Altman Z″
Needs current assets and current liabilities.
A plain-language read of the business, how it actually earns, where the edge is, and the economics of every reported segment — taken from the annual report and investor presentation, not a one-line industry label.
Trading at 13.6x earnings against its own median of 26.6x: 0.6 standard deviations below its usual range. This compares the company with its own history, not with other companies.
How to read this: Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.
The three to six things that actually matter about this company, each with the exact filing and note it came from — never a fact without the context that makes it meaningful.
What the numbers mean when read together — computed from the filings, not a score.
Borrowings rose 126% over two years while the company also carries ₹3,670 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Borrowings moved to ₹6,616 cr from ₹2,922 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
Operating cash is 137% of trailing profit — the earnings are converting to real cash, not just accruals.
Why this reading: A positive signal: cash conversion at or above ~0.9 means reported profit is showing up as actual cash.
Operating cash ₹7,334 cr against trailing net profit ₹5,355 cr. Consistent conversion near or above 1.0 is a hallmark of genuine earnings.
Debt rose over 3 years, and most of it (117%) has turned into fixed assets and projects under construction — the borrowing is building the business.
Why this reading: A positive signal: leverage taken on is visibly becoming productive capacity, not disappearing.
New borrowing ₹2,074 cr largely matched by an asset build of ₹2,417 cr. Debt that funds capacity is a different thing from debt that funds nothing.
Both revenue and profit grew over the last year (28.2% and 49.2%) — growth is translating to the bottom line.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Trailing revenue ₹29,968 cr, trailing profit ₹5,552 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Net margin improved from 16.5% to 18.5% year-on-year — the business is keeping more of each rupee.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Quarter net margin 18.5% vs 16.5% four quarters earlier. Expansion from operating leverage is healthy; verify it is not a one-off gain.
Free cash flow swings between positive and negative across the cycle.
Why this reading: Surfaced for context, not as a concern — it only becomes meaningful if it persists or pairs with other signals.
Latest ₹5,527 cr, negative in 2 of 12 years.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities.
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Needs trade receivables, current assets, other expenses.
Accruals are -5.9% of assets. Free cash flow negative in 2 of 12 years.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
Revenue grew faster than the capital behind it, which is what operating leverage looks like: the existing asset base is working harder.
cumulative operating cash flow ÷ cumulative net profit
₹29,419 cr ÷ ₹18,627 cr, over 12 years
1.58×
Above 1.0 means cash exceeds reported profit — the healthier reading.(net profit − operating cash flow) ÷ average total assets
(₹5,355 − ₹7,334) cr ÷ average assets
-5.9%
Negative means cash exceeded profit — the healthier reading. Positive above ~10% is where accruals start to dominate earnings.net margin × asset turnover × leverage
19.2% × 0.73 × 1.70
23.9%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹7,307 cr ÷ ₹434 cr
16.84×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹6,616 cr ÷ ₹22,448 cr
0.29×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +25% vs revenue +68%, FY2023 to FY2026
-43pp gap
Money going in far faster than revenue coming out. For an incubator this is expected — the test is whether it eventually converts.Needs more balance-sheet detail (only 3 of 6 flags testable).
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
The growth rate that makes today's market value equal the discounted cash flows, at a 11.5% discount rate and 4.0% terminal growth. Not a forecast — the arithmetic of what is already in the price. Compare it with what the business has actually delivered.
Reverse DCF — the growth already in the price — A standard inversion of discounted cash flow, used to avoid the forecasting problem entirely.
Instead of forecasting cash flows and deriving a value, it takes today's market value as given and solves for the growth rate that would justify it. The output is not a view — it is the arithmetic of what the market is currently assuming.
How to read itCompare it with what the business has actually delivered. A price implying 30% a year against a decade of 15% is a demanding assumption; the reverse is a modest one.
Where it failsUseless when free cash flow is negative or unusually depressed, which is common mid-capex. Highly sensitive to the discount rate — a point either way moves the answer materially.
Against a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%.
Cost of debt — Interest expense over average borrowings — the effective rate the company actually pays.
What the lenders charge, which is a market verdict on credit quality that no rating agency delay affects.
How to read itAgainst a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%. Read the direction over years as much as the level.
Where it failsUnderstated where a large share of interest is capitalised into projects under construction. Not meaningful for lenders, where interest is cost of goods.
Some figures appear twice on this page with different values. That is not an error — they sit on different bases. The live feed reports a rolling twelve months; everything computed here comes from the last audited statements. Both are shown so you can see which is which.
Where the two disagree, every model, screen and ratio computed on this page uses the filed figure, because the rest of the page is on that basis.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Median of the companies we hold in the same sector (Healthcare). Every figure on both sides is the live feed's trailing twelve months, so the two are measured the same way whatever depth of extraction this company has had. A number only means something next to something else — expensive against the market and cheap against peers are different facts.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 46.90% to 46.85% across these quarters.
FII rose from 20.50% to 22.42% across these quarters.
MF trimmed from 20.57% to 14.84% across these quarters.
Other rose from 12.03% to 15.89% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 128 | 129 | 108 | 95 | 98 | 86 | 88 | 86 |
| Inventory days
How long stock sits before it sells | 283 | 232 | 279 | 261 | 242 | 272 | 292 | 303 |
| Payable days
How long the company takes to pay suppliers | 184 | 162 | 137 | 129 | 136 | 163 | 158 | 208 |
| Cash conversion cycle
Debtor + inventory − payable days | 227 | 199 | 249 | 227 | 204 | 195 | 223 | 181 |
| Working capital days | 115 | 33 | 34 | 45 | 32 | 53 | 58 | 28 |
| ROCE %
Return on capital employed | 10.0% | 9.0% | 9.0% | -7.0% | 6.0% | 16.0% | 21.0% | 30.0% |
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| US revenue ($ m) | 3,170 | 3,020 | 3,140 |
| India growth YoY | 14.7% | — | — |
| R&D, % of sales | 7.9% | 7.4% | 7.6% |
| Gross margin | 74.2% | 74.6% | 73.3% |
| ANDA approvals | 430 | — | — |
From the quarterly results and the earnings call, read by FinMinutes. Latest quarter, read in full.
Read using the Pharmaceuticals framework (named in the filing read). Primary valuation lens: P/E excluding one-time exclusivity gains.
Read more closely in this sector: Status of each US-filed plant · Price erosion stated · One-product dependence.
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue from operations | 15,163 | 16,405 | 16,642 | 20,011 | 22,708 | 27,958 |
| Other income | 138 | 210 | 151 | 131 | 202 | 523 |
| Depreciation | 887 | 1,659 | 881 | 1,197 | 1,169 | 1,376 |
| Finance cost | 141 | 143 | 274 | 312 | 295 | 434 |
| Profit before tax | 1,676 | -1,372 | 716 | 2,422 | 4,015 | 6,873 |
| Net profit (owners) | 1,228 | -1,528 | 448 | 1,936 | 3,306 | 5,355 |
| EPS (₹) | 26.81 | -33.62 | 9.45 | 42.01 | 71.88 | 116.65 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 5,039 | 5,197 | 4,961 | 5,600 | 5,673 | 5,768 | 5,667 | 6,268 | 7,048 | 7,168 | 7,475 | 8,277 |
| Other Income | 40 | 29 | 29 | 68 | 42 | 54 | 57 | 79 | 90 | -312 | 9 | 130 |
| Expenses | 4,121 | 4,159 | 3,964 | 4,359 | 4,332 | 4,412 | 4,346 | 4,541 | 4,706 | 4,906 | 4,989 | 5,827 |
| Depreciation | 248 | 257 | 457 | 248 | 257 | 271 | 393 | 299 | 317 | 313 | 447 | 453 |
| Finance cost | 81 | 74 | 71 | 68 | 71 | 67 | 89 | 92 | 108 | 115 | 120 | 110 |
| Profit before tax | 630 | 736 | 498 | 993 | 1,055 | 1,071 | 896 | 1,416 | 2,007 | 1,522 | 1,928 | 2,017 |
| Net Profit | 495 | 619 | 368 | 806 | 859 | 859 | 782 | 1,221 | 1,485 | 1,181 | 1,469 | 1,417 |
| EPS | 10.76 | 13.47 | 7.89 | 17.58 | 18.69 | 18.74 | 16.92 | 26.69 | 32.36 | 25.73 | 31.94 | 30.95 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 91 | 91 | 91 | 91 | 91 | 91 |
| Reserves | 13,712 | 12,062 | 12,374 | 14,199 | 17,112 | 22,357 |
| Borrowings | 4,783 | 4,158 | 4,542 | 2,922 | 5,448 | 6,616 |
| Net block | 7,881 | 7,382 | 8,355 | 8,878 | 9,719 | 10,994 |
| CWIP | 1,066 | 1,146 | 1,238 | 773 | 517 | 1,016 |
| Investments | 2,455 | 900 | 517 | 1,075 | 1,146 | 3,670 |
| Total Assets | 23,430 | 21,651 | 22,800 | 23,751 | 28,978 | 38,146 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 1,822 | 367 | 1,897 | 3,648 | 3,000 | 7,334 |
| Cash from investing | -1,240 | 1,292 | -1,287 | -1,712 | -4,172 | -3,865 |
| Cash from financing | -1,885 | -1,572 | -337 | -2,184 | 1,732 | -846 |
| Free cash flow | 1,150 | -531 | 436 | 2,732 | 1,347 | 5,527 |
| Net change in cash | -1,303 | 87 | 273 | -248 | 560 | 2,624 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
The part no one reads: the auditor's opinion, the contingent liabilities buried in the notes, the covenants, and the claims in the deck placed beside the figures that test them.
Where analysts pressed management on the earnings call, and exactly how management answered — the questions that were hardest to answer are usually the ones that matter.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.
Lupin Ltd. reported revenue of ₹7,827 cr for July to September 2026, +11.1% on the year and −5.4% on the quarter. That is slower than this quarter has grown in recent years (+18.4% on average). Over the last four quarters revenue comes to ₹30,747 cr, +24.2% on the four before.
Operating profit (EBITDA) was ₹2,044 cr, a margin of 26.1%, −710 bps on the year and −348 bps on the quarter. Over the last 8 quarters the margin has ranged from 23.3% to 33.3%, averaging 28.5%. Operating costs grew +22.9%, faster than revenue at +11.1%, so operating profit grew less than sales.
Net profit was ₹1,155 cr, −22.2% on the year and −18.5% on the quarter, with earnings per share of ₹25.27. Profit before other income, one-offs and tax fell 24.2%, so the profit growth came from the business itself. The tax rate was 27% against an average of 21% over the previous 8 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹5,222 cr, +20.1% on the four before.
Of the 13 companies in Pharmaceuticals that have reported Q2 FY27 so far, Lupin Ltd. ranks 9th on revenue growth; the sector median is +12.9%. Its margin moved −710 bps on the year against a sector median of +12 bps.
Pharma quarters swing with US generic launches and price erosion, while India formulations grow more steadily. Currency gains and other income can be material, so headline profit needs a check against operating profit.
On earnings per share of ₹113.89 over the last four quarters, the stock at ₹1,956.20 trades at 17.2 times trailing earnings.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Results filing
Profit is backed by cash: operating cash flow exceeded profit.
Source: Cash flow statement
Could not run on this quarter: Exceptional items that recur, IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹6,656 cr | ₹6,604 cr | ▲ 0.8% |
| Inventory | ₹6,563 cr | ₹6,083 cr | ▲ 7.9% |
| Cash | ₹1,939 cr | ₹4,168 cr | ▼ 53.5% |
| Bank balances | ₹1,458 cr | ₹1,485 cr | ▼ 1.8% |
| Long-term borrowings | ₹1,342 cr | ₹1,643 cr | ▼ 18.4% |
| Short-term borrowings | ₹4,154 cr | ₹4,267 cr | ▼ 2.6% |
| Trade payables | ₹4,558 cr | ₹4,173 cr | ▲ 9.2% |
| Net block | ₹4,644 cr | ₹4,669 cr | ▼ 0.5% |
| Capital work in progress | ₹931 cr | ₹695 cr | ▲ 34.0% |
| Equity | ₹24,051 cr | ₹22,513 cr | ▲ 6.8% |
| Total assets | ₹39,911 cr | ₹38,365 cr | ▲ 4.0% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹2,946 cr | ₹2,903 cr |
| Capital expenditure | −₹692 cr | −₹574 cr |
| Investing cash flow | −₹3,222 cr | −₹2,842 cr |
| Financing cash flow | −₹1,952 cr | −₹277 cr |
| Dividends paid | −₹823 cr | −₹548 cr |
Operating cash flow was 1.15× profit. Receivables at 75 days of sales (−11 days against the last year end). Inventory at 74 days of sales (−5 days).
Other matter 1: “”We did not review the interim financial information of 20 subsidiaries included in the consolidated unaudited financial results, whose interim financial information reflects total assets (before consolidation adjustments) of Rs. 358,026.9 million as at September 30, 2026, total revenues of… Read in full
We did not review the interim financial information of 20 subsidiaries included in the consolidated unaudited financial results, whose interim financial information reflects total assets (before consolidation adjustments) of Rs. 358,026.9 million as at September 30, 2026, total revenues of Rs. 56,483.9 million and Rs. 113,054.7 million (before consolidation adjustments) for the quarter and six months ended September 30, 2026 respectively, total net loss after tax of Rs. 389.3 million and Rs. 3,130.2 million (before consolidation adjustments) for the quarter and six months ended September 30, 2026 respectively and total comprehensive income / (loss) of Rs. 39.5 million and Rs. (2,944.8) million (before consolidation adjustments) for the quarter and six months ended September 30, 2026 respectively, and cash outflow (net) (before consolidation adjustments) of Rs. 24,165.3 million for the six months ended September 30, 2026 as considered in the Statement. These interim financial statements have been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.
Other matter 2: “”The consolidated unaudited financial results includes the financial information of 17 subsidiaries which have not been reviewed by their auditors, whose interim financial information reflects total assets (before consolidation adjustments) of Rs. 19,423.4 million as at September 30, 2026, total… Read in full
The consolidated unaudited financial results includes the financial information of 17 subsidiaries which have not been reviewed by their auditors, whose interim financial information reflects total assets (before consolidation adjustments) of Rs. 19,423.4 million as at September 30, 2026, total revenues of Rs. 3,895.5 million and Rs. 7,789.6 million, (before consolidation adjustments) for the quarter and six months ended September 30, 2026 respectively, total net profit after tax of Rs. 193.3 million and Rs. 666.8 million (before consolidation adjustments) for the quarter and six months ended September 30, 2026 respectively and total comprehensive income of Rs. 163.5 million and Rs. 619.2 million (before consolidation adjustments) for the quarter and six months ended September 30, 2026 respectively, and cash inflow (net) (before consolidation adjustments) of Rs. 1,134.6 million for the six months ended September 30, 2026 as considered in the Statement. The consolidated unaudited financial results also includes the Group's share of profit / (loss) after tax of Rs. 0.1 million and Rs. (0.1) million and total comprehensive income of Rs. 13.7 million and Rs. 8.10 million for the quarter and six months ended September 30, 2026, respectively, as considered in the Statement, in respect of 1 joint venture, based on their interim financial information which have not been reviewed by their auditors. According to the information and explanations given to us by the Management, these interim financial information are not material to the Group.
Other matter 3: “”The consolidated financial results of the Company for the year ended March 31, 2026 and for the for the quarter ended and six months ended September 30, 2025, included in the Statement, were audited/ reviewed by another auditor who expressed… Read in full
The consolidated financial results of the Company for the year ended March 31, 2026 and for the for the quarter ended and six months ended September 30, 2025, included in the Statement, were audited/ reviewed by another auditor who expressed an unmodified opinion/ conclusion on those statements on May 07, 2026 and November 06, 2025 respectively.
Filing p. limited review report p.1-2
Acquired 100% share capital of VISUfarma B.V., Netherlands via subsidiary Nanomi B.V. for ₹2,090.27 crore (Euro 192.8 million) effective April 01, 2026. (p. consolidated note 2)
Settled ongoing US antitrust litigation via subsidiary Lupin Pharmaceuticals Inc. for ₹316.28 crore (USD 35.8 million) without admission of wrongdoing. (p. consolidated note 10a)
Sublicensed two intellectual property assets to Kaveri Therapeutics Inc., USA in exchange for an 82.17% equity stake effective July 20, 2026. (p. consolidated note 5)
Tax: Consolidated tax expense of ₹424.30 crore (current tax ₹72.12 crore, deferred tax charge ₹352.18 crore) on Profit before tax of ₹1,579.60 crore
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| US revenue ($ m) | 3,170 | 3,020 | 3,140 |
| India growth YoY | 14.7% | — | — |
| R&D, % of sales | 7.9% | 7.4% | 7.6% |
| Gross margin | 74.2% | 74.6% | 73.3% |
| ANDA approvals | 430 | — | — |
Worked out from filed numbers. North America Sales: North America sales of INR 31,696 million converted to ₹ crore (+10% YoY)
EIR received for 8 sites including Nagpur Unit-I (NAI), Nagpur Unit-II (VAI), Goa (VAI), Pithampur Unit-III (VAI), Aurangabad (VAI), Somerset (VAI), Pune Biotech (BLA) & Ankleshwar (VAI). 3 sites remain under remediation: Tarapur, Mandideep Unit-I & Pithampur Unit-II.
8 facilities hold clean/resolved FDA status, while remediation continues at 3 manufacturing units.
US quarter was affected by increased competition and LOE on key products, partially offset by seasonal demand and volume growth in select products.
Competitive intensity and price erosion led to a 13% QoQ revenue decline in USD terms in the US market.
Key US products hold substantial Gx TRx market share (Tiotropium ~36%, Albuterol ~15%, Mirabegron ~16%); Lupin ranks Top 3 in 113 products in the US.
Broadly diversified US generic pipeline without single-product concentration risk.
Read using the Pharmaceuticals framework (named in the filing read). Primary valuation lens: P/E excluding one-time exclusivity gains.
Read more closely in this sector: Status of each US-filed plant · Price erosion stated · One-product dependence.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| India Product Launches | 20 | FY2026-27 | unchanged or first given |
| US Product Launches | 15 | FY2026-27 | unchanged or first given |
| US ANDA Filings | 15 | FY2026-27 | unchanged or first given |
| Complex Product Launches in Regulated Markets | 20 | By 2028 | unchanged or first given |
| Biosimilar Filings in Regulated Markets | 6 | By 2029 | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Pharmaceuticals | ₹7,776 cr | ▲ 10.9% | ₹1,614 cr | ▼ 21.2% |
| Others | ₹52.1 cr | ▲ 38.3% | −₹34.2 cr | — |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹5,197 cr | ₹4,961 cr | ₹5,600 cr | ₹5,673 cr | ₹5,768 cr | ₹5,667 cr | ₹6,268 cr | ₹7,048 cr | ₹7,168 cr | ₹7,475 cr | ₹8,277 cr | ₹7,827 cr |
| YoY | — | — | +16% | +13% | +11% | +14% | +12% | +24% | +24% | +32% | +32% | +11% |
| EBITDA margin | 20.0% | 20.1% | 22.2% | 23.6% | 23.5% | 23.3% | 27.6% | 33.2% | 31.6% | 33.3% | 29.6% | 26.1% |
| Other income, % of PBT | 4% | 6% | 7% | 4% | 5% | 6% | 6% | 4% | −20% | 0% | 6% | 8% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 16% | 26% | 19% | 19% | 20% | 13% | 14% | 26% | 22% | 24% | 30% | 27% |
| Net profit | ₹619 cr | ₹368 cr | ₹806 cr | ₹859 cr | ₹859 cr | ₹782 cr | ₹1,221 cr | ₹1,485 cr | ₹1,181 cr | ₹1,469 cr | ₹1,417 cr | ₹1,155 cr |
| YoY | — | — | +78% | +74% | +39% | +113% | +51% | +73% | +37% | +88% | +16% | −22% |
| Core profit YoY | — | — | +73% | +72% | +44% | +79% | +45% | +89% | +80% | +129% | +41% | −24% |
| EPS | ₹13.47 | ₹7.89 | ₹17.58 | ₹18.69 | ₹18.74 | ₹16.92 | ₹26.69 | ₹32.36 | ₹25.73 | ₹31.94 | ₹30.95 | ₹25.27 |
| Flags | · | · | ✓ | ✓ | ✓ | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.