IPCALAB

IPCA Laboratories Limited

Formulations and active pharmaceutical ingredients, domestic and export

Healthcare›Healthcare›Pharmaceuticals & Biotechnology›Pharmaceuticals

ipca.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1832.60
Market cap
46,496 Cr
Stock P/E
35.5
P/B
5.76
Dividend yield
0.1%
ROE (FY26)
12.0%
ROCE (FY26)
16.0%
Operating margin (FY26)
16.2%
Debt / equity (FY26)
0.09
OCF / EBITDA (FY26)
57.7%
OCF / EBITDA (3Y)
67.8%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Ipca Laboratories (Ipca) makes pharmaceutical formulations and active pharmaceutical ingredients (APIs, the bulk drug substances inside medicines) and sells them in India and in export markets.

Company snapshot

16thBy market cap

Ranked among 119 companies in Pharmaceuticals.

What we see

Positives
  • ✓Debt-to-equity of 0.09x — the company is largely funded by its own money, not borrowed funds.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales2,034 Cr2,053 Cr2,033 Cr2,093 Cr2,355 Cr2,245 Cr2,247 Cr2,309 Cr2,557 Cr2,393 Cr2,388 Cr2,788 Cr
Operating expenses (approx.)1,713 Cr1,722 Cr1,711 Cr1,700 Cr1,913 Cr1,782 Cr1,818 Cr1,892 Cr2,012 Cr1,859 Cr1,905 Cr2,119 Cr
EBITDA321 Cr331 Cr322 Cr393 Cr441 Cr463 Cr429 Cr416 Cr545 Cr533 Cr484 Cr670 Cr
OPM %15.8%16.1%15.8%18.8%18.7%20.6%19.1%18.0%21.3%22.3%20.3%24.0%
Other income39 Cr22 Cr19 Cr21 Cr26 Cr20 Cr26 Cr33 Cr28 Cr20 Cr94 Cr25 Cr
Interest44 Cr33 Cr29 Cr24 Cr23 Cr17 Cr22 Cr19 Cr20 Cr18 Cr20 Cr12 Cr
Depreciation90 Cr100 Cr98 Cr99 Cr100 Cr98 Cr100 Cr100 Cr103 Cr108 Cr107 Cr111 Cr
Profit before tax224 Cr287 Cr75 Cr291 Cr345 Cr367 Cr126 Cr329 Cr389 Cr446 Cr402 Cr574 Cr
Tax %39.2%23.1%98.2%31.5%28.8%24.7%49.3%29.2%27.8%18.4%23.7%26.0%
Net profit136 Cr221 Cr1 Cr199 Cr246 Cr276 Cr64 Cr233 Cr281 Cr364 Cr307 Cr424 Cr
EPS (₹)₹5.72₹7.09₹2.35₹7.58₹9.05₹9.78₹2.67₹9.19₹11.14₹12.86₹11.79₹15.84

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales3,212 Cr3,284 Cr3,773 Cr4,649 Cr5,420 Cr5,830 Cr6,244 Cr7,705 Cr8,940 Cr9,646 CrSign in free for the trailing twelve months
Operating expenses (approx.)2,766 Cr2,829 Cr3,081 Cr3,742 Cr3,876 Cr4,521 Cr5,318 Cr6,384 Cr7,213 Cr7,668 CrSign in free for the trailing twelve months
EBITDA446 Cr455 Cr692 Cr907 Cr1,544 Cr1,309 Cr927 Cr1,321 Cr1,726 Cr1,979 CrSign in free for the trailing twelve months
OPM %13.9%13.8%18.3%19.5%28.5%22.5%14.8%17.1%19.3%20.5%Sign in free for the trailing twelve months
Other income21 Cr42 Cr58 Cr67 Cr63 Cr67 Cr126 Cr125 Cr93 Cr174 CrSign in free for the trailing twelve months
Interest24 Cr24 Cr19 Cr17 Cr9 Cr8 Cr46 Cr138 Cr85 Cr76 CrSign in free for the trailing twelve months
Depreciation173 Cr178 Cr182 Cr211 Cr209 Cr232 Cr262 Cr357 Cr398 Cr418 CrSign in free for the trailing twelve months
Profit before tax262 Cr291 Cr546 Cr739 Cr1,381 Cr1,114 Cr732 Cr836 Cr1,129 Cr1,565 CrSign in free for the trailing twelve months
Tax %25.8%17.6%19.1%18.3%17.4%20.1%34.6%37.5%30.4%24.4%Sign in free for the trailing twelve months
Net profit195 Cr239 Cr442 Cr604 Cr1,141 Cr890 Cr479 Cr523 Cr785 Cr1,184 CrSign in free for the trailing twelve months
EPS (₹)₹15.42₹18.97₹35.01₹47.77₹90.11₹34.85₹18.58₹21.57₹29.08₹44.98Sign in free for the trailing twelve months
Dividend payout %————8.9%11.4%21.2%9.7%12.9%4.4%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital25 Cr25 Cr25 Cr25 Cr25 Cr25 Cr25 Cr25 Cr25 Cr25 Cr
Reserves2,430 Cr2,663 Cr3,097 Cr3,602 Cr4,676 Cr5,467 Cr5,817 Cr6,307 Cr6,923 Cr8,038 Cr
Borrowings529 Cr473 Cr351 Cr414 Cr186 Cr791 Cr1,458 Cr1,388 Cr1,302 Cr704 Cr
Other liabilities975 Cr956 Cr1,062 Cr1,205 Cr1,166 Cr1,279 Cr1,254 Cr1,987 Cr2,071 Cr2,142 Cr
Total liabilities3,960 Cr4,117 Cr4,551 Cr5,260 Cr6,068 Cr7,639 Cr8,626 Cr11,101 Cr11,761 Cr12,370 Cr
Fixed assets (net)1,913 Cr1,854 Cr1,746 Cr1,922 Cr1,963 Cr2,209 Cr2,572 Cr4,340 Cr4,069 Cr4,441 Cr
CWIP62 Cr42 Cr36 Cr71 Cr184 Cr294 Cr122 Cr324 Cr616 Cr762 Cr
Investments136 Cr87 Cr120 Cr310 Cr505 Cr989 Cr626 Cr862 Cr980 Cr844 Cr
Loans & advances——3 Cr3 Cr2 Cr10 Cr3 Cr9 Cr43 Cr50 Cr
Inventories882 Cr881 Cr1,073 Cr1,323 Cr1,595 Cr1,858 Cr1,743 Cr2,471 Cr2,560 Cr2,731 Cr
Trade receivables500 Cr602 Cr682 Cr895 Cr812 Cr911 Cr989 Cr1,687 Cr1,874 Cr2,014 Cr
Cash & bank29 Cr149 Cr281 Cr58 Cr166 Cr275 Cr1,258 Cr209 Cr167 Cr437 Cr
Other assets436 Cr503 Cr610 Cr677 Cr842 Cr1,093 Cr1,312 Cr1,200 Cr1,452 Cr1,092 Cr
Total assets3,960 Cr4,117 Cr4,551 Cr5,260 Cr6,068 Cr7,639 Cr8,626 Cr11,101 Cr11,761 Cr12,370 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity282 Cr341 Cr501 Cr564 Cr1,090 Cr856 Cr806 Cr945 Cr1,321 Cr1,142 Cr
Cash from investing-149 Cr-135 Cr-165 Cr-510 Cr-521 Cr-855 Cr-725 Cr-1,292 Cr-869 Cr-247 Cr
Cash from financing-159 Cr-130 Cr-183 Cr-130 Cr-306 Cr427 Cr507 Cr-553 Cr-283 Cr-754 Cr
Net cash flow-26 Cr75 Cr153 Cr-76 Cr264 Cr428 Cr588 Cr-900 Cr169 Cr142 Cr
Free cash flow (OCF − Capex)146 Cr204 Cr320 Cr258 Cr729 Cr377 Cr311 Cr533 Cr546 Cr490 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %9.6%9.9%16.2%18.6%28.4%17.6%10.6%10.7%12.5%16.0%
ROE %7.9%8.9%14.2%16.7%24.2%15.9%8.0%7.1%8.8%12.0%
Debtor days57676670555758807676
Inventory days337344353331363406371407409424
Days payable151165173152152122112128135146
Cash conversion cycle242245246249266341317359350354
OCF / EBITDA %63.2%75.0%72.4%62.2%70.6%65.4%86.9%71.5%76.5%57.7%
OCF / EBITDA % (3 years)——70.6%68.5%68.6%66.8%72.8%73.3%77.3%67.8%
Debt / equity0.220.180.110.110.040.140.250.220.190.09
Current ratio1.821.932.172.153.033.032.872.352.502.76
Net debt / EBITDA1.12—0.100.390.010.390.220.890.660.13