Fundamental Analysis of Lupin Ltd

About the Company - Lupin Ltd

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. 11771.67 Cr. and Equity Capital is Rs. 90.90 Cr. for the Year ended 31/03/2022.

INDUSTRY	ADDRESS	CONTACT
Pharmaceuticals	Kalpataru Inspire, 3rd Floor, Mumbai Maharashtra 400055	info@lupin.com http://www.lupin.com

Management
Name	Position Held
Mrs. Manju D Gupta	Chairman
Mr. Nilesh D Gupta	Managing Director
Mr. Ramesh Swaminathan	Executive Director & Global CFO
Ms. Vinita Gupta	Director & CEO
Mr. Jean-Luc Belingard	Independent Director
Mr. K B S Anand	Independent Director
Dr. Punita Kumar-Sinha	Independent Director
Mr. Mark D McDade	Independent Director

Basic Stock Data of Lupin Ltd

Last Updated: July 6, 2024, 11:53 am

Market Cap	80,706 Cr.
Current Price	1,770
High / Low	1,785/896
Stock P/E	42.2
Book Value	314
Dividend Yield	0.23 %
ROCE	15.9 %
ROE	14.3 %
Face Value	2.00
PEG Ratio	0.37

Lupin Ltd Quarterly Results

Month	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Sales	4,017	3,783	4,270	4,091	4,161	3,883	3,744	4,146	4,322	4,430	4,814	5,039	5,197
Expenses	3,239	3,066	3,305	5,415	3,791	3,615	3,512	3,693	3,790	3,852	3,958	4,121	4,159
Operating Profit	779	717	965	-1,324	370	268	232	453	533	578	856	918	1,038
OPM %	19%	19%	23%	-32%	9%	7%	6%	11%	12%	13%	18%	18%	20%
Other Income	21	49	28	73	34	16	6	15	18	37	23	40	29
Interest	31	32	33	34	33	41	43	55	84	93	86	81	74
Depreciation	244	216	209	919	203	327	193	203	220	264	235	248	257
Profit before tax	525	518	750	-2,205	167	-85	2	210	246	258	559	630	736
Tax %	16%	10%	27%	5%	-229%	-502%	3,925%	36%	36%	6%	19%	21%	16%
Net Profit	441	464	548	-2,095	549	-512	-87	134	158	242	453	495	619
EPS in Rs	9.66	10.15	11.95	-46.21	12.01	-11.40	-1.96	2.85	3.37	5.19	9.94	10.76	13.47

Last Updated: June 14, 2024, 6:46 pm

Lupin Ltd Quarterly Chart

Lupin Ltd Profit & Loss

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Sales	7,083	9,641	11,286	12,770	14,256	17,367	15,797	14,665	15,375	15,163	16,405	16,642	19,480
Expenses	5,620	7,356	8,271	9,146	10,564	12,865	12,649	12,104	13,020	12,596	16,187	14,921	16,090
Operating Profit	1,463	2,284	3,015	3,624	3,691	4,502	3,148	2,561	2,355	2,567	219	1,721	3,390
OPM %	21%	24%	27%	28%	26%	26%	20%	17%	15%	17%	1%	10%	17%
Other Income	-3	13	105	235	184	106	-1,310	91	-134	138	210	151	130
Interest	35	41	27	10	59	153	204	302	363	141	143	274	333
Depreciation	228	332	261	435	487	912	1,086	846	970	887	1,659	881	1,004
Profit before tax	1,196	1,925	2,832	3,415	3,329	3,543	547	1,503	887	1,676	-1,372	716	2,183
Tax %	26%	30%	34%	28%	32%	28%	53%	59%	130%	27%	-10%	38%
Net Profit	888	1,340	1,870	2,444	2,270	2,565	258	615	-270	1,228	-1,528	430	1,810
EPS in Rs	19.43	29.36	40.96	53.47	50.17	56.63	5.56	13.40	-5.95	26.81	-33.62	9.45	39.36
Dividend Payout %	18%	14%	15%	14%	15%	13%	90%	37%	-101%	24%	-12%	42%

Lupin Ltd Profit & Loss Yearly Chart

Lupin Ltd Growth

Compounded Sales Growth
10 Years:	6%
5 Years:	6%
3 Years:	10%
TTM:	20%

Compounded Profit Growth
10 Years:	0%
5 Years:	21%
3 Years:	18%
TTM:	367%

Stock Price CAGR
10 Years:	4%
5 Years:	16%
3 Years:	12%
1 Year:	81%

Return on Equity
10 Years:	8%
5 Years:	2%
3 Years:	2%
Last Year:	14%

Last Updated: June 30, 2024, 4:59 pm

Lupin Ltd Balance Sheet

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	89	90	90	90	90	90	90	90	91	91	91	91	91
Reserves	3,924	5,115	6,842	8,784	11,073	13,407	13,487	13,652	12,446	13,712	12,062	12,374	13,148
Borrowings	1,639	1,164	654	537	7,178	7,966	7,143	8,496	6,305	5,129	4,158	4,542	3,785
Other Liabilities	2,283	2,475	2,550	3,642	3,957	4,749	5,300	5,423	5,968	4,498	5,340	5,794	6,420
Total Liabilities	7,935	8,843	10,135	13,054	22,298	26,212	26,020	27,661	24,810	23,430	21,651	22,800	23,444
Fixed Assets	2,750	3,000	3,356	4,368	8,717	11,033	10,362	11,087	7,938	7,881	7,382	8,355	9,246
CWIP	444	311	304	576	2,702	2,133	2,598	1,640	940	1,066	1,146	1,238	676
Investments	3	2	178	1,658	16	2,136	262	2,295	2,374	2,455	900	517	164
Other Assets	4,739	5,530	6,297	6,451	10,862	10,910	12,798	12,639	13,557	12,028	12,224	12,690	13,359
Total Assets	7,935	8,843	10,135	13,054	22,298	26,212	26,020	27,661	24,810	23,430	21,651	22,800	23,444

Lupin Ltd Reserves and Borrowings Chart

Lupin Ltd Cash Flow

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity	560	1,251	2,004	2,733	-382	4,114	1,751	1,666	1,469	1,822	367	1,897
Cash from Investing Activity	-720	-522	-851	-1,034	-6,769	-2,527	470	-3,282	1,107	-1,240	1,292	-1,287
Cash from Financing Activity	109	-663	-857	-197	5,836	433	-1,492	744	-891	-1,885	-1,572	-337
Net Cash Flow	-51	66	296	1,502	-1,315	2,019	729	-872	1,685	-1,303	87	273

Lupin Ltd Financial Efficiency Indicators

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	92	83	80	76	116	91	120	128	129	108	95	98
Inventory Days	243	200	204	220	276	266	253	283	232	279	261	242
Days Payable	193	159	152	172	168	189	178	184	162	137	129	136
Cash Conversion Cycle	141	125	131	124	225	167	195	227	199	249	227	204
Working Capital Days	96	92	94	67	147	112	137	154	92	151	135	127
ROCE %	24%	33%	41%	40%	24%	19%	10%	10%	9%	9%	-7%	6%

Lupin Ltd Financial Efficiency Indicators Chart

Lupin Ltd Share Holding Pattern

Month	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Promoters	46.88%	46.86%	46.84%	46.83%	46.81%	46.78%	47.10%	47.11%	47.10%	47.08%	47.07%	47.06%
FIIs	18.97%	17.87%	18.60%	15.66%	15.28%	14.65%	14.27%	13.81%	13.98%	13.32%	13.93%	14.99%
DIIs	21.08%	22.30%	21.81%	24.47%	24.83%	26.91%	26.89%	27.63%	29.39%	28.92%	29.08%	29.14%
Government	0.29%	0.29%	0.28%	0.28%	0.28%	0.29%	0.29%	0.00%	0.00%	0.28%	0.28%	0.28%
Public	12.79%	12.69%	12.47%	12.76%	12.79%	11.37%	11.45%	11.45%	9.51%	10.39%	9.62%	8.52%
No. of Shareholders	2,99,620	2,93,782	3,02,292	3,61,288	3,61,862	3,78,547	3,82,828	3,78,011	3,60,677	3,48,149	3,22,678	2,89,074

Lupin Ltd Shareholding Pattern Chart

No. of Lupin Ltd Shareholders

Lupin Ltd Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
HDFC Balanced Advantage Fund - Regular Plan	5,852,165	1.03	660.21	4,250,000	2024-07-05	37.7%
ICICI Prudential Bluechip Fund	5,051,556	1.38	569.89	4,250,000	2024-07-05	18.86%
ICICI Prudential Value Discovery Fund	4,451,818	1.55	502.23	4,250,000	2024-07-05	4.75%
HDFC Flexi Cap Fund - Regular Plan	4,250,000	1.22	479.46	4,250,000	2024-07-05	0%
Mirae Asset Emerging Bluechip Fund	4,055,585	1.63	457.53	4,250,000	2024-07-05	-4.57%
HDFC Top 100 Fund - Regular Plan	3,369,013	1.47	380.08	4,250,000	2024-07-05	-20.73%
Mirae Asset Midcap Fund	2,934,086	2.81	331.01	4,250,000	2024-07-05	-30.96%
SBI Long Term Equity Fund	2,687,887	1.92	303.23	4,250,000	2024-07-05	-36.76%
ICICI Prudential Multi Asset Fund	2,004,292	0.91	226.11	4,250,000	2024-07-05	-52.84%
ICICI Prudential Large & Mid Cap Fund	1,584,850	2.02	178.79	4,250,000	2024-07-05	-62.71%

Lupin Ltd ROCE Trend

Lupin Ltd EPS Trend

Lupin Ltd Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	2.00	2.00	2.00	2.00	2.00
Basic EPS (Rs.)	42.05	9.46	-33.65	26.84	-5.95
Diluted EPS (Rs.)	41.87	9.41	-33.65	26.72	-5.95
Cash EPS (Rs.)	68.74	29.20	3.28	46.59	15.38
Book Value[Excl.RevalReserv]/Share (Rs.)	315.41	275.67	268.91	305.45	277.73
Book Value[Incl.RevalReserv]/Share (Rs.)	315.41	275.67	268.91	305.45	277.73
Revenue From Operations / Share (Rs.)	439.12	365.75	360.96	334.21	339.40
PBDIT / Share (Rs.)	86.26	41.13	9.44	59.58	62.66
PBIT / Share (Rs.)	59.99	21.78	-27.06	40.02	41.24
PBT / Share (Rs.)	53.15	15.75	-30.20	36.92	16.63
Net Profit / Share (Rs.)	42.47	9.84	-33.22	27.04	-6.04
NP After MI And SOA / Share (Rs.)	42.01	9.45	-33.62	26.81	-5.95
PBDIT Margin (%)	19.64	11.24	2.61	17.82	18.46
PBIT Margin (%)	13.66	5.95	-7.49	11.97	12.15
PBT Margin (%)	12.10	4.30	-8.36	11.04	4.89
Net Profit Margin (%)	9.67	2.69	-9.20	8.08	-1.78
NP After MI And SOA Margin (%)	9.56	2.58	-9.31	8.02	-1.75
Return on Networth / Equity (%)	13.39	3.45	-12.57	8.81	-2.14
Return on Capital Employeed (%)	17.64	7.23	-9.07	11.96	11.85
Return On Assets (%)	7.97	1.87	-7.00	5.15	-1.07
Long Term Debt / Equity (X)	0.00	0.00	0.01	0.00	0.14
Total Debt / Equity (X)	0.18	0.34	0.31	0.22	0.34
Asset Turnover Ratio (%)	0.85	0.50	0.51	0.47	0.45
Current Ratio (X)	1.58	1.34	1.51	1.66	1.67
Quick Ratio (X)	0.99	0.85	0.94	1.17	1.30
Inventory Turnover Ratio (X)	0.87	0.82	0.77	0.88	0.87
Dividend Payout Ratio (NP) (%)	0.00	42.28	-19.31	22.34	-84.00
Dividend Payout Ratio (CP) (%)	0.00	13.87	225.82	12.92	32.29
Earning Retention Ratio (%)	0.00	57.72	119.31	77.66	184.00
Cash Earning Retention Ratio (%)	0.00	86.13	-125.82	87.08	67.71
Interest Coverage Ratio (X)	12.61	6.82	3.00	19.22	7.82
Interest Coverage Ratio (Post Tax) (X)	7.21	2.63	-9.57	9.72	1.96
Enterprise Value (Cr.)	75275.95	32506.42	36722.71	47698.57	28589.60
EV / Net Operating Revenue (X)	3.76	1.95	2.24	3.15	1.86
EV / EBITDA (X)	19.15	17.37	85.62	17.65	10.07
MarketCap / Net Operating Revenue (X)	3.68	1.77	2.07	3.05	1.74
Retention Ratios (%)	0.00	57.71	119.31	77.65	184.00
Price / BV (X)	5.16	2.36	2.79	3.36	2.13
Price / Net Operating Revenue (X)	3.68	1.77	2.07	3.05	1.74
EarningsYield	0.02	0.01	-0.04	0.02	-0.01

Lupin Ltd Profitability Ratios (%)

Lupin Ltd Liquidity Ratios

Lupin Ltd Liquidity Ratios (%)

Lupin Ltd Interest Coverage Ratios (%)

Lupin Ltd Valuation Ratios

Fair Value

Fair Value: 1,899.22

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

Undervalued: 7.30% compared to the current price 1770

Intrinsic Value: 4,089.88

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators along with EPS growth.

Undervalued: 131.07% compared to the current price ₹1770

Last 5 Year EPS CAGR: 115.35%

*Investments are subject to market risks

Strength and Weakness of Lupin Ltd Stock

Strength	Weakness
The stock has a high average ROCE of 18.17%, which is a positive sign. The company has higher reserves (10,771.23 cr) compared to borrowings (4,515.08 cr), indicating strong financial stability. The company has shown consistent growth in sales (13.85 cr) and profit (166.62 cr) over the years.	The stock has a high average Working Capital Days of 117.00, which may not be favorable. The stock has a high average Cash Conversion Cycle of 184.50, which may not be favorable.

FAQ

What is the latest fair value of Lupin Ltd?

The latest fair value of Lupin Ltd is ₹1899.22.

What is the Market Cap of Lupin Ltd?

The Market Cap of Lupin Ltd is 80,706 Cr..

What is the current Stock Price of Lupin Ltd as on 06 July 2024?

The current stock price of Lupin Ltd as on 06 July 2024 is 1,770.

What is the High / Low of Lupin Ltd stocks in FY 2024?

In FY 2024, the High / Low of Lupin Ltd stocks is 1,785/896.

What is the Stock P/E of Lupin Ltd?

The Stock P/E of Lupin Ltd is 42.2.

What is the Book Value of Lupin Ltd?

The Book Value of Lupin Ltd is 314.

What is the Dividend Yield of Lupin Ltd?

The Dividend Yield of Lupin Ltd is 0.23 %.

What is the ROCE of Lupin Ltd?

The ROCE of Lupin Ltd is 15.9 %.

What is the ROE of Lupin Ltd?

The ROE of Lupin Ltd is 14.3 %.

What is the Face Value of Lupin Ltd?

The Face Value of Lupin Ltd is 2.00.