HSBC has reiterated its ‘Buy’ rating on Lupin, raising the target price to Rs 2,300 per share from earlier levels. The revision comes as the company delivered an operationally in-line Q4FY25 performance, with focus now shifting to FY26 margin expansion and U.S. business drivers. The stock was last trading at Rs 2,076.60.
Lupin has projected higher EBITDA margins for FY26, supported by growth in high-value products. HSBC highlighted the expected contributions from Tolvaptan and Mirabegron, which are seen boosting U.S. sales in the coming year.
The brokerage emphasized that the timely launch of complex generics will be crucial to sustaining momentum in the U.S. market. HSBC also noted that Lupin’s pipeline build-up in complex generics remains a key element of its long-term strategy.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult your financial advisor before making any investment decisions.
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