Lupin Limited is an Indian multinational pharmaceutical company. It is one of the largest generic medicine manufacturers globally with its footprint in over 100 countries.
Headquartered in Mumbai, Lupin has a diverse portfolio of more than 1,000 products. The pharma company is among the leaders in business segments like generics, Active Pharmaceutical Ingredients (API), speciality and biologics.
Founded in 1968 by Dr. Desh Bandhu Gupta, a professor of Chemistry, Lupin was incorporated in 1972 and started its business as a vitamin manufacturer. It soon bagged a huge order for supplying iron and folic acid tablets from the central government for the mother and child healthcare programmes.
In 1979, the company commissioned its maiden formulation plant and research and development centre in Aurangabad, Maharashtra. Later, it extended operations beyond India’s borders by establishing Lupin Chemicals (Thailand) through a joint venture in 1989. Around the same time, Lupin obtained United States Food and Drug Agency (USFDA) nod for the Ankleshwar and Mandideep plants.
In their bid to tap the market, Lupin Laboratories Ltd and Lupin Chemicals Ltd floated IPOs successfully in 1993 and were enlisted in the stock exchanges. However, within eight years, both the companies were amalgamated to form the new entity, Lupin Ltd.
In 2003, the company set up Lupin Pharmaceuticals (US) for trading and marketing of drugs in the United States. Within two years the company began its generic medicine business in the country.
2007 was a landmark year for the company, as Lupin announced its maiden issue of $100 million worth Foreign Currency Convertible Bonds (FCCB), and was listed on the Singapore Stock Exchange. Lupin also acquired Japan's Kyowa Pharmaceutical Industry Co, which became its subsidiary.
In the next few years, Lupin acquired or bought partial stakes in several pharmaceutical companies abroad, including South Africa’s Pharma Dynamics, and Generic Health Ltd in Australia.
With its business valuation consistently going up, Lupin found a place in the Nifty 50 index in 2012.
In 2019, Lupin entered into a definitive agreement with Unison - the leading private equity fund in Japan - for the sale of its entire stake in Kyowa Pharmaceutical Industry Co Ltd.
Lupin Limited’s market capitalisation stood at more than ₹62,400 crore as of January 2, 2023. Lupin share price has gone up over 36% in the last three years.
Business operations
Lupin owns and operates 12 manufacturing plants in India at Aurangabad, Ankleshwar, Mandideep, Pune, Tarapur, Goa, Jammu, Vadodara, Indore, Nagpur, Visakhapatnam and Sikkim. It has three manufacturing units abroad in Mexico, Brazil and the US.
It has expanded its business operations across the US, Latin America, Asia Pacific, Europe, the Middle East and Africa. The pharma company is the world’s largest supplier of first-line anti-TB drugs. It’s also the 10th largest generic pharma company globally.
Notwithstanding pricing issues in the US, Lupin recorded $632 million in sales in FY23 there, and continues to be the third-largest pharmaceutical player by prescriptions in the country.
Lupin Financial Highlights
- Revenue: Lupin reported revenue of ₹28,382.48 crore in FY26 vs ₹22,903.72 crore in FY25. It showed an increase of 23.92% on a yearly basis.
- Operating Profit: Lupin reported an operating profit of ₹6,872.55 crore in FY26 vs ₹4,015.00 crore in FY25. It showed an increase of 71.17% on a year-on-year basis.
- Net Profit: Lupin reported a net profit of ₹5,355.47 crore in FY26 vs ₹3,306.26 crore in FY25. It showed an increase of 61.98% on a yearly basis.
Lupin Quarterly Result Highlights
- Lupin reported revenue of ₹7,615.37 crore in Mar 2026, compared with ₹7,282.22 crore in Dec 2025, representing an increase of 4.57% on a quarter-on-quarter (QoQ) basis.
- Lupin reported an operating profit of ₹1,928.00 crore in Mar 2026, compared with ₹1,522.04 crore in Dec 2025, representing an increase of 26.67% on a quarter-on-quarter (QoQ) basis.
- Lupin reported a profit of ₹1,468.67 crore in Mar 2026, compared with ₹1,180.51 crore in Dec 2025, reflecting an increase of 24.41% on a QoQ basis.
- The earnings per share (EPS) of Lupin stood at ₹71.95 during Mar 2026.
