LUPIN
Lupin share price & financials
- Price
- ₹2,351.6
- Market cap
- ₹1.0L Cr
- Sector
- Healthcare
- Calls analysed
- 7
Lupin Limited Q1 FY27
What went well
- Record quarter with total revenues from operations exceeding INR 8,000 crores and EBITDA exceeding INR 2,400 crores, respectively, for the first time in company history.
- Achieved 16th consecutive quarter of YoY growth.
- Ex-U.S. organic revenue growth was a strong 20%+ YoY, with double-digit growth in all key markets.
What to watch
- Anticipated moderation in performance during the remainder of the year, especially in the U.S. from increased competitive intensity on two major products (Mirabegron and Tolvaptan).
- Other Operating Income decreased 43% YoY to INR 60 crores (from INR 105 crores in Q1FY26) due to lower export benefits from PLI schemes.
What Lupin Limited does
Lupin Limited, founded in 1968 by Dr. Desh Bandhu Gupta and headquartered in Mumbai, develops, manufactures and markets generic and complex-generic drugs, biosimilars, specialty medicines and active pharmaceutical ingredients (APIs). It runs manufacturing sites and research centers worldwide, files product approvals with regulators including the US FDA, and sells its portfolio across India, North America, Europe, Latin America, Africa and other emerging markets. It earns revenue by selling branded and generic formulations to hospitals, pharmacies and distributors, and by supplying APIs to external customers as well as its own formulations business. Beyond formulations, it has diversified into adjacent healthcare services including diagnostics (Lupin Diagnostics), digital therapeutics (Lupin Digital Health), neuro-rehabilitation (Atharv Ability), consumer healthcare (LupinLife) and contract development/manufacturing (Lupin Manufacturing Solutions).
Segments
- India
- North America (United States)
- Other Developed Markets
- Emerging Markets
- API
- Manufacturing sites
- 15
- Research centers
- 7
- Employees ("Lupinites")
- 24,000+
- Countries where products are sold
- 100+
- ANDAs and NDAs filed with US FDA
- 430
- US DMF filings
- 94
Guidance record · Q1 FY27
what the last two calls moved 20 tracked 4 delivered 1 missed 15 open- Lupin Diagnostics Profitability at risk said Q4 FY25 Promised: EBITDA positive in FY27 Q1 FY27: Management confirmed adjacency businesses (including diagnostics) are still making losses, impacting overall EBITDA margins by 1-1.5%.
- VISUfarma Annual Revenue on track said Q3 FY26 Promised: EUR 50-55 million Q1 FY27: VISUfarma financials consolidated from this quarter. European business grew 83% YoY, contributing to strong Other Developed Markets growth of 48%.
All 20 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 25.6%, net profit up 27.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,106 | 4,208 | 4,486 | 5,709 | 4,068 −1% | 4,501 +7% | 5,235 +17% | 7,172 +26% |
| EBITDA | 1,115 | 1,411 | 1,746 | 2,730 | 1,176 +5% | 1,617 +15% | 2,282 +31% | 3,733 +37% |
| Net profit | 808 | 985 | 1,291 | 2,128 | 1,357 +68% | 717 −27% | 2,164 +68% | 2,715 +28% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +5.8% 1Y
1Y: ₹1,979.7 on 10 Sept 2025 → ₹2,095. High ₹2,514.8 (21 Jul 2026), low ₹1,905.6 (8 Oct 2025).
How the price took the results
close before → close after
- Q1 FY27
- −0.9%
- 7 Aug
- Q4 FY26
- −3.3%
- 8 May
- Q3 FY26
- −0.5%
- 13 Feb
- Q2 FY26
- +0.8%
- 7 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 9.0% a year over 3 years, FY23 to FY26. Operating margin widened to 40.0%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹15.0k Cr | ₹14.7k Cr | ₹17.0k Cr | ₹19.5k Cr |
| Operating profit | ₹1.5k Cr | ₹3.5k Cr | ₹5.5k Cr | ₹7.8k Cr |
| Operating margin | 9.8% | 23.6% | 32.2% | 40.0% |
| Interest | ₹211 Cr | ₹55 Cr | ₹86 Cr | ₹122 Cr |
| Depreciation | ₹762 Cr | ₹724 Cr | ₹648 Cr | ₹708 Cr |
| Net profit | ₹324 Cr | ₹2.3k Cr | ₹4.0k Cr | ₹6.4k Cr |
| Net margin | 2.2% | 15.9% | 23.4% | 32.6% |
| ROCE | 3.0% | 14.0% | 22.0% | 26.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹91 Cr | ₹91 Cr | ₹91 Cr | ₹91 Cr | ₹91 Cr | ₹91 Cr |
| Reserves | ₹18.5k Cr | ₹18.1k Cr | ₹18.3k Cr | ₹20.5k Cr | ₹19.5k Cr | ₹30.0k Cr |
| Borrowings | ₹485 Cr | ₹951 Cr | ₹749 Cr | ₹105 Cr | ₹6.2k Cr | ₹1.1k Cr |
| Other liabilities | ₹2.8k Cr | ₹3.2k Cr | ₹3.5k Cr | ₹4.2k Cr | ₹7.7k Cr | ₹4.9k Cr |
| Total liabilities | ₹21.9k Cr | ₹22.3k Cr | ₹22.7k Cr | ₹24.9k Cr | ₹33.5k Cr | ₹36.1k Cr |
| Fixed assets | ₹3.6k Cr | ₹3.7k Cr | ₹4.0k Cr | ₹4.1k Cr | ₹10.3k Cr | ₹4.9k Cr |
| Capital work in progress | ₹951 Cr | ₹947 Cr | ₹927 Cr | ₹446 Cr | ₹593 Cr | ₹523 Cr |
| Investments | ₹9.6k Cr | ₹9.5k Cr | ₹10.0k Cr | ₹11.6k Cr | ₹3.3k Cr | ₹15.6k Cr |
| Other assets | ₹7.7k Cr | ₹8.2k Cr | ₹7.8k Cr | ₹8.8k Cr | ₹19.3k Cr | ₹15.1k Cr |
| Total assets | ₹21.9k Cr | ₹22.3k Cr | ₹22.7k Cr | ₹24.9k Cr | ₹33.5k Cr | ₹36.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs added +1.17 pp while DIIs trimmed −0.90 pp. The shareholder count grew 5% to 3,00,283.
- Promoters
- 46.9%
- FIIs
- 22.4%
- DIIs
- 24.6%
- Public
- 6.1%
Since Jun 2025
- FIIs +1.17 pp
- DIIs −0.90 pp
- Public −0.20 pp
How it drifted, 12 quarters
Over this window FIIs went from 15.0% to 22.4% — +7.4 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 47.1%, FIIs 15.0%, DIIs 29.1%, Government 0.3%, Public 8.5%.Dec '23: Promoters 47.0%, FIIs 16.1%, DIIs 29.7%, Government 0.0%, Public 7.1%.Mar '24: Promoters 47.0%, FIIs 18.3%, DIIs 27.8%, Government 0.0%, Public 6.9%.Jun '24: Promoters 47.0%, FIIs 19.3%, DIIs 26.8%, Government 0.0%, Public 6.9%.Sep '24: Promoters 47.0%, FIIs 21.5%, DIIs 25.1%, Government 0.0%, Public 6.4%.Dec '24: Promoters 46.9%, FIIs 22.0%, DIIs 24.7%, Government 0.0%, Public 6.3%.Mar '25: Promoters 46.9%, FIIs 21.5%, DIIs 25.4%, Government 0.0%, Public 6.2%.Jun '25: Promoters 46.9%, FIIs 21.3%, DIIs 25.6%, Public 6.3%.Sep '25: Promoters 46.9%, FIIs 20.5%, DIIs 26.6%, Public 6.1%.Dec '25: Promoters 46.9%, FIIs 21.5%, DIIs 25.6%, Public 6.0%.Mar '26: Promoters 46.9%, FIIs 21.7%, DIIs 25.3%, Public 6.1%.Jun '26: Promoters 46.9%, FIIs 22.4%, DIIs 24.6%, Public 6.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Life Insurance Corporation Of India Insurer +1.30 pp 4.09% held
- NPS Trust- A/C HDFC Pension Fund Management Limited Scheme E - Tier I Pension / PF +0.53 pp 2.75% held
- SBI ELSS Tax Saver Fund Mutual fund +0.09 pp 1.96% held
The same filing shows 4 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Lupin Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Lupin Investments Private Limited | 45.31% | unchanged |
| HDFC Trustee Company Ltd. A/C HDFC Balanced Advantage Fund Mutual fund | 4.37% | −0.21 pp |
| Life Insurance Corporation Of India Insurer | 4.09% | +1.30 pp |
| NPS Trust- A/C HDFC Pension Fund Management Limited Scheme E - Tier I Pension / PF | 2.75% | +0.53 pp |
| Nippon Life India Trustee Ltd- A/C Nippon India Growth Mid Cap Fund Mutual fund | 2.60% | −0.15 pp |
| SBI ELSS Tax Saver Fund Mutual fund | 1.96% | +0.09 pp |
| Mirae Asset Large & Midcap Fund Mutual fund | 1.74% | −0.09 pp |
| HDFC Life Insurance Company Limited Insurer | 1.10% | −0.20 pp |
| Manju D Gupta | 0.85% | unchanged |
| Nilesh Gupta | 0.20% | unchanged |
| Anuja Gupta | 0.16% | unchanged |
| D B Gupta HUF (Nilesh Deshbandhu Gupta, Karta of HUF) | 0.14% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in LUPIN
Filings to Aug 2026
1 new, 16 added, 9 trimmed, 3 sold out — net −21.37 L shares (−5.4%).
- Held by funds
- ₹8.6k Cr
- 44 schemes
- Biggest holder
- HDFC Balanced Advantage Fund
- ₹1.4k Cr · 1.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹1.4k Cr | held | Dec '22 |
| HDFC Large Cap Fund HDFC Mutual Fund | ₹1.1k Cr | held | Dec '24 |
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹1.1k Cr | +7.28 L | Dec '22 |
| Nippon India Pharma Fund Nippon India Mutual Fund | ₹609 Cr | held | Sep '12 |
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹481 Cr | held | Oct '22 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹477 Cr | held | Aug '25 |
| SBI Midcap Fund SBI Mutual Fund | ₹460 Cr | held | Oct '25 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹416 Cr | −6.19 L | Aug '22 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
16 added, 9 trimmed — net −21.37 L shares (−5.4%)
- Funds are sitting on
- +52%
- vs est. average cost
- Held by funds
- ₹8.6k Cr
- 44 schemes · ≈ 8.4% of the company
- Biggest holder
- HDFC Balanced Advantage Fund
- ₹1.4k Cr · 1.3% of that fund
- Longest holder
- Nippon India Pharma Fund
- 14y · since Sep '12
Shares held by these funds +59%
Aug '23 4.01 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Lupin Limited
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