Lupin shares gained brokerage attention after strong Q2FY26 performance led by robust sales across the US, emerging markets, and Latin America. Morgan Stanley maintained its overweight call with a target price of ₹2,096 per share, while Nomura reiterated its buy call with a higher target of ₹2,350 per share — reflecting up to 19% upside from the current market price of ₹1,970.
Morgan Stanley noted that Q2 revenue surpassed estimates, driven by strong contributions from the US and emerging markets. The brokerage highlighted a sharp improvement in profitability, with gross margin rising 390 basis points year-on-year to 74%, supported by high-value generic products gJynarque and gSpiriva. EBITDA grew 75% year-on-year, achieving a record margin of 33%.
Nomura said Lupin’s Q2FY26 sales, EBITDA, and PAT exceeded estimates by 6%, 17%, and 25%, respectively. It attributed the strong performance to broad-based outperformance across Latin America (LATAM) and Rest of World (ROW) markets, underscoring the company’s diversified growth drivers.
At the time of the reports, Lupin shares were trading at ₹1,970 on the exchange.
Disclaimer: The views and target prices mentioned are those of the brokerages (Morgan Stanley and Nomura). This article is based solely on the provided inputs and is intended for informational purposes only. No investment advice.
