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Indian pharma maker of branded generics for India plus a large export API business, strong in anti-malarials and pain drugs.
Indian pharma maker of branded generics for India plus a large export API business, strong in anti-malarials and pain drugs.
Earns from two engines: branded medicines prescribed by Indian doctors and sold through pharmacies, and active ingredients sold in bulk to other drugmakers abroad, which it makes itself rather than buying in. Anti-malarial drugs sold into WHO-backed tenders are a niche line. It took control of Unichem Laboratories, another Indian drugmaker, in 2023.
In one line: India's API-heavy generics maker.
Moat: narrow (scale, process know-how). Large backward-integrated API capacity gives cost and supply advantages over pure formulators.
Headquarters: Mumbai, India · Founded: 1949 · Employees: 23,467
Size IPCA Laboratories (IPCALAB.NS) is an India Health Care company (Pharmaceuticals: Major) with a market value of $5.22B, the 203rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,942 on 6 Nov 2026.
Performance Over six months the shares gained 24.5%, against +0.2% for the median peer and 0.0% for the India market (cap-weighted) — 6th highest of 19 in its peer set.
Growth Revenue grew 10.6% over the last twelve months (peer median +11.4%); the operating margin is 17.4% (peer median 20.6%).
Valuation It trades at 32.4× forward earnings against a peer median of 31.2× (9th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +6 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.5 points above its cost of capital (9.3% WACC).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹101B | ₹95.6B | ₹88.5B | ₹76.1B | ₹62.0B |
| Revenue growth | — | +8% | +16% | +23% | — |
| Gross profit | ₹45.6B | ₹35.0B | ₹28.5B | ₹21.9B | ₹16.9B |
| EBITDA | ₹21.9B | ₹20.3B | ₹17.2B | ₹11.6B | ₹9.93B |
| Net income | ₹13.1B | ₹11.4B | ₹7.38B | ₹5.47B | ₹4.71B |
| Free cash flow | n/a | ₹4.42B | ₹5.00B | ₹4.83B | ₹3.26B |
| Capital expenditure | n/a | ₹6.56B | ₹7.76B | ₹4.11B | ₹4.94B |
| Total debt | n/a | ₹8.09B | ₹13.6B | ₹14.4B | ₹14.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| IPCA Laboratories IPCALAB.NS | $5.22B | +24% | +11% | 17% | 32.4× | 17.8% |
| Divi's Laboratories DIVISLAB.NS | $29.0B | +54% | +16% | 31% | 82.0× | 50.9% |
| Aurobindo Pharma AUROPHARMA.NS | $10.9B | +22% | +14% | 15% | 22.4× | 21.0% |
| Cipla CIPLA.NS | $12.1B | +4% | -1% | 13% | 29.0× | 28.2% |
| Torrent Pharmaceuticals TORNTPHARM.NS | $19.1B | +9% | +42% | 22% | 72.2× | 37.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IPCALAB.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.2% | +3.5% | 6th lowest of 20 |
| 6-month return | +24.5% | +0.2% | 6th highest of 19 |
| Distance from 52-week high | -4.7% | -27.9% | 4th highest of 21 |
| Revenue growth (TTM) | +10.6% | +11.4% | 9th lowest of 19 |
| Operating margin | 17.4% | 20.6% | 9th lowest of 19 |
| Forward P/E | 32.4× | 31.2× | 9th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 17.8% | 8.0% | 4th most demanding of 18 |
| Growth delivered (Del g) | +12.2% | +10.0% | 9th highest of 18 |
| Hurdle (Req g minus delivered) | +5.6 pp | -3.4 pp | 5th most demanding of 18 |
| ROIC minus cost of capital | +4.5 pp | +3.9 pp | 9th highest of 17 |
| EV / EBITDA | 22.5× | 21.6× | 5th most expensive of 12 |
| Net debt / EBITDA | -0.2× | -1.0× | 7th most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| IPCA Laboratories IPCALAB.NS | India | $5.22B | +24% | +11% | 17% | 32.4× | 17.8% | +12.2% |
| Sumitomo Pharma 4506.T | Japan | $5.23B | +7% | +11% | 10% | 8.3× | 1.4% | -2.6% |
| Shenzhen Salubris Pharmaceuticals 002294.SZ | China | $5.18B | -39% | +14% | 11% | 41.6× | 15.5% | +9.7% |
| Beijing TongRenTang 600085.SS | China | $5.27B | -8% | -17% | 8% | 31.2× | 2.7% | +6.2% |
| SKBP 326030.KS | South Korea | $5.12B | -11% | +39% | 35% | 21.6× | 0.5% | +93.6% |
| Erasca ERAS | United States | $5.04B | +42% | n/a | n/a | n/a | n/a | n/a |
| Supernus Pharmaceuticals SUPN | United States | $5.43B | -49% | +16% | 45% | 6.7× | 4.2% | +13.9% |
| PTC Therapeutics PTCT | United States | $5.47B | -11% | -35% | 22% | 34.8× | 8.0% | +35.4% |
| Gland Pharma GLAND.NS | India | $5.53B | +69% | +18% | 20% | 39.0× | 28.0% | +13.3% |
| Apotex Health APTX.TO | Canada | $5.62B | n/a | +4% | 32% | 18.6× | -13.5% | +4.2% |
| Novast Laboratories 301569.SZ | China | $4.82B | n/a | +3% | 27% | n/a | 42.6% | +3.1% |
| Travere Therapeutics TVTX | United States | $4.76B | +16% | +49% | -3% | 16.9× | 16.7% | +19.9% |
| Humanwell Healthcare (Group) 600079.SS | China | $4.71B | +3% | -3% | 16% | 13.4× | -6.8% | +3.0% |
| Veradermics MANE | United States | $5.80B | +31% | n/a | n/a | n/a | n/a | n/a |
| Shanghai Allist Pharmaceuticals 688578.SS | China | $5.90B | -6% | +39% | 47% | 13.8× | 1.8% | +519.6% |
| Guangzhou Baiyunshan Pharmaceutical 600332.SS | China | $4.61B | -11% | +1% | 3% | 13.3× | -0.3% | +4.7% |
| Abbott India ABBOTINDIA.NS | India | $5.93B | -1% | +6% | 28% | 32.4× | 11.4% | +10.0% |
| Legend Biotech Corp. Sponsored ADR LEGN | United States | $4.53B | -17% | +60% | -4% | 64.5× | n/a | n/a |
| GlaxoSmithKline Pharmaceuticals GLAXO.NS | India | $4.53B | +2% | +12% | 33% | 35.9× | 25.2% | +5.5% |
| Camurus CAMX.ST | Sweden | $4.52B | +47% | 0% | 37% | 48.5× | 10.4% | +46.5% |
| Emcure Pharmaceuticals EMCURE.NS | India | $4.47B | +33% | +21% | 16% | 33.9× | 14.9% | +12.7% |