Shares of Lupin Ltd remain on analysts’ radar after global brokerages Morgan Stanley and Jefferies maintained their positive stance on the stock following a strong second-quarter performance. The stock last traded at ₹1,969.00.
Morgan Stanley has kept an equalweight call with a target price of ₹2,173 per share, implying an upside potential of nearly 10.4%. The brokerage said the company’s sharp quarterly beat was led by robust US sales, especially of Jynarque, and strong overall US growth. Lupin revised its FY26 EBITDA margin guidance upward, while margins for FY27 are expected to trend back to the 24–25% range. Morgan Stanley also flagged the court verdict around Myrbetriq, expected in February 2026, as a key near-term event to watch.
Meanwhile, Jefferies reiterated its buy call with a target price of ₹2,300, indicating a 16.8% upside from current levels. The brokerage said Q2 results beat estimates on the back of strong US revenue, higher PLI income, and lower operating expenses. Jefferies highlighted Lupin’s strong FY26 pipeline, with several first-to-file (FTF) and injectable launches expected to drive margin accretion.
The brokerage added that while FY27 could see multiple moving parts due to competition in key US products, management’s guidance of sustaining $1 billion in US sales and maintaining 24–25% EBITDA margins provides confidence in medium-term growth prospects.
Disclaimer: The above article is based on brokerage reports and is for informational purposes only. It does not constitute investment advice or recommendations to buy or sell any securities.
