Q3 FY26: US Market Bana Hero, Par Court Cases Ne Lagayi Break!
Lupin ne FY26 ki teesri quarter mein ₹1,175.6 crore ka net profit report kiya hai, jo pichhle saal ki same quarter se 37.5% zyada hai. Total revenue bhi 24.3% badhkar ₹7,167.5 crore ho gaya. Iss tezi ka sabse bada reason hai US market, jahan sales 54% bhadhkar ₹3,113.2 crore tak pahunch gayi, aur ab company ki 44% earnings US se hi aa rahi hai. Lekin, yeh numbers ek aur kahani bhi batate hain - is quarter ka profit pichhle quarter (Q2 FY26) se kam hai. Iska reason hai kuchh bade kharch, jinhe exceptional items kaha jata hai. Stock Friday, February 13, 2026 ko BSE par sirf 0.066% upar band hua, jo dikhata hai ki market bhi thoda confuse hai.
Valuation Aur Sector Ka Scene Kya Hai?
Jab valuation ki baat aati hai, toh Lupin ka Price-to-Earnings (P/E) ratio lagbhag 23.22x hai. Yeh Sun Pharma (37.31x) se toh kam hai, par Cipla (23.99x) ke aas-paas aur Dr. Reddy's (18.29x) se zyada hai. Indian pharma sector overall FY2026 mein 7-9% tak grow hone ka expect hai, US mein growth thodi slow ho sakti hai, 3-5% ke aas-paas, kyunki price erosion aur strict regulations chal rahe hain. US generic drug market bhi 2026 se 2034 tak sirf 3.3% CAGR se grow karega. Analysts ke price targets bhi range kar rahe hain INR 1,922 se INR 2,709 tak, average lagbhag INR 2,336 hai. Citi ne haal hi mein ise 'Buy' kiya hai aur target INR 2,260 diya hai.
Toh Jo Legal Jhamela Hai, Woh Kitna Bada Hai?
Chalo, ab uss badi wajah par nazar daalte hain jisne profit ko neeche kheench diya. Lupin ne antitrust litigations ke liye ₹449.4 crore ka provision book kiya hai aur Astellas Pharma ke saath patent dispute settlement ke liye ₹134.8 crore kharch kiye hain. Is Astellas settlement mein total $90 million dene hain, jismein se $75 million upfront the, aur September 2027 tak royalty bhi deni padegi. Yeh sab ek baar ke kharchon ne Q2 FY26 ke muqable net profit ko kam kar diya hai. Aur haan, Global API sales bhi 24.1% kam ho gaye hain YoY basis par. Yaad hai, pichhli baar jab Q3 FY25 results aaye the, tab bhi profit badhne ke bawajood stock 2.8% gir gaya tha, kyunki investors ne isse zyada profit growth nahi dekhi thi.
Aage Ka Kya Plan Hai?
Lupin management keh raha hai ki growth maintain rakhenge strategic sales aur efficiency se. Unhone FY2026 ke liye EBITDA margin guidance bhi badhai hai. JPMorgan ka target INR 2,600 hai aur rating 'Overweight' hai. Company US market mein apne products launch kar rahi hai, Q3 mein ek ANDA approve hua aur teen naye products launch kiye.