Lupin Limited (LUPIN.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+95.9%

₹3,941.85

vs ₹2,012.00 price

Levered DCF

₹4,618.73

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	19.82×	27.18×	38.78×	68.91×	-22.2×	38.19×	-66.85×	67.69×
P/B	4.71×	5.2×	5.2×	2.38×	2.79×	3.37×	2.13×	2.52×
P/S	3.78×	3.94×	3.71×	1.78×	2.07×	3.06×	1.74×	2.36×
EV / EBITDA	12.45×	17.53×	20.15×	18.98×	12.68×	18.87×	13.19×	16.46×
Gross margin	52.9%	67.5%	64.5%	56.5%	57.9%	62.1%	62.4%	64.1%
Operating margin	24.7%	41.7%	38.9%	29.7%	30.6%	33.4%	32.3%	33.6%
Net margin	19.1%	14.5%	9.6%	2.6%	-9.3%	8.0%	-1.8%	4.1%
Current ratio	1.9×	1.87×	1.58×	1.34×	1.51×	1.66×	1.67×	2.26×
Debt / equity	0.29×	0.32×	0.2×	0.36×	0.34×	0.37×	0.53×	0.62×
Interest coverage	15.87×	36.95×	24.97×	18.03×	43.47×	42.58×	16.12×	17.45×
Dividend yield	0.5%	0.4%	0.2%	0.6%	0.9%	0.6%	0.8%	0.6%
Payout ratio	10.3%	11.1%	9.5%	42.4%	-19.3%	22.4%	-84.1%	37.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	23.8%	19.1%	13.4%	3.5%	-12.6%	8.8%	-2.1%	4.4%
Return on invested capital	17.8%	33.0%	34.0%	17.1%	29.0%	18.5%	-12.9%	7.7%
Return on assets	13.9%	11.2%	8.0%	1.9%	-7.0%	5.2%	-1.1%	2.2%
Free cash flow yield	4.9%	1.5%	3.7%	1.3%	-1.6%	2.5%	3.0%	2.0%
Earnings yield	5.0%	3.7%	2.6%	1.5%	-4.5%	2.6%	-1.0%	1.8%
Enterprise value	₹1.1T	₹934.1B	₹759.8B	₹328.9B	₹369.9B	₹498.5B	₹308.7B	₹421.7B
Net debt / EBITDA	0.11×	0.73×	0.46×	1.88×	1.05×	1.29×	1.79×	2.93×
Cash conversion cycle (days)	139	213	210	223	128	261	230	240