Prabhudas Lilladher Keeps Lupin on ‘Accumulate’ List, Sets Target at ₹2,250

On November 5, 2026, Prabhudas Lilladher rolled out its latest research note on Lupin (LPC), sticking to an “Accumulate” recommendation and anchoring a price target of ₹2,250 per share. In plain speak, the broker still thinks the stock is worth a buy‑and‑hold for investors, but it’s not a fireworks‑type rally just yet.

Looking at the numbers, Lupin’s Q2 FY27 EBITDA slipped to about ₹19.6 billion – that’s an 8 % dip year‑on‑year, roughly in line with what analysts expected. The dip is largely a reflection of the company’s “peak” margin phase winding down. Earlier, higher margins were buoyed by a better product mix in the U.S., a friendly foreign‑exchange tailwind, and a resurgence in domestic formulations. Those tailwinds are now fading.

Three flagship drugs – gTolvaptan, gMirabegron and gSpiriva – together account for roughly half of Lupin’s earnings per share. While they have been the backbone, competition is tightening. gTolvaptan is already feeling pressure, and gMirabegron is set to see a tougher fight from Q3 FY27 onward.

That said, Lupin isn’t staring into an empty void. The pipeline still holds a few niche bets, like the 505(b)(2) opportunity and a handful of biosimilars, which could cushion the blow. Still, the analysts expect the company’s profit after tax (PAT) to dip across FY26‑28, trimming the outlook a bit.

Because of this, Prabhudas Lilladher trimmed its FY28 and FY29 EPS forecasts by 2‑5 % but kept the overall sentiment steady. The target price of ₹2,250 works out to about a 23‑times multiple on the projected September 2028 earnings, which the broker deems reasonable given the modest growth prospects.

In short, if you’re already holding Lupin, the broker says you can stay put and maybe add a few more shares over time. If you’re on the fence, the “Accumulate” tag suggests a cautious entry point rather than a full‑blown endorsement. As always, investors should weigh the competitive risks and pipeline uncertainties before making a move.