Ipca Laboratories Ltd

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Ipca Labs. Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents
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Ipca Laboratories Ltd

₹ 1,943 0.84%
01 Oct - close price
ipca.com BSE: 524494 NSE: IPCALAB
About

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.[1]

Key Points

Integrated nature of operations
Ipca Laboratories is a fully integrated pharmaceutical company that manufactures over 350 formulations and 80 APIs for various therapeutic segments. [1]
IPCA is among India’s top 20 pharmaceutical companies. [2]

Business segments FY26:
API Business[3]
Ipca produces over 80 APIs; nearly 79% of the APIs and Intermediates business is from exports, making them one of India’s top exporters of APIs, serving over 100 countries around the globe.

Website BSE NSE
  • Market Cap ₹ 49,300 Cr.
  • Current Price ₹ 1,943
  • High / Low ₹ 2,039 / 1,252
  • Stock P/E 38.9
  • Book Value ₹ 315
  • Dividend Yield 0.31 %
  • ROCE 19.7 %
  • ROE 15.3 %
  • Face Value ₹ 1.00
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Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • The company has delivered a poor sales growth of 7.35% over past five years.
  • Company has a low return on equity of 12.7% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Healthcare Healthcare Pharmaceuticals & Biotechnology Pharmaceuticals

Part of BSE 500 BSE Healthcare Nifty 500 Nifty Pharma BSE 150 MidCap Index

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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 1,542
Operating Profit 298 348 273 292 353 402 411 359 407 465 477 431 578
OPM % 20% 21% 18% 19% 23% 22% 25% 22% 23% 24% 26% 24% 27%
43 -3 17 -79 15 17 17 -260 25 22 18 -1 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
Profit before tax 250 245 200 127 288 339 356 17 357 408 417 350 515
Tax % 33% 34% 32% 49% 29% 28% 25% 479% 27% 25% 27% 25% 28%
167 162 137 65 204 244 268 -65 262 305 303 262 373
EPS in Rs 6.57 6.39 5.40 2.55 8.05 9.62 10.55 -2.56 10.33 12.01 11.96 10.34 14.71
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
3,088 2,804 3,102 3,193 3,606 4,338 5,114 5,405 5,775 6,124 6,635 7,289 7,709
2,556 2,526 2,666 2,748 2,909 3,419 3,596 4,164 4,858 4,909 5,106 5,503 5,758
Operating Profit 532 277 436 446 697 918 1,518 1,241 917 1,215 1,529 1,786 1,951
OPM % 17% 10% 14% 14% 19% 21% 30% 23% 16% 20% 23% 24% 25%
32 26 19 39 54 64 61 53 108 -23 -212 60 57
Interest 29 31 26 27 21 19 11 10 46 123 65 45 36
Depreciation 177 161 171 174 172 179 188 210 229 246 252 269 280
Profit before tax 358 111 258 283 557 785 1,380 1,074 750 822 1,000 1,532 1,691
Tax % 28% 17% 27% 18% 18% 17% 17% 20% 33% 35% 35% 26%
256 93 188 233 455 652 1,141 860 506 530 651 1,133 1,244
EPS in Rs 10.15 3.67 7.46 9.24 18.00 25.82 44.97 33.91 19.93 20.91 25.65 44.64 49.02
Dividend Payout % 5% 0% 7% 5% 8% 10% 9% 12% 20% 19% 16% 13%
Compounded Sales Growth
10 Years: 10%
5 Years: 7%
3 Years: 8%
TTM: 12%
Compounded Profit Growth
10 Years: 29%
5 Years: 0%
3 Years: 33%
TTM: 39%
Stock Price CAGR
10 Years: 20%
5 Years: 10%
3 Years: 28%
1 Year: 46%
Return on Equity
10 Years: 14%
5 Years: 13%
3 Years: 13%
Last Year: 15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 25 25 25 25 25 25 25 25 25 25 25 25
Reserves 2,208 2,258 2,450 2,670 3,111 3,652 4,727 5,450 5,852 6,323 6,866 7,954
929 865 716 628 444 474 236 776 1,440 1,152 906 295
662 756 777 785 877 1,033 1,021 1,186 1,129 1,159 1,273 1,501
Total Liabilities 3,824 3,905 3,968 4,108 4,458 5,185 6,010 7,438 8,447 8,659 9,071 9,776
1,753 1,977 1,946 1,855 1,740 1,841 1,869 2,153 2,479 2,524 2,537 2,969
CWIP 267 129 95 73 66 84 182 297 123 175 490 459
Investments 82 97 212 216 322 649 868 1,339 1,057 2,654 2,693 2,536
1,722 1,702 1,716 1,964 2,329 2,611 3,092 3,650 4,789 3,306 3,351 3,810
Total Assets 3,824 3,905 3,968 4,108 4,458 5,185 6,010 7,438 8,447 8,659 9,071 9,776

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
455 696 271 324 496 561 1,096 832 762 831 1,374 1,378
-686 -214 -146 -119 -123 -499 -560 -812 -710 -1,355 -739 -697
255 -414 -156 -130 -223 -139 -307 426 506 -465 -428 -745
Net Cash Flow 25 68 -31 74 150 -76 229 446 559 -990 207 -64
Free Cash Flow -99 456 138 253 430 301 749 384 362 474 776 718
CFO/OP 100% 261% 75% 86% 87% 77% 88% 82% 107% 91% 111% 99%

Ratios

Standalone / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 42 57 59 68 64 71 55 56 59 61 64 64
Inventory Days 293 290 288 286 332 312 350 364 293 309 297 336
Days Payable 97 145 128 136 146 133 121 101 80 78 93 119
Cash Conversion Cycle 238 203 219 218 250 250 284 319 272 293 269 280
Working Capital Days 69 62 75 82 93 91 108 105 74 87 85 93
ROCE % 13% 4% 9% 9% 17% 20% 30% 19% 11% 14% 17% 20%

Insights

In beta
Mar 2016 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
R&D expenditure as % of total income (standalone)
%

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Number of marketing divisions (domestic formulations)
count
Total permanent employees
count
Number of countries exported to
count
Total number of manufacturing facilities
count
Number of brands in domestic formulations
count
Field force (Medical Representatives)
count
Domestic formulation market share (IQVIA MAT)
%
R&D Expenditure (Percentage of Turnover)
%

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Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
46.29% 46.29% 46.30% 46.30% 46.30% 44.72% 44.72% 44.72% 44.72% 44.72% 44.72% 44.72%
9.86% 10.27% 10.51% 10.85% 10.83% 11.06% 10.75% 10.67% 10.42% 10.62% 10.63% 10.72%
34.72% 34.19% 34.05% 33.46% 33.90% 35.36% 35.73% 35.88% 36.45% 36.99% 37.13% 37.04%
0.32% 0.32% 0.32% 0.32% 0.32% 0.32% 0.32% 0.32% 0.32% 0.32% 0.32% 0.32%
8.80% 8.93% 8.82% 9.07% 8.64% 8.53% 8.45% 8.41% 8.09% 7.33% 7.21% 7.19%
No. of Shareholders 95,93082,80981,16584,75382,97590,18988,30685,58282,87077,67382,18482,060

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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