Ipca Laboratories Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹48,858 Cr
- P/E
- 35.58
- ROE
- 15.70%
- PEG
- 0.95
- Price to sales
- 4.81
- Debt to equity
- 0.10
- 52W high / low
- ₹2,010 / ₹1,271
- Sales growth (5Y)
- 12.21%
- EBITDA margin
- 22.04%
- Net profit margin
- 12.74%
- Promoter holding
- 44.72%
- Sales (last year)
- ₹10,126 Cr
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]
Guidance scorecard · Q1 FY27 call
What Ipca Laboratories Ltd's management guided
and where it ranks in Pharmaceuticals & Biotechnology
Pharmaceuticals & Biotechnology
RevenueQ1 FY27 call
10–20%- Ipca Laboratories expects overall consolidated business growth of around 14% to 16% for the current financial year FY27, revised upward from earlier guidance of 12% to 13%.
- Domestic formulation business grew 13% in Q1 FY27; chronic segment grew 17.2%, acute segment 8.9%, outperforming the market.
- Export business grew 34% in Q1 FY27, with generic business growing 27%, and institutional generic business reporting exceptional growth of 107% due to shipment timing.
- Unichem portfolio delivered 9% growth, with U.S. business growing 27% and Brazil showing strong 52% growth.
- Ipca projects medium-term EBITDA margin improvement to around 26-30% for Ipca and 25% overall for consolidated entities over 2-3 years.
2 more points from Ipca Laboratories Ltd's call on revenue
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MarginsQ1 FY27 call
Up 2%+See what Ipca Laboratories Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Major investments are focused on the biotech segment, with around 7 candidates in the pipeline and capacity to work on 3-4 products annually.
- Current year planned biotech investment is approximately INR 100 crores for piloting facilities and R&D.
- Additional capacity expansion in biotech may be needed within 1-2 years.
- Capacity expansion is ongoing for European and U.S. markets, including controlled and extended-release formulations at the Pithampur facility.
- New API plants are being built at Dewas and Wardha due to capacity constraints at Ratlam.
- Continuous process improvements are underway, including converting intermediates for better efficiency.
2 more points from Ipca Laboratories Ltd's call on capex
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FundraisingQ1 FY27 call
None plannedSee what Ipca Laboratories Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- Institutional generic business has shown exceptional growth (107% in Q1 FY27), partly due to INR40 crores worth of shipments delayed from March to April. This suggests existing large orders in institutional segment.
- IPCA is targeting significant launches with 3-4 products by Ipca and 7-8 by Unichem yearly, indicating a healthy pipeline of products pending approval and launch.
- Clinical trials for biosimilars are progressing, with filings and launches expected in FY29-FY30, indicating a pipeline of future business.
- Capacity expansions in API and formulations are underway to support growing demand in global markets.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Pharmaceuticals & Biotechnology
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Pharmaceuticals & Biotechnology companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹556 Cr | 22.1 | |
| 2 | 40%+ | Up 0–2% | ₹215 Cr | 22.2 | |
| 3 | 40%+ | Flat | ₹16,144 Cr | — | |
| 4 | 40%+ | Flat | ₹6,072 Cr | 48.0 | |
| 5 | 40%+ | Flat | ₹40 Cr | — | |
| 6 | 20–40% | Up 2%+ | ₹50,220 Cr | 43.8 |
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Pro shows every company guiding 40%+ revenue growth →Full Pharmaceuticals & Biotechnology rankingFinancials of Ipca Laboratories Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Ipca Laboratories Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,546 | 1,512 | 1,585 | 2,034 | 2,053 | 2,033 | 2,093 | 2,355 | 2,245 | 2,247 | 2,309 | 2,556 | 2,392 |
| Expenses + | 1,330 | 1,331 | 1,278 | 1,673 | 1,722 | 1,711 | 1,700 | 1,913 | 1,782 | 1,818 | 1,892 | 2,012 | 1,859 |
| Operating Profit | 216 | 181 | 308 | 361 | 331 | 322 | 393 | 441 | 463 | 429 | 416 | 545 | 533 |
| OPM % | 14% | 12% | 19% | 18% | 16% | 16% | 19% | 19% | 21% | 19% | 18% | 21% | 22% |
| Other Income + | 31 | 36 | 45 | -1 | 91 | -118 | 21 | 26 | 20 | -179 | 33 | -30 | 38 |
| Interest | 11 | 18 | 31 | 44 | 33 | 29 | 24 | 23 | 17 | 22 | 19 | 20 | 18 |
| Depreciation | 67 | 70 | 69 | 90 | 100 | 98 | 99 | 100 | 98 | 100 | 100 | 103 | 108 |
| Profit before tax | 169 | 129 | 252 | 225 | 289 | 77 | 290 | 345 | 368 | 128 | 331 | 392 | 446 |
| Tax % | 32% | 37% | 34% | 39% | 23% | 96% | 31% | 29% | 25% | 49% | 29% | 28% | 18% |
| Net Profit + | 110 | 78 | 164 | 136 | 221 | 1 | 199 | 246 | 276 | 64 | 233 | 281 | 364 |
| EPS in Rs | 4.25 | 3.02 | 6.42 | 5.72 | 7.09 | 2.35 | 7.58 | 9.05 | 9.78 | 2.67 | 9.19 | 11.14 | 12.86 |
Financials of Ipca Laboratories Ltd
Profit & Loss
Annual income statement trend
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 3,282 | 3,144 | 2,867 | 3,156 | 3,258 | 3,746 | 4,619 | 5,395 | 5,797 | 6,204 | 7,662 | 8,897 | 9,505 |
| Expenses + | 2,539 | 2,604 | 2,573 | 2,705 | 2,803 | 3,051 | 3,715 | 3,843 | 4,472 | 5,272 | 6,338 | 7,166 | 7,581 |
| Operating Profit | 743 | 541 | 294 | 451 | 455 | 695 | 904 | 1,552 | 1,325 | 932 | 1,324 | 1,731 | 1,924 |
| OPM % | 23% | 17% | 10% | 14% | 14% | 19% | 20% | 29% | 23% | 15% | 17% | 19% | 20% |
| Other Income + | 21 | 32 | 21 | 11 | 41 | 56 | 65 | 59 | 54 | 123 | 17 | -114 | -139 |
| Interest | 30 | 32 | 35 | 27 | 28 | 22 | 20 | 12 | 11 | 48 | 141 | 88 | 77 |
| Depreciation | 103 | 180 | 163 | 173 | 178 | 182 | 210 | 209 | 232 | 262 | 357 | 398 | 411 |
| Profit before tax | 631 | 361 | 117 | 262 | 291 | 546 | 739 | 1,389 | 1,136 | 745 | 843 | 1,131 | 1,296 |
| Tax % | 24% | 28% | 18% | 26% | 18% | 19% | 18% | 17% | 20% | 34% | 37% | 30% | |
| Net Profit + | 479 | 254 | 93 | 195 | 239 | 442 | 604 | 1,141 | 890 | 479 | 523 | 785 | 941 |
| EPS in Rs | 18.96 | 10.07 | 3.69 | 7.71 | 9.49 | 17.60 | 23.99 | 44.94 | 34.85 | 18.58 | 21.57 | 29.08 | 35.86 |
| Dividend Payout % | 13% | 5% | 0% | 6% | 5% | 9% | 10% | 9% | 11% | 22% | 19% | 14% |
Financials of Ipca Laboratories Ltd
Balance Sheet
Capital structure and asset base
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 |
| Reserves | 1,934 | 2,183 | 2,234 | 2,430 | 2,663 | 3,097 | 3,602 | 4,676 | 5,439 | 5,817 | 6,307 | 6,923 | 7,402 |
| Borrowings + | 603 | 935 | 867 | 716 | 628 | 465 | 501 | 265 | 807 | 1,481 | 1,438 | 1,363 | 1,279 |
| Other Liabilities + | 648 | 669 | 765 | 788 | 799 | 961 | 1,130 | 1,099 | 1,349 | 1,300 | 3,326 | 3,432 | 3,557 |
| Total Liabilities | 3,211 | 3,812 | 3,892 | 3,960 | 4,116 | 4,549 | 5,258 | 6,066 | 7,622 | 8,623 | 11,097 | 11,744 | 12,263 |
| Fixed Assets + | 1,354 | 1,800 | 2,014 | 1,983 | 1,953 | 1,940 | 2,059 | 2,072 | 2,402 | 2,751 | 4,554 | 4,267 | 4,371 |
| CWIP | 165 | 267 | 129 | 95 | 73 | 66 | 133 | 235 | 306 | 140 | 343 | 622 | 777 |
| Investments | 9 | 16 | 26 | 136 | 87 | 120 | 310 | 505 | 989 | 626 | 862 | 980 | 1,203 |
| Other Assets + | 1,683 | 1,729 | 1,723 | 1,746 | 2,003 | 2,422 | 2,756 | 3,254 | 3,924 | 5,105 | 5,339 | 5,875 | 5,912 |
| Total Assets | 3,211 | 3,812 | 3,892 | 3,960 | 4,116 | 4,549 | 5,258 | 6,066 | 7,622 | 8,623 | 11,097 | 11,744 | 12,263 |
Financials of Ipca Laboratories Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 522 | 468 | 709 | 282 | 341 | 501 | 570 | 1,090 | 856 | 806 | 945 | 1,321 |
| Cash from Investing Activity + | -369 | -689 | -218 | -149 | -135 | -165 | -509 | -521 | -851 | -725 | -1,215 | -870 |
| Cash from Financing Activity + | -136 | 251 | -462 | -159 | -130 | -183 | -137 | -306 | 427 | 507 | -553 | -283 |
| Net Cash Flow | 18 | 29 | 29 | -26 | 75 | 153 | -76 | 264 | 432 | 588 | -823 | 169 |
| Free Cash Flow | 144 | -207 | 463 | 147 | 206 | 322 | 277 | 731 | 380 | 347 | 543 | 551 |
| CFO/OP | 88% | 100% | 251% | 74% | 88% | 88% | 80% | 86% | 80% | 110% | 94% | 97% |
Financials of Ipca Laboratories Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 50 | 41 | 57 | 58 | 67 | 66 | 71 | 55 | 57 | 58 | 80 | 77 |
| Inventory Days | 272 | 293 | 289 | 290 | 286 | 316 | 294 | 337 | 337 | 276 | 350 | 336 |
| Days Payable | 110 | 97 | 145 | 130 | 137 | 154 | 135 | 140 | 101 | 83 | 110 | 111 |
| Cash Conversion Cycle | 213 | 237 | 200 | 218 | 216 | 228 | 229 | 251 | 293 | 251 | 321 | 302 |
| Working Capital Days | 82 | 68 | 61 | 74 | 80 | 88 | 88 | 103 | 102 | 71 | 111 | 101 |
| ROCE % | 28% | 14% | 5% | 9% | 10% | 16% | 19% | 31% | 20% | 11% | 13% | 15% |
Guidance history
How Ipca Laboratories Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Up 2%+ | Planned | None planned | — |
| Q4 FY26 call → | 10–20% | Up 0–2% | Planned | — | — |
| Q3 FY26 call → | 10–20% | Up 0–2% | None planned | — | — |
| Q2 FY26 call → | 0–10% | Up 0–2% | Planned | None planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
81 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +49.3% | 85% |
| Last 6 months | +25.8% | 78% |
| Last 3 months | +9.5% | 78% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Ipca Laboratories Ltd: 0.4 × 85 + 0.4 × 78 + 0.2 × 78 = 81.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Ipca Laboratories Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
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