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Ipca Laboratories Ltd.

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ipca.comBSE: 524494NSE: IPCALAB
Market Cap₹ 49,967 Cr.
Current Price
High / Low₹ 2,002 / 1,252
Stock P/E40.2
Book Value₹ 329
Price to Book5.10
Dividend Yield0.30 %
ROCE19.7 %
ROE15.2 %
Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2022 • Branded Generics: 54.8% • Active Pharmaceutical Ingredients (APIs): 25.1% • Generic: 20.1%

AI Sector View

AI GENERATED

Healthcare

Buy

This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.

Confidence
50%
View full sector analysis →

PROS

  • Company is almost debt free
  • Latest quarter profit grew 42.5% YoY, showing strong momentum
  • Operating margins have improved to 23.9% from 17.6%
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.55x)
  • Company comfortably covers its interest (34.7x coverage)
  • Stock looks reasonably valued - P/E of 40.2 is below its historical median

CONS

  • Company has delivered a poor profit growth of -0.1% over past five years
  • Recurring exceptional / one-off items are inflating headline profit
  • Company has delivered a poor sales growth of 7.3% over past five years
  • Stock is trading at 5.1x its book value
  • Though reporting repeated profits, the company pays out little dividend (13.4%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

HealthcareHealthcarePharmaceuticals & Drugs
Part ofNIFTY PHARMANIFTYLARGEMIDCAP250NIFTYMIDCAP150NIFTY MIDCAP 150NIFTY TOTAL MKT
S.No.Name
1.SUNPHARMA1842.0036.54441957.500.872901.2326.5315299.8810.9819.1128.81
2.DIVISLAB9326.0084.64247576.000.32902.0065.503080.0027.8021.5140.75
3.TORNTPHARM4975.0086.76189233.010.76566.003.284921.0057.3219.2733.81
4.ZYDUSLIFE1119.5024.74111670.550.09990.20-34.908017.0023.9721.3924.54
5.CIPLA1365.0032.72110272.680.95785.55-39.187119.284.1316.0016.73
6.LAURUSLABS1970.3597.37106460.420.10362.07123.942026.3129.1018.2031.50
7.DRREDDY1161.0030.0796906.380.69435.60-69.108099.80-5.2113.7510.63
8.AUROPHARMA1675.4525.9796401.690.241032.0325.229150.3517.4412.7620.54
9.LUPIN2096.0017.3495842.920.861416.9816.018276.8934.2828.8629.59
10.MANKIND2277.0046.0494050.370.04574.0929.124030.5912.8913.2426.30
11.GLENMARK2416.9037.9468210.880.10482.83927.884018.4831.3520.3520.03
12.IPCALAB1969.5038.1549967.050.30424.2782.182788.1020.7619.4124.07
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
1,4861,6631,5071,5111,5661,8111,6631,6381,7471,9301,8451,8142,119
1,1891,3141,2341,2181,2131,4091,2521,2801,3401,4661,3681,3831,621
Operating Profit298348273292353402411359407465477431498
OPM %20.03%20.95%18.12%19.35%22.56%22.20%24.72%21.89%23.29%24.07%25.88%23.76%23.50%
43-317-79151717-260252218-117
Interest3139272419171016121110105
Depreciation60616362616363656367697075
Profit before Tax25024520012728833935617357408417350515
Tax %33.26%33.86%31.58%49.13%29.09%28.03%24.74%479.30%26.55%25.37%27.27%25.03%27.57%
Net Profit16716213765204244268-65262305303262373
6.576.395.402.558.059.6210.55-2.5610.3312.0111.9610.3414.71

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
3,1023,1933,6064,3385,1145,4055,7756,1246,6357,2897,709
2,7042,7662,9273,4393,6644,2204,8874,9595,1465,5345,838
Operating Profit3994276798981,4501,1858881,1651,4901,7551,871
OPM %12.85%13.37%18.83%20.71%28.36%21.93%15.38%19.02%22.45%24.08%24.27%
5758728412910913726-1739157
Interest26272119111046123654536
Depreciation171174172179188210229246252269280
Profit before Tax2582835577851,3801,0747508221,0001,5321,691
Tax %27.08%17.57%18.39%16.88%17.33%19.90%32.62%35.49%34.91%26.08%26.44%
Net Profit1882334556521,1418605065306511,1331,244
EPS14.9218.4736.0151.6090.0833.9119.9320.9125.6544.64—
Dividend Payout %6.70%5.41%8.33%9.68%8.90%11.79%20.07%19.13%15.59%13.44%—

COMPOUNDED SALES GROWTH

10 Years:
10%
5 Years:
7%
3 Years:
8%

COMPOUNDED PROFIT GROWTH

10 Years:
28%
5 Years:
0%
3 Years:
31%

STOCK PRICE CAGR

10 Years:
21%
5 Years:
9%
3 Years:
30%
1 Year:
50%

RETURN ON EQUITY

10 Years:
14%
5 Years:
12%
3 Years:
11%
Last Year:
15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2026

Aug 7

₹ 6

Rs.6.0000 per share(600%)Dividend

2025

Aug 5

₹ 2

Rs.2.0000 per share(200%)Final Dividend

2024

Nov 27

₹ 2

Interim Dividend

2024

Aug 6

₹ 2

Rs.2.0000 per share(200%)Final Dividend

2023

Nov 22

₹ 2

Interim Dividend

2022

Nov 22

₹ 4

Interim Dividend

2021

Nov 22

₹ 4

Interim Dividend

2020

Nov 13

₹ 4

Interim Dividend

2020

Feb 18

₹ 2.50

Interim Dividend

2018

Aug 2

₹ 0.50

Rs.1.0000 per share(50%)Dividend

2017

Jul 27

₹ 0.50

Rs.1.0000 per share(50%)Dividend

2026

Jul 13

₹ 6

10/09/2026 Equity Rs.6.0000 per share(600%)Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital25252525252525252525
2,4502,6693,1113,6404,7275,4505,8526,3236,8667,954
6726244464522207741,437925666122
Trade Payables388415464538526492451423482606
4323754115295116976829621,0321,068
Total Liabilities3,9684,1084,4585,1856,0107,4388,4478,6599,0719,776
1,9461,8551,7401,8411,8692,1532,4792,5242,5372,969
Capital Work in Progress62423670181293114166484448
2122163226498681,3391,0572,6542,6932,536
8748731,0561,2671,5171,7801,6601,6771,5421,708
00000001,0271,1661,272
Cash & Bank181312601523075961,706113165363
8579911,0441,2061,2691,2781,431498483479
Total Assets3,9684,1084,4585,1856,0107,4388,4478,6599,0719,776

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
3253816037081,3381,0249788311,3741,378
Cash from Investing-146-119-123-499-560-814-710-1,355-739-697
Cash from Financing-156-130-223-139-307426506-465-428-745
-3174150-76229444559-990207-64

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
46.3046.3044.7244.7244.7244.7244.7244.7244.72
10.8510.8311.0610.7510.6710.4210.6310.6310.72
33.4633.9035.3635.7335.8836.4537.0037.1337.04
Government0.000.000.000.000.000.000.000.000.00
9.078.658.538.468.418.087.337.207.18

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-17
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-17 - IPCA Laboratories Limited has informed the Exchange about Transcript

2026-08-14
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-14 - IPCA Laboratories Limited has informed the Exchange about Link of Recording

2026-08-14
Copy of Newspaper Publication

2026-08-14 - IPCA Laboratories Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-14
Shareholders meeting

2026-08-14 - IPCA Laboratories Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 13, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-13
Shareholders meeting

2026-08-13 - IPCA Laboratories Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 13, 2026

2026-08-13
Outcome of Board Meeting

2026-08-13 - IPCA Laboratories Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-08-06
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-06 - IPCA Laboratories Limited has informed the Exchange about Schedule of meet

2026-07-17
Updates

2026-07-17 - IPCA Laboratories Limited has informed the Exchange regarding ''.Intimation to non-email cases regarding weblink of Annual Report'

2026-07-15
Copy of Newspaper Publication

2026-07-15 - IPCA Laboratories Limited has informed the Exchange about Copy of Newspaper Publication

News

Recent coverage and analyst commentary for IPCALAB

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