Ipca Laboratories Ltd

IPCALAB

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Market Cap

₹ 36,570 Cr

P/E

36.94

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Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

MODERATE RISK

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Price

PE Ratio

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Overview

Detailed Summary

Ipca Laboratories Limited is a fully integrated pharmaceutical company manufacturing and selling over 350 formulations and 80 APIs globally, operating in over 100 countries.

Recently, Ipca has acquired a significant stake in Unichem Laboratories, which is expected to bring strategic synergies and expand its international market presence.

Despite challenges like GST rate rationalizations, Ipca's domestic formulations business grew by 11.6% in Q2 FY26, outpacing the industry growth of 7.8%.

Ipca's API business reports robust growth, with the Q2 FY26 showing a 28% increase driven by strong performance in Europe and Latin America.

Increased R&D expenditure, now at 3.91% of turnover, signals Ipca’s commitment to innovation and future preparedness, especially in biosimilars and new market filings.

Sector

Pharmaceuticals

Industry

Pharmaceuticals - Indian - Bulk Drugs & Formln Lrg

Market Cap

36,570 Cr

Volatility

Low Risk

P/E Ratio

36.9

Industry P/E

27.8

PEG Ratio

2.0

P/B Ratio

4.9

52W High

1,757.65

52W Low

1,200.00

Sales CAGR

16.02%

7.08%

8.86%

10Y

9.95%

Profit CAGR

48.81%

-8.89%

-0.05%

10Y

24.20%

ROE

TTM

13.33%

7.97%

11.71%

10Y

11.53%

ROCE

TTM

17.89%

11.98%

15.36%

10Y

14.49%

Technicals

‌

Forecasts

No. of Analysts

21

1Y Price Target

1600.79 ▲ 12.26%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
AUROPHARMA	1185.50	68,854 Cr	20.12	1.96	0.00	9.77	12.69	6.51
ALKEM	5620.35	67,152 Cr	28.57	5.03	0.80	17.69	18.13	11.89
GLENMARK	1986.05	56,027 Cr	22.28	5.85	0.13	26.24	30.84	5.31
LAURUSLABS	1004.30	54,218 Cr	79.27	11.28	0.12	14.23	15.05	7.21
IPCALAB	1440.55	36,570 Cr	36.94	4.92	0.28	13.33	17.89	7.02
PPLPHARMA	171.70	22,823 Cr	—	2.83	0.08	-0.29	4.50	-0.15
APLLTD	863.50	16,998 Cr	26.80	3.20	1.27	11.93	12.59	7.52

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,585	2,034	2,053	2,033	2,093	2,355	2,245	2,247	2,309	2,557
Expenses	1,278	1,673	1,722	1,711	1,700	1,913	1,782	1,818	1,892	2,012
Operating Profit	308	361	331	322	393	441	463	429	416	545
OPM %	19.41	17.73	16.12	15.83	18.77	18.75	20.62	19.09	18.04	21.32
Other Income	45	-0.74	91	-118	21	26	20	-179	33	-30
Interest	31	44	33	29	24	23	17	22	19	20
Depreciation	69	90	100	98	99	100	98	100	100	103
Profit Before Tax	252	225	289	77	290	345	368	128	331	392
Tax %	34.00	39.01	22.93	96.20	31.48	28.82	24.62	48.61	29.07	27.60
Net Profit	166	137	223	2.91	199	245	277	66	234	284
EPS in Rs	6.42	5.72	7.09	2.35	7.58	9.05	9.78	2.67	9.19	11.14

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	3,212	3,284	3,773	4,649	5,420	5,830	6,244	7,705	8,940	9,156
Expenses	2,710	2,803	3,054	3,712	3,876	4,521	5,318	6,384	7,213	7,406
Operating Profit	502	481	719	936	1,544	1,309	927	1,321	1,726	1,750
OPM %	15.64	14.63	19.07	20.14	28.49	22.46	14.84	17.15	19.31	19.11
Other Income	13	38	56	59	63	67	126	17	-112	-100
Interest	24	24	19	17	9.04	7.69	46	138	85	79
Depreciation	173	178	182	211	209	232	262	357	398	399
Profit Before Tax	262	291	546	739	1,389	1,136	745	843	1,131	1,171
Tax %	25.77	17.59	19.08	18.32	17.29	19.79	33.99	37.20	30.38	29.74
Net Profit	195	239	442	604	1,149	911	492	529	788	823
EPS in Rs	—	—	17.43	23.79	44.96	30.97	18.58	21.58	29.08	32.78
Dividend Payout %	6.49	5.27	8.52	10.48	17.77	11.48	21.53	18.54	13.76	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	25	25	25	25	25	25	25	25	25	25
Reserves	2,234	2,430	2,663	3,097	3,602	4,676	5,439	5,817	6,307	6,923
Borrowings	669	529	473	351	433	265	807	1,481	1,438	1,363
Other Liabilities	963	975	956	1,078	1,200	1,101	1,351	1,303	3,331	3,449
Total Liabilities	3,892	3,960	4,117	4,551	5,260	6,068	7,624	8,626	11,101	11,761
Fixed Assets	2,014	1,983	1,953	1,940	2,059	2,072	2,402	2,751	4,553	4,267
CWIP	129	95	73	66	133	235	306	140	343	622
Investments	26	136	87	120	310	505	989	626	862	980
Other Assets	1,723	1,746	2,004	2,424	2,758	3,256	3,926	5,109	5,343	5,893
Total Assets	3,892	3,960	4,117	4,551	5,260	6,068	7,624	8,626	11,101	11,761

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	709	282	341	501	570	1,090	856	806	945	1,321
Cash from Investing Activity	-218	-149	-135	-165	-509	-521	-851	-725	-1,215	-870
Cash from Financing Activity	-462	-159	-130	-183	-137	-306	427	507	-553	-283
Net Cash Flow	29	-26	75	153	-76	264	432	588	-823	169

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	46.29%	46.29%	46.29%	46.29%	46.29%	46.30%	46.30%	46.30%	44.72%	44.72%	44.72%	44.72%
FIIs	10.46%	10.58%	10.05%	9.86%	10.27%	10.51%	10.85%	10.83%	11.07%	10.76%	10.67%	10.42%
DIIs	34.03%	34.06%	35.19%	35.05%	34.52%	34.37%	33.78%	34.23%	35.68%	36.06%	36.20%	36.78%
Public	9.22%	9.07%	8.48%	8.81%	8.92%	8.82%	9.06%	8.64%	8.53%	8.46%	8.41%	8.07%
Total Shareholders	1,08,177	1,10,296	99,889	95,930	82,809	81,165	84,753	82,975	90,189	88,306	85,582	82,870

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Aug 25, 2025	Pawan kothari	Insider - Designated Person	Disposal	1,413.02	0.31 Cr	2,220	—
Aug 21, 2025	Mexin medicaments pvt. ltd.	Insider - Promoter Group	Disposal	—	—	14,058	0.01
Aug 21, 2025	Paschim chemicals pvt. ltd.	Insider - Promoter Group	Disposal	—	—	1,01,73,000	4.01
Aug 21, 2025	Kaygee investments pvt. ltd.	Insider - Promoter Group	Acquisition	—	—	1,01,87,058	4.01
Dec 19, 2024	Mrs. usha m. chandurkar	Insider - Promoter Group	Disposal	1,499.25	599.70 Cr	40,00,000	1.57
Dec 18, 2024	Usha madhukar chandurkar	Bulk	Sell	1,501.52	600.61 Cr	40,00,000	1.57
Mar 12, 2024	Paschim chemicals pvt. ltd.	Insider - Promoter Group	Acquisition	1,200.97	4.20 Cr	35,000	0.01
Nov 20, 2023	Mr. ajit kumar jain	Insider - Director	Disposal	1,081.85	2.16 Cr	20,000	0.00

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Presentations

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,585	2,034	2,053	2,033	2,093	2,355	2,245	2,247	2,309	2,557
Expenses	1,278	1,673	1,722	1,711	1,700	1,913	1,782	1,818	1,892	2,012
Operating Profit	308	361	331	322	393	441	463	429	416	545
OPM %	19.41	17.73	16.12	15.83	18.77	18.75	20.62	19.09	18.04	21.32
Other Income	45	-0.74	91	-118	21	26	20	-179	33	-30
Interest	31	44	33	29	24	23	17	22	19	20
Depreciation	69	90	100	98	99	100	98	100	100	103
Profit Before Tax	252	225	289	77	290	345	368	128	331	392
Tax %	34.00	39.01	22.93	96.20	31.48	28.82	24.62	48.61	29.07	27.60
Net Profit	166	137	223	2.91	199	245	277	66	234	284
EPS in Rs	6.42	5.72	7.09	2.35	7.58	9.05	9.78	2.67	9.19	11.14

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	3,212	3,284	3,773	4,649	5,420	5,830	6,244	7,705	8,940	9,156
Expenses	2,710	2,803	3,054	3,712	3,876	4,521	5,318	6,384	7,213	7,406
Operating Profit	502	481	719	936	1,544	1,309	927	1,321	1,726	1,750
OPM %	15.64	14.63	19.07	20.14	28.49	22.46	14.84	17.15	19.31	19.11
Other Income	13	38	56	59	63	67	126	17	-112	-100
Interest	24	24	19	17	9.04	7.69	46	138	85	79
Depreciation	173	178	182	211	209	232	262	357	398	399
Profit Before Tax	262	291	546	739	1,389	1,136	745	843	1,131	1,171
Tax %	25.77	17.59	19.08	18.32	17.29	19.79	33.99	37.20	30.38	29.74
Net Profit	195	239	442	604	1,149	911	492	529	788	823
EPS in Rs	—	—	17.43	23.79	44.96	30.97	18.58	21.58	29.08	32.78
Dividend Payout %	6.49	5.27	8.52	10.48	17.77	11.48	21.53	18.54	13.76	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	25	25	25	25	25	25	25	25	25	25
Reserves	2,234	2,430	2,663	3,097	3,602	4,676	5,439	5,817	6,307	6,923
Borrowings	669	529	473	351	433	265	807	1,481	1,438	1,363
Other Liabilities	963	975	956	1,078	1,200	1,101	1,351	1,303	3,331	3,449
Total Liabilities	3,892	3,960	4,117	4,551	5,260	6,068	7,624	8,626	11,101	11,761
Fixed Assets	2,014	1,983	1,953	1,940	2,059	2,072	2,402	2,751	4,553	4,267
CWIP	129	95	73	66	133	235	306	140	343	622
Investments	26	136	87	120	310	505	989	626	862	980
Other Assets	1,723	1,746	2,004	2,424	2,758	3,256	3,926	5,109	5,343	5,893
Total Assets	3,892	3,960	4,117	4,551	5,260	6,068	7,624	8,626	11,101	11,761

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	709	282	341	501	570	1,090	856	806	945	1,321
Cash from Investing Activity	-218	-149	-135	-165	-509	-521	-851	-725	-1,215	-870
Cash from Financing Activity	-462	-159	-130	-183	-137	-306	427	507	-553	-283
Net Cash Flow	29	-26	75	153	-76	264	432	588	-823	169

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
AUROPHARMA	1185.50	68,854 Cr	20.12	1.96	0.00	9.77	12.69	6.51
ALKEM	5620.35	67,152 Cr	28.57	5.03	0.80	17.69	18.13	11.89
GLENMARK	1986.05	56,027 Cr	22.28	5.85	0.13	26.24	30.84	5.31
LAURUSLABS	1004.30	54,218 Cr	79.27	11.28	0.12	14.23	15.05	7.21
IPCALAB	1440.55	36,570 Cr	36.94	4.92	0.28	13.33	17.89	7.02
PPLPHARMA	171.70	22,823 Cr	—	2.83	0.08	-0.29	4.50	-0.15
APLLTD	863.50	16,998 Cr	26.80	3.20	1.27	11.93	12.59	7.52

Overview

Detailed Summary

Ipca Laboratories Limited is a fully integrated pharmaceutical company manufacturing and selling over 350 formulations and 80 APIs globally, operating in over 100 countries.

Recently, Ipca has acquired a significant stake in Unichem Laboratories, which is expected to bring strategic synergies and expand its international market presence.

Despite challenges like GST rate rationalizations, Ipca's domestic formulations business grew by 11.6% in Q2 FY26, outpacing the industry growth of 7.8%.

Ipca's API business reports robust growth, with the Q2 FY26 showing a 28% increase driven by strong performance in Europe and Latin America.

Increased R&D expenditure, now at 3.91% of turnover, signals Ipca’s commitment to innovation and future preparedness, especially in biosimilars and new market filings.

Sector

Pharmaceuticals

Industry

Pharmaceuticals - Indian - Bulk Drugs & Formln Lrg

Market Cap

36,570 Cr

Volatility

Low Risk

P/E Ratio

36.9

Industry P/E

27.8

PEG Ratio

2.0

P/B Ratio

4.9

52W High

1,757.65

52W Low

1,200.00

Sales CAGR

16.02%

7.08%

8.86%

10Y

9.95%

Profit CAGR

48.81%

-8.89%

-0.05%

10Y

24.20%

ROE

TTM

13.33%

7.97%

11.71%

10Y

11.53%

ROCE

TTM

17.89%

11.98%

15.36%

10Y

14.49%