IPCALAB · Healthcare
Ipca Laboratories Ltd. reported revenue of ₹2,788 cr for April to June 2026, +20.7% on the year and +16.8% on the quarter. That is in line with how this quarter has grown in recent years (+21.2% on average). It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹10,125 cr, +10.6% on the four before.
Operating profit (EBITDA) was ₹670 cr, a margin of 24.0%, +600 bps on the year and +375 bps on the quarter. It is the widest margin of the last 8 quarters (range 18.0% to 24.0%). Operating costs grew +11.9% against revenue growth of +20.7%, so more of each rupee of sales reached operating profit.
Net profit was ₹424 cr, +82.1% on the year and +38.2% on the quarter, with earnings per share of ₹15.84. Profit before other income, one-offs and tax grew 83.5%, so the profit growth came from the business itself. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹1,376 cr, +68.0% on the four before.
Pharma quarters swing with US generic launches and price erosion, while India formulations grow more steadily. Currency gains and other income can be material, so headline profit needs a check against operating profit. The quarterly statements do not carry the US and India split, R&D spend and any FDA observations; those come with the filing read.
On earnings per share of ₹51.63 over the last four quarters, the stock at ₹1,845.50 trades at 35.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Metric | Q1 FY27 | Q2 FY26 |
|---|---|---|
| India growth YoY | — | 1,019% |
| Gross margin | 71.5% | 75.36% |
| Exports Income (₹ crore) | — | 813.65 |
| Generics Export Formulations Revenue (₹ crore) | — | 268.01 |
Read using the Pharmaceuticals framework (named in the filing read). Primary valuation lens: P/E excluding one-time exclusivity gains.
Read more closely in this sector: Status of each US-filed plant · Price erosion stated · One-product dependence.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,053 cr | ₹2,033 cr | ₹2,093 cr | ₹2,355 cr | ₹2,245 cr | ₹2,247 cr | ₹2,309 cr | ₹2,557 cr | ₹2,392 cr | ₹2,388 cr | ₹2,788 cr | ₹2,910 cr |
| YoY | — | — | +32% | +16% | +9% | +11% | +10% | +9% | +7% | +6% | +21% | +14% |
| EBITDA margin | 16.1% | 15.8% | 18.8% | 18.7% | 20.6% | 19.1% | 18.0% | 21.3% | 22.3% | 20.3% | 24.0% | 23.1% |
| Other income, % of PBT | 31% | −153% | 7% | 8% | 5% | −140% | 10% | 7% | 9% | 12% | 4% | 5% |
| Exceptional items | — | — | — | — | — | — | — | ₹58.3 cr | — | — | — | ₹24.3 cr |
| Tax rate | 23% | — | 31% | 29% | 25% | 49% | 29% | 28% | 18% | 24% | 26% | 28% |
| Net profit | ₹221 cr | ₹1.0 cr | ₹199 cr | ₹246 cr | ₹276 cr | ₹64.0 cr | ₹233 cr | ₹281 cr | ₹364 cr | ₹307 cr | ₹424 cr | ₹389 cr |
| YoY | — | — | +21% | +81% | +25% | +6,300% | +17% | +14% | +32% | +380% | +82% | +39% |
| Core profit YoY | — | — | +30% | +41% | +76% | +57% | +11% | −4% | +17% | +16% | +83% | +63% |
| EPS | ₹7.09 | ₹2.35 | ₹7.58 | ₹9.05 | ₹9.78 | ₹2.67 | ₹9.19 | ₹11.14 | ₹12.86 | ₹11.79 | ₹15.84 | ₹14.79 |
| Flags | 2 | · | ✓ | 1 | ✓ | 1 | ✓ | 1 | 1 | 1 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Ipca Laboratories Ltd. reported revenue of ₹2,788 cr (+20.7% on the year) and net profit of ₹424 cr (+82.1% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +83.5% on the year, against +82.1% for reported profit.
None of the 8 checks that could run raised a question.
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