Ipca Laboratories Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for IPCALAB, BSE:524494 Ipca Laboratories Ltd.

Ipca Laboratories Ltd.

17 Jun 2020

1352.10

-0.17%

Ipca Labs

Buy: Ipca Laboratories Ltd.

Dolat Capital

Robust top-line growth; guided for strong FY21 IPCA's Q4FY20 numbers beat our estimates on top-line while adjusted for one-offs (impairment for US subsidiary and forex loss) margins at 20.5% came in line. Top line grew a strong 22% YoY led by: i) generic formulations (up 41% YoY), API (30% YoY); and ii) domestic formulations (21% YoY growth, while delay in shipment due to lockdown impacted branded exports to the tune of Rs260mn. HCQ supplies (both in India and exports) and higher sales from anti-malarial and anti-bacterial segments aided...

Ipca Laboratories Ltd. has an average target of 1756.67 from 3 brokers.

Ipca Laboratories Ltd.

16 Jun 2020

1352.10

-0.17%

Monthly Update - IPM: Declining trend maintains on extended lockdown

Accumulate: Ipca Laboratories Ltd.

Recommendation Target

Prabhudas Lilladhar

Price fix of 40 formulations by NPPA will not have an impact on listed entities. With the disruption in productions, logistical movement and manpower scarcity, IPM growth declined in first two months of FY21E. The severity of declining trend is visible in 1) acute-heavy portfolios, 2) top premium brands (with alternative cheaper/generic drugs), 3) drugs used in hospital surgeries, 4) secondary therapies like Derma, Opthal, vaccines, stimulants and hormones whose treatment can be delayed. Key listed companies such as Alkem, GlaxoSmithKline, Alembic, FDC, Indoco are to be impacted in...

Ipca Laboratories Ltd. has an average target of 1756.67 from 3 brokers.

Ipca Laboratories Ltd.

20 Apr 2020

1352.10

-0.17%

IPCA Laboratories

Buy: Ipca Laboratories Ltd.

Target

ICICI Securities Limited

On the business front, despite the nationwide lockdown, domestic growth is expected to remain more or less stable. Exports growth, barring for one or two months due to congestion in all major ports globally, is also expected to remain strong due to 1) currency benefit, 2) slowdown in competition due to delay in new approvals that will be beneficial for existing players and 3) expected demand continuum across the world despite Covid-19. Some windfall is also expected in some critical productsa case in point is Hydroxychloroquine, a malaria drug that is likely to be repurposed as a prophylaxis for Covid-19 treatment in some cases....

Number of FII/FPI investors increased from 282 to 294 in Mar 2025 qtr.

Ipca Laboratories Ltd.

12 Mar 2020

1352.10

-0.17%

Monthly Update - IPM growth not yet impacted by Covid-19

Buy: Ipca Laboratories Ltd.

Prabhudas Lilladhar

IPM's MAT growth in Feb-20 was 9.7% as against 9.6% in Feb-19 and Jan-20. The growth was majorly contributed by price at 5.4%, volume at 1.9% and new product at 2.5%. In the last 12 months, contributors average growth towards price, volume and new products were 5.6%, 1.7% and 2.3% respectively. The growth attributed by new products and volume however has been on a declining trend in last 50 months, while price hike has been a key factor that has contributed to IPM's growth. With 70-75% intermediaries/API/KSM sourced from China, IPM hasn't been...

Ipca Laboratories Ltd. has an average target of 1756.67 from 3 brokers.

Ipca Laboratories Ltd.

02 Mar 2020

1352.10

-0.17%

Management Meet Update

Buy: Ipca Laboratories Ltd.

Prabhudas Lilladhar

downsides from USFDA. With a very low risk of return per unit in comparison to peers, we maintain BUY' and retain TP Rs1,826 on PE 23x of FY22E earnings. We estimate earnings CAGR 20% over FY20-22E led by a comeback in the UK generic and tender business while maintaining US revenue contribution to remain at the current level. The positive outcome from...

Number of FII/FPI investors increased from 282 to 294 in Mar 2025 qtr.

Ipca Laboratories Ltd.

25 Feb 2020

1352.10

-0.17%

A dose of growth

Buy: Ipca Laboratories Ltd.

Motilal Oswal

25 February 2020 IPCA remains confident that it will outperform industry with 14-15% CAGR in DF segment over the next three years. The plan to add 250-300 MRs over the next 6-9 months emphasizes its incessant focus on this segment. Pain management prospects appear particularly promising, with IPCA comfortably surpassing industry growth (8-10%) with a CAGR of 17% over FY14-19 and 20% growth in 9MFY20. IPCA plans to add two more SKUs in pain management in FY21. The Zerodol group of brands has reached a revenue size of ~INR4b with potential to double over 3-4 years. Another promising product is chlorthalidone and its combination, which has reached a revenue size of INR1b in the past four years with attractive medium- term potential. IPCA delivered strong 33% YoY growth in API segment in 9MFY20, led by robust off-take in existing molecules and addition of new molecules (Sartans).

Number of FII/FPI investors increased from 282 to 294 in Mar 2025 qtr.

Ipca Laboratories Ltd.

20 Feb 2020

1352.10

-0.17%

Ipca Laboratories Ltd

Ipca Laboratories Ltd.

Angel Broking

Ipca is a fully-integrated Indian pharmaceutical company manufacturing over 350 formulations and 80 APIs for various therapeutic segments. Contribution from Global Fund tenders, new anti-malaria products (injection and dispersible tabs), strong API pricing/demand, Bayshore acquisition and likely pick-up in UK revenues are the key drivers. Further the company has reduced its debt dependency to

Ipca Laboratories Ltd. is trading below all available SMAs

Ipca Laboratories Ltd.

13 Feb 2020

1352.10

-0.17%

IPCA Laboratories

Buy: Ipca Laboratories Ltd.

Target

ICICI Securities Limited

Growth in exports formulations (28% of FY19 revenue) was on the back of growth in both international generics and international branded formulations. The international anti-malarial institutional business has also contributed substantially to overall exports growth. US traction will take more time than earlier estimated due to USFDA import alerts for the Ratlam facility that is the only API source for Silvassa and Pithampur formulations plants along with Silvassa and Pithampur (Indore) plants that are specifically earmarked for US business, besides third party sales. However, sustained...

Ipca Laboratories Ltd. has an average target of 1756.67 from 3 brokers.

Ipca Laboratories Ltd.

13 Feb 2020

1352.10

-0.17%

Record quarterly PAT led by strong execution

Buy: Ipca Laboratories Ltd.

Target

Motilal Oswal

13 February 2020 IPCA is one of the companies with high exposure to domestic formulation (DF; 40% of sales), a favorable opportunity in API (23% of sales) and better traction in international generics. We raise our EPS estimate by 10%/10.5%/11.4% for FY20/21/22 and also growth in DF, a revival in int. generics and sustained momentum in API. strong growth in exports (generics) and API. Exports (generics) grew 39% YoY to INR2b (16% of sales), API sales were up 24% YoY at INR3b (23% of sales), while DF sales increased 15% YoY to INR4.9b (40% of sales). Exports (branded + institutional) grew 12% YoY to INR1.6b (13% of sales). Gross margin shrank 120bp YoY to 65.1% due to a change in product mix (higher share of API sales). EBITDA margin contracted 70bp YoY due to a lower gross margin and higher employee cost (+60bp YoY), offsetting the benefit of lower other expenses (- 120bp YoY).

Number of FII/FPI investors increased from 282 to 294 in Mar 2025 qtr.

Ipca Laboratories Ltd.

13 Feb 2020

1352.10

-0.17%

Q3FY20 Result Update

Buy: Ipca Laboratories Ltd.

Recommendation Target

Prabhudas Lilladhar

EBITDA margin guided to improve by 100-150 bps YoY in FY21E and FY22E due to the benefits of operating leverage, re-entry in UK generics, traction in branded generics and strong demand of high value APIs. We expect Global Fund business may shift some of its sales to FY21E. IPCA trades at PER of 21.6x (FY21E) and 18x (FY22E). We have increased our earnings estimate by 34% (FY21E) and 40% (FY22E) and increased our PE multiple to 23.3x(earlier 22x)due to better visibility in tender business, generic export and reduction in effective tax rate.We have upgraded the stock to BUY' from Accumulate...

Number of FII/FPI investors increased from 282 to 294 in Mar 2025 qtr.

Is Ipca Laboratories Ltd. worth buying?

365 Votes:

Buy 80.27%

Sell 9.86%

Hold 9.86%

RESEARCH REPORTS

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