NSE: IPCALAB · BSE: 524494
IPCA LABORATORIES LTD
Operates as a pharmaceutical manufacturer with FY26 consolidated revenue of Rs 9,646.33 crore and consolidated net profit of Rs 1,183.78 crore. IPCA Laboratories sells into both domestic and export markets, with exports to over 100 countries accounting for 42% of revenue. On a standalone basis, FY26 total income was Rs 7,431 crore, up 10% from Rs 6,749 crore, with standalone net profit of Rs 1,132.5 crore and EBITDA of Rs 1,942 crore at a 26.1% margin. The business works with active pharmaceutical ingredients, currently sourcing fermentation-based APIs from Krebs Biochemicals, which the board approved merging into itself at a share-swap ratio of 7 IPCA shares for every 200 Krebs shares, with no cash consideration. The manufacturing operation runs with 16,052 permanent employees, with women at 20.59% in office roles. The largest cost lines are other operating expenses at 27.8% of revenue, raw materials at 24.3%, and employee costs at 22.4%, with depreciation at 4.3% and capex at 6.8% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Domestic pharmaceutical sales, Export pharmaceutical sales (42%). Pharmaceutical manufacturer with a substantial export footprint and integrated API-to-formulation operations
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,830 | 6,244 | 7,705 | 8,940 | 9,646 |
| EBITDA (ex other income) | 1,309 | 927 | 1,213 | 1,521 | 1,892 |
| margin % | 22.5 | 14.8 | 15.7 | 17.0 | 19.6 |
| Owners' profit | 884 | 471 | 547 | 738 | 1,141 |
| EPS, as reported (₹) | 34.85 | 18.58 | 21.57 | 29.08 | 44.98 |
| ROE % · ROCE % | 16.0 · 18.5 | 8.1 · 11.6 | 6.8 · 11.2 | 9.4 · 13.0 | 12.4 · 16.4 |
| Debt / equity (x) | 0.14 | 0.25 | 0.18 | 0.16 | 0.07 |
| Cash from operations | 856 | 806 | 945 | 1,321 | 1,142 |
| Capex | (479) | (494) | (411) | (776) | (652) |
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 | 2,355 | 2,245 | 2,247 | 2,309 | 2,557 | 2,393 | 2,388 | 2,788 |
| Profit before tax | 345 | 368 | 128 | 331 | 392 | 446 | 404 | 572 |
| Net profit | 246 | 276 | 64 | 233 | 281 | 364 | 307 | 424 |
| EPS (₹) | 9.05 | 9.78 | 2.67 | 9.19 | 11.14 | 12.86 | 11.79 | 15.84 |
Exhibit 3: 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 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 37.3 | 30.8 | 96 of 158 | 40% |
| P/B | 5.1 | 3.1 | 117 of 163 | 28% |
| ROCE | 15.6 | 10.8 | 58 of 183 | 69% |
| ROE | 12.4 | 9.8 | 62 of 166 | 63% |
| Debt / Equity | 0.1 | 0.2 | 73 of 166 | 56% |
| EBITDA margin | 24.9 | 17.5 | 54 of 165 | 68% |
| Revenue growth | 20.8 | 16.3 | 66 of 161 | 59% |
| Profit growth | 82.2 | 30.9 | 42 of 158 | 74% |
| Market cap | 48832 | 806 | 16 of 181 | 92% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · IPCA Laboratories schedules Q2 FY27 earnings call for November 5, 2026 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Board to review Q2 and half-year results on November 5 | results | low | — | — |
| 12 Oct 2026 · RTA certificate under Reg 74(5) for Q2 FY27 filed | compliance | minimal | — | — |
| 22 Sept 2026 · Ipca Labs closes trading window from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 17 Aug 2026 · Q1 FY27: Revenue up 21%, EBITDA margin guide raised to 23% | investor communications | medium | — | — |
| 14 Aug 2026 · Ipca Labs Q1 FY27 results published in newspapers | compliance | minimal | — | — |
| 14 Aug 2026 · Ipca Labs 76th AGM: All 6 resolutions passed, dividend approved | board shareholder meetings | medium | — | — |
| 13 Aug 2026 · Ipca Laboratories 76th AGM proceedings filed with stock exchanges | board shareholder meetings | medium | — | — |
| 13 Aug 2026 · IPCA Labs Q1 FY27: Net Profit up 42 percent standalone, revenue rises 21 percent | results | high | — | — |
| 13 Aug 2026 · Ipca Labs Q1FY27: Revenue up 21%, Net Profit jumps 42% standalone, 80% consolidated | results | high | — | — |
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.