and tax rate.

Lupin is expected to report Q1 FY27 revenue of INR 78,286 Mn, reflecting a robust 25% YoY growth, driven by continued strength across its key operating markets.

Lupin's strong double-digit growth continues to be driven by robust US market leadership, expanding traction in the respiratory portfolio and deepening complex generics capabilities. Management has guided for sustained revenue growth with stable margins, supported by continued R&D investment. The company's focus on accelerating ANDA filings and building a differentiated 505(b)(2) and biosimilar pipeline are expected to support sustained growth momentum. The strategic push into specialty segments through organic initiatives and targeted acquisitions,...

The company’s near-term earnings outlook is expected to go through a transition phase rather than maintain strong growth momentum.

Higher US revenues spur growth YoY: Revenues grew 33% YoY to INR 74bn, vs our estimate INR 69.4bn. Beat was on account of higher US revenues which stood at USD contribution from gTolvaptan, continued flu season and other launches. India formulation grew by 11.5% YoY. EMs increased sharply by 49%, while other developed markets increased by 7% YoY. API business showed recovery up 8% YoY....

Sales/EBITDA/APAT surpassed our 4QFY26 estimates by 8.1%/18.5%/12.7% respectively; EBITDA Margin by 254 bps

Lupin (LPC) delivered another quarter of strong performance with a 7%/11%/10% beat on revenue/EBITDA/PAT for the quarter.

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