Lupin: Strong Global Growth & Pharma Momentum

Lupin delivered a strong start to FY27, with Q1 sales rising 33.3% YoY to ₹8,217 crore, EBITDA up 42.8% to ₹2,580 crore and PAT increasing 16% to ₹1,417 crore. US sales surged 42.9%, while India sales grew 13.9%, supported by strong formulation performance. Latest News: Other developed markets grew 48.3% and emerging markets 51.7%, showing broad-based international momentum. Lupin received 6 US FDA ANDA approvals and launched 3 products during the quarter. Corporate Action/Catalysts: Lupin has 50 First-to-File filings, including 21 exclusive opportunities, providing potential future US upside. Net cash stood at approximately ₹2,831 crore, giving the company financial flexibility. However, Citi recently downgraded Lupin to Sell with a ₹2,050 target, highlighting valuation concerns. Key risks include US pricing pressure, regulatory issues and high expectations after strong earnings growth.