$LUPIN Lupin – Pharma Leader with Strong US Business & Margin Expansion

$LUPIN Lupin Limited is one of India's leading pharmaceutical companies with a strong presence across the US, India, Europe, and emerging markets. The company is benefiting from robust growth in the US generics business, strong domestic formulations performance, new product launches, and improving operating efficiencies. Its focus on complex generics, specialty products, respiratory therapies, and continuous R&D investment strengthens long-term growth visibility. Key Financial Highlights • FY26 revenue increased 23.9% YoY to ₹27,488 crore. • FY26 EBITDA surged 68.6% YoY to ₹9,241 crore, with EBITDA margin expanding to 33.6%. • FY26 PAT jumped 62% YoY to ₹5,356 crore. • Q4 FY26 revenue grew 32.9% YoY to ₹7,392 crore. • Net cash position of ₹4,636 crore, reflecting a very strong balance sheet. • Consistent R&D investment supports future product pipeline and growth. Investment Rationale Lupin offers a combination of strong earnings growth, expanding margins, a debt-free balance sheet, and a growing global pharmaceutical franchise. With increasing market share in the US, leadership in key therapeutic segments, strong regulatory compliance, and a healthy product pipeline, the company is well-positioned to benefit from long-term growth in global healthcare and pharmaceuticals.