Ipca Laboratories Ltd. share price target

Ipca reported strong EBITDA of Rs5.3bn (up 19% YoY) which was 10% above our estimates. Company has witnessed 400bps GMs expansion ex Unichme for 9MFY26 which should sustain given product mix and softer raw material prices. Export API business witnessed recovery in 9MFY26 with 26% YoY growth. Domestic formulation business, which now contributes 40% of revenues and ~55% of EBITDA, continued to outperform and grow at healthy levels. We believe 1) recovery in API segment 2) higher margins ex Unichem 3) steady...

Revenue break-up Q3FY26 Formulations: 64% (domestic: 41%, export: 22% - export generic: 11%, export institutional: 2%, export branded: 9%), APIs: 13% (export API: 10%, domestic API: 3%), subsidiaries: 23%...

Ipca Laboratories (IPCA) reported in-line revenue and better-than-expected EBITDA/PAT (10%/12% beat) in 3QFY26, aided by product mix, favorable currency and a lower tax rate.

Q2FY26- Revenues growth a little subdued but margins strongRevenues grew ~9% YoY to 2556.5 crore driven by both domestic formulations and API exports. Domestic formulations grew 8% YoY to 1019 crore, driven by strong traction in pain management but also had some impact on account of GST rate rationalization. Export APIs grew ~45% to 221 crore. Under exports formulations - Branded exports grew ~2% to 145 crore, Institutional exports de-grew 29% YoY to 79.7 crore and generic exports de-grew 6% YoY to 268 crore. EBITDA grew 23.4% YoY to 545 crore while EBITDA margins grew by 257 bps to 21.3% aided...

Ipca Laboratories (IPCA) delivered slightly better-than-expected revenue in 2QFY26, while EBITDA/PAT beat our estimates by 18%/22%.

was weak with 4.3% OPM; impacted by certain one offs and price erosion in certain products. Mgmt. reiterated its FY26 guidance of 9-10% revenue growth however 75bps margin expansion vs 100 bps earlier. Our FY26E and FY27E EPS...

Ipca Labs (IPCA) reported EBITDA of Rs4.1bn (up 35% YoY), was in line with our estimates. However, mgmt. FY26 guidance of 8-10% revenue growth was below our expectations (12-13%). Resultant, our FY26E and FY27E EPS stands reduced by 4-8%. API and generic business growth were muted in FY25; recovery will be gradual. Domestic formulation business, which now contributes 40% of revenues and ~55% of EBITDA, continued to outperform and grow at healthy levels. Turnaround in Unichem remains on track with...

Domestic formulation growth was aided by 5-6% each price and volume. Ipca Labs (IPCA) reported EBITDA of Rs4.6bn (up 35% YoY), 7% beat to our estimates. Our FY26E and FY27E EPS broadly remains unchanged. The broadbased revenue growth in 9M provides comfort while export API and generic should recover in coming quarters. Domestic formulation business, which now contributes 40% of revenues and ~60% of EBITDA, continued to outperform and grow at healthy levels. Turnaround in Unichem remains on track with...

Following a muted performance in the US over the past eight years due to compliance issues, IPCA is well-poised to revive its US business through new product launches, relaunches, stable pricing in its base business, and the integration of the Unichem business over the next 12-24M.

Quarterly revenues reached Rs. 2,355 crore, marking a 16% y-o-y increase and a 13% rise from the
previous quarter. Profit after tax (PAT) came in strong at Rs. 245 crore, up 39% as compared to last year and 23%, sequentially.

After three years of earnings deterioration, IPCA is well-poised to deliver strong earnings growth over FY24-27.

Ipca’s board would discuss the strategic integration of Bayshore Pharmaceuticals’ generics business into Unichem Pharma (USA) Inc on September 30, 2024.

Ipca Laboratories Limited’s (Ipca) earnings came above our estimates, as sales grew 32.9% y-o-y to Rs. 2,092 crore. Sales growth was led by 11.6% y-o-y growth in domestic branded formulations.

IPCA delivered better-than-expected 1QFY25 earnings. The improved performance in the domestic formulation (DF) segment was offset to some extent by a subdued show in exports and API segment.