Ipca Laboratories Ltd(IPCALAB)

NSE: IPCALABBSE: 524494

₹ 1,964.7+3.26%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 49,845 crNext results: 5 Nov 2026Website: www.ipca.comUpdated: 24 Oct 2026

About

Ipca Laboratories is an integrated Indian pharmaceutical company that manufactures and sells branded domestic formulations, generic export formulations, active pharmaceutical ingredients (API), and branded exports across emerging markets. In FY26, the consolidated group (including subsidiary Unichem Laboratories) reported revenue of INR 9,646 crores. Ipca held a 2.09% share of the Indian Pharmaceutical Market as of MAT March 2026, ranking 16th nationally.^[1][2]

Business segments

India domestic formulations reached INR 3,817 crores in FY26 (+10% YoY), making it the largest segment; grew further to INR 1,082 crores in Q1 FY27 (+13% YoY).^[2][3]
API segment reached INR 1,396 crores in FY26 (+10% YoY); grew ~30% YoY to INR 424 crores in Q1 FY27.^[2][3]
Generic export formulations (ex-institutional) reached INR 1,149 crores in FY26 (+17% YoY); institutional business declined to INR 270 crores in FY26 from INR 355 crores in FY25.^[2]
Branded (promotional) export formulations reached INR 664 crores in FY26 (+14% YoY), driven by CIS and French-speaking African markets.^[2]
Consolidated US revenue (Ipca + Unichem combined) reached INR 1,567 crores in FY26 (+14% YoY); grew a further ~27% (Unichem US) in Q1 FY27.^[2][3]

India domestic market position

Ipca ranked 16th in the Indian Pharmaceutical Market with a 2.09% share as of MAT March 2026, up from 2.08% at MAT December 2025.^[2][4]
Chronic therapies accounted for 35% of domestic revenue in Q2 FY26, up from 34% the prior quarter, versus an IPM average of ~40%.^[5]
In Q1 FY27, chronic segment grew 17.2% vs IPM chronic growth of 15.2%; acute grew 8.9% vs IPM acute of 4.5%; malaria declined 24% and is now ~1% of the domestic business.^[3]
India sales force stood at ~7,000 medical representatives in Q1 FY27; ~200 additions planned for new divisions in FY27.^[3]

Key operating metrics

Consolidated EBITDA margin expanded to 22.88% in Q1 FY27 (+449 bps YoY) from 20.72% for full FY26; improvement driven by operating leverage on personnel and manufacturing costs.^[3][2]
Standalone (Ipca ex-Unichem) EBITDA margin reached 26% in Q1 FY27 and 25.18% for full FY26 (+252 bps vs FY25).^[3][2]
R&D spend as a percentage of consolidated sales was 3.71% in FY26 and 3.91% of standalone turnover in Q2 FY26.^[2][5]
Unichem EBITDA margin compressed to ~8% in FY26 from ~12% in FY25, due to US market share losses and Ireland facility transition costs.^[2]

Geography and export reach

EU generic exports surged from INR 33 crores to INR 137 crores in Q1 FY27, becoming the main driver of overall generic export growth of 27% (ex-institutional) in that quarter.^[3]
West Africa (French-speaking markets) branded exports grew 41% in the first nine months of FY26 and 69% in Q3 FY26 alone.^[4]
Ipca's own US generic business generated ~INR 55 crores in H1 FY26 with ~6 products shipped; combined Ipca+Unichem US revenue was INR 1,140 crores for 9M FY26 (+15% YoY).^[5][4]
Unichem's overall business grew ~52% in Q1 FY27; Unichem API grew 73% to INR 58 crores in Q1 FY27.^[3]

US generics pipeline

Ipca had 35 US ANDA registrations as of Q3 FY26, with 5 products already commercialised, each holding 25%+ market share; ~4 ANDAs filed in FY26.^[4]
Combined Ipca+Unichem US launches planned at 7 - 8 products in FY27; Ipca targets 4 - 5 new ANDA filings per year on an ongoing basis.^[3]
Pisgah Labs (North Carolina) injectable formulation facility is targeted for commissioning in Q4 FY27, with meaningful revenue only expected from FY28.^[2]

Biosimilar pipeline

Ipca has 7 biosimilar pipeline candidates as of Q1 FY27; technology transfer had begun for 2 products as of Q3 FY26.^[3][4]
Regulatory protocol opinions on biosimilar development framework have been obtained from UK MHRA, European authorities, and USFDA, targeting all global markets.^[4]
Biosimilar clinical trials are planned to begin in FY28; revenues are expected from FY29 - FY30; ~INR 100 crores of biotech piloting facility and R&D investment is planned for FY27.^[3]

Capex and expansion

FY27 capex is guided at INR 700 - 800 crores, covering capacity expansion at Pithampur (controlled/extended-release formulations), a biotech R&D and plant, new API plants at Dewas and Wardha, and continuous process conversions.^[3]
Unichem's Ireland manufacturing facility was closed; annual EUR 3.5 - 4 million of overhead will be eliminated and the business transferred to Baddi.^[5]

Debt and balance sheet

Ipca repaid ~USD 50 million of dollar loans before March 2026; long-term debt stands at INR 193 crores as of Q1 FY27 with zero working capital debt; remaining INR 70 crores to be repaid in FY28.^[3]

Market Cap

₹49,845 Cr

High / Low

₹2,039 / 1,253

Stock P/E

35.7

Price / Book

5.8

Book Value

₹318

EPS

₹45.0

No. of Shares

25.37 Cr

ROCE

17.2%

ROE

15.2%

OPM

17.7%

Debt / Equity

0.09

Sales

₹9,646 Cr

Net Profit

₹1,184 Cr

Promoter holding

44.7%

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