Lupin Limited (LUPIN) fair value: what the stock is really worth
We calculate from audited financials what Lupin Limited is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 18, 2026.
How to read this chart
60‑month range ₹573.78 – ₹2,515 · fair‑value band ₹1,577 – ₹3,773 · the ₹2,083 price screens below the ₹2,356 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 18, 2026.
Lupin Limited, together with its subsidiaries, operates as a pharmaceutical company in India, the United States, and internationally. The company operates in two segments: Pharmaceuticals and Others.
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Lupin Limited, together with its subsidiaries, operates as a pharmaceutical company in India, the United States, and internationally. The company operates in two segments: Pharmaceuticals and Others. It engages in the drug discovery, development, production, marketing, and sale of various branded and generic formulations, biosimilars, over-the-counter and specialty drugs, and active pharmaceutical ingredients (APIs). The company also offers formulations for use in the therapeutic areas of anti-tuberculosis, diabetes management, cardiovascular, chronic obstructive pulmonary diseases, asthma, women's health, and central nervous system areas, as well as pediatrics, gastrointestinal, anti-infective, and nonsteroidal anti-inflammatory drug therapies. In addition, it focuses on various therapeutic spectrum, including rheumatology, oncology, neuroscience, and renal therapies. Further, the company is involved in the provision of diagnostics services, and digital healthcare services; and neuro rehabilition business. It operates through network consists of labs and collection centers. The company has a strategic collaboration with TB Alliance for the development and commercialization of the investigational drug Telacebec for the treatment of multiple mycobacterial diseases including tuberculosis (TB), leprosy, and buruli ulcer. The company was formerly known as Lupin Chemicals Limited and changed its name to Lupin Limited in 2001. Lupin Limited was founded in 1968 and is headquartered in Mumbai, India.
Stock analysis
Lupin Limited (LUPIN) currently trades at ₹2,083, while our model-based Fair Value estimate is ₹2,356, implying the stock looks roughly 11.6% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ₹3,034 per share, and 15 of the 26 models we run sit above the ₹2,083 price.
Bear case: the Asset-Based group reads lowest at ₹328.94, and 11 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹1,577 (bear) to ₹3,773 (bull), the price of ₹2,083 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 68/100 (solid quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Lupin Limited reported revenue of ₹280B in FY2026 versus ₹164B in FY2022, a compound +14.3%/yr. Reported net income was ₹53.3B in FY2026.
Key figures
Market cap ₹1.1T (≈ $11.6B) · P/E ratio 17.9 · P/S ratio 3.41 · EPS (TTM) ₹116.54 · Dividend yield 0.9% · Net margin 19.1% · Return on equity 26.9% · Return on assets (EBIT) 25.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 16% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −18% fair-value upside, at 13%, LUPIN screens cheaper than that median.
Fair Value models
Bear ₹1,577Fair Value ₹2,356Bull ₹3,773
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹46.88 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.98/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+23.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+18.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.0%
Revenue growth 22 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.3%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ +7.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.4%
Dividend (yield on the price)0.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.34% vs 8%, picking up
Profit margin 2004 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.20% → 25%
⚠ Rate on operating basis: 2026 sits 178% above its own trend.
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+9.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.7%
Yearly sales growth analysts expect, extended to five years.
News mood ⓘNews mood, the average tone of recent news (20 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Drug Manufacturers - Specialty & Generic · 607 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score68 · Top 25%
Fair Value upside+17% · Above median
Profitability
Return on equity (TTM)27% · Top 25%
Return on assets13% · Top 25%
Net margin (TTM)19% · Top 25%
Operating margin (TTM)24% · Top 25%
Growth and dividend
Revenue growth32% · Top 25%
Dividend yield (TTM)0.9% · Below median
Balance sheet
Debt / equity0.07× · Above median
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Lupin Limited Fair Value". https://www.fairvalue-calculator.com/stock/LUPIN
Frequently asked questions
Is Lupin Limited (LUPIN) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of ₹2,356 versus a price of ₹2,083, about +13% upside (undervalued).
What is the fair value of LUPIN?
Our model-based fair value for Lupin Limited is ₹2,356 (as of Sep 18, 2026), built from audited fundamentals. The current price: ₹2,083.
What is the quality score of LUPIN?
Lupin Limited has a Quality Score of 68/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Lupin Limited (LUPIN)?
Our model-based price target is the fair value of ₹2,356 (as of Sep 18, 2026) from 26 valuation models. Cautious scenario ₹1,577, optimistic scenario ₹3,773. It is a calculation from audited fundamentals, not an analyst target.
What is the Lupin Limited stock forecast for 2026?
Our models put fair value at ₹2,356, about +13% upside versus a price of ₹2,083 (undervalued). Cautious scenario ₹1,577, optimistic scenario ₹3,773. The calculation is refreshed regularly with new filings.
What is the revenue of Lupin Limited (LUPIN)?
Lupin Limited reported trailing-twelve-month revenue of about ₹280B (latest available figure, as of Sep 18, 2026).
Does Lupin Limited pay a dividend?
Lupin Limited currently shows a dividend yield of about 0.86% relative to its recent price (as of Sep 18, 2026).
What growth is priced into Lupin Limited (LUPIN)?
For today's price to be fair in a discounted-cash-flow model, Lupin Limited would have to grow free cash flow by +9.2 % per year for five years (discount rate 10.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.0 % per year. As of Sep 18, 2026.
What discount rate (WACC) does the fair value of LUPIN use?
Our models discount Lupin Limited at 10.4 %: a base by market capitalisation (large), damped by beta 0.18, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Lupin Limited that is +9.2 % per year a year over ten years, using the same discount rate (10.4 %) and the same formula as our fair value.
How much growth has Lupin Limited (LUPIN) delivered so far?
Over the past 5 years revenue at Lupin Limited grew +13.0 % a year. The price currently implies +9.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Lupin Limited (LUPIN) growing?
The median revenue growth in the sector is +4.3 % a year. That is the yardstick for the growth priced into Lupin Limited (+9.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Lupin Limited (LUPIN)?
The free-cash-flow yield on the price is 5.38 %: that much free cash flow Lupin Limited produces per unit of market value. When it exceeds the discount rate of our models (10.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Lupin Limited (LUPIN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Lupin Limited it is ₹2,356 per share (as of Sep 18, 2026), against a price of ₹2,083. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Lupin Limited stock overvalued or undervalued in 2026?
As of Sep 18, 2026, LUPIN trades below its calculated fair value: price ₹2,083, fair value ₹2,356, a gap of about +13% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of LUPIN?
No. The price is what the market pays today (₹2,083); the fair value is what the company's own numbers justify (₹2,356). For Lupin Limited the two are ₹272.64 per share apart. That gap is exactly why we show both numbers side by side.
How much is Lupin Limited worth?
The market values Lupin Limited at about ₹1.1T (market capitalisation, as of Sep 18, 2026). Per share that is ₹2,083; our models calculate a fair value of ₹2,356 per share.
What do the bullish and bearish scenarios say about LUPIN?
Our models span a range for Lupin Limited: cautious scenario ₹1,577, base ₹2,356, optimistic ₹3,773 per share (as of Sep 18, 2026, price ₹2,083). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of LUPIN?
Lupin Limited trades at a price-to-earnings ratio of 17.9 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹2,356 is built from several models across several years. Other multiples: P/B 5.0, P/S 4.0, EV/EBITDA 13.5.
How solid is the balance sheet of Lupin Limited (LUPIN)?
Balance-sheet figures for Lupin Limited (as of Sep 18, 2026): return on equity 26.9%, debt of 0.07 per unit of equity. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is LUPIN from its 52-week high?
Lupin Limited trades at ₹2,083, about 16% below its 52-week high of ₹2,494 and 13% above the low of ₹1,837 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of ₹2,356 is for.
Which stocks are comparable to Lupin Limited?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Jiangsu Hengrui Pharmaceuticals Co, Sun Pharmaceutical Industries Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Lupin Limited stock attractive at the current price?
The data as of Sep 18, 2026: price ₹2,083, calculated fair value ₹2,356 (+13%), Quality Score 68/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of LUPIN calculated?
We run Lupin Limited through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹2,356, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. Lupin Limited currently trades 13 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Lupin Limited (LUPIN)?
The closing price on Sep 18, 2026 was ₹2,083. Our model-based fair value is ₹2,356, about +13% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Lupin Limited right now?
A fairly wide model range (₹1,577 to ₹3,773) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Lupin Limited (LUPIN) come from?
Earnings per share at Lupin Limited grew +4.1 % a year from 2015 to 2026. Broken into its drivers: revenue per share +5.2 %, EBIT margin −1.9 %, tax rate +1.3 %, residual (interest, one-offs) −0.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Lupin Limited
How large is the market capitalisation of Lupin Limited (LUPIN)?
The market capitalisation of Lupin Limited is ₹1.1T (≈ $11.6B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Lupin Limited (LUPIN)?
The price-to-sales ratio of Lupin Limited is 3.41 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Lupin Limited (LUPIN)?
Earnings per share at Lupin Limited are ₹116.54 (price ÷ EPS = P/E 17.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Lupin Limited (LUPIN)?
The dividend yield of Lupin Limited is 0.9% (payout 15.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Lupin Limited (LUPIN)?
The net margin of Lupin Limited is 19.1% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Lupin Limited (LUPIN)?
The return on equity (ROE) of Lupin Limited is 26.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Lupin Limited (LUPIN)?
On an EBIT basis the return on assets of Lupin Limited is 25.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Lupin Limited (LUPIN)?
The operating margin of Lupin Limited is 24.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Lupin Limited (LUPIN)?
Revenue at Lupin Limited is growing +31.9% versus a year earlier (3y avg +18.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Lupin Limited (LUPIN)?
Earnings per share at Lupin Limited are growing +89.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Lupin Limited (LUPIN) carry?
The net debt of Lupin Limited is ₹9.6B (fiscal year 2026, ≈ 0.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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