Pharmaceuticals · LPC
Pharma - Formulators
from 2,364 today
Revenue grew 32% YoY to INR 83bn, ahead of our estimate, led by broad-based growth. EBITDA margin expanded 360bps YoY to 29.8%, driving 50% YoY EBITDA growth to INR 24.6bn.
Lupin delivered a strong Q1FY27 led by US exclusivities and robust growth in emerging and other developed markets. However, headwinds in the US, including rising competitive intensity, are expected to impact near-term growth, leading to a downgrade to REDUCE with a lower target price of INR 2,200.
Lupin delivered a better-than-expected financial performance in 1QFY27, driven by strong execution, product mix, and broad-based growth across geographies. The valuation provides limited upside from current levels, leading to a maintained Neutral rating with a target price of INR2,500.
Lupin delivered a strong quarter with revenue, EBITDA, and PAT broadly ahead of expectations, driven by broad-based growth across geographies and strong India performance, though US growth is expected to normalize as competition rises. We maintain our HOLD rating with a revised target price of INR 2,600.
Lupin delivered a strong Q1FY27 financial performance driven by high-margin US generics and robust ex-US growth, but near-term margins are expected to peak and moderate due to impending US competition. We maintain a Hold rating with a revised target price of Rs 2,545 pending clearer execution on new complex product launches.
Lupin reported a Q1FY27 EBITDA beat on the back of healthy sales, though profitability growth is expected to take a hiatus as key products face upcoming competition. We maintain our Accumulate rating with a target price of INR 2,500 based on 25x FY28E EPS.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
