Neutral Lupin; target of Rs 2100: Motilal Oswal

Neutral

Motilal Oswal's research report on Lupin

Lupin (LPC) delivered better-than-expected performance for the quarter, with a 9%/30%/28% beat on revenue/EBITDA/PAT. Strong traction in the US and emerging markets, supported by production-linked income (PLI), led to a positive surprise in both revenue and profitability. LPC achieved an all-time high quarterly sales run rate of USD315m in the US, led by strong traction in limited-competition products and minimal price erosion in the base portfolio.

Outlook

We raise our earnings estimate by 13.5%/4%/2% for FY26/FY27/FY28, factoring in a) strong off-take of products (g-Tolvaptan/Mirabegron/Spiriva) in the US market, b) improved business prospects in emerging markets, and c) product pipeline in DF markets. We value LPC 21x 12M forward earnings to arrive at a TP of INR2,100.

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