Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,748.00 last close on 23 Oct 2026 −0.57%
Research updated
Ipca Laboratories Ltd.
NSE: IPCALABHealthcareDrug Manufacturers - Specialty & Generic
- Last close
- ₹1,953.30
- Day change
- +₹49.80 (+2.62%)vs
- Market cap
- ₹48,691 crIndian rupees
- Research updated
- 1 report
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About Ipca Laboratories
Ipca Laboratories Ltd. is a prominent Indian pharmaceutical company that develops, manufactures, and markets a vast array of pharmaceutical products and active pharmaceutical ingredients (APIs). Established in 1949, this integrated healthcare company is involved in the production of finished dosage forms and APIs for both domestic and international markets. Ipca Laboratories boasts an extensive product portfolio that spans various therapeutic categories including cardiovascular, pain management, anti-malarial, anti-bacterial, and anti-diabetic medications. The company's manufacturing facilities are well-recognized with accreditations from major global health agencies, reflecting their commitment to quality and compliance. Notably, Ipca plays a significant role in the global supply chain of APIs and generic drugs, serving numerous countries across the world. Through continuous investment in research and development, the company strives to innovate and expand its product offering to meet the ever-evolving healthcare needs. In the financial markets, Ipca Laboratories Ltd. serves as a vital player in the pharmaceutical sector, attracting attention from stakeholders interested in the evolving healthcare landscape and advancements in generic medication production.
- Sector
- Healthcare
- Industry
- Drug Manufacturers - Specialty & Generic
- Listing
- NSE: IPCALAB
- Next results
- Chief executive
- Mr. Pranay Premchand Godha
- Employees
- 17,210
- Headquarters
- Mumbai, India
- ISIN
- INE571A01038
- Website
- ipca.com
Public research · Report of
Business model & financial foundation
Ipca Laboratories (NSE: IPCALAB), Pharmaceuticals - branded formulations, generics and APIs: revenue of ₹9,646 crore in FY26 (+7.9% on FY25), an EBITDA margin of 20.5%, net profit of ₹1,141 crore and net cash of ₹389.3 crore.
- Revenue, FY26 (₹ crore)
- 9,646
- consolidated
- Revenue growth, FY26
- +7.9%
- on FY25
- EBITDA margin, FY26
- 20.5%
- EBITDA excluding other income (revenue less cogs, employee, other expenses) / revenue
- Net profit, FY26 (₹ crore)
- 1,141
- to owners
- Return on equity, FY26
- 12.7%
- on average equity
- Net debt, FY26 (₹ crore)
- -389.3
- Net debt (company definition; negative = net cash)
- Market capitalisation (₹ crore)
- 49,792
- at the close of 14 Oct 2026
Company profile
Ipca Laboratories is an integrated Indian pharmaceutical company making branded formulations for India (pain, anti-malarials, cardiac, anti-diabetic; IQVIA rank 16), branded, generic and institutional formulation exports, and APIs (exported and sold domestically). Since FY24 it consolidates 52.67%-owned Unichem Laboratories, a US/Europe generics business. It reports a single pharmaceuticals segment.
| Item | Value |
|---|---|
| Legal name | Ipca Laboratories Limited |
| Exchange and ticker | NSE: IPCALAB; BSE: 524494 |
| ISIN | INE571A01038 |
| CIN | L24239MH1949PLC007837 |
| Sector | Healthcare |
| Industry | Pharmaceuticals - branded formulations, generics and APIs |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | N V C & Associates LLP (formerly Natvarlal Vepari & Co.; FRN 106971W/W101085) |
| Market capitalisation | ₹49,792 crore (14 Oct 2026) |
| Shares outstanding | 25.37 crore shares (FY26) |
| Price | ₹1,919 (close, 14 Oct 2026) |
| 52-week range | ₹1,252 - ₹2,038 (to 14 Oct 2026) |
| Website | https://www.ipca.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Unichem Laboratories Ltd | 52.67% | Listed generics maker (India, US, Europe); material subsidiary |
| Unichem Pharmaceuticals (USA) Inc | 52.67% | US generics distribution; material subsidiary |
| Unichem Ireland | 100% | Europe generics; direct subsidiary since 1 May 2025 |
| Ipca Pharmaceuticals Inc USA | 100% | US front end |
| Pisgah Laboratories Inc (USA) | 100% | US API/injectables site under build |
| Onyx Scientific Ltd (UK) | 100% | CDMO / API development |
| Ipca Laboratories (UK) Ltd | 100% | UK front end |
| Trophic Wellness Pvt Ltd | 58.88% | Nutraceuticals/wellness |
| Krebs Biochemicals & Industries (associate) | 49.65% | API/fermentation associate; merger into Ipca approved by board 26 Jun 2026, pending |
JVs Avik Pharmaceutical (50%) and Lyka Labs associate (40.98%). Bayshore (USA) divested 31 Jan 2026.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 44.72% | 44.72% | 44.72% | 44.72% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 10.43% | 10.63% | 10.63% | 10.73% |
| Domestic institutions | 36.77% | 37.32% | 37.45% | 37.37% |
| of which mutual funds | 30.04% | 30.52% | 31.24% | 31.15% |
| Retail | 6.55% | 5.88% | 5.79% | 5.76% |
| Other | 1.52% | 1.45% | 1.41% | 1.42% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Ipca earns through its India branded formulations franchise, formulation exports (branded, institutional tenders, generic), APIs and intermediates, plus net subsidiary revenue, predominantly52.67%-owned Unichem. Group consolidation matters: net subsidiary revenueFY26 is2309.58crore of9646.33, not a standalone-company model. Single statutory Pharmaceuticals segment; product/geographic tables are breakdowns, not separate statutory segments. The business controls its API/formulation plants and field force; it does not control tender timing, foreign regulator approvals, generic pricing or the currency.
| Segment | revenue, FY26 (₹ crore) | Share | pain mix, FY26 (%) | cardio antidiabetic mix, FY26 (%) |
|---|---|---|---|---|
| India (geographic segment; single operating segment Pharmaceuticals) | 4,387 | 22.8% | ||
| Outside India (geographic segment) | 5,260 | 27.4% | ||
| Branded generics (consolidated revenue disaggregation, all geographies) | 4,850 | 25.2% | ||
| Generics (consolidated revenue disaggregation) | 3,203 | 16.7% | ||
| APIs (consolidated revenue disaggregation) | 1,510 | 7.9% | ||
| Standalone domestic formulations therapeutic mix (nonstatutory) | 53.0% | 17.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Ajanta Pharma (AJANTPHARM) | Branded India plus branded emerging-market exports and US generics; similar mix |
| Alkem Laboratories (ALKEM) | Large India branded acute franchise with US generics |
| Torrent Pharmaceuticals (TORNTPHARM) | |
| Glenmark Pharmaceuticals (GLENMARK) | India branded plus US/EU generics |
| Alembic Pharmaceuticals (APLLTD) | Integrated API and formulations, India and US |
| JB Chemicals & Pharmaceuticals (JBCHEPHARM) | Mid-cap India branded chronic/acute with exports |
| Mankind Pharma (MANKIND) | India branded formulations comparator |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 5,766 | 6,207 | 7,705 | 8,940 | 9,646 |
| Cost of revenue (vendor classification) * | 2,106 | 2,408 | 2,726 | 2,931 | 2,980 |
| Other operating costs (vendor classification) * | 1,137 | 1,453 | 1,846 | 2,130 | 2,306 |
| EBITDA (vendor classification) * | 1,372 | 1,026 | 1,391 | 1,827 | 2,070 |
| EBIT * | 1,143 | 790.4 | 980.0 | 1,215 | 1,648 |
| Finance cost | 7.24 | 45.1 | 138.3 | 84.9 | 75.9 |
| Profit before tax (after exceptional) | 1,136 | 745.3 | 842.7 | 1,131 | 1,573 |
| Total tax expense | 224.8 | 253.4 | 313.5 | 343.6 | 381.2 |
| Profit after tax incl. non-controlling interest | 889.8 | 479.0 | 522.9 | 785.2 | 1,184 |
| Diluted EPS after exceptional items (₹) | 34.85 | 18.58 | 21.57 | 29.08 | 44.98 |
| Materials consumed + purchases of stock-in-trade + change in inventories | 2,576 | 2,779 | 2,823 | ||
| Employee benefit expense | 1,708 | 1,984 | 2,160 | ||
| Other expenses (includes forex gain/loss) | 2,100 | 2,451 | 2,685 | ||
| EBITDA excluding other income (revenue less cogs, employee, other expenses) | 1,321 | 1,726 | 1,979 | ||
| Company EBIDT before exceptional items (incl. other income) | 1,446 | 1,819 | 2,153 | ||
| Other income | 124.8 | 92.8 | 174.5 | ||
| Depreciation and amortisation | 357.2 | 397.8 | 418.1 | ||
| Exceptional items (gain positive, charge negative) | -107.8 | -205.1 | -86.4 | ||
| Share of associates and JV (signed) | -6.29 | -2.29 | -7.59 | ||
| Profit attributable to non-controlling interest (positive = profit to NCI) | -24.4 | 47.6 | 42.7 | ||
| Profit attributable to owners | 547.4 | 737.7 | 1,141 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity incl. NCI | 5,541 | 5,915 | 7,727 | 8,388 | 9,524 |
| Borrowings current + non-current (excl. leases) | 807.2 | 1,481 | 1,388 | 1,302 | 703.9 |
| Cash and cash equivalents | 275.2 | 1,258 | 208.9 | 167.2 | 437.1 |
| Trade receivables | 910.8 | 989.0 | 1,687 | 1,884 | 2,014 |
| Inventories | 1,858 | 1,743 | 2,471 | 2,560 | 2,731 |
| Trade payables (MSME + others) | 557.7 | 525.1 | 776.1 | 846.2 | 940.3 |
| Property, plant and equipment (net) | 177.8 | 203.2 | 4,123 | 3,850 | 4,180 |
| Capital work in progress | 293.9 | 122.2 | 323.6 | 616.2 | 761.6 |
| Total assets | 7,624 | 8,626 | 11,101 | 11,761 | 12,370 |
| Bank balances other than cash equivalents | 87.9 | 177.1 | 127.5 | ||
| Current investments in mutual funds (liquidity) | 558.4 | 763.4 | 633.4 | ||
| Lease liabilities current + non-current | 50.9 | 61.0 | 104.8 | ||
| Borrowings plus lease liabilities | 1,438 | 1,363 | 808.8 | ||
| Net debt (company definition; negative = net cash) | 583.1 | 255.1 | -389.3 | ||
| Equity attributable to owners | 6,332 | 6,948 | 8,064 | ||
| Non-controlling interest | 1,395 | 1,440 | 1,460 | ||
| Investments in associates/JV (equity method; strategic, excluded from net debt) | 157.0 | 191.0 | 183.6 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 935.4 | 787.4 | 944.7 | 1,321 | 1,142 |
| Purchase of PPE incl. CWIP and intangibles (outflow negative) | -476.1 | -458.3 | -410.6 | -775.5 | -652.3 |
| Free cash flow (vendor definition) * | 377.1 | 311.3 | 533.4 | 545.8 | 486.0 |
| Dividends paid incl. to NCI (outflow negative) | -101.5 | -101.5 | -50.7 | -101.5 | -52.4 |
| Proceeds from PPE sales and held-for-sale disposals | 8.62 | 5.33 | 335.3 | ||
| Consideration towards business combination (outflow negative) | -1,543 | 0.00 | n.d. |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity shares outstanding at year end (= weighted avg basic/diluted) | 25.37 | 25.37 | 25.37 | 25.37 | 25.37 |
| EPS before exceptional items (basic=diluted) (₹) | 25.82 | 35.14 | 46.94 | ||
| Profit before associates, exceptional items and tax | 950.4 | 1,336 | 1,659 | ||
| Calculated cash from operations / PAT including NCI (x) | 1.81x | 1.68x | 0.97x | ||
| Calculated 3-year cumulative CFO / PAT including NCI (x) | 1.37x | ||||
| Calculated year-end receivables / annual revenue x365 (days) | 80 | 77 | 76 | ||
| Calculated year-end inventory / materials COGS x365 (days) | 350 | 336 | 353 | ||
| Calculated consolidated revenue growth (%) | 16.0% | 7.9% | |||
| Calculated year-end receivables growth (%) | 11.7% | 6.9% |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,355 | 2,245 | 2,247 | 2,309 | 2,557 | 2,393 | 2,388 | 2,788 |
| Cost of revenue (vendor classification) * | 758.6 | 668.2 | 860.2 | 691.6 | 781.6 | 657.9 | 691.6 | 797.4 |
| Other operating costs (vendor classification) * | 645.0 | 628.6 | -792.2 | 657.7 | 692.0 | 655.2 | 680.0 | 719.7 |
| EBITDA (vendor classification) * | 467.7 | 483.2 | 462.3 | 449.1 | 572.8 | 553.5 | 577.6 | 694.8 |
| Operating EBIT excluding other income and exceptional items | 341.1 | 364.6 | 328.7 | 316.4 | 441.6 | 425.8 | 376.7 | 558.7 |
| Finance costs | 22.6 | 16.8 | 21.5 | 18.5 | 19.6 | 17.6 | 20.2 | 11.9 |
| Profit before tax and share of associates | 344.8 | 367.9 | 128.0 | 330.5 | 391.6 | 446.0 | 404.5 | 572.1 |
| Total tax expense | 99.4 | 90.6 | 62.2 | 96.1 | 108.1 | 81.9 | 95.1 | 149.3 |
| PAT including associates and non-controlling interest | 245.8 | 276.4 | 64.0 | 232.9 | 280.5 | 363.7 | 306.7 | 424.3 |
| Diluted EPS after exceptional items (₹) | 9.05 | 9.78 | 2.67 | 9.19 | 11.14 | 12.86 | 11.79 | 15.84 |
| Materials, purchases and inventory movement | 758.6 | 668.2 | 708.3 | 691.6 | 781.6 | 657.9 | 691.6 | 797.4 |
| Employee benefits expense | 509.8 | 485.4 | 500.8 | 543.2 | 537.9 | 546.1 | 533.0 | 601.6 |
| Other operating expenses | 645.0 | 628.6 | 608.7 | 657.7 | 692.0 | 655.2 | 680.0 | 719.7 |
| Operating EBITDA excluding other income | 441.5 | 463.1 | 428.9 | 416.4 | 544.9 | 533.4 | 483.9 | 669.5 |
| Other income | 26.3 | 20.1 | 25.8 | 32.7 | 27.9 | 20.2 | 93.7 | 25.3 |
| Depreciation and amortisation | 100.4 | 98.5 | 100.1 | 100.1 | 103.3 | 107.6 | 107.1 | 110.8 |
| Exceptional gain / (expense), signed | 0.00 | 0.00 | -205.1 | 0.00 | -58.3 | 17.7 | -45.8 | 0.00 |
| Profit / (loss) attributable to non-controlling interests | 16.3 | 28.2 | -3.83 | -0.32 | -2.04 | 37.4 | 7.62 | 22.4 |
| Share of associates and joint ventures, net of tax | 0.31 | -0.97 | -1.79 | -1.53 | -2.97 | -0.38 | -2.71 | 1.46 |
| Profit attributable to owners of the company | 229.5 | 248.1 | 67.8 | 233.2 | 282.6 | 326.3 | 299.1 | 401.9 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 7.5% | 7.6% | 24.1% | 16.0% | 7.9% |
| EBITDA margin | 17.1% | 19.3% | 20.5% | ||
| Net margin | 7.1% | 8.3% | 11.8% | ||
| Return on equity | 8.0% | 9.2% | 12.7% | ||
| Return on capital employed | 20.2% | 11.5% | 11.9% | 12.9% | 16.6% |
| Return on assets | 5.5% | 6.5% | 9.5% | ||
| Net debt (₹ crore) | 583.1 | 255.1 | -389.3 | ||
| Net debt / EBITDA | 0.44x | 0.15x | -0.20x | ||
| Interest cover | 157.9x | 17.5x | 7.09x | 14.3x | 21.7x |
| Asset turnover | 0.84x | 0.76x | 0.78x | 0.78x | 0.80x |
| Receivable days | 58 | 58 | 80 | 77 | 76 |
| Inventory days (on revenue) | 118 | 103 | 117 | 105 | 103 |
| Payable days (on revenue) | 35 | 31 | 37 | 35 | 36 |
| Cash conversion | 1.73x | 1.79x | 1.00x | ||
| Capex intensity | 8.3% | 7.4% | 5.3% | 8.7% | 6.8% |
| Free cash flow (₹ crore) | 459.3 | 329.1 | 534.1 | 545.8 | 489.7 |
| Dividend payout | 9.3% | 13.8% | 4.6% | ||
| EPS, diluted (₹) | 34.85 | 18.58 | 21.57 | 29.08 | 44.98 |
| Book value per share (₹) | 218.4 | 233.2 | 304.6 | 330.6 | 375.4 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income (revenue less cogs, employee, other expenses) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (company definition; negative = net cash).
- Net debt / EBITDA: net debt / EBITDA excluding other income (revenue less cogs, employee, other expenses).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS after exceptional items).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
Reports on Ipca Laboratories
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
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