Ipca Laboratories Ltd.

•

ipca.comBSE: 524494NSE: IPCALAB

Market Cap₹ 49,820 Cr.

Current Price

High / Low₹ 2,002 / 1,252

Stock P/E38.0

Book Value₹ 334

Price to Book5.05

Dividend Yield0.31 %

ROCE19.4 %

ROE15.9 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2022 • Branded Generics: 52.1% • Active Pharmaceutical Ingredients (APIs): 26.2% • Generic: 21.7%

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
Company has consistently been profitable over the last 5 years
Latest quarter profit grew 82.2% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.36x)
Operating margins have improved to 20.3% from 16.9%

CONS

Company has delivered a poor profit growth of 0.7% over past five years
Recurring exceptional / one-off items are inflating headline profit
Stock is trading at 5.0x its book value
Though reporting repeated profits, the company pays out little dividend (13.3%)

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

Peer comparison

HealthcareHealthcarePharmaceuticals & Drugs

Part ofNIFTY PHARMA NIFTYLARGEMIDCAP250 NIFTYMIDCAP150 NIFTY MIDCAP 150 NIFTY TOTAL MKT

S.No.	Name
1.	SUNPHARMA	1868.50	37.06	448315.74	0.86	2901.23	26.53	15299.88	10.98	19.11	28.81
2.	DIVISLAB	9482.75	86.06	251737.22	0.32	902.00	65.50	3080.00	27.80	21.51	40.75
3.	TORNTPHARM	4931.90	86.01	187593.62	0.77	566.00	3.28	4921.00	57.32	19.27	33.81
4.	ZYDUSLIFE	1129.00	24.95	112618.18	0.09	990.20	-34.90	8017.00	23.97	21.39	24.54
5.	CIPLA	1368.00	32.79	110515.04	0.95	785.55	-39.18	7119.28	4.13	16.00	16.73
6.	LAURUSLABS	1933.25	95.54	104455.86	0.10	362.07	123.94	2026.31	29.10	18.20	31.50
7.	AUROPHARMA	1690.00	26.19	97238.86	0.24	1032.03	25.22	9150.35	17.44	12.76	20.54
8.	LUPIN	2092.00	17.30	95660.02	0.86	1416.98	16.01	8276.89	34.28	28.86	29.59
9.	DRREDDY	1143.20	29.61	95420.61	0.70	435.60	-69.10	8099.80	-5.21	13.75	10.63
10.	MANKIND	2266.00	45.82	93596.02	0.04	574.09	29.12	4030.59	12.89	13.24	26.30
11.	GLENMARK	2439.55	38.29	68850.12	0.10	482.83	927.88	4018.48	31.35	20.35	20.03
12.	IPCALAB	1963.70	38.04	49819.90	0.31	424.27	82.18	2788.10	20.76	19.41	24.07

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	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
	1,277	1,673	1,722	1,711	1,700	1,913	1,782	1,818	1,892	2,012	1,859	1,905	2,241
Operating Profit	308	361	331	322	393	441	463	429	416	545	533	484	547
OPM %	19.42%	17.73%	16.12%	15.83%	18.77%	18.75%	20.62%	19.09%	18.04%	21.32%	22.29%	20.26%	19.61%
	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
Profit before Tax	252	225	289	77	290	345	368	128	331	392	446	404	574
Tax %	34.00%	39.01%	22.93%	96.20%	31.48%	28.82%	24.62%	48.61%	29.07%	27.60%	18.37%	23.50%	26.03%
Net Profit	0	0	0	0	199	246	276	64	233	281	364	307	424
	6.42	5.72	7.09	2.35	7.58	9.05	9.78	2.67	9.19	11.14	12.09	11.79	15.84

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	3,156	3,258	3,746	4,619	5,395	5,797	6,204	7,662	8,897	9,599	10,126
	2,741	2,816	3,067	3,729	3,914	4,539	5,301	6,398	7,226	7,645	8,017
Operating Profit	415	442	678	890	1,481	1,258	903	1,264	1,671	1,954	2,109
OPM %	13.16%	13.57%	18.11%	19.28%	27.46%	21.70%	14.56%	16.50%	18.78%	20.36%	20.83%
	55	58	75	86	129	122	152	77	-54	115	81
Interest	27	28	22	20	12	11	48	141	88	79	69
Depreciation	173	178	182	210	209	232	262	357	398	418	429
Profit before Tax	262	291	546	739	1,389	1,136	745	843	1,131	1,573	1,816
Tax %	25.77%	17.59%	19.08%	18.32%	17.29%	19.79%	33.99%	37.20%	30.38%	24.24%	23.92%
Net Profit	195	239	442	604	1,149	911	492	529	788	1,191	1,381
EPS	15.42	18.97	35.01	47.73	90.11	34.85	18.58	21.57	29.08	44.98	—
Dividend Payout %	6.49%	5.27%	8.51%	10.42%	8.90%	11.48%	21.53%	18.54%	13.76%	13.34%	—

COMPOUNDED SALES GROWTH

10 Years:: 13%
5 Years:: 12%
3 Years:: 16%

COMPOUNDED PROFIT GROWTH

10 Years:: 28%
5 Years:: 0%
3 Years:: 34%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 14%
5 Years:: 13%
3 Years:: 12%
Last Year:: 16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	25	25	25	25	25	25	25	25	25	25
Minority Interest	0	0	16	14	15	77	73	1,395	1,440	1,460
	2,430	2,663	3,097	3,590	4,676	5,439	5,817	6,305	6,920	8,035
	672	624	467	478	249	805	1,475	1,181	1,090	614
Trade Payables	397	423	524	610	665	558	525	776	846	940
	435	380	420	541	436	717	708	1,415	1,422	1,275
Total Liabilities	3,960	4,116	4,549	5,258	6,066	7,622	8,623	11,097	11,744	12,350
	1,983	1,953	1,940	2,059	2,072	2,402	2,751	4,554	4,267	4,627
Capital Work in Progress	62	42	36	71	184	294	122	324	616	762
	136	87	120	310	505	989	626	862	980	844
	882	881	1,072	1,323	1,595	1,858	1,743	2,471	2,560	2,731
	0	0	0	0	0	0	0	1,687	1,884	2,014
Cash & Bank	36	151	282	181	365	641	1,853	297	344	565
	860	1,003	1,097	1,315	1,345	1,437	1,527	903	1,092	808
Total Assets	3,960	4,116	4,549	5,258	6,066	7,622	8,623	11,097	11,744	12,350

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	333	399	612	723	1,336	1,058	1,029	945	1,321	1,142
Cash from Investing	-149	-135	-165	-510	-521	-855	-725	-1,292	-870	-247
Cash from Financing	-159	-130	-183	-137	-306	427	507	-553	-283	-754
	-26	75	153	-76	264	428	588	-900	169	142

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	46.30	46.30	44.72	44.72	44.72	44.72	44.72	44.72	44.72
	10.85	10.83	11.06	10.75	10.67	10.42	10.63	10.63	10.72
	33.46	33.90	35.36	35.73	35.88	36.45	37.00	37.13	37.04
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	9.07	8.65	8.53	8.46	8.41	8.08	7.33	7.20	7.18

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

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