Key Metrics of Lupin Manufacturing Solutions
About Lupin Manufacturing Solutions
Sectors
Company details
Operational Areas of Lupin Manufacturing Solutions
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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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
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 08 Jul 2026 | ICRA | Reaffirmed | — | A1+ | — | ₹200 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
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Short-term-Fund-based/Non-fund based facilities | Non-fund based limits | ₹200 Cr | ₹200 Cr | 0.0% | A1+ | Reaffirmed | ICRA |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
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 |
| Next action stable or better (model) | 72% |
| Information on file | 44% · missing: Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 56% chance the next rating action is stable or better
- Interest coverage 20.3×
Rated limits by facility
Timeline
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.
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.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Lupin Manufacturing Solutions
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Amber Enterprises India Limited |
Contract Manufacturing (CDMO) · Pharmaceuticals & Healthcare | ambergroupindia.com | — | Rajpura Town, Punjab, India |
| Incap Contract Manufacturing Services Private Limited | Contract Manufacturing (CDMO) · Pharmaceuticals & Healthcare | — | — | India |
| Calrax Healthcare Private Limited | Formulations & Contract Manufacturing · Pharmaceuticals & Healthcare | — | — | Haryana, India |
| Arhanth Bio Cdmo Private Limited | Contract Manufacturing (CDMO) · Pharmaceuticals & Healthcare | — | — | India |
| Akshar Gamma Steriles LLP | Contract Manufacturing (CDMO) · Pharmaceuticals & Healthcare | — | — | India |
| Sterilem Private Limited | Contract Manufacturing (CDMO) · Pharmaceuticals & Healthcare | — | — | Gujarat, India |
| Sterile Safequip & Chemicals Limited | Contract Manufacturing (CDMO) · Pharmaceuticals & Healthcare | — | — | Gujarat, India |
| PEC Pharma | Contract Manufacturing (CDMO) · Pharmaceuticals & Healthcare | — | — | India |
| Tridev Biosciences | Contract Manufacturing (CDMO) · Pharmaceuticals & Healthcare | — | — | India |
| Gopal Lifesciences | Contract Manufacturing (CDMO) · Pharmaceuticals & Healthcare | — | — | India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
API and CDMO manufacturing
Filings
No filings on record yet.