IPCALAB

IPCA Laboratories share price & financials

Price
₹1,900.6
Market cap
₹47.8k Cr
Sector
Healthcare
Calls analysed
7
Latest concall · Q1 FY27 · call held 14 Aug 2026

IPCA Laboratories Limited Q1 FY27

Consolidated Revenue ₹2,788 cr +21%Consolidated EBITDA ₹638 cr +50%Consolidated EBITDA Margin 22.88%

What went well

  • Consolidated revenue increased by 20.74% YoY to INR2,788 crores from INR2,309 crores in Q1 FY26.
  • Consolidated EBITDA margin improved significantly by 4.49% to 22.88% in Q1 FY27 from 18.39% in Q1 FY26.
  • Export business grew by 34% to INR603 crores, driven by strong performance in promotional branded markets of ROW (15.32% growth) and generic business (26.86% growth excluding tender).

What to watch

  • The antimalarial segment declined by approximately 24% and now constitutes only about 1% of the overall business.
  • Associate company Lyka Labs continues to have negative EBITDA, though management is hopeful for its future turnaround with new business initiatives.
Read the full call →

What IPCA Laboratories Limited does

Ipca Laboratories manufactures and markets pharmaceutical formulations and active pharmaceutical ingredients (APIs) and drug intermediates. Its domestic branded-formulations business is organised into 22 marketing divisions spanning therapy areas led by pain management, cardiovascular/anti-diabetics, anti-malarials, anti-bacterials and dermatology. It exports formulations and APIs to over 100 countries, with the API business supplying international generic-formulation manufacturers, including several multinationals. The company also runs an in-house R&D network supporting new APIs, dosage forms and drug-delivery systems.

Segments

  • Formulations
  • APIs & Intermediates
Domestic formulations market rank
16th largest in India (IQVIA MAT March 2025)
Manufacturing facilities (India)
18 works across 6 states/UTs (Madhya Pradesh, Gujarat, Maharashtra, Dadra & Nagar Haveli, Uttarakhand, Sikkim)
Countries exported to
100+
R&D centres
4 (Mumbai, Ratlam, Athal/Silvassa, Ranu/Vadodara), DSIR-recognised
Domestic marketing divisions
22
Branded formulation portfolio
~174 brands; 6 feature among India's top 300 selling formulation brands
Founded 1949Headquarters Mumbai, Maharashtra, IndiaEmployees 18,043 (2025-03-31) Company website

Guidance record · Q1 FY27

what the last two calls moved 21 tracked 3 delivered 3 missed 15 open
  • R&D Spend as % of Revenue went quiet said Q3 FY25 Promised: Move to around 4% Q1 FY27: No update provided on R&D spend as a percentage of revenue. Only capex for R&D facilities mentioned.
  • ANDA Filings (Ipca) revised down said Q3 FY25 Promised: 5 to 6 filings every year Q1 FY27: Guidance revised down to '4 to 5 filings will happen every year for Ipca' from the original 5-6.
  • Consolidated EBITDA Margin delivered said Q4 FY25 Promised: Improve by around 1% to around 20% for FY26 Q4 FY26: FY26 consolidated EBITDA margin reported at 20.72%, meeting the ~20% guidance.

All 21 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 21.3%, net profit up 42.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,811 1,663 1,638 1,747 1,930 +7%1,845 +11%1,814 +11%2,119 +21%
EBITDA402 411 359 407 465 +16%477 +16%431 +20%578 +42%
Net profit244 268 -65 262 305 +25%303 +13%262 +503%373 +42%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +49.9% 1Y

₹1.4k₹1.6k₹1.8k₹2.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 13 Nov 2025Q3 FY26 — 16 Feb 2026Q4 FY26 — 1 Jun 2026Q1 FY27 — 14 Aug 2026

1Y: ₹1,313 on 10 Sept 2025 → ₹1,968.5. High ₹1,987.6 (1 Sept 2026), low ₹1,268.7 (24 Oct 2025).

How the price took the results

close before → close after

Q1 FY27
−3.5%
14 Aug
Q4 FY26
−2.2%
1 Jun
Q3 FY26
+0.7%
16 Feb
Q2 FY26
−2.9%
13 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 6.1% a year over 3 years, FY23 to FY26. Operating margin widened to 24.3%.

Year endingFY23FY24FY25FY26
Revenue₹6.1k Cr₹6.2k Cr₹6.7k Cr₹7.3k Cr
Operating profit₹921 Cr₹1.2k Cr₹1.5k Cr₹1.8k Cr
Operating margin15.0%19.6%22.8%24.3%
Interest₹45 Cr₹121 Cr₹62 Cr₹43 Cr
Depreciation₹252 Cr₹246 Cr₹252 Cr₹269 Cr
Net profit₹486 Cr₹531 Cr₹651 Cr₹1.1k Cr
Net margin7.9%8.6%9.7%15.4%
Cash from operations₹762 Cr₹831 Cr₹1.4k Cr₹1.4k Cr
Free cash flow₹362 Cr₹474 Cr₹776 Cr₹718 Cr
ROCE11.0%14.0%17.0%20.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹25 Cr₹25 Cr₹25 Cr₹25 Cr₹25 Cr₹25 Cr
Reserves₹4.7k Cr₹5.5k Cr₹5.9k Cr₹6.3k Cr₹7.4k Cr₹8.0k Cr
Borrowings₹236 Cr₹776 Cr₹1.4k Cr₹1.2k Cr₹1.3k Cr₹295 Cr
Other liabilities₹1.0k Cr₹1.2k Cr₹1.1k Cr₹1.2k Cr₹3.6k Cr₹1.5k Cr
Total liabilities₹6.0k Cr₹7.4k Cr₹8.4k Cr₹8.7k Cr₹12.3k Cr₹9.8k Cr
Fixed assets₹1.9k Cr₹2.2k Cr₹2.5k Cr₹2.5k Cr₹4.4k Cr₹3.0k Cr
Capital work in progress₹182 Cr₹297 Cr₹123 Cr₹175 Cr₹777 Cr₹459 Cr
Investments₹868 Cr₹1.3k Cr₹1.1k Cr₹2.7k Cr₹1.2k Cr₹2.5k Cr
Other assets₹3.1k Cr₹3.6k Cr₹4.8k Cr₹3.3k Cr₹5.9k Cr₹3.8k Cr
Total assets₹6.0k Cr₹7.4k Cr₹8.4k Cr₹8.7k Cr₹12.3k Cr₹9.8k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −1.22 pp while DIIs added +1.16 pp. The shareholder count shrank 4% to 82,060.

Promoters
44.7%
FIIs
10.7%
DIIs
37.0%
Government
0.3%
Public
7.2%

Since Jun 2025

  • Public −1.22 pp
  • DIIs +1.16 pp
  • FIIs +0.05 pp

How it drifted, 12 quarters

Over this window DIIs went from 34.7% to 37.0% — +2.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 46.3%, FIIs 9.9%, DIIs 34.7%, Government 0.3%, Public 8.8%.Dec '23: Promoters 46.3%, FIIs 10.3%, DIIs 34.2%, Government 0.3%, Public 8.9%.Mar '24: Promoters 46.3%, FIIs 10.5%, DIIs 34.0%, Government 0.3%, Public 8.8%.Jun '24: Promoters 46.3%, FIIs 10.8%, DIIs 33.5%, Government 0.3%, Public 9.1%.Sep '24: Promoters 46.3%, FIIs 10.8%, DIIs 33.9%, Government 0.3%, Public 8.6%.Dec '24: Promoters 44.7%, FIIs 11.1%, DIIs 35.4%, Government 0.3%, Public 8.5%.Mar '25: Promoters 44.7%, FIIs 10.8%, DIIs 35.7%, Government 0.3%, Public 8.4%.Jun '25: Promoters 44.7%, FIIs 10.7%, DIIs 35.9%, Government 0.3%, Public 8.4%.Sep '25: Promoters 44.7%, FIIs 10.4%, DIIs 36.5%, Government 0.3%, Public 8.1%.Dec '25: Promoters 44.7%, FIIs 10.6%, DIIs 37.0%, Government 0.3%, Public 7.3%.Mar '26: Promoters 44.7%, FIIs 10.6%, DIIs 37.1%, Government 0.3%, Public 7.2%.Jun '26: Promoters 44.7%, FIIs 10.7%, DIIs 37.0%, Government 0.3%, Public 7.2%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 2 holders trimming and 6 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of IPCA Laboratories Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Kaygee Investments Private Limited 25.49%unchanged
HDFC Mutual Fund Mutual fund9.54%newly disclosed
Kaygee Laboratories Private Limited 6.61%unchanged
Kotak Mahindra Mutual Fund Mutual fund6.36%newly disclosed
Chandurkar Investments Private Limited 5.50%unchanged
DSP Mutual Fund Mutual fund4.64%newly disclosed
SBI Life Insurance Co. Ltd Insurer3.69%+0.11 pp
Nippon India Mutual Fund Mutual fund2.79%newly disclosed
Premchand Godha 2.29%unchanged
Axis Mutual Fund Mutual fund1.94%newly disclosed
Usha M Chandurkar 1.70%unchanged
HDFC Life Insurance Co Ltd Insurer1.39%−0.17 pp

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in IPCALAB

Filings to Aug 2026

1 new, 6 added, 3 trimmed, 0 sold out — net +0.54 L shares (+0.4%).

Held by funds
₹2.4k Cr
20 schemes
Biggest holder
Nippon India Growth Mid Cap Fund
₹612 Cr · 1.2% of that fund
SchemeHoldingLast month
Nippon India Growth Mid Cap Fund Nippon India Mutual Fund₹612 Crheld
HDFC Balanced Advantage Fund HDFC Mutual Fund₹436 Crheld
Nippon India Pharma Fund Nippon India Mutual Fund₹270 Crheld
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹246 Crheld
Nippon India Multi Cap Fund Nippon India Mutual Fund₹244 Cr−0.18 L
HDFC Children's Fund HDFC Mutual Fund₹130 Crheld
HDFC Multi Cap Fund HDFC Mutual Fund₹105 Crheld
HDFC Pharma and Healthcare Fund HDFC Mutual Fund₹95 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

6 added, 3 trimmed — net +53,719 shares (+0.4%)

Funds are sitting on
+80%
vs est. average cost
Held by funds
₹2.4k Cr
20 schemes · ≈ 5.2% of the company
Biggest holder
Nippon India Growth Mid Cap Fund
₹612 Cr · 1.2% of that fund
Longest holder
Nippon India ETF Nifty Midcap 150
7y 6m · since Mar '19

Shares held by these funds −37%

Aug '23 1.30 cr shares Jul '26

What the price assumes

Attractive

To justify its price of ₹1968, this stock must grow earnings at 26% every year for 7 years. Our analysis caps realistic growth at ~33%. At that growth it is worth ₹2845 — upside of 45%.

Growth the price implies
25.7% a year
for 7 years, fading to 4%
It has actually compounded at
32.6% a year
net profit, FY23–FY26 · EPS 33.2%
The gap
-0.1 pp
45% downside if it only repeats history
Price today ₹1,968.5 Value at the reference growth ₹2,844.8

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse IPCA Laboratories Limited

Guides on how to read this kind of business and the numbers that matter.