Ipca Laboratories (IPCALAB) Q4 25/26 earnings summary

Executive summary

• Domestic formulation business grew 12% in Q4 FY26 to INR 853 crore, with market share rising to 2.09%.

• Standalone net total income for Q4 FY26 rose 11% year-over-year to Rs. 1,844.23 crores; consolidated net total income up 9% to Rs. 2,482.22 crores.

• FY26 domestic business up 10% to INR 3,817 crore; export formulations up 9% to INR 2,083 crore.

• Consolidated revenue for FY26 increased 8% year-over-year to INR 9,646 crore.

• Standalone EBITDA margin improved to 25.18% for FY26, exceeding guidance.

Financial highlights

• Q4 FY26 standalone EBITDA margin rose to 25.27% from 21.19% in Q4 FY25.

• Standalone net profit before exceptional items for Q4 FY26 increased 35% to Rs. 292.71 crores; consolidated net profit before exceptional items up 31% to Rs. 355.22 crores.

• Standalone net profit after tax before exceptional items for FY26 was Rs. 1,162.94 crores, up 25%; consolidated net profit before exceptional items was Rs. 1,277.80 crores, up 29%.

• Generic business (excluding tenders) grew 17% in FY26 to INR 1,149 crore.

• API business grew 10% to INR 1,396 crore in FY26.

Outlook and guidance

• Consolidated revenue growth guidance for FY27 is 12%-13% in INR terms.

• EBITDA margin expected to improve to 22%-22.3% in FY27.

• Domestic branded business expected to grow 12% in FY27, with 1%-2% from new products.

• Unichem margins projected to recover to 12%-13% in FY27.

• The company continues to focus on growth in both domestic and export markets, with strong performance in branded and generics formulations.