Mirae Asset Sharekhan's research report on Lupin
Management has successfully executed plans to add high-margin complex drugs to its portfolio in the US. In five years, the management aims to launch over 100 products, of which complex drugs will comprise 55% from 34% now. India continues to outpace the market. Management plans to introduce over 80 products in four years. The chronic segment contributes 65% of domestic formulations as of Q1FY26 and the management aims to increase the same to 70% by FY30. Strategic acquisitions/ drug licence purchases have been significant growth drivers for the ex-US and ex-India markets.
Outlook
Hence, we retain a Buy with PT of Rs. 2400. At CMP, the stock trades at 21.0x/20.5x its FY2026/FY2027 earnings estimates.
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