Jefferies has reiterated its buy rating on Lupin with a target price of ₹2,300 following its recent non-deal roadshow interactions. The brokerage said the management remains confident of sustaining US$1 billion in U.S. revenues and delivering an EBITDA margin of 24–25% by FY27, even as competition increases across some of its top-selling generic products. Jefferies added that Lupin’s strong operating discipline and improving product mix reinforce visibility on profitability.
The brokerage highlighted biosimilars as Lupin’s next major growth engine and said the company plans to continue investing in specialty assets to support long-term expansion. According to Jefferies, the contribution from complex generics and specialty products is expected to rise dramatically—from below 25% of U.S. sales in FY25 to around 70% by FY30—indicating a structural shift toward higher-value offerings.
Jefferies also said Lupin is targeting 200–300 basis points of outperformance versus industry growth in the India market, underpinned by its established brands and upcoming launches. The brokerage noted that the company’s strategic priorities across biosimilars, complex generics and India branded formulations collectively strengthen its medium-term outlook.
Disclaimer: The views above are those of Jefferies. Business Upturn does not endorse them. Please consult a financial advisor before making investment decisions.
