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Last Updated: April 2, 2026, 3:16 am
Author: Getaka|Social: XLinkedIn

Lupin Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,488.91Overvalued by 34.55%vs CMP ₹2,275.00

P/E (20.9) × ROE (20.6%) × BV (₹430.00) × DY (0.53%)

₹1,697.39Overvalued by 25.39%vs CMP ₹2,275.00
MoS: -34% (Negative)Confidence: 58/100 (Moderate)Models: 1 Under, 1 Fair, 7 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹3,979.0523%Under (+74.9%)
Graham NumberEarnings₹991.9417%Over (-56.4%)
Earnings PowerEarnings₹213.3311%Over (-90.6%)
DCFCash Flow₹2,369.7111%Fair (+4.2%)
Net Asset ValueAssets₹429.437%Over (-81.1%)
EV/EBITDAEnterprise₹1,274.249%Over (-44%)
Earnings YieldEarnings₹1,017.007%Over (-55.3%)
ROCE CapitalReturns₹563.547%Over (-75.2%)
Revenue MultipleRevenue₹745.086%Over (-67.2%)
Consensus (9 models)₹1,697.39100%Overvalued
Key Drivers: EPS CAGR 167.2% lifts DCF — verify sustainability. | Wide model spread (₹213–₹3,979) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 167.2%

*Investments are subject to market risks

Investment Snapshot

80
Lupin Ltd scores 80/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health88/100 · Strong
ROCE 21.3% ExcellentROE 20.6% ExcellentD/E 0.22 Low debtInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent
Smart Money60/100 · Moderate
FII holding up 0.04% (6mo) Slight increasePromoter holding at 46.9% Stable
Earnings Quality65/100 · Strong
OPM expanding (6% → 21%) Improving
Quarterly Momentum90/100 · Strong
Revenue (4Q): +19% YoY GrowingProfit (4Q): +61% YoY StrongOPM: 32.0% (up 8.0% YoY) Margin expansion
Industry Rank90/100 · Strong
P/E 20.9 vs industry 53.8 Cheaper than peersROCE 21.3% vs industry 16.4% Above peersROE 20.6% vs industry 15.2% Above peers3Y sales CAGR: 11% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:16 am

Market Cap 1,04,004 Cr.
Current Price 2,275
Intrinsic Value₹3,979.06
High / Low 2,378/1,774
Stock P/E20.9
Book Value 430
Dividend Yield0.53 %
ROCE21.3 %
ROE20.6 %
Face Value 2.00
PEG Ratio0.12

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Lupin Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Lupin Ltd 1,04,004 Cr. 2,275 2,378/1,77420.9 4300.53 %21.3 %20.6 % 2.00
Dr Reddys Laboratories Ltd 1,00,960 Cr. 1,210 1,380/1,02018.1 4320.66 %22.7 %18.0 % 1.00
Cipla Ltd 96,603 Cr. 1,196 1,673/1,19420.3 4081.09 %22.7 %17.8 % 2.00
Mankind Pharma Ltd 82,619 Cr. 2,001 2,727/1,91046.8 3760.05 %15.0 %13.9 % 1.00
Aurobindo Pharma Ltd 77,949 Cr. 1,342 1,360/99422.1 6030.30 %14.2 %11.1 % 1.00
Industry Average19,815.15 Cr1,053.8453.84201.200.39%16.35%15.16%6.10

All Competitor Stocks of Lupin Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 4,3224,4304,8145,0395,1974,9615,6005,6735,7685,6676,2687,0487,168
Expenses 3,7903,8523,9584,1214,1593,9644,3594,3324,4124,3464,5414,7064,906
Operating Profit 5335788569181,0389971,2411,3401,3561,3211,7272,3412,262
OPM % 12%13%18%18%20%20%22%24%24%23%28%33%32%
Other Income 183723402929684254577990-312
Interest 8493868174716871678992108115
Depreciation 220264235248257457248257271393299317313
Profit before tax 2462585596307364989931,0551,0718961,4162,0071,522
Tax % 36%6%19%21%16%26%19%19%20%13%14%26%22%
Net Profit 1582424534956193688068598597821,2211,4851,181
EPS in Rs 3.375.199.9410.7613.477.8917.5818.6918.7416.9226.6932.3625.73

Last Updated: March 4, 2026, 1:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 9:46 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 11,28612,77014,25617,36715,79714,66515,37515,16316,40516,64220,01122,70826,150
Expenses 8,2719,14610,56412,86512,64912,10413,02012,59616,18714,92116,21117,43018,499
Operating Profit 3,0153,6243,6914,5023,1482,5612,3552,5672191,7213,8005,2787,652
OPM % 27%28%26%26%20%17%15%17%1%10%19%23%29%
Other Income 105235184106-1,31091-134138210151131202-86
Interest 271059153204302363141143274312295403
Depreciation 2614354879121,0868469708871,6598811,1971,1691,322
Profit before tax 2,8323,4153,3293,5435471,5038871,676-1,3727162,4224,0155,840
Tax % 34%28%32%28%53%59%130%27%10%38%20%18%
Net Profit 1,8702,4442,2702,565258615-2701,228-1,5284481,9363,3064,669
EPS in Rs 40.9653.4750.1756.635.5613.40-5.9526.81-33.629.4542.0171.88101.70
Dividend Payout % 15%14%15%13%90%37%-101%24%-12%42%19%17%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)30.70%-7.12%13.00%-89.94%138.37%-143.90%554.81%-224.43%129.32%332.14%70.76%
Change in YoY Net Profit Growth (%)0.00%-37.81%20.12%-102.94%228.31%-282.27%698.72%-779.24%353.75%202.82%-261.38%

Lupin Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:6%
5 Years:8%
3 Years:11%
TTM:12%
Compounded Profit Growth
10 Years:3%
5 Years:55%
3 Years:60%
TTM:63%
Stock Price CAGR
10 Years:1%
5 Years:15%
3 Years:44%
1 Year:-15%
Return on Equity
10 Years:8%
5 Years:8%
3 Years:13%
Last Year:21%

Last Updated: September 5, 2025, 9:55 am

Balance Sheet

Last Updated: December 4, 2025, 1:35 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 90909090909091919191919191
Reserves 6,8428,78411,07313,40713,48713,65212,44613,71212,06212,37414,19917,11219,541
Borrowings 6545377,1787,9667,1438,4966,3055,1294,1584,5422,9225,4486,217
Other Liabilities 2,5503,6423,9574,7495,3005,4235,9684,4985,3405,7946,5396,3277,651
Total Liabilities 10,13513,05422,29826,21226,02027,66124,81023,43021,65122,80023,75128,97833,500
Fixed Assets 3,3564,3688,71711,03310,36211,0877,9387,8817,3828,3558,8789,71910,252
CWIP 3045762,7022,1332,5981,6409401,0661,1461,238773517593
Investments 1781,658162,1362622,2952,3742,4559005171,0751,1463,331
Other Assets 6,2976,45110,86210,91012,79812,63913,55712,02812,22412,69013,02617,59619,325
Total Assets 10,13513,05422,29826,21226,02027,66124,81023,43021,65122,80023,75128,97833,500

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 2,0042,733-3824,1141,7511,6661,4691,8223671,8973,6483,000
Cash from Investing Activity + -851-1,034-6,769-2,527470-3,2821,107-1,2401,292-1,287-1,712-4,172
Cash from Financing Activity + -857-1975,836433-1,492744-891-1,885-1,572-337-2,1841,732
Net Cash Flow 2961,502-1,3152,019729-8721,685-1,30387273-248560
Free Cash Flow 1,4791,865-6,1641,5132617067981,150-5314362,7321,347
CFO/OP 92%101%21%117%73%102%84%98%146%124%105%74%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-651.00-534.00-4.00-3.00-4.00-6.00-4.00-3.00215.00-3.001.000.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 80761169112012812910895988688
Inventory Days 204220276266253283232279261242272292
Days Payable 152172168189178184162137129136163158
Cash Conversion Cycle 131124225167195227199249227204195223
Working Capital Days 815610263126115333445325358
ROCE %41%40%24%19%10%10%9%9%-7%6%16%21%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 47.08%47.07%47.06%47.04%47.01%46.99%46.96%46.94%46.91%46.90%46.89%46.89%
FIIs 13.32%13.93%14.99%16.11%18.29%19.32%21.50%22.04%21.46%21.25%20.50%21.50%
DIIs 28.92%29.08%29.14%29.72%27.76%26.77%25.10%24.73%25.41%25.55%26.56%25.58%
Government 0.28%0.28%0.28%0.01%0.01%0.01%0.01%0.01%0.01%0.00%0.00%0.00%
Public 10.39%9.62%8.52%7.10%6.93%6.92%6.44%6.27%6.21%6.28%6.06%6.04%
No. of Shareholders 3,48,1493,22,6782,89,0742,81,5422,80,2482,88,5372,79,2802,81,9882,83,2102,86,6042,80,2562,88,931

Shareholding Pattern Chart

No. of Shareholders

Lupin Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Balanced Advantage Fund 5,686,457 1.15 1224.185,705,5822026-02-23 01:36:29-0.34%
HDFC Large Cap Fund 4,615,980 2.51 993.73N/AN/AN/A
Mirae Asset Large & Midcap Fund 4,388,151 2.23 944.684,285,5612026-02-23 01:20:472.39%
HDFC Flexi Cap Fund 4,200,000 0.93 904.18N/AN/AN/A
Nippon India Pharma Fund 2,883,991 7.88 620.873,083,9912026-01-25 01:59:43-6.49%
Mirae Asset Midcap Fund 2,835,782 3.46 610.492,735,7822025-12-15 08:40:453.66%
ICICI Prudential Value Fund 2,812,992 1 605.582,823,4022026-02-23 01:36:29-0.37%
SBI ELSS Tax Saver Fund 2,687,887 1.82 578.65N/AN/AN/A
Nippon India Growth Mid Cap Fund 2,552,382 1.32 549.48N/AN/AN/A
Nippon India Multi Cap Fund 2,520,027 1.11 542.51N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 71.9542.059.46-33.6526.84
Diluted EPS (Rs.) 71.9541.879.41-33.6526.72
Cash EPS (Rs.) 98.0268.7429.203.2846.59
Book Value[Excl.RevalReserv]/Share (Rs.) 376.77315.41275.67268.91305.45
Book Value[Incl.RevalReserv]/Share (Rs.) 376.77315.41275.67268.91305.45
Revenue From Operations / Share (Rs.) 497.33439.12365.75360.96334.21
PBDIT / Share (Rs.) 120.0086.2641.139.4459.58
PBIT / Share (Rs.) 94.3959.9921.78-27.0640.02
PBT / Share (Rs.) 87.9353.1515.75-30.2036.92
Net Profit / Share (Rs.) 72.4142.479.84-33.2227.04
NP After MI And SOA / Share (Rs.) 71.8742.019.45-33.6226.81
PBDIT Margin (%) 24.1219.6411.242.6117.82
PBIT Margin (%) 18.9713.665.95-7.4911.97
PBT Margin (%) 17.6812.104.30-8.3611.04
Net Profit Margin (%) 14.559.672.69-9.208.08
NP After MI And SOA Margin (%) 14.459.562.58-9.318.02
Return on Networth / Equity (%) 19.0713.393.45-12.578.81
Return on Capital Employeed (%) 21.2917.647.23-9.0711.96
Return On Assets (%) 11.237.971.87-7.005.15
Long Term Debt / Equity (X) 0.100.000.000.010.00
Total Debt / Equity (X) 0.290.180.340.310.22
Asset Turnover Ratio (%) 0.850.850.500.510.47
Current Ratio (X) 1.871.581.341.511.66
Quick Ratio (X) 1.260.990.850.941.17
Inventory Turnover Ratio (X) 4.350.870.820.770.88
Dividend Payout Ratio (NP) (%) 11.119.5042.28-19.3122.34
Dividend Payout Ratio (CP) (%) 8.195.8513.87225.8212.92
Earning Retention Ratio (%) 88.8990.5057.72119.3177.66
Cash Earning Retention Ratio (%) 91.8194.1586.13-125.8287.08
Interest Coverage Ratio (X) 18.5812.616.823.0019.22
Interest Coverage Ratio (Post Tax) (X) 12.217.212.63-9.579.72
Enterprise Value (Cr.) 94555.1675275.9532506.4236722.7147698.57
EV / Net Operating Revenue (X) 4.163.761.952.243.15
EV / EBITDA (X) 17.2619.1517.3785.6217.65
MarketCap / Net Operating Revenue (X) 4.073.681.772.073.05
Retention Ratios (%) 88.8890.4957.71119.3177.65
Price / BV (X) 5.385.162.362.793.36
Price / Net Operating Revenue (X) 4.073.681.772.073.05
EarningsYield 0.030.020.01-0.040.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Lupin Ltd. is a Public Limited Listed company incorporated on 01/03/1983 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L24100MH1983PLC029442 and registration number is 029442. Currently Company is involved in the business activities of Manufacture of pharmaceuticals, medicinal chemical and botanical products. Company's Total Operating Revenue is Rs. 16967.50 Cr. and Equity Capital is Rs. 91.32 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
PharmaceuticalsKalpataru Inspire, 3rd Floor, Mumbai Maharashtra 400055Contact not found
Management
NamePosition Held
Mrs. Manju D GuptaChairperson
Mr. Nilesh D GuptaManaging Director
Ms. Vinita GuptaDirector & CEO
Mr. Ramesh SwaminathanExecutive Director & Global CFO
Mr. Mark D McDadeIndependent Director
Dr. Punita Kumar-SinhaIndependent Director
Mr. Jean-Luc BelingardIndependent Director
Mr. Jeffrey KindlerIndependent Director
Mr. Alfonso ZuluetaIndependent Director
Mr. K B S AnandIndependent Director
Mr. Punita LalIndependent Director

FAQ

What is the intrinsic value of Lupin Ltd and is it undervalued?

As of 04 April 2026, Lupin Ltd's intrinsic value is ₹1697.39, which is 25.39% lower than the current market price of ₹2,275.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (20.6 %), book value (₹430), dividend yield (0.53 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Lupin Ltd?

Lupin Ltd is trading at ₹2,275.00 as of 04 April 2026, with a FY2026-2027 high of ₹2,378 and low of ₹1,774. The stock is currently near its 52-week high. Market cap stands at ₹1,04,004 Cr..

How does Lupin Ltd's P/E ratio compare to its industry?

Lupin Ltd has a P/E ratio of 20.9, which is below the industry average of 53.84. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Lupin Ltd financially healthy?

Key indicators for Lupin Ltd: ROCE of 21.3 % indicates efficient capital utilization; ROE of 20.6 % shows strong shareholder returns. Dividend yield is 0.53 %.

Is Lupin Ltd profitable and how is the profit trend?

Lupin Ltd reported a net profit of ₹3,306 Cr in Mar 2025 on revenue of ₹22,708 Cr. Compared to ₹-1,528 Cr in Mar 2022, the net profit shows an improving trend.

Does Lupin Ltd pay dividends?

Lupin Ltd has a dividend yield of 0.53 % at the current price of ₹2,275.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Lupin Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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