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    IPCA Laboratories Limited

    Mumbai-based pharma maker of branded/generic formulations and APIs, exporting to 100+ countries.

    Healthcare
    Healthcare
    View IPCALAB earnings calls
    ₹1,900.6
    +15.82% from avg

    Overview

    Price

    ₹1,900.6

    Market Cap

    ₹45.1k Cr

    Sector

    Healthcare

    Healthcare

    Rank

    3

    Performance

    Financials

    Income Statement

    Financial Trajectories

    11
    Quarterly

    Balance Sheet

    Balance Sheet

    ₹ Cr · Annual
    Line itemFY20FY21FY22FY23FY24FY25FY26FY26
    LiabilitiesEquity Capital2525252525252525
    Reserves3.7k4.7k5.5k5.9k6.3k6.9k7.4k8.0k
    Borrowings4742367761.4k1.2k9061.3k295
    Other Liabilities1.0k1.0k1.2k1.1k1.2k1.3k3.6k1.5k
    Total Liabilities5.2k6.0k7.4k8.4k8.7k9.1k12.3k9.8k
    AssetsFixed Assets1.8k1.9k2.2k2.5k2.5k2.5k4.4k3.0k
    CWIP84182297123175490777459
    Investments6498681.3k1.1k2.7k2.7k1.2k2.5k
    Other Assets2.6k3.1k3.6k4.8k3.3k3.4k5.9k3.8k
    Total Assets5.2k6.0k7.4k8.4k8.7k9.1k12.3k9.8k

    Cash Flow

    Cash Flow

    ₹ Cr · Annual
    Line itemFY19FY20FY21FY22FY23FY24FY25FY26
    ActivitiesCash from Operating4965611.1k8327628311.4k1.4k
    Cash from Investing-123-499-560-812-710-1.4k-739-697
    Cash from Financing-223-139-307426506-465-428-745
    SummaryCapital Expenditure
    Free Cash Flow430301749384362474776718
    FCF Margin

    Valuation

    Assumptions

    Current — IPCALAB
    Price
    ₹1,901
    EPS (TTM)
    ₹44.64
    PE (TTM)
    42.6
    Profit growth
    32.6%

    The Earnings Per Share over the last 12 months.

    %

    Your assumption of the company's expected yearly EPS growth (e.g., 6 for 6%).

    Pre-filled with the lower of median (49.7×) and current (42.6×) PE — the conservative anchor.

    %

    The annualized return you aim to achieve. We solve for the price that delivers it, then compare to today's price.

    Valuation

    Current price
    ₹1,901
    vs
    Fair value · 15% return
    ₹3,741
    97%Undervalued

    At 32.6% growth and a 43× exit, ₹1901 only delivers your return if you pay ₹3,741. The price is currently baking in 17% growth.

    EPS grows 32.6%/yr for 5 years, then fades to 6% over 2, exits at 43×.

    YearGrowthEPS (₹)
    FY2732.6%59.19
    FY2832.6%78.49
    FY2932.6%104.08
    FY3032.6%138.01
    FY3132.6%183.00
    FY3219.3% ·fade218.31
    FY336.0% ·fade231.41

    Methodology: we discount normalized net profit as a proxy for owner earnings (an earnings-power approximation — not full free cash flow). Terminal growth is capped at 6% (≈ nominal GDP) regardless of the required return. This is an analytical tool, not investment advice.

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