Lupin's Q1 FY26 sales were slightly below estimates. Ebitda margin was above estimate due to higher gross margin led by Tolvaptan exclusivity and stable active pharma ingredient cost. Net profit came above estimate due to higher other income, forex gain and lower tax rate.
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Dolat Capital Report
We maintain our ‘Accumulate' rating on Lupin Ltd. with a revised target price of Rs 2,162, valuing at 28x FY27E P/E. Timely launches of injectables and inhalation products will be further triggers to our earnings estimates.
Key risks:
US price erosion, higher competition in key products and escalation of compliance issues at Taradeep/ Mandideep Unit-I plants.
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