Lupin
Turnaround driven by US complex generics (gSpiriva/Tiotropium, Albuterol) and an India chronic franchise; margin recovery on cost discipline and complex launches.
A full research profile for one company — what it does, how its financials have trended, how the market values it, and a balanced bull/bear/base investment memo.
Scan the top row for the headline numbers, read the charts for trends, check the three gauge scores, then read the auto-generated memo at the bottom. Sources for every figure are linked at the very bottom.
- EBITDA
- — Earnings before interest, tax, depreciation & amortisation — a proxy for operating cash profit.
- PAT
- — Profit After Tax — the bottom-line net profit.
- FCF
- — Free Cash Flow — cash left after running the business and capital spending.
- ANDA
- — Abbreviated New Drug Application — the US FDA filing to sell a generic drug.
Revenue
₹ crore · FY
EBITDA
₹ crore · FY
Margins
EBITDA & PAT margin %
R&D Spend
₹ crore · FY
Free Cash Flow
₹ crore · FY
Revenue Mix
By geography / segment
Quality Score
Growth Score
Regulatory Risk
Snapshot
Business Model
How the company makes money
US generics with complex inhalation/injectables push, India branded, biosimilars, API.
US complex inhalation + margin normalization
High US competitive intensity & R&D payback
Peer Group
Click to compare
| Peer | Rev CAGR | EBITDA% | ROCE | P/E |
|---|---|---|---|---|
| Lupin | 25% | 23% | 30.3% | 18x |
| Sun Pharmaceutical Industries | 22% | 29% | 20.5% | 35x |
| Dr. Reddy's Laboratories | 4% | 26% | 13.6% | 25x |
| Cipla | 7% | 26% | 23% | 29x |
| Aurobindo Pharma | 8% | 20% | 13% | 23x |
| Alembic Pharmaceuticals | -5% | 15.2% | 13% | 20x |
Investment Memo
Auto-generated from the data layer — illustrative, not advice
- • US complex inhalation + margin normalization underpins a 25% 5Y revenue CAGR.
- • Operating leverage as scale builds toward higher margins (currently 23% EBITDA).
- • Clean balance sheet (D/E 0.10) funds growth internally.
- • High US competitive intensity & R&D payback.
- • ~36% US exposure leaves earnings sensitive to price erosion and FDA action.
- • Re-rating depends on proving R&D/return discipline.
Lupin screens as a improving diversified franchise. With revenue of ₹22.7K Cr growing ~25% and 23% EBITDA margins, the base case is steady compounding driven by us complex inhalation + margin normalization, while watching high us competitive intensity & r&d payback.
Trades at 18x P/E, 12.0x EV/EBITDA and 4.6x P/B. Reasonable versus growth — re-rating optionality if execution improves.
- 1 USFDA facility status & ANDA approval cadence
- 2 Gross-margin trajectory & new-launch contribution
- 3 R&D productivity (filings/approvals per ₹ of R&D)
- 4 Capital allocation — capex payback & M&A discipline
ANDA cumulative 441 filed / 340 approved (Mar-2025, reported). FY25 P/E low on strong earnings rebound.