Lupin Share Price: 18.9% CAGR in 3 Years as the Respiratory Specialist Stands Against Zydus and Sun Pharma

Lupin previous close Rs 2,025. 3-year CAGR 18.9%. Up 1.7x since 9 Nov 2023. ROE 21.65%. Market cap Rs 92,007 crore.

The Lupin share price has delivered a healthy return over three years, and it has done so while keeping one of the lowest P/E ratios among large Indian drug makers. Lupin, based in Mumbai, is known for respiratory medicines, anti-infectives and a wide generic portfolio sold in India, the United States and other markets.

This article compares that run with Zydus Lifesciences and Sun Pharmaceutical Industries. We calculate the three-year CAGR for all three and set the results beside market cap, valuation, return on equity and debt, using prices adjusted for corporate actions.

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How Much Has the Lupin Share Price Returned in 3 Years?

The Lupin stock closed at Rs 1,204.55 on 9 November 2023 and at Rs 2,025.00 on 9 November 2026. Rs 1 lakh invested three years ago would have grown to about Rs 1.68 lakh, which is a CAGR of 18.9%. This is a price return and leaves out dividends.

CAGR condenses a bumpy three-year ride into one yearly number, which is why it is the fairest way to compare companies of different sizes. A stock such as Lupin can look spectacular on a chart and still have earned a modest yearly return, so the compounded figure keeps the comparison honest.

The Lupin share price has also been supported by better margins in the United States generics business and by steady growth in its Indian branded portfolio.

Lupin vs Zydus Lifesciences and Sun Pharmaceutical Industries: 3-Year CAGR Compared

The table ranks the companies by three-year CAGR. Prices on 9 November 2023 are adjusted for splits and bonuses, and the latest figures are the previous close on 9 November 2026.

Company	Close on 9 Nov 2023	Previous close (9 Nov 2026)	Price multiple	3-year CAGR
Zydus Lifesciences	Rs 612.45	Rs 1,215.90	2.0x	25.7%
Lupin	Rs 1,204.55	Rs 2,025.00	1.7x	18.9%
Sun Pharmaceutical Industries	Rs 1,176.20	Rs 1,904.50	1.6x	17.4%

The Lupin stock ranks second of the three at 18.9%. It sits ahead of Sun Pharmaceutical Industries (17.4%). The company ahead is Zydus Lifesciences (25.7%). Zydus Lifesciences leads the group, followed by Lupin and then Sun Pharma. Sun Pharma is by far the largest of the three by market cap, while Lupin is the smallest and carries the highest ROE.

Look at the Lupin share price alongside the peers as a snapshot of the last three years. It describes what happened, and valuation and earnings will decide what happens next.

Valuation and Quality Compared

Company	Market cap	P/E	Industry P/E	ROE	Debt to equity
Sun Pharmaceutical Industries	Rs 4,57,073 crore	41.60	40.13	13.79%	0.04
Zydus Lifesciences	Rs 1,21,002 crore	28.13	40.13	15.10%	0.50
Lupin	Rs 92,007 crore	17.62	40.13	21.65%	0.26

By market cap, Sun Pharmaceutical Industries is the largest of the group at Rs 4,57,073 crore, while the Lupin stock stands at Rs 92,007 crore, about 20% of that size. On earnings, Lupin shares trade at a P/E of 17.62 against an industry P/E of 40.13, a discount of about 56% to the sector, which leaves room if earnings keep growing. Peer multiples are Zydus Lifesciences at 28.13 and Sun Pharmaceutical Industries at 41.60.

Return on equity is 21.65% for the Lupin stock, which ranks first among the three, and debt to equity stands at 0.26. Trailing EPS is Rs 114.18. Drug makers are valued on the strength of their product baskets and approvals, so the P/E should be read together with return on equity and the pace of earnings growth.

What Is Driving the Lupin Stock?

Lupin earns revenue from branded medicines in India, generic products in the United States and sales in Europe, South Africa and other regions. It holds a strong position in respiratory and cardiac therapies, which are recurring prescription categories.

The company has been adding complex generics and inhalation products, which face fewer competitors than plain tablets. Better plant compliance and cost control have helped profitability in recent periods.

Followers of the Lupin share price usually track launches in the United States, growth of the India business, regulatory inspections at plants and progress in complex products.

How the Established Players Stack Up

Zydus Lifesciences is an Ahmedabad-based drug maker with generic, specialty and vaccine businesses in India and abroad. It compounded at 25.7% a year, on a market cap of Rs 1,21,002 crore and an ROE of 15.10%.

Sun Pharmaceutical Industries is a Mumbai-based company and the largest drug maker in India by sales, with branded, generic and specialty businesses. It compounded at 17.4% a year, on a market cap of Rs 4,57,073 crore and an ROE of 13.79%.

What Should Investors Track Next?

Three things are worth watching on the Lupin share price. First, the timing of new launches in the United States. Second, the growth of the India branded business. Third, margins as complex products scale up.

At a P/E of 18, the stock trades well below the industry P/E of 40, and its debt to equity of 0.26 is low. US pricing can shift from quarter to quarter, so size any position with that in mind.

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How to Compare Pharma Stocks Yourself

You can repeat this exercise for any pair of stocks, including the Lupin stock against its peers. Note the adjusted closing price on the base date, take the latest close, divide one by the other, raise the result to the power of one third and subtract one. Then place the CAGR next to market cap, P/E against the industry P/E, ROE and debt to equity. Benchmark the result against the Nifty 50 as well, so you know whether the stock beat the broader market.

A stock that scores well on growth but weakly on quality, or the reverse, deserves closer study before it enters a portfolio. When tracking the Lupin share price, the same four checks give a more complete picture than price alone.

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A Pharma Name With the Highest ROE and the Lowest P/E in the Group

The Lupin share price compounded at 18.9% a year over three years, ahead of Sun Pharma at 17.4% and behind Zydus Lifesciences at 25.7%. Its ROE of 21.65% is the highest of the three and its P/E of 17.62 is the lowest.

Zydus brings the faster return, while Sun Pharma brings scale and a specialty portfolio. The choice depends on which business mix you prefer.

Frequently Asked Questions

What is the Lupin share price today?

Ans. Lupin closed at Rs 2,025 on 9 November 2026, according to NSE data. It has a market cap of Rs 92,007 crore and a P/E of 17.62. Check live quotes before acting, as prices change every trading day.

What is the 3-year CAGR of the Lupin stock?

Ans. Lupin delivered a price CAGR of 18.9% over three years, moving from Rs 1,204.55 on 9 November 2023 to Rs 2,025.00 on 9 November 2026. The figure excludes dividends and uses adjusted closing prices.

Is Lupin better than Sun Pharma?

Ans. Lupin delivered a higher three-year CAGR at 18.9% than Sun Pharma at 17.4%. Sun Pharma is far larger by market cap at Rs 4,57,073 crore against Rs 92,007 crore, while Lupin has a higher ROE at 21.65% against 13.79% and a lower P/E of 17.62 against 41.60. The better choice depends on your view of each business.

What does Lupin do?

Ans. Lupin is a Mumbai-based pharmaceutical company with strength in respiratory, cardiac and anti-infective medicines and a large export business.

Is the Lupin stock debt free?

Ans. The debt to equity ratio of the Lupin stock is 0.26 and its return on equity is 21.65%. Always check the latest balance sheet for current figures, as debt levels change with expansion plans.

Is Lupin expensive compared with the industry?

Ans. Lupin trades at a P/E of 17.62 against an industry P/E of 40.13. A higher multiple reflects expectations of faster growth, which the company must deliver through earnings.

Which pharma stock gave the highest return in 3 years?

Ans. Among the companies compared here, Zydus Lifesciences delivered the highest three-year CAGR at 25.7%, followed by Lupin at 18.9%. Past returns do not guarantee future performance.

How do I calculate CAGR for a stock?

Ans. Divide the latest price by the starting price, raise the result to the power of one divided by the number of years, and subtract one. Multiply by 100 for a percentage. Use split and bonus adjusted prices for accurate results.