Ipca Laboratories Ltd.
•₹ 1,911.20.58%
2026-08-21
ABOUT
KEY POINTS
Revenue Breakup Mar 2022 • Branded Generics: 54.8% • Active Pharmaceutical Ingredients (APIs): 25.1% • Generic: 20.1%
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 35.9 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
EDIT COLUMNS| S.No. | Name | CMP Rs. | P/E | Mar Cap Rs.Cr. | Div Yld % | NP Qtr Rs.Cr. | Qtr Profit Var % | Sales Qtr Rs.Cr. | Qtr Sales Var % | ROCE % | OPM % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | SUNPHARMA | 1901.00 | 37.71 | 456113.58 | 0.84 | 2901.23 | 26.53 | 15299.88 | 10.98 | 19.11 | 28.81 |
| 2. | DIVISLAB | 8587.00 | 77.93 | 227957.87 | 0.35 | 902.00 | 65.50 | 3080.00 | 27.80 | 21.51 | 40.75 |
| 3. | TORNTPHARM | 4994.90 | 87.11 | 189989.94 | 0.76 | 566.00 | 3.28 | 4921.00 | 57.32 | 19.27 | 33.81 |
| 4. | CIPLA | 1437.65 | 34.46 | 116141.01 | 0.90 | 785.55 | -39.18 | 7119.28 | 4.13 | 16.00 | 16.73 |
| 5. | ZYDUSLIFE | 1108.80 | 24.51 | 110603.22 | 0.09 | 990.20 | -34.90 | 8017.00 | 23.97 | 21.39 | 24.54 |
| 6. | LUPIN | 2203.10 | 18.22 | 100733.42 | 0.82 | 1416.98 | 16.01 | 8276.89 | 34.28 | 28.86 | 29.59 |
| 7. | DRREDDY | 1181.35 | 30.60 | 98604.43 | 0.68 | 435.60 | -69.10 | 8099.80 | -5.21 | 13.75 | 10.63 |
| 8. | MANKIND | 2385.00 | 48.22 | 98499.54 | 0.04 | 574.09 | 29.12 | 4030.59 | 12.89 | 13.24 | 26.30 |
| 9. | LAURUSLABS | 1823.00 | 90.09 | 98498.92 | 0.11 | 3620.70 | 2139.42 | 20263.10 | 1191.00 | 18.20 | 31.50 |
| 10. | AUROPHARMA | 1606.40 | 24.90 | 92428.71 | 0.25 | 1032.03 | 25.22 | 9150.35 | 17.44 | 12.76 | 20.54 |
| 11. | BIOCON | 412.10 | 135.59 | 67159.70 | 0.12 | 136.80 | 53.36 | 4336.00 | 10.89 | 3.26 | 19.54 |
| 12. | IPCALAB | 1900.25 | 36.81 | 48210.14 | 0.32 | 424.27 | 82.18 | 2788.10 | 20.76 | 19.41 | 24.07 |
Detailed Comparison with:
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,486 | 1,663 | 1,507 | 1,511 | 1,566 | 1,811 | 1,663 | 1,638 | 1,747 | 1,930 | 1,845 | 1,814 | 2,119 | |
| 1,189 | 1,314 | 1,234 | 1,218 | 1,213 | 1,409 | 1,252 | 1,280 | 1,340 | 1,466 | 1,368 | 1,383 | 1,621 | |
| Operating Profit | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Income | 43 | 36 | 17 | 15 | 15 | 17 | 17 | 21 | 25 | 22 | 18 | 30 | 17 |
| Interest | 31 | 39 | 27 | 24 | 19 | 17 | 10 | 16 | 12 | 11 | 10 | 10 | 5 |
| Depreciation | 60 | 61 | 63 | 62 | 61 | 63 | 63 | 65 | 63 | 67 | 69 | 70 | 75 |
| 250 | 245 | 200 | 127 | 288 | 339 | 356 | 17 | 357 | 408 | 417 | 350 | 515 | |
| 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 Profit | 167 | 162 | 137 | 65 | 204 | 244 | 268 | -65 | 262 | 305 | 303 | 262 | 373 |
| 7 | 6 | 5 | 3 | 8 | 10 | 11 | -3 | 10 | 12 | 12 | 10 | 1 | |
| Equity Capital | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Equity Capital | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Jun 2023
- 1,486
- 1,189
- Operating Profit
- —
- OPM %
- —
- Other Income
- 43
- Interest
- 31
- Depreciation
- 60
- 250
- Tax %
- 33.26%
- Net Profit
- 167
- 7
- Equity Capital
- 25
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 25
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2023
- 1,663
- 1,314
- Operating Profit
- —
- OPM %
- —
- Other Income
- 36
- Interest
- 39
- Depreciation
- 61
- 245
- Tax %
- 33.86%
- Net Profit
- 162
- 6
- Equity Capital
- 25
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 25
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2023
- 1,507
- 1,234
- Operating Profit
- —
- OPM %
- —
- Other Income
- 17
- Interest
- 27
- Depreciation
- 63
- 200
- Tax %
- 31.58%
- Net Profit
- 137
- 5
- Equity Capital
- 25
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 25
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2024
- 1,511
- 1,218
- Operating Profit
- —
- OPM %
- —
- Other Income
- 15
- Interest
- 24
- Depreciation
- 62
- 127
- Tax %
- 49.13%
- Net Profit
- 65
- 3
- Equity Capital
- 25
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 25
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2024
- 1,566
- 1,213
- Operating Profit
- —
- OPM %
- —
- Other Income
- 15
- Interest
- 19
- Depreciation
- 61
- 288
- Tax %
- 29.09%
- Net Profit
- 204
- 8
- Equity Capital
- 25
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 25
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2024
- 1,811
- 1,409
- Operating Profit
- —
- OPM %
- —
- Other Income
- 17
- Interest
- 17
- Depreciation
- 63
- 339
- Tax %
- 28.03%
- Net Profit
- 244
- 10
- Equity Capital
- 25
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 25
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2024
- 1,663
- 1,252
- Operating Profit
- —
- OPM %
- —
- Other Income
- 17
- Interest
- 10
- Depreciation
- 63
- 356
- Tax %
- 24.74%
- Net Profit
- 268
- 11
- Equity Capital
- 25
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 25
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2025
- 1,638
- 1,280
- Operating Profit
- —
- OPM %
- —
- Other Income
- 21
- Interest
- 16
- Depreciation
- 65
- 17
- Tax %
- 479.30%
- Net Profit
- -65
- -3
- Equity Capital
- 25
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 25
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2025
- 1,747
- 1,340
- Operating Profit
- —
- OPM %
- —
- Other Income
- 25
- Interest
- 12
- Depreciation
- 63
- 357
- Tax %
- 26.55%
- Net Profit
- 262
- 10
- Equity Capital
- 25
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 25
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2025
- 1,930
- 1,466
- Operating Profit
- —
- OPM %
- —
- Other Income
- 22
- Interest
- 11
- Depreciation
- 67
- 408
- Tax %
- 25.37%
- Net Profit
- 305
- 12
- Equity Capital
- 25
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 25
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2025
- 1,845
- 1,368
- Operating Profit
- —
- OPM %
- —
- Other Income
- 18
- Interest
- 10
- Depreciation
- 69
- 417
- Tax %
- 27.27%
- Net Profit
- 303
- 12
- Equity Capital
- 25
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 25
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2026
- 1,814
- 1,383
- Operating Profit
- —
- OPM %
- —
- Other Income
- 30
- Interest
- 10
- Depreciation
- 70
- 350
- Tax %
- 25.03%
- Net Profit
- 262
- 10
- Equity Capital
- 25
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 25
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2026
- 2,119
- 1,621
- Operating Profit
- —
- OPM %
- —
- Other Income
- 17
- Interest
- 5
- Depreciation
- 75
- 515
- Tax %
- 27.57%
- Net Profit
- 373
- 1
- Equity Capital
- 25
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 25
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,102 | 3,193 | 3,606 | 4,338 | 5,114 | 5,405 | 5,775 | 6,124 | 6,635 | 7,289 | 7,709 | |
| 2,704 | 2,766 | 2,927 | 3,439 | 3,664 | 4,220 | 4,887 | 4,959 | 5,146 | 5,534 | 5,838 | |
| Operating Profit | 455 | 485 | 750 | 982 | 1,579 | 1,294 | 1,025 | 1,325 | 1,598 | 1,877 | — |
| OPM % | 15 | 15 | 21 | 23 | 31 | 24 | 18 | 22 | 24 | 26 | — |
| Other Income | 57 | 58 | 72 | 84 | 129 | 109 | 137 | 160 | 108 | 122 | 87 |
| Interest | 26 | 27 | 21 | 19 | 11 | 10 | 46 | 123 | 65 | 45 | 36 |
| Depreciation | 171 | 174 | 172 | 179 | 188 | 210 | 229 | 246 | 252 | 269 | 280 |
| 258 | 283 | 557 | 785 | 1,380 | 1,074 | 750 | 822 | 1,000 | 1,532 | 1,691 | |
| Tax % | 27 | 18 | 18 | 17 | 17 | 20 | 33 | 35 | 35 | 26 | 26 |
| Net Profit | 188 | 233 | 455 | 652 | 1,141 | 860 | 506 | 530 | 651 | 1,133 | 1,244 |
| EPS | 15 | 18 | 36 | 52 | 90 | 34 | 20 | 21 | 26 | 45 | — |
| Dividend Payout % | 7 | 5 | 8 | 10 | 9 | 12 | 20 | 19 | 16 | 13 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 7 | 9 | 18 | 26 | 45 | 34 | 20 | 21 | 26 | 45 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 7 | 9 | 18 | 26 | 45 | 34 | 20 | 21 | 26 | 45 | — |
Mar 2017
- 3,102
- 2,704
- Operating Profit
- 455
- OPM %
- 15
- Other Income
- 57
- Interest
- 26
- Depreciation
- 171
- 258
- Tax %
- 27
- Net Profit
- 188
- EPS
- 15
- Dividend Payout %
- 7
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 7
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 7
Mar 2018
- 3,193
- 2,766
- Operating Profit
- 485
- OPM %
- 15
- Other Income
- 58
- Interest
- 27
- Depreciation
- 174
- 283
- Tax %
- 18
- Net Profit
- 233
- EPS
- 18
- Dividend Payout %
- 5
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 9
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 9
Mar 2019
- 3,606
- 2,927
- Operating Profit
- 750
- OPM %
- 21
- Other Income
- 72
- Interest
- 21
- Depreciation
- 172
- 557
- Tax %
- 18
- Net Profit
- 455
- EPS
- 36
- Dividend Payout %
- 8
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 18
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 18
Mar 2020
- 4,338
- 3,439
- Operating Profit
- 982
- OPM %
- 23
- Other Income
- 84
- Interest
- 19
- Depreciation
- 179
- 785
- Tax %
- 17
- Net Profit
- 652
- EPS
- 52
- Dividend Payout %
- 10
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 26
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 26
Mar 2021
- 5,114
- 3,664
- Operating Profit
- 1,579
- OPM %
- 31
- Other Income
- 129
- Interest
- 11
- Depreciation
- 188
- 1,380
- Tax %
- 17
- Net Profit
- 1,141
- EPS
- 90
- Dividend Payout %
- 9
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 45
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 45
Mar 2022
- 5,405
- 4,220
- Operating Profit
- 1,294
- OPM %
- 24
- Other Income
- 109
- Interest
- 10
- Depreciation
- 210
- 1,074
- Tax %
- 20
- Net Profit
- 860
- EPS
- 34
- Dividend Payout %
- 12
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 34
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 34
Mar 2023
- 5,775
- 4,887
- Operating Profit
- 1,025
- OPM %
- 18
- Other Income
- 137
- Interest
- 46
- Depreciation
- 229
- 750
- Tax %
- 33
- Net Profit
- 506
- EPS
- 20
- Dividend Payout %
- 20
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 20
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 20
Mar 2024
- 6,124
- 4,959
- Operating Profit
- 1,325
- OPM %
- 22
- Other Income
- 160
- Interest
- 123
- Depreciation
- 246
- 822
- Tax %
- 35
- Net Profit
- 530
- EPS
- 21
- Dividend Payout %
- 19
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 21
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 21
Mar 2025
- 6,635
- 5,146
- Operating Profit
- 1,598
- OPM %
- 24
- Other Income
- 108
- Interest
- 65
- Depreciation
- 252
- 1,000
- Tax %
- 35
- Net Profit
- 651
- EPS
- 26
- Dividend Payout %
- 16
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 26
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 26
Mar 2026
- 7,289
- 5,534
- Operating Profit
- 1,877
- OPM %
- 26
- Other Income
- 122
- Interest
- 45
- Depreciation
- 269
- 1,532
- Tax %
- 26
- Net Profit
- 1,133
- EPS
- 45
- Dividend Payout %
- 13
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 45
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 45
TTM
- 7,709
- 5,838
- Operating Profit
- —
- OPM %
- —
- Other Income
- 87
- Interest
- 36
- Depreciation
- 280
- 1,691
- Tax %
- 26
- Net Profit
- 1,244
- EPS
- —
- Dividend Payout %
- —
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- —
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- —
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:
- 22%
- 5 Years:
- 9%
- 3 Years:
- 29%
- 1 Year:
- 41%
RETURN ON EQUITY
- 10 Years:
- 14%
- 5 Years:
- 12%
- 3 Years:
- 11%
- Last Year:
- 15%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 |
| 2,450 | 2,669 | 3,111 | 3,640 | 4,727 | 5,450 | 5,852 | 6,323 | 6,866 | 7,954 | |
| 319 | 388 | 310 | 358 | 200 | 366 | 771 | 369 | 155 | 2 | |
| Trade Payables | 388 | 415 | 464 | 538 | 526 | 492 | 451 | 423 | 482 | 606 |
| 786 | 610 | 547 | 623 | 531 | 1,105 | 1,348 | 1,519 | 1,543 | 1,189 | |
| Total Liabilities | 3,968 | 4,108 | 4,458 | 5,185 | 6,010 | 7,438 | 8,447 | 8,659 | 9,071 | 9,776 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 1,946 | 1,855 | 1,740 | 1,841 | 1,869 | 2,153 | 2,479 | 2,524 | 2,537 | 2,969 | |
| Capital Work in Progress | 62 | 42 | 36 | 70 | 181 | 293 | 114 | 166 | 484 | 448 |
| 212 | 216 | 322 | 649 | 868 | 1,339 | 1,057 | 2,654 | 2,693 | 2,536 | |
| 874 | 873 | 1,056 | 1,267 | 1,517 | 1,780 | 1,660 | 1,677 | 1,542 | 1,708 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,027 | 1,166 | 1,272 | |
| Cash & Bank | 18 | 131 | 260 | 152 | 307 | 596 | 1,706 | 113 | 165 | 363 |
| 857 | 991 | 1,044 | 1,206 | 1,269 | 1,278 | 1,431 | 498 | 483 | 479 | |
| Total Assets | 3,968 | 4,108 | 4,458 | 5,185 | 6,010 | 7,438 | 8,447 | 8,659 | 9,071 | 9,776 |
| Total Debt | 716 | 628 | 444 | 456 | 223 | 761 | 1,423 | 1,133 | 872 | 235 |
| Net Working Capital | 765 | 915 | 1,272 | 1,471 | 2,212 | 2,871 | 3,197 | 1,990 | 2,362 | 2,576 |
| Contingent Liabilities | 45 | 43 | 40 | 65 | 87 | 103 | 130 | 125 | 112 | 122 |
| Book Value per Share | 196.13 | 213.52 | 248.25 | 290.11 | 374.67 | 215.84 | 231.66 | 250.24 | 271.64 | 314.52 |
| Face Value | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Total Debt | 716 | 628 | 444 | 456 | 223 | 761 | 1,423 | 1,133 | 872 | 235 |
| Net Working Capital | 765 | 915 | 1,272 | 1,471 | 2,212 | 2,871 | 3,197 | 1,990 | 2,362 | 2,576 |
| Contingent Liabilities | 45 | 43 | 40 | 65 | 87 | 103 | 130 | 125 | 112 | 122 |
| Book Value per Share | 196.13 | 213.52 | 248.25 | 290.11 | 374.67 | 215.84 | 231.66 | 250.24 | 271.64 | 314.52 |
| Face Value | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Mar 2017
- Equity Capital
- 25
- 2,450
- 319
- Trade Payables
- 388
- 786
- Total Liabilities
- 3,968
- 1,946
- Capital Work in Progress
- 62
- 212
- 874
- 0
- Cash & Bank
- 18
- 857
- Total Assets
- 3,968
- Total Debt
- 716
- Net Working Capital
- 765
- Contingent Liabilities
- 45
- Book Value per Share
- 196.13
- Face Value
- 2.00
- Total Debt
- 716
- Net Working Capital
- 765
- Contingent Liabilities
- 45
- Book Value per Share
- 196.13
- Face Value
- 2.00
Mar 2018
- Equity Capital
- 25
- 2,669
- 388
- Trade Payables
- 415
- 610
- Total Liabilities
- 4,108
- 1,855
- Capital Work in Progress
- 42
- 216
- 873
- 0
- Cash & Bank
- 131
- 991
- Total Assets
- 4,108
- Total Debt
- 628
- Net Working Capital
- 915
- Contingent Liabilities
- 43
- Book Value per Share
- 213.52
- Face Value
- 2.00
- Total Debt
- 628
- Net Working Capital
- 915
- Contingent Liabilities
- 43
- Book Value per Share
- 213.52
- Face Value
- 2.00
Mar 2019
- Equity Capital
- 25
- 3,111
- 310
- Trade Payables
- 464
- 547
- Total Liabilities
- 4,458
- 1,740
- Capital Work in Progress
- 36
- 322
- 1,056
- 0
- Cash & Bank
- 260
- 1,044
- Total Assets
- 4,458
- Total Debt
- 444
- Net Working Capital
- 1,272
- Contingent Liabilities
- 40
- Book Value per Share
- 248.25
- Face Value
- 2.00
- Total Debt
- 444
- Net Working Capital
- 1,272
- Contingent Liabilities
- 40
- Book Value per Share
- 248.25
- Face Value
- 2.00
Mar 2020
- Equity Capital
- 25
- 3,640
- 358
- Trade Payables
- 538
- 623
- Total Liabilities
- 5,185
- 1,841
- Capital Work in Progress
- 70
- 649
- 1,267
- 0
- Cash & Bank
- 152
- 1,206
- Total Assets
- 5,185
- Total Debt
- 456
- Net Working Capital
- 1,471
- Contingent Liabilities
- 65
- Book Value per Share
- 290.11
- Face Value
- 2.00
- Total Debt
- 456
- Net Working Capital
- 1,471
- Contingent Liabilities
- 65
- Book Value per Share
- 290.11
- Face Value
- 2.00
Mar 2021
- Equity Capital
- 25
- 4,727
- 200
- Trade Payables
- 526
- 531
- Total Liabilities
- 6,010
- 1,869
- Capital Work in Progress
- 181
- 868
- 1,517
- 0
- Cash & Bank
- 307
- 1,269
- Total Assets
- 6,010
- Total Debt
- 223
- Net Working Capital
- 2,212
- Contingent Liabilities
- 87
- Book Value per Share
- 374.67
- Face Value
- 2.00
- Total Debt
- 223
- Net Working Capital
- 2,212
- Contingent Liabilities
- 87
- Book Value per Share
- 374.67
- Face Value
- 2.00
Mar 2022
- Equity Capital
- 25
- 5,450
- 366
- Trade Payables
- 492
- 1,105
- Total Liabilities
- 7,438
- 2,153
- Capital Work in Progress
- 293
- 1,339
- 1,780
- 0
- Cash & Bank
- 596
- 1,278
- Total Assets
- 7,438
- Total Debt
- 761
- Net Working Capital
- 2,871
- Contingent Liabilities
- 103
- Book Value per Share
- 215.84
- Face Value
- 1.00
- Total Debt
- 761
- Net Working Capital
- 2,871
- Contingent Liabilities
- 103
- Book Value per Share
- 215.84
- Face Value
- 1.00
Mar 2023
- Equity Capital
- 25
- 5,852
- 771
- Trade Payables
- 451
- 1,348
- Total Liabilities
- 8,447
- 2,479
- Capital Work in Progress
- 114
- 1,057
- 1,660
- 0
- Cash & Bank
- 1,706
- 1,431
- Total Assets
- 8,447
- Total Debt
- 1,423
- Net Working Capital
- 3,197
- Contingent Liabilities
- 130
- Book Value per Share
- 231.66
- Face Value
- 1.00
- Total Debt
- 1,423
- Net Working Capital
- 3,197
- Contingent Liabilities
- 130
- Book Value per Share
- 231.66
- Face Value
- 1.00
Mar 2024
- Equity Capital
- 25
- 6,323
- 369
- Trade Payables
- 423
- 1,519
- Total Liabilities
- 8,659
- 2,524
- Capital Work in Progress
- 166
- 2,654
- 1,677
- 1,027
- Cash & Bank
- 113
- 498
- Total Assets
- 8,659
- Total Debt
- 1,133
- Net Working Capital
- 1,990
- Contingent Liabilities
- 125
- Book Value per Share
- 250.24
- Face Value
- 1.00
- Total Debt
- 1,133
- Net Working Capital
- 1,990
- Contingent Liabilities
- 125
- Book Value per Share
- 250.24
- Face Value
- 1.00
Mar 2025
- Equity Capital
- 25
- 6,866
- 155
- Trade Payables
- 482
- 1,543
- Total Liabilities
- 9,071
- 2,537
- Capital Work in Progress
- 484
- 2,693
- 1,542
- 1,166
- Cash & Bank
- 165
- 483
- Total Assets
- 9,071
- Total Debt
- 872
- Net Working Capital
- 2,362
- Contingent Liabilities
- 112
- Book Value per Share
- 271.64
- Face Value
- 1.00
- Total Debt
- 872
- Net Working Capital
- 2,362
- Contingent Liabilities
- 112
- Book Value per Share
- 271.64
- Face Value
- 1.00
Mar 2026
- Equity Capital
- 25
- 7,954
- 2
- Trade Payables
- 606
- 1,189
- Total Liabilities
- 9,776
- 2,969
- Capital Work in Progress
- 448
- 2,536
- 1,708
- 1,272
- Cash & Bank
- 363
- 479
- Total Assets
- 9,776
- Total Debt
- 235
- Net Working Capital
- 2,576
- Contingent Liabilities
- 122
- Book Value per Share
- 314.52
- Face Value
- 1.00
- Total Debt
- 235
- Net Working Capital
- 2,576
- Contingent Liabilities
- 122
- Book Value per Share
- 314.52
- Face Value
- 1.00
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 271 | 324 | 496 | 561 | 1,096 | 832 | 762 | 831 | 1,374 | 1,378 | |
| Cash from Investing | -146 | -119 | -123 | -499 | -560 | -814 | -710 | -1,355 | -739 | -697 |
| Cash from Financing | -156 | -130 | -223 | -139 | -307 | 426 | 506 | -465 | -428 | -745 |
| -31 | 74 | 150 | -76 | 229 | 444 | 559 | -990 | 207 | -64 | |
| Free Cash Flow | 163 | 262 | 448 | 261 | 776 | 237 | 432 | 502 | 825 | 746 |
| OCF / Net Profit | 1.44 | 1.39 | 1.09 | 0.86 | 0.96 | 0.97 | 1.51 | 1.57 | 2.11 | 1.22 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 1,910 | 1,984 | 2,153 | 2,208 | 2,772 | 2,742 |
| OCF / Net Profit | 1.44 | 1.39 | 1.09 | 0.86 | 0.96 | 0.97 | 1.51 | 1.57 | 2.11 | 1.22 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 1,910 | 1,984 | 2,153 | 2,208 | 2,772 | 2,742 |
Mar 2017
- 271
- Cash from Investing
- -146
- Cash from Financing
- -156
- -31
- Free Cash Flow
- 163
- OCF / Net Profit
- 1.44
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.44
- Cumulative 5-Year FCF
- 0
Mar 2018
- 324
- Cash from Investing
- -119
- Cash from Financing
- -130
- 74
- Free Cash Flow
- 262
- OCF / Net Profit
- 1.39
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.39
- Cumulative 5-Year FCF
- 0
Mar 2019
- 496
- Cash from Investing
- -123
- Cash from Financing
- -223
- 150
- Free Cash Flow
- 448
- OCF / Net Profit
- 1.09
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.09
- Cumulative 5-Year FCF
- 0
Mar 2020
- 561
- Cash from Investing
- -499
- Cash from Financing
- -139
- -76
- Free Cash Flow
- 261
- OCF / Net Profit
- 0.86
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 0.86
- Cumulative 5-Year FCF
- 0
Mar 2021
- 1,096
- Cash from Investing
- -560
- Cash from Financing
- -307
- 229
- Free Cash Flow
- 776
- OCF / Net Profit
- 0.96
- Cumulative 5-Year FCF
- 1,910
- OCF / Net Profit
- 0.96
- Cumulative 5-Year FCF
- 1,910
Mar 2022
- 832
- Cash from Investing
- -814
- Cash from Financing
- 426
- 444
- Free Cash Flow
- 237
- OCF / Net Profit
- 0.97
- Cumulative 5-Year FCF
- 1,984
- OCF / Net Profit
- 0.97
- Cumulative 5-Year FCF
- 1,984
Mar 2023
- 762
- Cash from Investing
- -710
- Cash from Financing
- 506
- 559
- Free Cash Flow
- 432
- OCF / Net Profit
- 1.51
- Cumulative 5-Year FCF
- 2,153
- OCF / Net Profit
- 1.51
- Cumulative 5-Year FCF
- 2,153
Mar 2024
- 831
- Cash from Investing
- -1,355
- Cash from Financing
- -465
- -990
- Free Cash Flow
- 502
- OCF / Net Profit
- 1.57
- Cumulative 5-Year FCF
- 2,208
- OCF / Net Profit
- 1.57
- Cumulative 5-Year FCF
- 2,208
Mar 2025
- 1,374
- Cash from Investing
- -739
- Cash from Financing
- -428
- 207
- Free Cash Flow
- 825
- OCF / Net Profit
- 2.11
- Cumulative 5-Year FCF
- 2,772
- OCF / Net Profit
- 2.11
- Cumulative 5-Year FCF
- 2,772
Mar 2026
- 1,378
- Cash from Investing
- -697
- Cash from Financing
- -745
- -64
- Free Cash Flow
- 746
- OCF / Net Profit
- 1.22
- Cumulative 5-Year FCF
- 2,742
- OCF / Net Profit
- 1.22
- Cumulative 5-Year FCF
- 2,742
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | - | - | - | - | - | - | - | - | - | - |
| EPS (₹) | 14.92 | 18.47 | 36.00 | 51.64 | 89.93 | 33.91 | 19.93 | 20.91 | 25.65 | 44.64 |
| Book Value (₹) | 196.13 | 213.52 | 248.25 | 290.11 | 374.67 | 215.84 | 231.66 | 250.24 | 271.64 | 314.52 |
| Dividend per Share (₹) | 1.00 | 1.00 | 3.00 | 5.00 | 8.00 | 4.00 | 4.00 | 4.00 | 4.00 | 6.00 |
| Cash EPS (₹) | 14.23 | 16.14 | 24.80 | 32.89 | 52.36 | 42.18 | 28.94 | 30.62 | 35.58 | 55.24 |
| PROFITABILITY | - | - | - | - | - | - | - | - | - | - |
| Operating Margin % | 14.41% | 15.05% | 20.65% | 22.50% | 30.72% | 23.80% | 17.64% | 18.89% | 22.31% | 23.92% |
| Net Margin % | 5.96% | 7.24% | 12.52% | 14.94% | 22.20% | 15.82% | 8.70% | 8.60% | 9.74% | 15.44% |
| ROE % | 7.91% | 9.02% | 15.60% | 19.18% | 27.10% | 16.82% | 8.91% | 8.68% | 9.83% | 15.23% |
| ROCE % | 8.97% | 9.53% | 16.76% | 20.84% | 30.54% | 19.34% | 11.77% | 12.78% | 13.97% | 19.75% |
| 4.78% | 5.77% | 10.62% | 13.53% | 20.38% | 12.79% | 6.37% | 6.20% | 7.34% | 12.02% | |
| EFFICIENCY | - | - | - | - | - | - | - | - | - | - |
| Debtor Days | 55 | 62 | 62 | 61 | 57 | 54 | 55 | 58 | 60 | 61 |
| Inventory Days | 99 | 99 | 97 | 97 | 99 | 111 | 108 | 99 | 88 | 81 |
| Payable Days | 146 | 137 | 140 | 126 | 123 | 104 | 83 | 88 | 99 | 123 |
| 7 | 24 | 18 | 33 | 33 | 61 | 80 | 68 | 49 | 18 | |
| FINANCIAL HEALTH | - | - | - | - | - | - | - | - | - | - |
| Debt to Equity (x) | 0.29x | 0.23x | 0.14x | 0.12x | 0.05x | 0.14x | 0.24x | 0.18x | 0.13x | 0.03x |
| Interest Coverage (x) | 10.93x | 11.30x | 27.43x | 42.67x | 124.99x | 104.18x | 17.20x | 7.71x | 16.37x | 34.70x |
| 1.81x | 1.92x | 2.25x | 2.18x | 3.08x | 3.12x | 2.91x | 2.31x | 2.67x | 2.82x | |
| GROWTH | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | 10.65% | 2.94% | 12.91% | 20.31% | 17.90% | 5.70% | 6.83% | 6.05% | 8.35% | 9.86% |
| Operating Profit Growth % | 49.84% | 6.47% | 54.83% | 30.94% | 60.69% | -18.03% | -20.76% | 29.17% | 20.67% | 17.43% |
| Net Profit Growth % | 103.51% | 23.80% | 95.15% | 43.43% | 74.84% | -24.58% | -41.22% | 4.89% | 22.69% | 74.03% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 4.89% | 22.69% | 74.03% | |
| VALUATION | - | - | - | - | - | - | - | - | - | - |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 59.23x | 58.53x | 35.91x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 4.95x | 5.53x | 5.10x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.32% | 0.27% | 0.37% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 24.49x | 24.27x | 21.60x |
Mar 2017
- EPS (₹)
- 14.92
- Book Value (₹)
- 196.13
- Dividend per Share (₹)
- 1.00
- Cash EPS (₹)
- 14.23
- Operating Margin %
- 14.41%
- Net Margin %
- 5.96%
- ROE %
- 7.91%
- ROCE %
- 8.97%
- 4.78%
- Debtor Days
- 55
- Inventory Days
- 99
- Payable Days
- 146
- 7
- Debt to Equity (x)
- 0.29x
- Interest Coverage (x)
- 10.93x
- 1.81x
- Revenue Growth %
- 10.65%
- Operating Profit Growth %
- 49.84%
- Net Profit Growth %
- 103.51%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2018
- EPS (₹)
- 18.47
- Book Value (₹)
- 213.52
- Dividend per Share (₹)
- 1.00
- Cash EPS (₹)
- 16.14
- Operating Margin %
- 15.05%
- Net Margin %
- 7.24%
- ROE %
- 9.02%
- ROCE %
- 9.53%
- 5.77%
- Debtor Days
- 62
- Inventory Days
- 99
- Payable Days
- 137
- 24
- Debt to Equity (x)
- 0.23x
- Interest Coverage (x)
- 11.30x
- 1.92x
- Revenue Growth %
- 2.94%
- Operating Profit Growth %
- 6.47%
- Net Profit Growth %
- 23.80%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2019
- EPS (₹)
- 36.00
- Book Value (₹)
- 248.25
- Dividend per Share (₹)
- 3.00
- Cash EPS (₹)
- 24.80
- Operating Margin %
- 20.65%
- Net Margin %
- 12.52%
- ROE %
- 15.60%
- ROCE %
- 16.76%
- 10.62%
- Debtor Days
- 62
- Inventory Days
- 97
- Payable Days
- 140
- 18
- Debt to Equity (x)
- 0.14x
- Interest Coverage (x)
- 27.43x
- 2.25x
- Revenue Growth %
- 12.91%
- Operating Profit Growth %
- 54.83%
- Net Profit Growth %
- 95.15%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2020
- EPS (₹)
- 51.64
- Book Value (₹)
- 290.11
- Dividend per Share (₹)
- 5.00
- Cash EPS (₹)
- 32.89
- Operating Margin %
- 22.50%
- Net Margin %
- 14.94%
- ROE %
- 19.18%
- ROCE %
- 20.84%
- 13.53%
- Debtor Days
- 61
- Inventory Days
- 97
- Payable Days
- 126
- 33
- Debt to Equity (x)
- 0.12x
- Interest Coverage (x)
- 42.67x
- 2.18x
- Revenue Growth %
- 20.31%
- Operating Profit Growth %
- 30.94%
- Net Profit Growth %
- 43.43%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2021
- EPS (₹)
- 89.93
- Book Value (₹)
- 374.67
- Dividend per Share (₹)
- 8.00
- Cash EPS (₹)
- 52.36
- Operating Margin %
- 30.72%
- Net Margin %
- 22.20%
- ROE %
- 27.10%
- ROCE %
- 30.54%
- 20.38%
- Debtor Days
- 57
- Inventory Days
- 99
- Payable Days
- 123
- 33
- Debt to Equity (x)
- 0.05x
- Interest Coverage (x)
- 124.99x
- 3.08x
- Revenue Growth %
- 17.90%
- Operating Profit Growth %
- 60.69%
- Net Profit Growth %
- 74.84%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2022
- EPS (₹)
- 33.91
- Book Value (₹)
- 215.84
- Dividend per Share (₹)
- 4.00
- Cash EPS (₹)
- 42.18
- Operating Margin %
- 23.80%
- Net Margin %
- 15.82%
- ROE %
- 16.82%
- ROCE %
- 19.34%
- 12.79%
- Debtor Days
- 54
- Inventory Days
- 111
- Payable Days
- 104
- 61
- Debt to Equity (x)
- 0.14x
- Interest Coverage (x)
- 104.18x
- 3.12x
- Revenue Growth %
- 5.70%
- Operating Profit Growth %
- -18.03%
- Net Profit Growth %
- -24.58%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2023
- EPS (₹)
- 19.93
- Book Value (₹)
- 231.66
- Dividend per Share (₹)
- 4.00
- Cash EPS (₹)
- 28.94
- Operating Margin %
- 17.64%
- Net Margin %
- 8.70%
- ROE %
- 8.91%
- ROCE %
- 11.77%
- 6.37%
- Debtor Days
- 55
- Inventory Days
- 108
- Payable Days
- 83
- 80
- Debt to Equity (x)
- 0.24x
- Interest Coverage (x)
- 17.20x
- 2.91x
- Revenue Growth %
- 6.83%
- Operating Profit Growth %
- -20.76%
- Net Profit Growth %
- -41.22%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2024
- EPS (₹)
- 20.91
- Book Value (₹)
- 250.24
- Dividend per Share (₹)
- 4.00
- Cash EPS (₹)
- 30.62
- Operating Margin %
- 18.89%
- Net Margin %
- 8.60%
- ROE %
- 8.68%
- ROCE %
- 12.78%
- 6.20%
- Debtor Days
- 58
- Inventory Days
- 99
- Payable Days
- 88
- 68
- Debt to Equity (x)
- 0.18x
- Interest Coverage (x)
- 7.71x
- 2.31x
- Revenue Growth %
- 6.05%
- Operating Profit Growth %
- 29.17%
- Net Profit Growth %
- 4.89%
- 4.89%
- P/E (x)
- 59.23x
- P/B (x)
- 4.95x
- Dividend Yield %
- 0.32%
- 24.49x
Mar 2025
- EPS (₹)
- 25.65
- Book Value (₹)
- 271.64
- Dividend per Share (₹)
- 4.00
- Cash EPS (₹)
- 35.58
- Operating Margin %
- 22.31%
- Net Margin %
- 9.74%
- ROE %
- 9.83%
- ROCE %
- 13.97%
- 7.34%
- Debtor Days
- 60
- Inventory Days
- 88
- Payable Days
- 99
- 49
- Debt to Equity (x)
- 0.13x
- Interest Coverage (x)
- 16.37x
- 2.67x
- Revenue Growth %
- 8.35%
- Operating Profit Growth %
- 20.67%
- Net Profit Growth %
- 22.69%
- 22.69%
- P/E (x)
- 58.53x
- P/B (x)
- 5.53x
- Dividend Yield %
- 0.27%
- 24.27x
Mar 2026
- EPS (₹)
- 44.64
- Book Value (₹)
- 314.52
- Dividend per Share (₹)
- 6.00
- Cash EPS (₹)
- 55.24
- Operating Margin %
- 23.92%
- Net Margin %
- 15.44%
- ROE %
- 15.23%
- ROCE %
- 19.75%
- 12.02%
- Debtor Days
- 61
- Inventory Days
- 81
- Payable Days
- 123
- 18
- Debt to Equity (x)
- 0.03x
- Interest Coverage (x)
- 34.70x
- 2.82x
- Revenue Growth %
- 9.86%
- Operating Profit Growth %
- 17.43%
- Net Profit Growth %
- 74.03%
- 74.03%
- P/E (x)
- 35.91x
- P/B (x)
- 5.10x
- Dividend Yield %
- 0.37%
- 21.60x
Documents
Announcements
- Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-17 - IPCA Laboratories Limited has informed the Exchange about Transcript
- Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-14 - IPCA Laboratories Limited has informed the Exchange about Link of Recording
Annual Reports
Credit Ratings
- Credit Rating
2026-07-07 - IPCA Laboratories Limited has informed the Exchange about Credit Rating
- Credit Rating
2025-07-07 - IPCA Laboratories Limited has informed the Exchange about Credit Rating
Concalls
Jun 2026
Feb 2026
Nov 2025