NSE: IOLCP · BSE: 524164
IOL CHEM AND PHARMA LTD
Manufactures active pharmaceutical ingredients (APIs) and industrial chemicals across two segments. The Pharmaceutical segment, which contributed 54.2% of FY26 segment revenue at ₹1,396.25 crore, makes Ibuprofen — where it is the largest global producer with 12,000 MTPA capacity — alongside a diversifying portfolio of non-Ibuprofen APIs such as Paracetamol, Metformin, Clopidogrel, Pantoprazole and Minoxidil, with the non-Ibuprofen share of pharma revenue rising from 18% in FY21 to 37% in FY26. The Chemical segment, 45.0% of segment revenue at ₹1,160.53 crore, produces Ethyl Acetate (1,20,000 MTPA), Acetic Anhydride (32,000 MTPA) and the newly commissioned Triacetin for backward integration, and was running at 98-100% capacity utilisation in Q4 FY26. Operations span 11 dedicated manufacturing units, with 14 USFDA DMFs and 21 EDQM CEPs in regulatory coverage, and products reach 80 countries. Q4 FY26 was the highest-ever quarter at ₹619 crore, lifting full-year revenue to ₹2,319.06 crore with EBITDA margin at 12.04%. Materials form the largest cost line at 64.8% of revenue, with employee cost at 10.7% and other opex at 13.6%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pharmaceutical (54%), Chemical (45%). Asset-heavy API manufacturer and specialty chemicals producer with backward integration
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,184 | 2,217 | 2,133 | 2,079 | 2,319 |
| EBITDA (ex other income) | 244 | 226 | 231 | 202 | 258 |
| margin % | 11.2 | 10.2 | 10.8 | 9.7 | 11.1 |
| Owners' profit | 168 | 139 | 134 | 101 | 138 |
| EPS, as reported (₹) | 28.56 | 23.70 | 22.90 | 3.44 | 4.69 |
| ROE % · ROCE % | 12.0 · 16.1 | 9.2 · 13.1 | 8.3 · 11.7 | 6.0 · 8.6 | 7.7 · 10.5 |
| Debt / equity (x) | 0.03 | 0.05 | 0.02 | 0.07 | 0.07 |
| Cash from operations | 93 | 122 | 290 | 179 | 214 |
| Capex | (153) | (212) | (274) | (214) | (173) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 526 | 523 | 528 | 552 | 568 | 580 | 619 | 756 |
| Profit before tax | 26 | 28 | 45 | 46 | 40 | 28 | 71 | 87 |
| Net profit | 19 | 21 | 31 | 34 | 30 | 21 | 53 | 64 |
| EPS (₹) | 3.26 | 3.50 | 1.07 | 1.16 | 1.02 | 0.70 | 1.81 | 2.20 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Chemical | 875 | 34.0 |
| Pharmaceutical | 1,060 | 41.1 |
| Unallocated | 15 | 0.6 |
| - Chemical | 285 | 11.1 |
| - Pharmaceutical | 336 | 13.0 |
| - Unallocated | 7 | 0.3 |
| Total, before eliminations | 2,578 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 11.7 | 10.8 | — | 27.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 31.4 | 30.8 | 84 of 158 | 47% |
| P/B | 2.9 | 3.1 | 79 of 163 | 52% |
| ROCE | 9.7 | 10.8 | 102 of 183 | 45% |
| ROE | 7.7 | 9.8 | 101 of 166 | 39% |
| Debt / Equity | 0.1 | 0.2 | 72 of 166 | 57% |
| EBITDA margin | 14.8 | 17.5 | 93 of 165 | 44% |
| Revenue growth | 37.1 | 16.3 | 33 of 161 | 80% |
| Profit growth | 89.8 | 30.9 | 39 of 158 | 76% |
| Market cap | 5289 | 806 | 56 of 181 | 69% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Analyst and investor call set for Q2 and H1 FY27 results | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Board to review September 2026 quarterly and half-year results | results | low | — | — |
| 17 Oct 2026 · Newspaper notice on special window for physical share dematerialisation | compliance | minimal | — | — |
| 7 Oct 2026 · Routine filing of share dematerialisation certificate for Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · EDQM grants CEP for Fenofibrate Process II to IOL Chemicals | business updates | medium | — | — |
| 25 Sept 2026 · Trading window closed from 1 Oct ahead of Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · IOLCP gets EU-REACH registration for Triacetin | business updates | medium | — | — |
| 23 Sept 2026 · IOLCP to attend Bharat Connect Conference on 29 September 2026 | board shareholder meetings | low | — | — |
| 23 Sept 2026 · IOL Chem to meet analysts via Nuvama PCG on Sept 28 | board shareholder meetings | low | — | — |
| 21 Sept 2026 · IOLCP sends KYC update reminder to physical shareholders | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.