Lupin Ltd
LUPINLupin Ltd is coiled. The quarters are improving, yet the P/E sits at the 4th percentile of its own 10-year range — the business is moving before the market.
The sharpest disagreement: annual EPS moved +62.3% against a +26.4% price move — the market has not yet caught up with the delivery.
The price is in a confirmed uptrend (32 weeks in) while the P/E sits at the 4th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +87.9% year on year, and 132% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Lupin Ltd trades at ₹2,443, in a confirmed uptrend and 32 weeks into that stage. That is +9.5% against its own 200-day average. It sits at 91% of a 52-week range of ₹1,920 to ₹2,496. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 3 straight weeks.
Today the stock is in a confirmed uptrend — week 32 of stage 2, confirmed. At ₹2,443 it trades +9.5% versus its 200-day average and sits at 91% of its 52-week range (₹1,920–₹2,496).
Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +41% while the NIFTY 500 moved +280% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 3 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 4th percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Lupin Ltd trades at 19.1× P/E, near the bottom of its own range — cheaper only 4% of the time. Its long-run median P/E is 28.8×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 19.1× is near the bottom of its own range — cheaper only 4% of the time, against a long-run median of 28.8× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.
Why the multiple sits where it does: over the past year annual EPS moved +62.3% against a +26.4% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +15.7%/yr price move, ~+36.7%/yr came from earnings growth and ~−21.0 pp from the multiple (compressing); over 10y, of the +3.9%/yr price move, ~+8.1%/yr came from earnings growth and ~−4.2 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Lupin Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 31.8% and holding. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +23.1% | +18.9% | +13.0% | +7.0% |
| Profit | +62.0% | +128.6% | +34.2% | +9.0% |
| EPS | +62.3% | +131.1% | +34.2% | +8.8% |
| Share price | +26.4% | +37.9% | +15.7% | +3.9% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
73.1/100 — rank 1 of 43 in Pharma - Formulators · 89% evidence confidence
Lupin Ltd scores 73.1 out of 100 against the 43 companies it is compared with in Pharma - Formulators, ranking 1. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 30.1 + 19.4 + 16.3 + 7.3 = 73.1. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Lupin Ltd reported ₹7,475 Cr of revenue in the Mar 26 quarter, +31.9% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 7.0% a year. The last full year, FY26, came in at ₹27,958 Cr. The last four reported quarters add to ₹27,959 Cr.
Lupin Ltd reported ₹7,475 Cr of revenue in the Mar 26 quarter, +31.9% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 7.0% a year. The last full year, FY26, came in at ₹27,958 Cr. The last four reported quarters add to ₹27,959 Cr.
FY26 revenue came in at ₹27,958 Cr (+23.1% on the year), capping 10 years at 7.0% compound. The latest quarter (Mar 26) printed ₹7,475 Cr, +31.9% year on year — the 12th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +23.1% growth against the decade's 7.0% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +23.1% over the last 4 quarters against +18.2%/yr over the last 8 — accelerating; TTM profit +62.0% vs +66.4%/yr — rolling over.
→ Revenue grew — did margins hold as it scaled? Next: 33.0% this quarter (+10.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Lupin Ltd's operating margin is 33.0% in the Mar 26 quarter, +10.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 1.0% to 29.0%. The current quarter is running above every full year in that window.
Lupin Ltd's operating margin is 33.0% in the Mar 26 quarter, +10.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 1.0% to 29.0%. The current quarter is running above every full year in that window.
The latest quarter's operating margin is 33.0%, +10.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 1.0%–29.0%, and FY26's 29.0% is the top of that band — a record year.
Why the margin moved: operating margin went +9.9 pp year on year while gross margin went +5.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.
→ Margins held — did that reach the bottom line? Next: profit +87.9% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Lupin Ltd earned ₹1,469 Cr of net profit in the Mar 26 quarter, +87.9% year on year. It is the 11th consecutive quarter of growth. Full-year FY26 profit was ₹5,355 Cr. The 10-year compound rate is 9.0%. That is 19.7% of the quarter's revenue. The same quarter a year earlier earned ₹782 Cr.
Lupin Ltd earned ₹1,469 Cr of net profit in the Mar 26 quarter, +87.9% year on year. It is the 11th consecutive quarter of growth. Full-year FY26 profit was ₹5,355 Cr. The 10-year compound rate is 9.0%. That is 19.7% of the quarter's revenue. The same quarter a year earlier earned ₹782 Cr.
Mar 26 profit was ₹1,469 Cr, +87.9% year on year — the 11th consecutive quarter of growth. On the full year, FY26 printed ₹5,355 Cr (+62.0%), and the 10-year compound rate is 9.0%.
Why profit moved: revenue contributed +31.9% and the margin +10.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +62.5% vs revenue +23.1%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
→ Profit rose — but did the cash follow? Next: 132% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 132% of Lupin Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹7,334 Cr of operating cash against ₹5,355 Cr of profit. After ₹3,150 Cr of capital spending, ₹4,184 Cr was left as free cash.
FY26: operating cash of ₹7,334 Cr against reported profit of ₹5,355 Cr, leaving free cash of ₹4,184 Cr after ₹3,150 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 132% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 132%: the cash cycle tightened 68 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.
Router verdict: the bigger cash user is investment — capital spending ran 1.6× depreciation over three years, so the next section's job is to check what that build-out is buying.
→ So follow the cash to where it goes. Next: ₹6,159 Cr of building over 3 years.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Lupin Ltd's cash conversion cycle runs 181 days in FY26, down from 249 days in FY21. Capital spending ran ₹6,159 Cr over the last 3 years. At FY26 sales of ₹27,958 Cr each day of that cycle holds about ₹76.6 Cr, so roughly ₹13,864 Cr sits inside the business at any moment.
FY26: debtors at 86 days, inventory at 303 days — roughly 10.0 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 181 days, tighter than FY21's 249.
The full loop: cash goes out to suppliers and production on day 0; stock waits 303 days to sell; customers pay about 86 days after that; and suppliers themselves are paid at 208 days — netting out to the 181-day cycle.
In money terms: at FY26 sales of ₹27,958 Cr, each day of the cycle holds about ₹76.6 Cr — so the 181-day loop keeps roughly ₹13,864 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹6,159 Cr over the last 3 fiscal years against ₹3,742 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹1,016 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 30% and the ROIC − WACC spread is +14.2 pp.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Lupin Ltd earns a ROCE of 30% in FY26. That is up from a trough of −7% in FY22. Return on invested capital clears the cost of that capital by +14.2 percentage points, so growth here adds value rather than only size. The wiring behind it is 19.2% net margin on 0.73× asset turns.
FY26 ROCE is 30%, recovered from a FY22 trough of −7% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 19.2% net margin × 0.73× asset turns × 1.70× balance-sheet leverage ≈ 23.8% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 26.2% − 12.0% = a +14.2 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.29.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Lupin Ltd carries total debt of ₹6,616 Cr against shareholder equity of ₹22,513 Cr as of Mar 26, a debt-to-equity of 0.29 — effectively unlevered. On the annual view that ratio went from 0.34 in FY22 to 0.29 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹6,616 Cr against shareholder equity of ₹22,513 Cr — a debt-to-equity of 0.29. On the annual view, debt-to-equity went from 0.34 (FY22) to 0.29 (FY26). The returns on this page are earned, not borrowed.
→ Who owns this, and are they adding or leaving? Next: Foreign institutions added 3.1 points over 8 quarters.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Foreign institutions added 3.1 points of Lupin Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 22.4% of the company. Domestic institutions moved −2.1 points over the same window, to 24.6%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: +3.1 points over 8 quarters to 22.4%; Domestic institutions: −2.1 points over 8 quarters to 24.6%; Promoters: −0.1 points over 8 quarters to 46.9%.
Why the register moved: rotation — foreign institutions +3.1 points against domestic institutions −2.1 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Lupin Ltd: the Z-score reads 5.97. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.
Why it matters: a Z-score of 5.97 sits well clear of the distress zone — the balance sheet is not the risk here.
The safety line in one sentence: the Z-score reads 5.97.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| Lupin Ltd this page | 19.1× | ₹1.1L Cr | Consistent | |||
| Sun Pharmaceutical Industries Ltd | 37.5× | ₹4.7L Cr | Improving | |||
| Torrent Pharmaceuticals Ltd | 86.1× | ₹1.9L Cr | Consistent | |||
| Cipla Ltd | 31.8× | ₹1.1L Cr | Deteriorating | |||
| Zydus Lifesciences Ltd | 20.4× | ₹1.1L Cr | Consistent | |||
| Mankind Pharma Ltd | 51.4× | ₹1L Cr | Turning around | |||
| Dr Reddys Laboratories Ltd | 29.8× | ₹96,130 Cr | Deteriorating | |||
| Aurobindo Pharma Ltd | 25.1× | ₹88,979 Cr | Mixed | |||
| Biocon Ltd | 182.0× | ₹70,672 Cr | Deteriorating | |||
| Alkem Laboratories Ltd | 27.6× | ₹67,357 Cr | Mixed | |||
| Glenmark Pharmaceuticals Ltd | 21.0× | ₹61,858 Cr | No read | |||
| Ipca Laboratories Ltd | 37.9× | ₹44,720 Cr | Consistent | |||
| Ajanta Pharma Ltd | 37.3× | ₹42,097 Cr | Consistent | |||
| J B Chemicals & Pharmaceuticals Ltd | 53.8× | ₹38,677 Cr | Topping out | |||
| Emcure Pharmaceuticals Ltd | 37.7× | ₹35,679 Cr | Mixed | |||
| Wockhardt Ltd | 106.0× | ₹30,048 Cr | No read | |||
| Rubicon Research Ltd | 102.0× | ₹25,141 Cr | No read | |||
| ERIS Lifesciences Ltd | 30.7× | ₹19,409 Cr | Turning around | |||
| Caplin Point Laboratories Ltd | 29.2× | ₹18,753 Cr | Consistent | |||
| Natco Pharma Ltd | 11.6× | ₹16,504 Cr | Topping out | |||
| Alembic Pharmaceuticals Ltd | 21.4× | ₹15,678 Cr | Turning around | |||
| Corona Remedies Ltd | 64.7× | ₹12,923 Cr | No read | |||
| Marksans Pharma Ltd | 26.7× | ₹11,161 Cr | Consistent | |||
| Akums Drugs & Pharmaceuticals Ltd | 40.3× | ₹10,818 Cr | No read | |||
| Strides Pharma Science Ltd | 16.6× | ₹9,402 Cr | No read | |||
| Suven Life Sciences Ltd | — | ₹8,929 Cr | No read | |||
| FDC Ltd | 22.6× | ₹6,723 Cr | Turning around | |||
| Bliss GVS Pharma Ltd | 37.4× | ₹4,927 Cr | Turning around | |||
| RPG Life Sciences Ltd | 44.3× | ₹4,858 Cr | — | — | — | — |
| Gufic BioSciences Ltd | 59.2× | ₹3,799 Cr | No read | |||
| Kwality Pharmaceuticals Ltd | 42.5× | ₹2,886 Cr | Consistent | |||
| Kwality Pharmaceuticals Ltd | 36.6× | ₹2,483 Cr | Consistent | |||
| Sai Parenterals Ltd | 166.0× | ₹2,366 Cr | — | — | — | — |
| Indoco Remedies Ltd | — | ₹2,247 Cr | No read | |||
| Fredun Pharmaceuticals Ltd | 45.4× | ₹1,480 Cr | — | No read | ||
| Amrutanjan Health Care Ltd | 22.8× | ₹1,472 Cr | Mixed | |||
| Accent Microcell Ltd | 27.1× | ₹1,187 Cr | No read | |||
| Lincoln Pharmaceuticals Ltd | 13.2× | ₹1,162 Cr | Turning around | |||
| Bajaj Healthcare Ltd | 19.3× | ₹1,088 Cr | No read | |||
| Bharat Parenterals Ltd | — | ₹990 Cr | No read |
Frequently asked questions
What is Lupin Ltd's share price today?
Lupin Ltd trades at ₹2,443, +26.4% over the past year. The company is valued at ₹1,08,387 Cr. The stock sits at 91% of its 52-week range of ₹1,920–₹2,496, +9.5% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 32 weeks in. — as of 24 July 2026.
What were Lupin Ltd's latest quarterly results?
Lupin Ltd reported revenue of ₹7,475 Cr and net profit of ₹1,469 Cr for the Mar 26 quarter. Revenue rose 31.9% and profit rose 87.9% year on year. Earnings per share were ₹31.94. The operating margin was 33.0%, 10.0 pp higher than a year earlier. — as of 24 July 2026.
What is Lupin Ltd's revenue?
Lupin Ltd reported revenue of ₹7,475 Cr in the Mar 26 quarter, +31.9% year on year. For the full FY26 fiscal year, revenue was ₹27,958 Cr (+23.1%). Over the last 10 years revenue compounded at 7.0% a year. — as of 24 July 2026.
What is Lupin Ltd's profit?
Lupin Ltd earned ₹1,469 Cr of net profit in the Mar 26 quarter, +87.9% year on year — the 11th straight quarter of growth. Full-year FY26 profit was ₹5,355 Cr. The operating margin ran 33.0% in the latest quarter. — as of 24 July 2026.
What is Lupin Ltd's market cap?
Lupin Ltd's market capitalisation is ₹1,08,387 Cr at a share price of ₹2,443. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is Lupin Ltd's P/E ratio?
Lupin Ltd trades at a P/E of 19.1×, at the 4th percentile of its own 10-year range, against a long-run median of 28.8×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does Lupin Ltd pay a dividend?
Yes — Lupin Ltd's dividend payout was 15% of profit in FY26, and it recorded a payout in 11 of its last 13 reported fiscal years. 2 of those years show a negative ratio because profit itself was negative. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is Lupin Ltd overvalued?
On its own history, Lupin Ltd looks cheap against its own history: its P/E of 19.1× has been cheaper only 4% of the time in 10 years (long-run median 28.8×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 24 July 2026.
Is Lupin Ltd growing?
Yes — Lupin Ltd is growing: latest-quarter revenue +31.9% year on year, profit +87.9%, and the margin +10.0 pp at 33.0%. The 10-year compound rates are 7.0% (revenue) and 9.0% (profit). The earnings engine currently reads: improving — as of 24 July 2026.
How is Lupin Ltd performing?
Lupin Ltd is in a confirmed uptrend, 32 weeks in. Its latest quarter's revenue rose 31.9% and profit rose 87.9% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 3 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is Lupin Ltd in?
Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 31.8% and holding. The read comes from the last 12 quarters of growth (revenue growth +23.1% latest, profit growth +62.0% latest, eps growth +62.3% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is Lupin Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 32 of stage 2), trading +9.5% versus its 200-day average and at 91% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is Lupin Ltd beating the market?
On recent form, yes — Lupin Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 3 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +41% against the NIFTY 500's +280% — behind the index over the full window. — as of 24 July 2026.
Will Lupin Ltd's share price go up?
This page publishes no price forecast for Lupin Ltd. What it measures instead: the share price is ₹2,443, the price is in a confirmed uptrend 32 weeks in. Its P/E of 19.1× sits at the 4th percentile of its own 10-year range. — as of 24 July 2026.
Who owns Lupin Ltd?
Promoters hold 46.9% of Lupin Ltd, foreign institutions 22.4%, domestic institutions 24.6% and the public 6.1% (latest quarter). The biggest move on the register over the last two years: Foreign institutions added 3.1 points over 8 quarters. — as of 24 July 2026.
Does Lupin Ltd have too much debt?
No — Lupin Ltd's debt-to-equity is 0.29, and operating profit covers the interest bill 19×. FY26 borrowings were ₹6,616 Cr against equity of ₹22,448 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.
What is Lupin Ltd's capex?
Lupin Ltd spent ₹6,159 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹3,150 Cr, with ₹1,016 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Lupin Ltd's cash flow?
Lupin Ltd generated ₹7,334 Cr of operating cash flow in FY26 and ₹4,184 Cr of free cash flow after ₹3,150 Cr of capital spending. Reported profit that year was ₹5,355 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Lupin Ltd's profit real cash?
Yes — over the last 3 fiscal years, 132% of Lupin Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹7,334 Cr against reported profit of ₹5,355 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.
How financially safe is Lupin Ltd?
On the balance sheet, the Z-score reads 5.97 — above roughly 3 is safe, below roughly 1.8 is the distress zone. That sits well clear of trouble. — as of 24 July 2026.
Where is Lupin Ltd in its business cycle?
Lupin Ltd's FY26 operating margin was 29.0%, against a 13-year band of 1.0%–29.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 33.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the Lupin Ltd story?
The sharpest disagreement: annual EPS moved +62.3% against a +26.4% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is Lupin Ltd a stock worth studying right now?
This is not investment advice. The machine read: Lupin Ltd is coiled. The quarters are improving, yet the P/E sits at the 4th percentile of its own 10-year range — the business is moving before the market. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.