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IPCA Laboratories

IPCALAB NSE
₹1,972.00

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P/E
38.19
View as Markdown
MCP
Close 4 Nov 2026 ₹1,972.00 +667.20 +51.1% 1Y
Start ₹1,304.80

Key Fundamentals

MidcapPharmaceuticals & BiotechnologyHealthcare

Price-based figures at the close · EPS basis: Consolidated · TTM

ROCE
17.00%
Debt to Equity
0.10
EPS (TTM)
₹51.63
Book Value
₹317.84
Market Cap
—
P/E (TTM)
38.19
P/B
6.20
ROE
15.70%
Dividend Yield
0.31%
EBITDA
₹2,153 Cr
52W High
₹2,038.00
52W Low
₹1,276.10

Tapetide Score

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

Overall score

54 Average

Data confidence 100/100

Category scores

Quality
51
Average
Returns, margins, earnings quality 22% weight
Valuation
63
Good
Cheap vs sector & own history 24% weight
Growth
27
Poor
Sales & profit trajectory 9% weight
Financial Health
70
Strong
Solvency, leverage, coverage 9% weight
Momentum
52
Average
Trend strength, vol-adjusted 12% weight
Ownership
49
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has reduced debt.

Weaknesses

2
  • Stock is trading at 5.71 times its book value
  • Company has a low return on equity of 12.9% over last 3 years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3412
OscillatorsBearish342
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
56.66
Neutral
MACD (12,26,9)
6.68
Bullish
SMA (50)
1,944.69
Bullish
SMA (200)
1,681.55
Bullish

As of

Analyst Rating

Based on 16 analysts
BUY75%

12 of 16 analysts rate Buy, 2 Hold, 2 Sell.

As of

BUY
12
75%
HOLD
2
13%
SELL
2
13%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+12.84%
5Y+12.21%
3Y+15.66%
1Y+7.89%
TTM+10.57%

Net profit

Net profit growth by window
10Y+28.97%
5Y+0.74%
3Y+35.21%
1Y+50.83%
TTM+68.01%

Operating cash flow

Operating cash flow growth by window
10Y+4.88%
5Y+0.94%
3Y+12.32%
1Y−13.55%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+10.48 pp
5Y−8.04 pp
3Y+5.71 pp
1Y+1.27 pp
TTM+2.95 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹3,156 Cr
Mar 2018₹3,258 Cr
Mar 2019₹3,746 Cr
Mar 2020₹4,619 Cr
Mar 2021₹5,395 Cr
Mar 2022₹5,797 Cr
Mar 2023₹6,204 Cr
Mar 2024₹7,662 Cr
Mar 2025₹8,897 Cr
Mar 2026₹9,599 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹195 Cr
Mar 2018₹239 Cr
Mar 2019₹442 Cr
Mar 2020₹604 Cr
Mar 2021₹1,141 Cr
Mar 2022₹890 Cr
Mar 2023₹479 Cr
Mar 2024₹523 Cr
Mar 2025₹785 Cr
Mar 2026₹1,184 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹679 Cr −2.3% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 28 Oct 2026
AI opinion · based on fundamentals
Risk medium

Ipca Laboratories Ltd trades at ₹1,930.5 as of 2026-10-28 with a market cap of ₹48,977.6 Cr and a P/E (TTM) of 37.39x. The company has delivered strong profit growth of 54% TTM and a 43% stock CAGR over the past year, though its 3-year average ROE of ~13% remains modest and the stock trades at 6.07x book value.

Bull Case 8
  • TTM profit growth of 54% signals a sharp earnings recovery, with EPS at ₹51.63 on a trailing basis
  • Near-negligible leverage with a debt-to-equity ratio of just 0.10, and the company has been actively reducing debt
  • Consistent compounded sales growth of 13% over 10 years and 16% over 3 years reflects durable revenue momentum
  • Stock has delivered a 43% return over the past 1 year, significantly outperforming broader indices, and trades near its 52-week high of ₹2,038
  • ROCE of 16.38% indicates reasonably efficient capital deployment across the business
  • Last-year ROE improved to 16%, up from the 5-year and 10-year averages of 13-14%, suggesting improving profitability
  • Long-term compounded profit CAGR of 30% over 10 years demonstrates the company's ability to scale earnings over full cycles
  • 10-year stock CAGR of 19% shows sustained long-term wealth creation for shareholders
Bear Case 7
  • P/E of 37.39x is elevated for a pharma company, pricing in significant future growth and leaving limited margin for disappointment
  • Stock trades at 6.07x book value (P/B), well above historical norms for the Indian pharma sector
  • 3-year average ROE of approximately 13% is modest, suggesting the high valuation is not yet fully supported by return metrics
  • 5-year compounded profit CAGR of just 1% reveals a prolonged earnings stagnation period before the recent recovery
  • Dividend yield of only 0.30% offers minimal income return to shareholders at the current price of ₹1,930.5
  • The 54% TTM profit surge may partly reflect a low base effect given the weak 5-year profit CAGR of 1%, raising questions about sustainability
  • 5-year stock CAGR of only 10% — well below the 10-year CAGR of 19% — indicates a multi-year period of underperformance that could recur

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

AI News Digest

53d ago

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.

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.

Quarterly Results

₹ Cr
IPCALAB quarterly results, ₹ crore
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 (₹)
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

Profit & Loss

₹ Cr
IPCALAB profit and loss, annual, ₹ crore
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 (₹)
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%
—

Balance Sheet

₹ Cr
IPCALAB balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
IPCALAB cash flow, annual, ₹ crore
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/EBITDA
100
251
74
88
88
80
86
80
110
94
97
78

Ratios

IPCALAB financial ratios, annual
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

Log in to view IPCA Laboratories insights

74 extracted metrics across FY09–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 44.72%
  • DIIs 36.59%
  • FIIs 11.53%
  • Public 5.72%
  • Others 1.43%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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.
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 PE ratio of Ipca Laboratories Ltd?
Ipca Laboratories Ltd trades at a PE ratio of 38.19 as of 4 Nov 2026, on earnings per share of ₹51.63, 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 ₹1,276.1 and ₹2,038 as of 4 Nov 2026.
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 15.70%. 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.

Website ipca.com
CEO Mr. Premchand Godha A.C. A., B. Com., CA
Employees 16,778
Listed 1 Feb 1995
Face Value ₹1

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