In Week of Mar 28, 2026, Lupin Ltd (Pharma - Formulators) is outperforming Nifty 500 with +22.1% relative strength. Fundamentals: Average. On a 12-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Feb 22, 2026
What: Pegfilgrastim launch and pipeline of ranibizumab/aflibercept with $100M potential in 2-3 years
Impact: +₹740 Cr revenue
“Vinita Gupta: 'These biosimilars have the potential to contribute significantly, with a combined potential of around $100 million in the next two to three years, assuming approvals come through as expected.'”
What: Tolvaptan and generic Risperdal Consta with CGT exclusivity driving record US sales
Impact: +₹2590 Cr revenue
“Management: 'The US market recorded its highest sales ever, driven by new product launches such as Tolvaptan and generic Risperdal Consta, with CGT exclusivity.'”
What: Brazil growing 99% YoY in local currency, Mexico and Philippines also strong
“Management: 'Emerging markets showed impressive growth, with Brazil growing 99% year-on-year in local currency, driven by successful commercialization of dapagliflozin.'”
Earnings deceleration risks from management commentary
Trigger: Q4 FY26 results
Management view: The company anticipates a dip in Q4 margins due to higher R&D expenditure and lower PLI income.
Monitor: Q4 EBITDA margin vs 27-28% guidance
Trigger: Ongoing
Management view: The settlement provides certainty and allows Lupin to maintain a 40% generic market share, with the potential to increase if it makes strategic sense.
Monitor: US market share and profitability
Key quotes from recent conference calls
“Gross margins continued upward trajectory during the quarter at 73.5% up from 69.4% in Q3 last year and up from 73.3% in Q2 FY26. This 420 basis points year-on-year improvement is driven by multiple factors which includes better product mix, lower share of in-licens products in including higher profitability and loss of exclusivity products in India, increased volumes and other cost improvements and efficiencies which you have undertaken over the last several [quarters]. — Management”
“We expect full-year EBITDA margins to be in the range of 27 to 28% higher than our earlier guidance of 25 to 26%. Whilst we expect business to continue to exhibit robust performance overall margins in Q4 [will be lower]. — Management”
“These biosimilars have the potential to contribute significantly, with a combined potential of around $100 million in the next two to three years, assuming approvals come through as expected. — Vinita Gupta, CEO”
“The US market recorded its highest sales ever, driven by new product launches such as Tolvaptan and generic Risperdal Consta, with CGT exclusivity. — Management”
Forward-looking targets from management for Full Year FY26
OPM Guidance
27.5%
Key Milestones
• Biosimilars commercialization
• US market share maintenance
• Emerging markets growth
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +24% | +11% | Stable |
| PAT (Net Profit) | +38% | +80% | Stable |
| OPM | 32.0% | +800 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Feb 22, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Lupin Ltd's latest quarterly results (Dec 2025) show
Lupin Ltd's profit is growing with an stable trend.
Lupin Ltd's revenue growth trend is stable.
Lupin Ltd's operating margin is volatile.
Lupin Ltd's long-term compounding rates
Lupin Ltd's earnings growth is stable with weakening on a sequential basis.
Lupin Ltd's trailing twelve month (TTM) performance
Lupin Ltd appears significantly undervalued based on our fair value analysis.
Lupin Ltd's current PE ratio is 21.5x.
Lupin Ltd's current PE is 21.5x.
Lupin Ltd's price-to-book ratio is 5.4x.
Lupin Ltd is rated Average with a fundamental score of 55.14/100. This score is calculated from objective financial metrics
Lupin Ltd has a debt-to-equity ratio of N/A.
Lupin Ltd's return ratios over recent years
Lupin Ltd's operating cash flow is positive (FY2025).
Lupin Ltd's current dividend yield is 0.51%.
Lupin Ltd's shareholding pattern (Dec 2025)
Lupin Ltd's promoter holding has remained stable recently.
Lupin Ltd has been outperforming Nifty 500 for 12 consecutive weeks, indicating strong sustained outperformance.
Lupin Ltd is an established outperformer with 12 weeks of consecutive Nifty 500 outperformance.
Lupin Ltd has 3 key growth catalysts identified from recent earnings analysis
Lupin Ltd has 2 key risks worth monitoring
In Q3 FY26, Lupin Ltd's management highlighted
Lupin Ltd's management has provided the following forward guidance for Full Year FY26
Based on quantitative research signals, here is why Lupin Ltd may be worth studying
Lupin Ltd investment thesis summary:
Lupin Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
