Lupin Ltd. Share Price

LUPIN SHARES RISE AFTER NOMURA REAFFIRMS BUY RATING

Shares gained in morning trade on Thursday after Nomura retained its ‘Buy’ rating on the stock and maintained its target price at Rs 2,675. The brokerage said Lupin’s management remains confident of sustaining India business growth at 1.2–1.3 times the overall market growth over the medium term. The company also expects continued progress in complex generics, particularly in respiratory products, over the next three to five years, with key filings anticipated in FY27F. Nomura highlighted potential near-term upside from Lupin’s Apixaban 505(b)(2) opportunity. Management also expects double-digit growth in markets outside India and the US over the medium term. According to Nomura, Lupin expects to grow 20–30% faster than the broader Indian pharmaceutical market over the medium term. Cardiac, anti-diabetic and respiratory therapies, which together account for around 60% of sales, are expected to remain key growth drivers over the next five years. The company is focusing on deeper market penetration and improving field-force productivity to support growth. In the US, Nomura expects the current downturn to be short-lived, with revenues potentially surpassing FY26F levels within two years. However, near-term US revenue could decline sequentially due to increased competition in gJynarque (Tolvaptan), Lupin’s largest US product.

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Lupin Q1 FY27: Record Quarter, US Guided Lower, Biosimilar

Lupin Limited reported Q1 FY27 results for the June 2026 quarter on 6 August. Q1 FY27 numbers (consolidated): Revenue: Rs 8,277 crore, up 32% YoY, a 16th consecutive quarterly record; EBITDA Rs 2,464 crore, up 50%; margin 30% PAT: Rs 1,417 crore, up 16% YoY; EPS Rs 30.95; tax rate compressed PAT margin to 17.2% US: $366 million, up 43% YoY, 42% of global revenue; 6 ANDA approvals India: Rs 2,380 crore, up 13.9%; gross margin 74.6% Management guided US revenue to fall to $250 to 280 million per quarter as competition intensifies; Q1 was boosted by exclusivity and first-wave generics that normalise. Since results: USFDA approval for Modafinil (7 September); biosimilar target of $500 million over five years, Rs 500 to 700 crore capacity investment earmarked. Lupin [][***** shares closed at Rs 2,051.80 (15 Sep 2026, 03:58 PM IST), down 18 percent from the Rs 2,505 high, down 7.3 percent over the month. P/E 16.96; sector P/E 44.64; PEG 0.27. My view: the quarterly print is a record; the stock rightly sold the guidance. The Q1 US number ($366 million) will not repeat in Q2 or Q3; management said so. That makes the 30 percent margin also a peak-of-cycle US number; the 16x trailing is cheaper than it looks once the guided sequential decline is modelled. The structural story is real: biosimilars, GLP-1, India branded at 15 percent. The entry question is whether the US normalisation is already in the price at Rs 2,052. At PEG 0.27, the medium-term growth is not being paid for. Accumulate in the Rs 1,866 to 2,050 zone; Rs 2,180 to 2,250 the overhead resistance. Disclosure: Vijay Kumar Gupta, SEBI Registered Research Analyst, INH000020226, Vijay Gupta Advisory. SEBI registration and NISM certification do not guarantee performance or assure returns. Securities markets are subject to market risks. No holdings in the subject company.

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Lupin's fundamental momentum remains strong

Major positive triggers 1. Strong US franchise The US is Lupin's biggest growth engine, contributing about 42% of global sales in Q1. Lupin received 6 ANDA approvals and launched 3 products during the quarter. It now has 149 generic products in the US market. 2. New high-value launches Recent US approvals include Modafinil, Pitolisant and Sodium Zirconium Cyclosilicate, while Lupin also received approval and launched Sugammadex injection. These complex/high-value products can support US growth and margins. A particularly interesting opportunity is Sodium Sulfate/Magnesium Sulfate/Potassium Chloride tablets, where Lupin is eligible for 180-day generic exclusivity; the reference product had estimated US annual sales of $132.8 million. 3. India business remains healthy India grew 13.9%, with formulation sales up 15.1%. This provides a more stable domestic earnings base alongside the faster-growing US business. 4. Strong balance sheet Lupin's net-cash position gives it flexibility for R&D, capacity expansion, acquisitions and shareholder returns without excessive dependence on debt. 5. GLP-1 opportunity The Indian GLP-1 market is projected to expand from roughly ₹4,000 crore in FY27 to ₹15,700 crore by FY32. Lupin is among the pharma companies considered well positioned to participate in this market. 🔴 Risks US growth sustainability is the biggest factor to watch. A 43% YoY increase is excellent, but part of the growth comes from new launches/exclusivity and favourable product mix. As competition increases, price erosion can reduce margins.

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Lupin Targets $500 Mn Biosimilar Opportunity

is significantly stepping up its focus on biosimilars, targeting key global markets. The company expects biosimilar turnover to approach $500 million over the next five years, making the portfolio an important future growth engine. Portfolio and market launches: Lupin plans to bring biosimilars of Nivolumab, Dinuzumab and Pertuzumab to India, while Ranibizumab is lined up for launches across the US, Europe and Japan. Pegfilgrastim has already received USFDA approval, while Etanercept is being pursued through global partnerships. ₹500 Cr investment and capacity expansion: To support the biosimilar push, Lupin plans to invest around ₹500 crore in biosimilar manufacturing capacity, with total investment potentially rising to ₹700 crore. Existing microbial capacity of around 11,000 litres, along with 100 litres of mammalian capacity, is being expanded. Flexible commercialisation strategy: Rather than relying on a fixed model, Lupin plans to use a combination of partnerships, third-party distribution and its own sales force, depending on the product and market. It has already partnered with Sandoz and Biogaran for European distribution. US growth remains key: Lupin expects its India business to grow 25–30% CAGR above the market rate in FY27. In the US, some products face near-term pressure, including the generic version of Mirabegron, but new launches such as Apixaban are expected to support growth. Overall, Lupin sees around 10% US CAGR over the next five years. Funding and innovation ambitions: Lupin is exploring external funding for its oncology-focused Kaveli Therapeutics spin-off, while intending to remain the majority shareholder. The company believes its pipeline has substantial potential but acknowledges the associated development risks. Longer term, successful molecules could potentially develop into multi-billion-dollar businesses.

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Lupin: Biosimilars Could Drive the Next Growth Phase

is expanding its presence in the biosimilars segment and is targeting around $500 million in biosimilar revenue over the next five years. The company has already invested around ₹500 crore in the business and plans to increase the investment to approximately ₹700 crore as it scales its portfolio and manufacturing capabilities. The company recently received USFDA approval for its pegfilgrastim biosimilar, adding another product to its global portfolio. Lupin is also preparing for the commercialisation of its ranibizumab biosimilar across major international markets. The European Commission had earlier approved Lupin’s ranibizumab biosimilar, which is expected to be commercialised through Sandoz in the European Union. The opportunity is significant because biosimilars can provide access to large biologic markets while offering attractive growth potential as healthcare systems seek cost-effective alternatives to expensive biologic therapies. However, the business also requires substantial upfront investment, regulatory approvals and successful market launches.

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Lupin Targets $500 Million Biosimilar Revenue

Research Analyst: UJVIN NEVATIA (PROPRIETOR: NEVAT INVESTMENTS) | SEBI Registration No.: INH100009628 Lupin Ltd (

) is targeting around $500 million in biosimilar revenue over the next five years, as the pharmaceutical company expands its portfolio and manufacturing capacity across global markets. What Are Biosimilars? Biosimilars are highly similar versions of already approved biologic medicines. Unlike conventional generic drugs, which are produced through chemical synthesis, biosimilars are manufactured using living systems and require complex development, clinical testing and regulatory approvals. Lupin received its first USFDA biosimilar approval in December 2025 for pegfilgrastim. The company plans to launch pegfilgrastim in the US, while ranibizumab is lined up for launches across the US, Europe and Japan. Why Does This Matter? Lupin has invested about ₹500 crore in biosimilar manufacturing capacity so far and plans to increase this to around ₹700 crore. Its existing capacity includes around 11,000 litres of mammalian and 100 litres of microbial capacity, both of which are being expanded. The company is also developing biosimilars for drugs such as nivolumab, denosumab and pertuzumab for the Indian market. It already markets etanercept in Europe and Japan through partnerships. Lupin can use different commercialisation models depending on the product and market, including partnerships, third-party distribution and its own sales force. This gives the company flexibility as it expands into a more complex segment of the pharmaceutical industry. Source: Business Standard No Recommendations

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