Buy Lupin; target of Rs 2472: KR Choksey

KR Choksey is bullish on Lupin has recommended buy rating on the stock with a target price of Rs 2472 in its research report dated February 13, 2025.

Broker Research

February 14, 2025 / 13:31 IST

Buy

26 Aug, 2025 12:21

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KR Choksey's research report on Lupin

Lupin’s revenue beat our estimates (+3.1%) due to better-than-expected revenue in North America and India. EBITDA beat our estimates due to better-than-expected gross profit and lower-than-expected other expenses. Adj. PAT beat our estimates due to lower-thanexpected depreciation expense. We maintain our FY26E/FY27E EPS estimates at INR 79.9 and INR 104.7, reinforcing our positive outlook on Lupin’s growth trajectory. The US market is expected to sustain double-digit growth, driven by a robust pipeline of complex generics, injectables, and respiratory therapies.

Outlook

Additionally, the India Formulations business is poised to outperform the market, supported by new product launches, strategic acquisitions, and a growing focus on chronic therapies. We roll over our valuation multiple to FY27E and assign a PE multiple of 23.6 to arrive at a target price of INR 2,472 (unchanged) and reiterate our “BUY” rating.

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