IPCA Laboratories logo

IPCA Laboratories

IPCALAB NSE

Key Fundamentals

MidcapPharmaceuticalsHealthcare
Market Cap
₹49,107 Cr
Volatility
Moderate
P/E Ratio
37.64
EBITDA
₹2,153 Cr
Return on Equity
12.51%
Debt to Equity
0.1
Book Value
₹317.84
EPS
₹23.14
52W High
₹2,038
52W Low
₹1,251.6

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has reduced debt.

Weaknesses

2
  • Stock is trading at 6.11 times its book value
  • Company has a low return on equity of 12.9% over last 3 years.

Growth Rate

Revenue Growth
8.73% lower than 3Y
Net Income Growth
51.29% higher than 3Y
Cash Flow Change
-13.57% lower than 3Y
ROE
33.23% higher than 3Y
ROCE
26.29% lower than 3Y
EBITDA Margin (Avg.)
8.84% lower than 3Y

AI Analysis — Bull vs Bear

3d ago
AI opinion · based on fundamentals
Risk medium

Ipca Laboratories has a market capitalisation of about ₹49,274 crore and trades at 36.3x earnings and 6.2x book value. Profit growth has been strong recently, with a 54% TTM and 37% 3-year profit CAGR, while sales have grown more steadily at 16% over 3 years and 11% TTM. Return on equity improved to 16% last year from a 3-year average of 13%, and the company has reduced its debt. On the other side, the 5-year profit CAGR is just 1%, and after a 44% one-year stock rally the valuation already assumes growth will continue.

Bull Case 7
  • Profit growth has sped up sharply: TTM compounded profit growth is 54% and the 3-year profit CAGR is 37%, showing a strong earnings recovery.
  • Sales growth has been steady over time, with 16% over 3 years, 12% over 5 years and 13% over 10 years, which points to a lasting pharma franchise.
  • Return on equity rose to 16% last year, above the 3-year and 5-year averages of 13%. This suggests the business is using capital more efficiently.
  • The company has reduced its debt, which strengthens the balance sheet and gives it room to spend on capacity, R&D or integrating acquisitions.
  • Over the long run the stock has compounded at 21% a year for 10 years, and the 10-year profit CAGR is 30%, a track record of creating value.
  • Recent momentum is strong: the stock has returned 44% over 1 year and 28% CAGR over 3 years, which suggests the market sees the earnings turnaround as real.
  • Profit grew about 5 times faster than sales on a TTM basis (54% vs 11%), which points to operating leverage and better margins.
Bear Case 7
  • The stock trades at 6.2x book value and 36.3x earnings. That implies an earnings yield of about 2.8%, which leaves little room for disappointment if growth slows.
  • The 5-year profit CAGR is just 1%, far below the 12% 5-year sales CAGR. Much of the recent 37% 3-year profit growth may be a recovery from a weak base rather than lasting growth.
  • The 3-year average return on equity of 12.9% is modest for a stock at 6.2x book. The 16% last year still needs to hold up to justify the premium.
  • Sales growth is slowing: TTM sales growth of 11% is below the 3-year CAGR of 16%. Part of the 3-year figure may be boosted by acquisitions rather than organic growth.
  • The dividend yield is only 0.3%, so shareholders earn very little income while they wait, and returns depend almost entirely on the share price.
  • After a 44% one-year rally, well above the 11% 5-year stock CAGR, the price may already reflect the expected earnings recovery, which raises the risk of a pullback.
  • The TTM gap between 54% profit growth and 11% sales growth may not last. Margin gains could fade because of pricing pressure, regulatory action in export markets or higher input costs.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

20d ago
Positives 1
  • FY27 EBITDA margin guidance raised Aug 14

    Ipca Laboratories raised its FY27 EBITDA margin guidance to 23%, signaling confidence in operational efficiency. The company plans capacity expansion across R&D and API facilities targeting US and European markets.

Neutral 1
  • AGM resolutions approved smoothly Aug 14

    Shareholders passed all resolutions at the 76th AGM, including director re-appointments and dividend declaration, with promoter support.

TL;DR: Ipca Laboratories is executing a clear growth-oriented strategy, raising its FY27 EBITDA margin guidance to 23% while investing in capacity expansion for regulated markets. No notable headwinds emerged from recent news flow. Corporate governance appears stable with smooth AGM proceedings. The trend is incrementally positive as margin guidance upgrades suggest improving profitability outlook.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,585
2,034
2,053
2,033
2,093
2,355
2,245
2,247
2,309
2,556
2,392
2,388
2,788
Expenses
1,278
1,673
1,722
1,711
1,700
1,913
1,782
1,818
1,892
2,012
1,859
1,905
2,119
Operating Profit
308
361
331
322
393
441
463
429
416
545
533
484
670
OPM %
19%
18%
16%
16%
19%
19%
21%
19%
18%
21%
22%
20%
24%
Other Income
45
-1
91
-118
21
26
20
-179
33
-30
38
48
25
Interest
31
44
33
29
24
23
17
22
19
20
18
20
12
Depreciation
69
90
100
98
99
100
98
100
100
103
108
107
111
PBT
252
225
289
77
290
345
368
128
331
392
446
404
572
Tax %
34%
39%
23%
96%
31%
29%
25%
49%
29%
28%
18%
24%
26%
Net Profit
164
136
221
1
199
246
276
64
233
281
364
307
424
EPS in Rs
6.42
5.72
7.09
2.35
7.58
9.05
9.78
2.67
9.19
11.14
12.86
11.79
15.84
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
3,144
2,867
3,156
3,258
3,746
4,619
5,395
5,797
6,204
7,662
8,897
9,599
10,126
Expenses
2,604
2,573
2,705
2,803
3,051
3,715
3,843
4,472
5,272
6,338
7,166
7,609
7,894
Operating Profit
541
294
451
455
695
904
1,552
1,325
932
1,324
1,731
1,990
2,232
OPM %
17%
10%
14%
14%
19%
20%
29%
23%
15%
17%
19%
21%
22%
Other Income
32
21
11
41
56
65
59
54
123
17
-114
80
81
Interest
32
35
27
28
22
20
12
11
48
141
88
79
69
Depreciation
180
163
173
178
182
210
209
232
262
357
398
418
429
PBT
361
117
262
291
546
739
1,389
1,136
745
843
1,131
1,573
1,814
Tax %
28%
18%
26%
18%
19%
18%
17%
20%
34%
37%
30%
24%
—
Net Profit
254
93
195
239
442
604
1,141
890
479
523
785
1,184
1,375
EPS in Rs
10.07
3.69
7.71
9.49
17.6
23.99
44.94
34.85
18.58
21.57
29.08
44.98
51.63
Div. Payout %
5%
0%
6%
5%
9%
10%
9%
11%
22%
19%
14%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
25
25
25
25
25
25
25
25
25
25
25
25
Reserves
2,183
2,234
2,430
2,663
3,097
3,602
4,676
5,467
5,817
6,307
6,923
8,038
Borrowings
935
867
716
628
465
501
265
807
1,481
1,438
1,363
809
Other Liabilities
669
765
788
799
961
1,130
1,099
1,338
1,300
3,326
3,432
3,477
Total Liabilities
3,812
3,892
3,960
4,116
4,549
5,258
6,066
7,637
8,623
11,097
11,744
12,350
Fixed Assets
1,800
2,014
1,983
1,953
1,940
2,059
2,072
2,418
2,751
4,554
4,267
4,627
CWIP
267
129
95
73
66
133
235
306
140
343
622
773
Investments
16
26
136
87
120
310
505
989
626
862
980
844
Other Assets
1,729
1,723
1,746
2,003
2,422
2,756
3,254
3,924
5,105
5,339
5,875
6,106
Total Assets
3,812
3,892
3,960
4,116
4,549
5,258
6,066
7,637
8,623
11,097
11,744
12,350
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
468
709
282
341
501
570
1,090
856
806
945
1,321
1,142
Investing
-689
-218
-149
-135
-165
-509
-521
-851
-725
-1,215
-870
-247
Financing
251
-462
-159
-130
-183
-137
-306
427
507
-553
-283
-754
Net Cash Flow
29
29
-26
75
153
-76
264
432
588
-823
169
142
Free Cash Flow
-207
463
147
206
322
277
731
380
347
543
551
486
CFO/OP
100
251
74
88
88
80
86
80
110
94
97
78
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
41
57
58
67
66
71
55
57
58
80
77
77
Inventory Days
293
289
290
286
316
294
337
337
276
350
336
353
Days Payable
97
145
130
137
154
135
140
101
83
110
111
122
Cash Conversion Cycle
237
200
218
216
228
229
251
293
251
321
302
308
Working Capital Days
68
61
74
80
88
88
103
102
71
111
101
109
ROCE %
14%
5%
9%
10%
16%
19%
31%
20%
11%
13%
15%
17%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others1.42%Govt.0.32%Promot.44.72%Public5.76%FIIs10.73%DIIs37.05%As ofJun 2026

Documents

Frequently Asked Questions about IPCA Laboratories

What does Ipca Laboratories Ltd do?
Ipca Laboratories is an integrated pharmaceutical company manufacturing branded and generic formulations, APIs and intermediates. Indian branded formulations are its core profit engine, complemented by formulation exports across Europe, Africa, the Americas, Asia, CIS and Australasia. The consoli...
Where is Ipca Laboratories Ltd (IPCALAB) listed?
Ipca Laboratories Ltd trades as IPCALAB on the NSE and under code 524494 on the BSE.
Which sector does Ipca Laboratories Ltd belong to?
Ipca Laboratories Ltd is classified under the Healthcare sector, in the Pharmaceuticals industry.
What is the market capitalisation of Ipca Laboratories Ltd?
Ipca Laboratories Ltd has a market capitalisation of ₹49,107 Cr, which places it in the Large Cap band.
What is the PE ratio of Ipca Laboratories Ltd?
Ipca Laboratories Ltd trades at a PE ratio of 37.64, on earnings per share of ₹23.14, against a book value of ₹317.84 per share.
What is the 52-week high and low of Ipca Laboratories Ltd?
Over the last 52 weeks Ipca Laboratories Ltd has traded between ₹1,251.6 and ₹2,038.
Does Ipca Laboratories Ltd pay dividends?
Ipca Laboratories Ltd has a dividend yield of 0.31%.
What is the Return on Equity (ROE) of Ipca Laboratories Ltd?
Ipca Laboratories Ltd reported a return on equity of 12.51%. Its debt-to-equity ratio is 0.10.

Company Information

Ipca Laboratories is an integrated pharmaceutical company manufacturing branded and generic formulations, APIs and intermediates. Indian branded formulations are its core profit engine, complemented by formulation exports across Europe, Africa, the Americas, Asia, CIS and Australasia. The consolidated business includes Unichem Laboratories and its US, Brazil, Europe and South Africa operations.[1]

Website ipca.com
CEO Mr. Premchand Godha A.C. A., B. Com., CA
Employees 16,778
Listed 1995-02-01
Face Value ₹ 1
Issued Size 25,37,04,218

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