Lupin Ltd. — company insights, financials and ratios

Key Metrics of Lupin Ltd.

Revenue₹19,513 Cr▲ 15.0% YoYFY 2025-26

EBITDA₹8,523 Cr▲ 53.0% YoY

Net profit₹6,367 Cr▲ 60.2% YoY

Net worth₹30,134 Cr▲ 24.1% YoY

Competitors10identified

About Lupin Ltd.

Sectors

Pharmaceuticals & HealthcareFormulations & Contract Manufacturing

Company details

Website: lupin.com
Founded: 1968
Listed: NSE: LUPIN · ₹1,972.70

Operational Areas of Lupin Ltd.

Pharmaceuticals & Healthcare›Formulations & Contract Manufacturing

Company summary

Entity details

CIN—

LEI code—

State code—

PIN code—

Current legal nameLUPIN LTD.

Classification—

Listing statusListed (NSE: LUPIN)

Registration no.—

Company age58 years, 9 months

PAN—

CountryIndia

City—

State—

Current status—

Date of incorporation01 Jan 1968

Registrar of companies—

Authorised capital—

Paid-up capital—

Employee count—

Compliance

Last AGM date—

Last balance sheet—

Next filing dueAOC-4 for FY 2025-26 · 30 Oct 2026

Industry classification

NIC code—

Description of main activity—

Description of business activity—

SectorPharmaceuticals & Healthcare · Formulations & Contract Manufacturing

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Financials, ratios and risk analysis

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Filing compliance

AGM for FY 2025-2630 Sep 2026 Statutory due date passed

AOC-4 for FY 2025-2630 Oct 2026 Statutory due date · 2 days left

MGT-7 for FY 2025-2629 Nov 2026 Statutory due date · 32 days left

Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.

Vendor checks & payment capacity

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Credit ratings

ICRA · 08 Jul 2026 ICRA A1+ Reaffirmed

Change in last 12 months—

Change since first rating on record—since Jul 2026

Rating actions10 up · 0 down

Liquidity (ICRA)Strong

Rating actions

Date	Agency	Action	Long term	Short term	Outlook	Rated amount	Rationale
08 Jul 2026	ICRA	Reaffirmed	—	A1+	—	₹3,000 Cr	View

Credit strengths (ICRA, Jul 2026)

+ Leading player in US and domestic markets; growing contribution of complex generics in inhalation and injectables

Lupin ranks eighth in the IPM with a leading position in several therapies including anti-tuberculosis (first), respiratory (second), 1 cardiology (third) and anti-diabetic (third) .

+ Geographically diversified revenue mix

Lupin’s revenue profile is well diversified, with India and the US being the key markets, contributing 30% and 42%, respectively, to its consolidated revenues during FY2026.

+ Global leadership in several API segments

Lupin’s API manufacturing capabilities are predominantly focussed on its captive requirements for formulations, with a large part of the APIs being consumed in -house.

+ Healthy financial profile and strong liquidity position

Lupin has a healthy financial profile, aided by strong cash flow generation and healthy profitability.

Credit challenges

− Base US business remains competitive

The US generic market has remained competitive, with continued pricing pressure across various product categories.

− Exposure to regulatory risks and litigations

Lupin’s operations remain exposed to regulatory risks, including scrutiny by regulatory agencies such as the USFDA, pricing controls in the domestic market and various litigations.

− Vulnerability of profitability to forex fluctuations

Lupin’s profitability remains vulnerable to forex fluctuations on account of its foreign operations as well as foreign currency borrowings, although it hedges the same through foreign exchange forward contracts.

Could lead to a downgrade

Pressure on the rating could emerge if there is a considerable and sustained weakening in the company's leverage and

Agency-reported financials (ICRA, 08 Jul 2026)

Metric	FY2025	FY2026
Operating income	₹22,714 Cr	₹28,615 Cr
PAT	₹3,306 Cr	₹5,356 Cr
OPBDIT/OI	23.3%	30.8%
PAT/OI	14.6%	18.7%
Total outside liabilities/Tangible net worth (times)	0.70×	0.70×
Total debt/OPBDIT (times)	1.00×	0.80×
Interest coverage (times)	18.00×	20.30×
Revenue growth (YoY)	—	26.0%
EBITDA (margin × income)	₹5,292 Cr	₹8,813 Cr
Implied total debt (debt/EBITDA × EBITDA)	₹5,292 Cr	₹7,051 Cr
Implied interest cost (EBITDA ÷ coverage)	₹294 Cr	₹434 Cr

Borrowings & rated debt

Rated borrowing limits (latest)₹3,000 Cr

Limits raised0 times0 new facilities rated

Facility mix

Rated facilities

Facility	Type	Previous	Current	Change	Rating	Action	Agency
Short-term-Fund-based/Non-fund based facilities	Non-fund based limits	₹3,000 Cr	₹3,000 Cr	0.0%	A1+	Reaffirmed	ICRA

Credit assessment · Manufacturing

Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26

Indicative long-term—

Indicative short-term—

Score—

LiquidityAdequate

DirectionStable

Ratios, pillar scores and the indicative rating are part of Premium.

Rating status

Default	No default on record
Issuer cooperation	Cooperating
Credit enhancement	None – standalone rating
Information on file	56% · missing: Capex / investment plans, Lender details, Auditor details, Recent rating review (last 15 months)

Indicative assessment from public data using the published methodology factors; not a credit rating.

Borrowing & funding lifecycle

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Can it borrow more?Further funding possible with conditions Next rating action stable or better: 72% (Mostly stable) · ML model on 4072 rating histories, AUC 0.666

Rated limits₹3,000 Cr

Not yet allocated—

Extra debt within 2.5× EBITDA—

Interest coverage20.30×

Limit utilisation—

Open bank charges0 · —

Credit outlook model: 72% chance the next rating action is stable or better
Interest coverage 20.3×

Rated limits by facility

Timeline

08 Jul 2026 ICRA reaffirmed: A1+Rated limits ₹3,000 cr ICRA rationale

08 Jul 2026 Cash & liquid funds ₹9,230 cr

From the report

Liquidity position: Strong Lupin’s liquidity position remains strong, marked by consolidated cash, bank balances and liquid investments of Rs. 9,230.0 crore as on March 31, 2026.

ICRA rationale

Lender names, bank charges and audited borrowings are part of Premium.

Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.

Competitors of Lupin Ltd.