NSE: IPCALAB · BSE: 524494 · ISIN INE571A01038
IPCA Laboratories Limited stock analysis
IPCA Laboratories Limited ranks #357 in the TickerSutra evidence-ranked universe with a score of 66/100 and 95% data confidence. The latest captured fundamentals show ROCE of 17.0%, quarterly sales growth of 20.8% and quarterly profit growth of 72.3%.Watchlist candidate
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0.1×
- 15.7% three-year sales CAGR
- Institutional ownership is rising
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- CFO/EBITDA is below 0.6×
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹5,797cr | ₹1,325cr | ₹890cr | 23.0% |
| 2023 | ₹6,204cr | ₹932cr | ₹479cr | 15.0% |
| 2024 | ₹7,662cr | ₹1,324cr | ₹523cr | 17.0% |
| 2025 | ₹8,897cr | ₹1,731cr | ₹785cr | 19.0% |
| 2026 | ₹9,599cr | ₹1,990cr | ₹1,184cr | 21.0% |
| TTM | ₹10,126cr | ₹2,232cr | ₹1,375cr | 22.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
MANAGEMENT COMMENTARY
Signals from filed documents
Jain: Ipca supply to Unichem is hardly any because I think one product they have given the order now because that source change has approved. So there i s no -- one is their overall cost reductions has been good as far as their own captive production of API. So that has also resulted in overall some margin improvement there.
So there i s no -- one is their overall cost reductions has been good as far as their own captive production of API. So that has also resulted in overall some margin improvement there. And also their European business is doing well.
Ipca Laboratories Limited August 14, 2026 Page 10 of 13 Kartick Bane: With the Indian field force expansion largely compl ete and the profitability also improving, would incremental cash flows be deployed towards ac quisition or any capacity expansion or focus more on filings and launches? Jain: Capacity expansion will also be needed and that's g oing on right now because we need lot of capacity for European markets
So there are -- it's not only materials are impacted, it's other things are also getting impacted. For promotional markets, we are running a lot of nontrading offices in various international markets. The cost of that is also going up because of dollar.
Cost has also come down significantly now because RLD is not required for Phase III. So those exemptions have already come looking into biosimilarities and other parameters and results, what we have submitted to the various regulatory agencies. So overall, I think clinical things will start happening from the next financial year.
And any update on your Unichem that is also performing very well in terms of the margin also and in terms of strong growth on revenue front. And what kind of growth and margin guidance do we give now? Jain: Overall for Unichem, I think if you look at first quarter, U.S.
Kunal: But sir, my question is more like going forward because you said in July, August prices are going up again. So do you foresee the margin pressure in the rest of the quarters? Ipca Laboratories Limited August 14, 2026 Page 7 of 13 A.K.
Jain: Normal Ipca launches will be almost around 3 to 4 p roducts and Unichem will also launch similar kind of products almost in a year where I t hink there will be around 7 to 8 kind of launches, both Ipca and Unichem put together will be there. And some of the product approvals are already received for source changes, some products are still in pipeline. They are also working very hard on, let's say, cost reductio
MANAGEMENT PROMISE LEDGER
Quantified statements on the clock
“Moderator: The next question is from the line of Tushar from Motilal Oswal. Tushar: Sir, I missed the EBITDA margin guidance if you have shared for FY27, firstly. Jain: At the beginning of the year, we gave the EBITDA ma rgin guidelines of around 22% on a consolidated basis.”
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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