We maintain our ‘Accumulate’ rating on Lupin Ltd. with a revised target price of Rs 2,162, valuing at 28x FY27E P/E. Timely launches of injectables and inhalation products will be further triggers to our earnings estimates.
Key risks:
US price erosion, higher competition in key products and escalation of compliance issues at Taradeep/ Mandideep Unit-I plants.