Systematix has revised its target price for Lupin Ltd. to ₹2,408 from the previous ₹2,454, while retaining a 'Hold' rating. This adjustment follows Lupin's Q4 FY26 earnings report, which showed a 32% year-on-year increase in revenue, reaching ₹74,747 million. However, the brokerage predicts challenges in near-term earnings growth due to anticipated competition for its largest product, gTolvaptan, in FY27. Despite this, Systematix expects a recovery in growth post-FY28 as Lupin capitalizes on its biosimilar pipeline, which includes Pegfilgrastim and ranibizumab. The company also plans to file for additional respiratory inhalers, which could provide further revenue opportunities in the coming years. Nirmal Bang forecasts a modest growth trajectory for Lupin, estimating 4% revenue growth and declines in Ebitda and profit after tax over FY26-28E.