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Ipca Laboratories (IPCALAB) investor relations material
Ipca Laboratories Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary13 Nov, 2025
Executive summary
Domestic formulation business grew 8% in Q2 FY26, recovering after GST rate changes in September 2025, with strong October performance.
Market share improved from 2.3% to 2.8% year-over-year, with Q2 growth of 11.6% outpacing the 7.8% market growth.
Chronic business share increased to 35%, and both acute and chronic segments outperformed the market.
Standalone net total income rose 7% year-over-year to ₹1,952.24 crore in Q2 FY26; consolidated net total income increased 9% to ₹2,584.36 crore.
Standalone net profit after exceptional items grew 25% to ₹304.74 crore; consolidated net profit after exceptional items rose 23% to ₹282.57 crore in Q2 FY26.
Financial highlights
Export formulation revenue declined 9% year-over-year to INR 493 crore in Q2, but H1 was flat at INR 941 crore.
API business grew 28% in Q2 to INR 408 crore, with full-year growth expected at 14%-15%.
Standalone EBITDA margin improved to 25.46% (from 22.89%), and consolidated EBITDA margin rose to 21.68% (from 19.1%) year-over-year.
Standalone earnings per share (EPS) after exceptional items was ₹12.01, up 25% year-over-year; consolidated EPS after exceptional items was ₹11.14, up 23%.
R&D spend increased to 3.91% of turnover in Q2, expected to remain at 4%-4.75% of turnover next year due to biosimilar and filing activities.
Outlook and guidance
Domestic growth guidance maintained at 10%-11% for FY26.
Export generics expected to grow 8%-9% in H2 FY26, with branded exports targeting 9%-10% growth for the full year.
API business guidance at 14%-15% growth for the year.
Margin guidance raised by 100 bps due to improved product mix and Unichem recovery.
Management highlighted continued growth in both domestic and export markets, with a focus on expanding API exports and maintaining strong EBITDA margins.
Unichem EBITDA margin path to 15-20%
Ipca's US market strategy and API focus
GLP-1 opportunity: Ipca's strategy and timeline
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Next Ipca Laboratories earnings date
Q3 25/2612 Feb, 2026
Next Ipca Laboratories earnings date
Q3 25/2612 Feb, 2026
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Frequently asked questions
Ipca Laboratories Limited is an India-based pharmaceutical company engaged in the manufacturing and marketing of active pharmaceutical ingredients and finished dosage forms. The company’s products cover therapeutic segments such as pain management, cardiovascular, anti-malarial, anti-infective, and dermatology. Ipca serves domestic and international markets, supplying to both branded and generic sectors, and also operates in the institutional supply segment. The company is headquartered in Mumbai, India, and its shares are listed on the BSE.
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