Lupin (NSE:LUPIN) Cyclically Adjusted PB Ratio: (As of Aug. 22, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

NSE:LUPIN Lupin Ltd NSE:LUPIN
91 GF Score
Price ₹2,201.80
GF Value ₹2,603.35
Valuation Modestly Undervalued
! 1 Warning Sign
View Full Analysis

What is Lupin Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation

Lupin  (NSE:LUPIN) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.

Lupin Cyclically Adjusted PB Ratio Related Terms

Lupin Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Lupin's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Lupin Cyclically Adjusted PB Ratio Chart

Lupin Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 2.42 1.98 4.66 5.60 5.99

Lupin Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 5.07 0.00 5.99 0.00

NSE:LUPIN vs ZTS: Cyclically Adjusted PB Ratio Comparison

For the Drug Manufacturers - Specialty & Generic subindustry, Lupin's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Lupin Cyclically Adjusted PB Ratio vs Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Lupin's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Lupin's Cyclically Adjusted PB Ratio falls into.


NSE:LUPIN
91GF Score
Lupin Ltd NSE:LUPIN
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Lupin Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

Lupin's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, Lupin's adjusted Book Value per Share data for the three months ended in Jun. 2026 was:

Adj_Book=Book Value per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=0/167.3573*167.3573
=0.000

Current CPI (Jun. 2026) = 167.3573.

Lupin Quarterly Data

Book Value per Share CPI Adj_Book
201609 276.748 105.961 437.102
201612 0.000 105.196 0.000
201703 298.899 105.196 475.521
201706 0.000 107.109 0.000
201709 308.883 109.021 474.162
201712 0.000 109.404 0.000
201803 300.322 109.786 457.808
201806 0.000 111.317 0.000
201809 298.764 115.142 434.250
201812 0.000 115.142 0.000
201903 303.700 118.202 429.996
201906 0.000 120.880 0.000
201909 300.812 123.175 408.712
201912 0.000 126.235 0.000
202003 276.750 124.705 371.405
202006 0.000 127.000 0.000
202009 280.582 130.118 360.884
202012 0.000 130.889 0.000
202103 304.248 131.771 386.415
202106 0.000 134.084 0.000
202109 263.472 135.847 324.585
202112 0.000 138.161 0.000
202203 267.413 138.822 322.381
202206 0.000 142.347 0.000
202209 260.936 144.661 301.875
202212 0.000 145.763 0.000
202303 273.956 146.865 312.182
202306 0.000 150.280 0.000
202309 290.819 151.492 321.276
202312 0.000 152.924 0.000
202403 313.604 153.035 342.955
202406 0.000 155.789 0.000
202409 342.915 157.882 363.495
202412 0.000 158.323 0.000
202503 376.803 157.552 400.254
202506 0.000 159.755 0.000
202509 429.825 162.289 443.248
202512 0.000 163.281 0.000
202603 491.017 164.272 500.238
202606 0.000 167.357 0.000

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Lupin (NSE:LUPIN) Overvalued in 2026?

Based on GuruFocus' analysis, Lupin stock appears to be undervalued. The current stock price of ₹2,201.80 is trading 15.4% below its estimated GF Value™ of ₹2,603.35. GuruFocus considers Lupin to be Modestly Undervalued.

Key valuation signals for NSE:LUPIN:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: ₹2,603.35 vs. price of ₹2,201.80 (15.4% below fair value)
  • GF Score™: 91/100 with 1 warning sign

No single metric tells the full story. See the NSE:LUPIN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Lupin Business Description

Other Exchanges 500257:India
Address Off. Western Express Highway, 3rd floor, Kalpataru Inspire, Santacruz (East), Mumbai, MH, IND, 400055
Lupin Ltd is a specialty and generic drug manufacturing company. The company produces, develops, and markets branded and generic formulations, biotechnology products, and active pharmaceutical ingredients (APIs) globally. It has a presence in the Cardiovascular, Diabetology, Asthma, Pediatrics, Central Nervous System, GastroIntestinal, and other drug therapy segments. The operations of the company are limited to the segments, namely pharmaceuticals which derives key revenue, and others. It also maintains a pipeline in high-barrier markets such as Inhalation, Biosimilars, and Complex Injectables. The vast majority of the company's sales are generated in the United States, followed by India, and other countries.
91GF Score

Get the complete analysis for NSE:LUPIN

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₹2,201.80
Price
₹2,603.35
GF Value