LUPIN

Market Cap: ₹84,600–₹88,800 crore P/E Ratio: 22.9–24.0 × Dividend Yield: 0.62–0.65% R&D Spend: ₹484 crore (7.9% of sales), up from 6.3% in last year’s Q1 U.S. Portfolio: 3 new product launches, 2 FDA approvals; now have 139 generics in the U.S. with leadership in many categories Debt Position: Moved to a net cash status (₹1,238 crore)