Ipca Laboratories Ltd
IPCALABIpca Laboratories Ltd's earnings have outrun its stock. EPS grew +54.7% in a year against a +43.7% price move.
The sharpest disagreement: Promoters moved −1.6 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced.
The price is in a confirmed uptrend (38 weeks in) while the P/E sits at the 47th percentile of its own 11-year range. Underneath, the last four quarters read improving — profit +82.0% year on year, and 137% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Ipca Laboratories Ltd trades at ₹1,971, in a confirmed uptrend and 38 weeks into that stage. That is +18.0% against its own 200-day average. It sits at 94% of a 52-week range of ₹1,404 to ₹2,010. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 19 straight weeks.
Today the stock is in a confirmed uptrend — week 38 of stage 2, confirmed. At ₹1,971 it trades +18.0% versus its 200-day average and sits at 94% of its 52-week range (₹1,404–₹2,010).
Against the market, two honest reads. Cumulative: over the last 10.6 years the stock moved +583% while the NIFTY 500 moved +260% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 19 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
Ipca Laboratories Ltd's story is not scored yet against the markers our research file set on 22 August 2026. Where it sits in its own cycle: EARLY_EXPANSION. Our fortnightly research layers last read it on 22 August 2026.
Our read, 22 August 2026. Ipca has delivered an export-led earnings step-up and raised FY27 growth and margin guidance, but the current margin is above mid-cycle and Unichem launch guidance has been cut.
From the numbers. The weekly PE snapshot is at its median, while the deterministic operating-cycle read is EARLY_EXPANSION. The normalized valuation is higher because current operating margin exceeds the mid-cycle reference. Earnings…
From the price. Price stage 2, week 38 — above its 200-day line, relative strength rising.
From the research. Ipca has delivered an export-led earnings step-up and raised FY27 growth and margin guidance, but the current margin is above mid-cycle and Unichem launch guidance has been cut.
🚨 Where they disagree. The weekly PE snapshot is at its median, while the deterministic operating-cycle read is EARLY_EXPANSION. The normalized valuation is higher because current operating margin exceeds the mid-cycle reference. Earnings have expanded while the multiple compressed, yet the valuation case depends on sustaining elevated margins rather than on a trough-margin recovery.
What is proven. Ipca has delivered an export-led earnings step-up and raised FY27 growth and margin guidance, but the current margin is above mid-cycle and Unichem launch guidance has been cut.
What is not proven yet. The whole thesis breaks if consolidated operating margin falls below 21% for two consecutive quarters while domestic formulations and APIs both grow below management's FY27 framework, because that would show the current earnings step-up was not durable.
🚨 What would change our mind. The whole thesis breaks if consolidated operating margin falls below 21% for two consecutive quarters while domestic formulations and APIs both grow below management's FY27 framework, because that would show the current earnings step-up was not durable.
Layer 1 read, 22 August 2026 — KEEP. Profit up 82% on a margin gain that starts at the gross line, not in one-off income. Ipca earned Rs 424 Cr in the June quarter on Rs 2,788 Cr of sales, with revenue up 20.7% and profit up 82.0% year on year and operating margin at 24%. I checked whether that was real: other income was only Rs 25 Cr of Rs 572 Cr of pre-tax profit, and the gross margin — the level before any cost leverage — has risen about 390 basis points over three years as the mix moved toward chronic therapies, APIs (up almost 30% in the quarter) and exports. Management responded by lifting its FY27 margin expectation to about 23%. The open question is delivery, not earnings quality: the company has quietly cut its stated launch cadence to 7-8 a year and Unichem's margin recovery has slipped timelines…
What would change Layer 1’s mind. Consolidated operating margin printing below 21% for two consecutive quarters while gross margin also falls back under 69% — that combination would show the mix-driven step-up I just verified was cyclical after all, and would validate the mean-reversion case rather than my override of it. A second, separate trigger: Unichem's EBITDA margin still under 10% at Q3 FY27, which would make the third slipped recovery timeline in a row.
Layer 2 read, 22 August 2026 — ADVANCE. Ipca's own earnings are turning faster than its mature pharma sector, so stock evidence still wins. June-quarter revenue rose 20.7% and profit rose 82.0%, with operating margin at 24%, and management raised its full-year margin view. External evidence confirms broad sector earnings but also says the sector is TOPPING and modeled expensive [sector_timeline:C6, ⚠ judged context], so L2 advances the stock with a lower ceiling rather than treating pharma as a fresh sector bet.
What would change Layer 2’s mind. Flip ADVANCE to DROP if Ipca reports operating margin below 21% for two consecutive quarters while domestic formulations and API growth both miss the raised FY27 framework.
Layer 3 read, 22 August 2026 — DEPLOY. Deploy small: earnings are improving, but freight, launches and Unichem still need proof. The current freight shock aligns with Timeline R4: management described container shortages and sharply higher route costs, yet raised its FY27 margin view. The risk search also confirmed the lower 7-8 combined launch cadence, so this is a P1 deployment with a management watch, not a full-size clean pass.
What would change Layer 3’s mind. Two consecutive consolidated operating-margin prints below 21%, or Unichem still below a 10% EBITDA margin in Q3 FY27, would escalate execution risk to HIGH and flip DEPLOY to DROP.
CIO read, 22 August 2026 — BENCH. NOT ADMITTED (incoming, benched) · forward-asymmetry 57/100 · CONTESTED. Judged EPS growth of 20.0% falls just short of the model-implied 21.0%, leaving a derived -1.0-point gap. The rating is normal at the 49th percentile, while Unichem recovery remains unproven and the pharma sector is topping, so the earnings turn still needs to win a fight.
The test written in advance. The whole thesis breaks if consolidated operating margin falls below 21% for two consecutive quarters while domestic formulations and APIs both grow below management's FY27 framework, because that would show the current earnings step-up was not durable. — the thesis as written as stated by the next result.
The test written in advance. Peak-margin valuation risk — Peak-margin valuation risk Consolidated operating margin at or below 21% for two consecutive quarters. by the next result.
The test written in advance. Reduced product-launch cadence — Reduced product-launch cadence Combined annual launches below 7 or no explanation of the revised launch framework by Q2 FY27. by the next result.
What the company does. The latest quarter combined faster revenue growth, a higher operating margin, and reported profit growth versus the prior-year quarter. Domestic formulations, APIs and exports are the near-term engines, while Unichem recovery and product launches require delivery rather than another revision. The trailing valuation looks ordinary, but normalization lifts the earnings multiple because the operating margin is above its mid-cycle level.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Domestic chronic and specialty mix | HIGH | — | Domestic formulations remain ahead of the market, led by chronic therapies and specialty segments. | Domestic formulation growth trails the industry market for two consecutive quarters. |
| API expansion and new capacity | HIGH | — | API revenue rose nearly 30% in the latest quarter and Dewas and Wardha capacity is being built. | API growth falls below consolidated revenue growth for two consecutive quarters after new capacity begins operations. |
| Export and Unichem portfolio breadth | MEDIUM_HIGH | — | Exports grew faster in the latest quarter, with Europe, Brazil and Asian markets contributing to Unichem's portfolio. | Export growth falls below domestic growth while European and Brazil portfolio gains fail to persist for two quarters. |
| Unichem cost and margin recovery | MEDIUM_DEFERRED | — | Captive APIs, Europe and Brazil improvement, and Ireland-cost removal are the stated recovery levers. | Unichem EBITDA margin remains below 10% through Q3 FY27. |
| Biosimilar and US manufacturing option | MEDIUM_DEFERRED | — | Engineering batches, validation work and US formulation capacity create a longer-duration option. | Validation or clinical-start milestones slip beyond FY28 without a revised commercial pathway. |
🚨 What the surface reading misses. The surface reading is: Reported profit rose sharply from the prior-year quarter. The research reads it further: The profit increase combines higher revenue with a higher operating margin; it is not presented as a below-the-line one-off because the one-off ledger marks the quarter clean.
🚨 What the surface reading misses. The surface reading is: A 24% operating margin suggests improving profitability. The research reads it further: The deterministic cycle-normalized calculation places the margin at the 88th percentile of history versus normalized margin of 18.6%, so current earnings include a high-margin cycle component.
Lever 1 · Operating leverage — BUILDING. Domestic formulations remain ahead of the market, led by chronic therapies and specialty segments. What proves it keeps working: Domestic chronic and specialty mix. It stops working if Domestic formulation growth trails the industry market for two consecutive quarters.
Lever 7 · Consolidation — BUILDING. API revenue rose nearly 30% in the latest quarter and Dewas and Wardha capacity is being built. What proves it keeps working: API expansion and new capacity. It stops working if API growth falls below consolidated revenue growth for two consecutive quarters after new capacity begins operations.
Lever 10 · New geographies — BUILDING. Exports grew faster in the latest quarter, with Europe, Brazil and Asian markets contributing to Unichem's portfolio. What proves it keeps working: Export and Unichem portfolio breadth. It stops working if Export growth falls below domestic growth while European and Brazil portfolio gains fail to persist for two quarters.
Lever 12 · New product launch — BUILDING. Captive APIs, Europe and Brazil improvement, and Ireland-cost removal are the stated recovery levers. What proves it keeps working: Unichem cost and margin recovery. It stops working if Unichem EBITDA margin remains below 10% through Q3 FY27.
Sources: our stock research file (22 August 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Ipca Laboratories Ltd reported ₹2,788 Cr of revenue in the Jun 26 quarter, +20.7% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 12.8% a year. The last full year, FY26, came in at ₹9,599 Cr. The last four reported quarters add to ₹10,124 Cr.
Why this happened. The API business was cited as one reason for the raised outlook. New intermediate capacity extends the operating runway beyond Ratlam, while the stated cost pass-through mechanism reduces exposure to input inflation. The driver stops working if API growth normalizes below the broader company growth rate while the new plants remain underutilized.
FY26 revenue came in at ₹9,599 Cr (+7.9% on the year), capping 10 years at 12.8% compound. The latest quarter (Jun 26) printed ₹2,788 Cr, +20.7% year on year — the 12th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +10.5% growth against the decade's 12.8% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +10.6% over the last 4 quarters against +11.0%/yr over the last 8 — stabilising; TTM profit +68.0% vs +57.2%/yr — accelerating.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Ipca Laboratories Ltd's operating margin is 24.0% in the Jun 26 quarter, +6.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0% to 29.0%. The current quarter sits inside that band.
Why this happened. The Chronic Therapy Annuity Premium applies because chronic growth exceeded the industry growth rate while acute therapies also remained ahead of the market. This mix can support realization and operating-margin resilience, but it stops working if domestic growth drops below the market for two consecutive quarters.
The latest quarter's operating margin is 24.0%, +6.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0%–29.0%.
Why the margin moved: operating margin went +6.0 pp year on year while gross margin went +1.4 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Ipca Laboratories Ltd earned ₹424 Cr of net profit in the Jun 26 quarter, +82.0% year on year. It is the 9th consecutive quarter of growth. Full-year FY26 profit was ₹1,184 Cr. The 10-year compound rate is 29.0%. That is 15.2% of the quarter's revenue. The same quarter a year earlier earned ₹233 Cr.
Jun 26 profit was ₹424 Cr, +82.0% year on year — the 9th consecutive quarter of growth. On the full year, FY26 printed ₹1,184 Cr (+50.8%), and the 10-year compound rate is 29.0%.
Why profit moved: revenue contributed +20.7% and the margin +6.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +126.9% vs revenue +10.5%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 137% of Ipca Laboratories Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹1,142 Cr of operating cash against ₹1,184 Cr of profit. After ₹929 Cr of capital spending, ₹213 Cr was left as free cash.
FY26: operating cash of ₹1,142 Cr against reported profit of ₹1,184 Cr, leaving free cash of ₹213 Cr after ₹929 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 137% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 137%: the cash cycle stretched 57 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: the bigger cash user is investment — capital spending ran 3.1× depreciation over three years, so the next section's job is to check what that build-out is buying.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Ipca Laboratories Ltd's cash conversion cycle runs 308 days in FY26, up from 251 days in FY21. Capital spending ran ₹3,682 Cr over the last 3 years. At FY26 sales of ₹9,599 Cr each day of that cycle holds about ₹26.3 Cr, so roughly ₹8,100 Cr sits inside the business at any moment.
FY26: debtors at 77 days, inventory at 353 days — roughly 11.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 308 days, looser than FY21's 251.
The full loop: cash goes out to suppliers and production on day 0; stock waits 353 days to sell; customers pay about 77 days after that; and suppliers themselves are paid at 122 days — netting out to the 308-day cycle.
In money terms: at FY26 sales of ₹9,599 Cr, each day of the cycle holds about ₹26.3 Cr — so the 308-day loop keeps roughly ₹8,100 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹3,682 Cr over the last 3 fiscal years against ₹1,173 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹773 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Ipca Laboratories Ltd earns a ROCE of 17% in FY26. That is up from a trough of 5% in FY16. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 12.3% net margin on 0.78× asset turns.
FY26 ROCE is 17%, recovered from a FY16 trough of 5% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 12.3% net margin × 0.78× asset turns × 1.53× balance-sheet leverage ≈ 14.7% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.
The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 5,809% on reported income across 15 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.
Ipca Laboratories Ltd carries ₹809 Cr of borrowings against ₹8,063 Cr of equity in FY26, a debt-to-equity of 0.10. Operating profit covers the interest bill 25×. Over 5 years borrowings went from ₹265 Cr to ₹809 Cr. Capital spending ran ₹3,682 Cr across the last 3 of those years.
FY26: borrowings of ₹809 Cr against equity of ₹8,063 Cr — a debt-to-equity of 0.10. Operating profit covers the interest bill 25×. Over 5 years borrowings went from ₹265 Cr to ₹809 Cr while capital spending ran ₹3,682 Cr in just the last 3 — part of the build-out is riding on borrowed money.
The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 5,809% on reported income across 15 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions added 3.6 points of Ipca Laboratories Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 37.0% of the company. Promoters moved −1.6 points over the same window, to 44.7%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: +3.6 points over 8 quarters to 37.0%; Promoters: −1.6 points over 8 quarters to 44.7%; Foreign institutions: −0.1 points over 8 quarters to 10.7%.
Why the register moved: domestic institutions drove it (+3.6 points), absorbed on the other side by promoters (−1.6 points) — steady accumulation by institutions reading the same numbers this page reads.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Ipca Laboratories Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Ipca Laboratories Ltd trades at 36.4× P/E, mid-range by its own standards (47th percentile). Its long-run median P/E is 37.3×, measured across 10.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 36.4× is mid-range by its own standards (47th percentile), against a long-run median of 37.3× measured over 10.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +54.7% against a +43.7% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +10.4%/yr price move, ~+6.5%/yr came from earnings growth and ~+3.9 pp from the multiple (expanding); over 10y, of the +20.8%/yr price move, ~+31.5%/yr came from earnings growth and ~−10.7 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.
The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 5,809% on reported income across 15 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 24 August 2026 price, Ipca Laboratories Ltd was paying for profit growth of about 21.0% a year. Profit itself has compounded 29.0% a year over the past 10 years. Today the market pays 36.4× P/E, the 47th percentile of its own 11-year range.
What the two numbers say together. The multiple is unremarkable against its own past, and the growth the price is paying for is below what this company has actually delivered.
How to hold this number: it is a reading of one day's price, taken on 24 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 25 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Ipca Laboratories Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 17.0% and holding. The read is built from 9 quarters across 4 curves, on partial evidence.
Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +7.9% | +15.7% | +12.2% | +12.8% |
| Profit | +50.8% | +35.2% | +0.7% | +29.0% |
| EPS | +54.7% | +34.3% | +0.0% | +28.4% |
| Share price | +43.7% | +30.1% | +10.4% | +20.8% |
4-Factor Sector Score
61.8/100 — rank 8 of 34 in Pharma Formulations · 82% evidence confidence
Ipca Laboratories Ltd scores 61.8 out of 100 against the 34 companies it is compared with in Pharma Formulations, ranking 8. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 24.9 + 15.9 + 12.3 + 8.7 = 61.8. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Said versus delivered
What Ipca Laboratories Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
Product Launch Cadence Cut · 14 August 2026. Prior calls described a substantially higher near-term launch cadence: Feb 2026 referred to 5-7 molecules over 12-15 months, and Jun 2026 indicated 6-8 Ipca products plus at least 5-6 Unichem products in the current financial year. In Aug 2026, management instead described only 7-8 launches combined per year, a material reduction in the product-driven growth pipeline with no explanation of whether the earlier targets were cancelled, delayed, or re-scoped.
Unichem Ireland Facility Savings Delayed · 1 June 2026. In the Nov 2025 call, management stated that the closure costs for Unichem's Ireland facility were already settled in Q1 and that the EUR 3.5 to 4 million running overhead would be cut immediately. However, in the Jun 2026 call, management revealed they actually continued operating and incurring EUR 4 to 5 million in overhead for the Ireland facility throughout the entire past financial year (FY26), pushing the realization of these expected savings to FY27 without explaining the execution delay.
Unichem Margin and Growth Outlook · 16 February 2026. Management guided in the November 2025 call that Unichem's margins (around 11%) would remain stable and in line with Q2 levels, citing good US growth of 12%. However, in the February 2026 call, they reported a significant deterioration with margins dropping to 8% and base business growth falling to 2%, attributed to lost high-volume business. Earlier call (Nov 2025): “I think over INR60 crores kind of EBITDA margins they have, which is around 11% or so of the second quarter. So, I think overall, their business margins are expected to remain around what is in line with the second quarter”. Later call (Feb 2026): “Overall, Unichem”.
Unichem Market Share Recovery Timeline · 16 February 2026. In the November 2025 call, management explicitly stated that the business impact seen in Q1 was unlikely to recur in the third and fourth quarters. In a reversal, the February 2026 call admitted that the decline actually started in Q2 and guided that it will likely continue for another one or two quarters. Earlier call (Nov 2025): “So hit which was there in first quarter is not likely to be there in third and fourth quarter.” Later call (Feb 2026): “The decline started in Q2 and will likely continue for one or two more quarters.”
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Kwality Pharmaceuticals Ltd539997 | 72.1/100Favorable setup82% evidence | LEADER | 30.3/35 Revenue 37.9% · PAT 88.4% · OPM change 3 pp 95% evidence | 18.0/25 ROCE 24.1% · OPM 25% 76% evidence | 6.8/20 P/E 46.7× · PEG — 50% evidence | 17.0/20 RS sector 45% · RS bench 105.2% · 1Y 283.3%12 of 12 weeks ahead 100% evidence |
| Exact sum: 30.3 + 18 + 6.8 + 17 = 72.1 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Glenmark Pharmaceuticals LtdGLENMARK | 67.1/100Favorable setup100% evidence | BREAKING OUT | 29.9/35 Revenue 32.9% · PAT 100% · OPM change 2 pp 100% evidence | 18.6/25 ROCE 39.8% · OPM 20% 100% evidence | 14.0/20 P/E 21.5× · PEG 1.43 100% evidence | 4.6/20 RS sector -25.4% · RS bench 13.8% · 1Y 14.1%5 of 12 weeks ahead 100% evidence |
| Exact sum: 29.9 + 18.6 + 14 + 4.6 = 67.1 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -25.4% and the one-year return is 14.1%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 3Gland Pharma LtdGLAND | 65.2/100Favorable setup100% evidence | LEADER | 26.6/35 Revenue 17.6% · PAT 46.4% · OPM change 3 pp 100% evidence | 13.8/25 ROCE 15.1% · OPM 27% 100% evidence | 11.9/20 P/E 42× · PEG 1.45 100% evidence | 12.9/20 RS sector -3.5% · RS bench 44.2% · 1Y 44.2%12 of 12 weeks ahead 100% evidence |
| Exact sum: 26.6 + 13.8 + 11.9 + 12.9 = 65.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Accent Microcell LtdACCENTMIC | 64.8/100Mixed-positive evidence63% evidence | LEADER | 17.1/35 Revenue — · PAT — · OPM change -1 pp 26% evidence | 19.1/25 ROCE 24.9% · OPM 16% 95% evidence | 10.2/20 P/E 36.9× · PEG — 50% evidence | 18.4/20 RS sector 12.6% · RS bench 65.7% · 1Y 151.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 17.1 + 19.1 + 10.2 + 18.4 = 64.8 · Decision use: Price leads the evidence: RS versus the benchmark is 65.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 5Senores Pharmaceuticals LtdSENORES | 63.7/100Mixed-positive evidence75% evidence | LEADER | 31.7/35 Revenue 50.9% · PAT 92.7% · OPM change 5 pp 95% evidence | 14.8/25 ROCE 15.1% · OPM 30% 76% evidence | 9.6/20 P/E 49.4× · PEG — 15% evidence | 7.6/20 RS sector -6.3% · RS bench 38% · 1Y 90.3%12 of 12 weeks ahead 100% evidence |
| Exact sum: 31.7 + 14.8 + 9.6 + 7.6 = 63.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Corona Remedies LtdCORONA | 63.6/100Mixed-positive evidence73% evidence | BREAKING OUT | 20.6/35 Revenue 18% · PAT 19.3% · OPM change 2 pp 100% evidence | 20.7/25 ROCE 33.3% · OPM 22% 100% evidence | 12.3/20 P/E 61× · PEG 1.18 65% evidence | 10.0/20 RS sector — · RS bench — · 1Y —12 of 12 weeks ahead 0% evidence |
| Exact sum: 20.6 + 20.7 + 12.3 + 10 = 63.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Bliss GVS Pharma LtdBLISSGVS | 63.3/100Mixed-positive evidence82% evidence | LEADER | 28.1/35 Revenue 20.6% · PAT 25.7% · OPM change 7 pp 95% evidence | 15.0/25 ROCE 16.9% · OPM 27% 76% evidence | 6.4/20 P/E 54.4× · PEG — 50% evidence | 13.8/20 RS sector 63.8% · RS bench 128.5% · 1Y 368.1%12 of 12 weeks ahead 100% evidence |
| Exact sum: 28.1 + 15 + 6.4 + 13.8 = 63.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Ipca Laboratories Ltdthis pageIPCALAB | 61.8/100Mixed-positive evidence82% evidence | LEADER | 24.9/35 Revenue 10.6% · PAT 68% · OPM change 6 pp 95% evidence | 15.9/25 ROCE 17% · OPM 24% 76% evidence | 12.3/20 P/E 36.4× · PEG — 50% evidence | 8.7/20 RS sector -15.4% · RS bench 28% · 1Y 36.8%11 of 12 weeks ahead 100% evidence |
| Exact sum: 24.9 + 15.9 + 12.3 + 8.7 = 61.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9Emcure Pharmaceuticals LtdEMCURE | 59.4/100Mixed-positive evidence75% evidence | LEADER | 25.6/35 Revenue 18.4% · PAT 32.2% · OPM change 1 pp 95% evidence | 18.1/25 ROCE 24% · OPM 21% 76% evidence | 10.6/20 P/E 35.9× · PEG — 15% evidence | 5.1/20 RS sector -18.5% · RS bench 23.1% · 1Y 45.3%11 of 12 weeks ahead 100% evidence |
| Exact sum: 25.6 + 18.1 + 10.6 + 5.1 = 59.4 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -18.5% and the one-year return is 45.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 10Granules India LtdGRANULES | 59.1/100Mixed-positive evidence100% evidence | LEADER | 26.8/35 Revenue 24.8% · PAT 38.1% · OPM change 3 pp 100% evidence | 15.3/25 ROCE 15.5% · OPM 23% 100% evidence | 10.0/20 P/E 36.4× · PEG 1.27 100% evidence | 7.0/20 RS sector -13.2% · RS bench 29.9% · 1Y 59.9%11 of 12 weeks ahead 100% evidence |
| Exact sum: 26.8 + 15.3 + 10 + 7 = 59.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11Marksans Pharma LtdMARKSANS | 56.8/100Mixed-positive evidence87% evidence | BREAKING OUT | 24.9/35 Revenue 19.6% · PAT 48% · OPM change 9 pp 100% evidence | 16.2/25 ROCE 18.8% · OPM 25% 100% evidence | 6.8/20 P/E 29.6× · PEG 2.85 65% evidence | 8.9/20 RS sector -20.8% · RS bench 59.1% · 1Y 88.1%12 of 12 weeks ahead 70% evidence |
| Exact sum: 24.9 + 16.2 + 6.8 + 8.9 = 56.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Rubicon Research LtdRUBICON | 56.8/100Mixed-positive evidence73% evidence | BREAKING OUT | 22.6/35 Revenue 46.8% · PAT 91.4% · OPM change 2 pp 100% evidence | 18.2/25 ROCE 28.4% · OPM 24% 100% evidence | 6.0/20 P/E 96.3× · PEG 2.41 65% evidence | 10.0/20 RS sector — · RS bench — · 1Y 170.9%12 of 12 weeks ahead 0% evidence |
| Exact sum: 22.6 + 18.2 + 6 + 10 = 56.8 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 13Ind-Swift Laboratories LtdINDSWFTLAB | 54.5/100Mixed-positive evidence87% evidence | LEADER | 22.1/35 Revenue 53.9% · PAT -74.3% · OPM change 14.6 pp 95% evidence | 4.9/25 ROCE 4.9% · OPM 17% 95% evidence | 7.5/20 P/E 54× · PEG — 50% evidence | 20.0/20 RS sector 73.1% · RS bench 145.3% · 1Y 288.4%12 of 12 weeks ahead 100% evidence |
| Exact sum: 22.1 + 4.9 + 7.5 + 20 = 54.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Caplin Point Laboratories LtdCAPLIPOINT | 54.3/100Mixed-positive evidence100% evidence | LEADER | 16.2/35 Revenue 15% · PAT 19.6% · OPM change 0 pp 100% evidence | 18.0/25 ROCE 24.2% · OPM 35% 100% evidence | 11.0/20 P/E 32.4× · PEG 1.52 100% evidence | 9.1/20 RS sector -6.9% · RS bench 39.9% · 1Y 21%12 of 12 weeks ahead 100% evidence |
| Exact sum: 16.2 + 18 + 11 + 9.1 = 54.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Ajanta Pharma LtdAJANTPHARM | 51.8/100Mixed-positive evidence100% evidence | LEADER | 19.4/35 Revenue 20.2% · PAT 22.2% · OPM change -1 pp 100% evidence | 20.1/25 ROCE 34.5% · OPM 26% 100% evidence | 6.9/20 P/E 39.1× · PEG 2.31 100% evidence | 5.4/20 RS sector -19.2% · RS bench 22.3% · 1Y 39.4%12 of 12 weeks ahead 100% evidence |
| Exact sum: 19.4 + 20.1 + 6.9 + 5.4 = 51.8 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 16Fredun Pharmaceuticals Ltd539730 | 51.6/100Thin evidence · provisional50% evidence | 16.8/35 Revenue — · PAT — · OPM change 0 pp 24% evidence | 14.8/25 ROCE 21.3% · OPM 14% 76% evidence | 9.1/20 P/E 58.4× · PEG — 15% evidence | 10.9/20 RS sector -29% · RS bench 133.6% · 1Y 26%0 of 6 weeks ahead to 2026-08-16 100% evidence | |
| Exact sum: 16.8 + 14.8 + 9.1 + 10.9 = 51.6 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 17RPG Life Sciences LtdRPGLIFE | 51.1/100Mixed-positive evidence93% evidence | LEADER | 9.4/35 Revenue 11.9% · PAT -34.1% · OPM change 1 pp 100% evidence | 17.6/25 ROCE 25.7% · OPM 22% 100% evidence | 11.5/20 P/E 43.2× · PEG 1.43 65% evidence | 12.6/20 RS sector -11.3% · RS bench 34.8% · 1Y 25%11 of 12 weeks ahead 100% evidence |
| Exact sum: 9.4 + 17.6 + 11.5 + 12.6 = 51.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 18Strides Pharma Science LtdSTAR | 49.9/100Mixed-negative evidence75% evidence | TURNING | 19.2/35 Revenue 8.1% · PAT 79.1% · OPM change -1 pp 95% evidence | 13.2/25 ROCE 18.3% · OPM 18% 76% evidence | 11.5/20 P/E 18.8× · PEG — 15% evidence | 6.0/20 RS sector -18.6% · RS bench 23.7% · 1Y 36%5 of 12 weeks ahead 100% evidence |
| Exact sum: 19.2 + 13.2 + 11.5 + 6 = 49.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 19Akums Drugs & Pharmaceuticals LtdAKUMS | 49.4/100Mixed-negative evidence75% evidence | LEADER | 11.9/35 Revenue 9.2% · PAT -15.8% · OPM change 2 pp 95% evidence | 10.7/25 ROCE 14.9% · OPM 15% 76% evidence | 10.0/20 P/E 42.3× · PEG — 15% evidence | 16.8/20 RS sector 3.7% · RS bench 54.1% · 1Y 72%12 of 12 weeks ahead 100% evidence |
| Exact sum: 11.9 + 10.7 + 10 + 16.8 = 49.4 · Decision use: Price leads the evidence: RS versus the benchmark is 54.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 20Wockhardt LtdWOCKPHARMA | 49.4/100Mixed-negative evidence74% evidence | TURNING | 24.0/35 Revenue 18.4% · PAT 100% · OPM change 11 pp 74% evidence | 5.4/25 ROCE 7.5% · OPM 21% 100% evidence | 8.8/20 P/E 92.3× · PEG — 15% evidence | 11.2/20 RS sector -2% · RS bench 46.5% · 1Y 50.5%11 of 12 weeks ahead 100% evidence |
| Exact sum: 24 + 5.4 + 8.8 + 11.2 = 49.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 21Zydus Lifesciences LtdZYDUSLIFE | 48.9/100Mixed-negative evidence100% evidence | LEADER | 10.5/35 Revenue 21.1% · PAT -2.5% · OPM change -8 pp 100% evidence | 16.9/25 ROCE 21.1% · OPM 24% 100% evidence | 15.6/20 P/E 24.7× · PEG 1.23 100% evidence | 5.9/20 RS sector -18.8% · RS bench 23.4% · 1Y 16.1%9 of 12 weeks ahead 100% evidence |
| Exact sum: 10.5 + 16.9 + 15.6 + 5.9 = 48.9 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 22Suven Life Sciences LtdSUVEN | 47.8/100Mixed-negative evidence67% evidence | LEADER | 19.6/35 Revenue 25% · PAT -80% · OPM change -997 pp 74% evidence | 2.3/25 ROCE -79.5% · OPM — 84% evidence | 10.0/20 P/E — · PEG — 0% evidence | 15.9/20 RS sector 4.2% · RS bench 52% · 1Y 49.3%12 of 12 weeks ahead 100% evidence |
| Exact sum: 19.6 + 2.3 + 10 + 15.9 = 47.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 23Kilitch Drugs (India) LtdKILITCH | 47.0/100Mixed-negative evidence87% evidence | TURNING | 11.5/35 Revenue 14% · PAT 9.3% · OPM change -1 pp 95% evidence | 9.4/25 ROCE 13.4% · OPM 6.5% 95% evidence | 14.4/20 P/E 26.1× · PEG — 50% evidence | 11.7/20 RS sector -13.3% · RS bench 33.1% · 1Y 24.6%8 of 12 weeks ahead 100% evidence |
| Exact sum: 11.5 + 9.4 + 14.4 + 11.7 = 47 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 24Jagsonpal Pharmaceuticals LtdJAGSNPHARM | 46.9/100Mixed-negative evidence87% evidence | LEADER | 12.7/35 Revenue 3.2% · PAT -24.6% · OPM change 2 pp 95% evidence | 16.8/25 ROCE 22.7% · OPM 21% 95% evidence | 11.7/20 P/E 34× · PEG — 50% evidence | 5.7/20 RS sector -21.3% · RS bench 20% · 1Y -0.3%11 of 12 weeks ahead 100% evidence |
| Exact sum: 12.7 + 16.8 + 11.7 + 5.7 = 46.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 25J B Chemicals & Pharmaceuticals LtdJBCHEPHARM | 44.3/100Mixed-negative evidence96% evidence | 9.3/35 Revenue 5.9% · PAT 7.4% · OPM change -2 pp 88% evidence | 20.9/25 ROCE 25.4% · OPM 22% 100% evidence | 4.3/20 P/E 53.8× · PEG 2.34 100% evidence | 9.8/20 RS sector -8.2% · RS bench 23.5% · 1Y 40.5%2 of 2 weeks ahead to 2026-07-19 100% evidence | |
| Exact sum: 9.3 + 20.9 + 4.3 + 9.8 = 44.3 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 26Gufic BioSciences LtdGUFICBIO | 41.6/100Mixed-negative evidence94% evidence | BREAKING OUT | 20.7/35 Revenue 16.6% · PAT 17.7% · OPM change 3 pp 100% evidence | 10.1/25 ROCE 12.3% · OPM 18% 100% evidence | 3.5/20 P/E 57.9× · PEG 4.78 100% evidence | 7.3/20 RS sector -21.1% · RS bench 26.1% · 1Y 14.5%12 of 12 weeks ahead 70% evidence |
| Exact sum: 20.7 + 10.1 + 3.5 + 7.3 = 41.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 27Alembic Pharmaceuticals LtdAPLLTD | 41.4/100Mixed-negative evidence94% evidence | BREAKING OUT | 14.1/35 Revenue 14.1% · PAT 14.6% · OPM change -1 pp 100% evidence | 8.8/25 ROCE 12.6% · OPM 15% 100% evidence | 13.2/20 P/E 22.8× · PEG 1.74 100% evidence | 5.3/20 RS sector -26.6% · RS bench 9.7% · 1Y -9.9%6 of 12 weeks ahead 70% evidence |
| Exact sum: 14.1 + 8.8 + 13.2 + 5.3 = 41.4 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 28Aurobindo Pharma LtdAUROPHARMA | 39.8/100Mixed-negative evidence100% evidence | LEADER | 14.6/35 Revenue 9.1% · PAT 9.5% · OPM change 1 pp 100% evidence | 12.7/25 ROCE 12.9% · OPM 21% 100% evidence | 6.0/20 P/E 26× · PEG 2.67 100% evidence | 6.5/20 RS sector -14.7% · RS bench 28.4% · 1Y 53%10 of 12 weeks ahead 100% evidence |
| Exact sum: 14.6 + 12.7 + 6 + 6.5 = 39.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 29Bafna Pharmaceuticals LtdBAFNAPH | 39.2/100Mixed-negative evidence60% evidence | BREAKING OUT | 11.1/35 Revenue -3.1% · PAT -5.8% · OPM change -11.3 pp 95% evidence | 7.3/25 ROCE 11.9% · OPM 3.4% 76% evidence | 8.6/20 P/E 106× · PEG — 15% evidence | 12.2/20 RS sector — · RS bench 107.9% · 1Y —5 of 5 weeks ahead 25% evidence |
| Exact sum: 11.1 + 7.3 + 8.6 + 12.2 = 39.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 30Indoco Remedies LtdINDOCO | 38.2/100Thin evidence · provisional58% evidence | BREAKING OUT | 18.9/35 Revenue 11.9% · PAT 100% · OPM change 5 pp 71% evidence | 4.3/25 ROCE 1% · OPM 9% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 5.0/20 RS sector -34.4% · RS bench 12.5% · 1Y -15.7%8 of 11 weeks ahead 70% evidence |
| Exact sum: 18.9 + 4.3 + 10 + 5 = 38.2 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 31Bharat Parenterals LtdBPLPHARMA | 35.7/100Thin evidence · provisional58% evidence | 11.6/35 Revenue -11.2% · PAT 16% · OPM change -2.8 pp 71% evidence | 4.0/25 ROCE -1.9% · OPM 9.1% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 10.1/20 RS sector -13.5% · RS bench 54.8% · 1Y 44.1%1 of 12 weeks ahead 70% evidence | |
| Exact sum: 11.6 + 4 + 10 + 10.1 = 35.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 32Torrent Pharmaceuticals LtdTORNTPHARM | 35.5/100Mixed-negative evidence100% evidence | LEADER | 15.3/35 Revenue 32.9% · PAT 7.7% · OPM change 2 pp 100% evidence | 14.9/25 ROCE 15.2% · OPM 34% 100% evidence | 1.0/20 P/E 85× · PEG 5.11 100% evidence | 4.3/20 RS sector -21.1% · RS bench 19.6% · 1Y 37.3%11 of 12 weeks ahead 100% evidence |
| Exact sum: 15.3 + 14.9 + 1 + 4.3 = 35.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 33Zim Laboratories LtdZIMLAB | 34.5/100Adverse evidence79% evidence | LEADER | 8.7/35 Revenue 7.5% · PAT -60.6% · OPM change -3.3 pp 71% evidence | 6.2/25 ROCE 4.8% · OPM 2.6% 95% evidence | 6.3/20 P/E 201× · PEG — 50% evidence | 13.3/20 RS sector 6% · RS bench 56.4% · 1Y 83%11 of 12 weeks ahead 100% evidence |
| Exact sum: 8.7 + 6.2 + 6.3 + 13.3 = 34.5 · Decision use: Price leads the evidence: RS versus the benchmark is 56.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 34Jubilant Pharmova LtdJUBLPHARMA | 33.7/100Adverse evidence93% evidence | TURNING | 8.7/35 Revenue 16.3% · PAT -23% · OPM change -4 pp 100% evidence | 5.8/25 ROCE 9% · OPM 11% 100% evidence | 13.4/20 P/E 44× · PEG 1.17 65% evidence | 5.8/20 RS sector -27.9% · RS bench 11.8% · 1Y -2.7%5 of 12 weeks ahead 100% evidence |
| Exact sum: 8.7 + 5.8 + 13.4 + 5.8 = 33.7 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Ipca Laboratories Ltd's share price today?
Ipca Laboratories Ltd trades at ₹1,971, +43.7% over the past year. The company is valued at ₹50,000 Cr. The stock sits at 94% of its 52-week range of ₹1,404–₹2,010, +18.0% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 38 weeks in. — as of 25 September 2026.
What were Ipca Laboratories Ltd's latest quarterly results?
Ipca Laboratories Ltd reported revenue of ₹2,788 Cr and net profit of ₹424 Cr for the Jun 26 quarter. Revenue rose 20.7% and profit rose 82.0% year on year. Earnings per share were ₹15.84. The operating margin was 24.0%, 6.0 pp higher than a year earlier. — as of 25 September 2026.
What is Ipca Laboratories Ltd's revenue?
Ipca Laboratories Ltd reported revenue of ₹2,788 Cr in the Jun 26 quarter, +20.7% year on year. For the full FY26 fiscal year, revenue was ₹9,599 Cr (+7.9%). Over the last 10 years revenue compounded at 12.8% a year. — as of 25 September 2026.
What is Ipca Laboratories Ltd's profit?
Ipca Laboratories Ltd earned ₹424 Cr of net profit in the Jun 26 quarter, +82.0% year on year — the 9th straight quarter of growth. Full-year FY26 profit was ₹1,184 Cr. The operating margin ran 24.0% in the latest quarter. — as of 25 September 2026.
What is Ipca Laboratories Ltd's market cap?
Ipca Laboratories Ltd's market capitalisation is ₹50,000 Cr at a share price of ₹1,971. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 25 September 2026.
What is Ipca Laboratories Ltd's P/E ratio?
Ipca Laboratories Ltd trades at a P/E of 36.4×, at the 47th percentile of its own 11-year range, against a long-run median of 37.3×. This is a comparison with the stock's own history, not a value call — as of 25 September 2026.
Does Ipca Laboratories Ltd pay a dividend?
Not in its latest year — Ipca Laboratories Ltd's dividend payout was 0% of profit in FY26. It did record a payout in 11 of its last 13 reported fiscal years, so there is a history but no current dividend. This page holds the payout ratio, not a per-share amount. — as of 25 September 2026.
Is Ipca Laboratories Ltd overvalued?
On its own history, Ipca Laboratories Ltd looks mid-range: its P/E of 36.4× sits at the 47th percentile of its 11-year range (long-run median 37.3×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 25 September 2026.
Is Ipca Laboratories Ltd growing?
Yes — Ipca Laboratories Ltd is growing: latest-quarter revenue +20.7% year on year, profit +82.0%, and the margin +6.0 pp at 24.0%. The 10-year compound rates are 12.8% (revenue) and 29.0% (profit). The earnings engine currently reads: improving — as of 25 September 2026.
How is Ipca Laboratories Ltd performing?
Ipca Laboratories Ltd is in a confirmed uptrend, 38 weeks in. Its latest quarter's revenue rose 20.7% and profit rose 82.0% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 19 weeks. This describes what the data did, not a rating. — as of 25 September 2026.
What stage is Ipca Laboratories Ltd in?
Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 17.0% and holding. The read comes from the last 12 quarters of growth (revenue growth +10.6% latest, profit growth +68.0% latest, eps growth +68.2% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 25 September 2026.
Is Ipca Laboratories Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 38 of stage 2), trading +18.0% versus its 200-day average and at 94% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 25 September 2026.
Is Ipca Laboratories Ltd beating the market?
On recent form, yes — Ipca Laboratories Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 19 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.6 years the stock moved +583% against the NIFTY 500's +260% — ahead of the index over the full window. — as of 25 September 2026.
Will Ipca Laboratories Ltd's share price go up?
This page publishes no price forecast for Ipca Laboratories Ltd. What it measures instead: the share price is ₹1,971, the price is in a confirmed uptrend 38 weeks in. Its P/E of 36.4× sits at the 47th percentile of its own 11-year range. — as of 25 September 2026.
Who owns Ipca Laboratories Ltd?
Promoters hold 44.7% of Ipca Laboratories Ltd, foreign institutions 10.7%, domestic institutions 37.0% and the public 7.2% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 3.6 points over 8 quarters. — as of 25 September 2026.
Does Ipca Laboratories Ltd have too much debt?
No — Ipca Laboratories Ltd's debt-to-equity is 0.10, and operating profit covers the interest bill 25×. FY26 borrowings were ₹809 Cr against equity of ₹8,063 Cr. The returns on this page are earned, not borrowed — as of 25 September 2026.
What is Ipca Laboratories Ltd's capex?
Ipca Laboratories Ltd spent ₹3,682 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹929 Cr, with ₹773 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 25 September 2026.
What is Ipca Laboratories Ltd's cash flow?
Ipca Laboratories Ltd generated ₹1,142 Cr of operating cash flow in FY26 and ₹213 Cr of free cash flow after ₹929 Cr of capital spending. Reported profit that year was ₹1,184 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 25 September 2026.
Is Ipca Laboratories Ltd's profit real cash?
Yes — over the last 3 fiscal years, 137% of Ipca Laboratories Ltd's reported profit arrived as operating cash. Though the latest year ran at 96% — the trend is the thing to watch. In FY26, operating cash was ₹1,142 Cr against reported profit of ₹1,184 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 25 September 2026.
Where is Ipca Laboratories Ltd in its business cycle?
Ipca Laboratories Ltd's FY26 operating margin was 21.0%, against a 13-year band of 10.0%–29.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 24.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 25 September 2026.
What growth does Ipca Laboratories Ltd's price assume?
At its price on 24 August 2026, Ipca Laboratories Ltd was priced for profit growth of about 21.0% a year. Profit itself has compounded 29.0% a year over the past 10 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 25 September 2026.
What could break the Ipca Laboratories Ltd story?
The sharpest disagreement: Promoters moved −1.6 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 25 September 2026.
Is Ipca Laboratories Ltd a stock worth studying right now?
This is not investment advice. The machine read: Ipca Laboratories Ltd's earnings have outrun its stock. EPS grew +54.7% in a year against a +43.7% price move. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 25 September 2026.
Not SEBI Registered !! Not Investment advice !!