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Today's prices ask more of Torrent Pharma than of Lupin.
At current prices, buyers of Lupin are assuming about 0% growth against 17% in its own record; for Torrent Pharma it is 18% against 12%. That shows which share needs more to go right — not which is cheaper. How far each trades from its estimated fair value is in the full valuations.
- Valuation method: Lupin on estimate withheld; Torrent Pharma on discounted cash flow.
- Size: Torrent Pharma is worth about 1.9 times Lupin on the stock market.
- Record: Torrent Pharma has grown revenue faster: Lupin compounded at about 8% a year (FY2018–FY2026) and Torrent Pharma at about 11% (FY2018–FY2026).
- What to watch: complex us generics at Lupin; india branded growth at Torrent Pharma.
| Lupin | Torrent Pharma | |
|---|---|---|
| Price | ₹1,980 | ₹4,670 |
| Market cap | ₹0.91L Cr | ₹1.77L Cr |
| P/E | 17.4 | 83.6 |
| P/B | 4.03 | 21.15 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Estimate withheld | Discounted cash flow |
01Two businesses
A Mumbai drugmaker rebuilt
Lupin was founded in 1968 by Desh Bandhu Gupta and is based in Mumbai. It is one of India's largest generic drugmakers, with big businesses in the US and India and smaller ones across emerging markets.
Branded medicines for long-term conditions
Torrent Pharmaceuticals, part of Ahmedabad's Torrent group, earns most of its profit from branded prescription medicines in India, especially for chronic conditions such as heart disease, diabetes and gastric disorders. It also sells in Brazil, Germany and the US.
02The records side by side
Torrent Pharma has grown revenue faster: Lupin compounded at about 8% a year (FY2018–FY2026) and Torrent Pharma at about 11% (FY2018–FY2026). By revenue, Lupin is about 2.0 times the size of Torrent Pharma. Lupin kept 19.2% of revenue as net profit in FY2026; Torrent Pharma kept 15.3% of revenue as net profit in FY2026. Lupin reported a net loss in FY2020 and FY2022; Torrent Pharma was profitable in every year shown.
Full ten-year tables and charts are on each company's page: Lupin · Torrent Pharma.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
04What decides each one's value
- Complex US genericsInhalers and other hard-to-make products earn more.
- India businessChronic-therapy brands grow steadily.
- India branded growthChronic therapies grow steadily and earn high margins.
- AcquisitionsDeals add brands, but only create value if the price is earned back.
05What could go wrong
- FDA problemsNew warning letters would hit US sales.
- Price erosionCompetition cuts generic prices.
- Debt from dealsLarge acquisitions add borrowing.
- Price controlsIndia's drug-price rules cap some products.
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is Lupin or Torrent Pharma better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, Lupin trades at 17.4 times earnings and 4.03 times book value, and Torrent Pharma at 83.6 times earnings and 21.15 times book value — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between Lupin and Torrent Pharma?
Lupin was founded in 1968 by Desh Bandhu Gupta and is based in Mumbai. Torrent Pharmaceuticals, part of Ahmedabad's Torrent group, earns most of its profit from branded prescription medicines in India, especially for chronic conditions such as heart disease, diabetes and gastric disorders.
Are Lupin and Torrent Pharma valued the same way?
No. Lupin is valued on estimate withheld and Torrent Pharma on discounted cash flow, because forcing one model onto both would misstate at least one of them.
What does today's price assume for Lupin and Torrent Pharma?
Worked backwards from the share price, Lupin needs about 0% growth and Torrent Pharma about 18% growth, against 17% and 12% in their own records.