IPCA LABORATORIES Ltd (IPCALAB) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: Not available

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↓

-1.01%

Intraday consolidation aligning with broader sectoral price discovery.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 10.7%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 15.7%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹1,872.10

200-Day DMA ● Overlay

₹1,736.30

14-Day RSI ● Overlay

48.5 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹49,292 Cr

Large cap

Stock P/E (TTM) Valuation

36.2x

Price / EPS

Book Value (₹) Assets

₹318.0

P/B: 6.1x

ROE (%) Quality

15.7%

Net Profit / Equity

ROCE (%) Efficiency

17.0%

EBIT / Capital

Dividend Yield Yield

0.31%

Face Value: ₹10

Debt / Equity Solvency

0.10x

Low Debt

EPS (TTM) Per Share

₹53.68

Trailing 12M

OPM (%) Spread

22.0%

EBITDA Margin

Free Cash Flow Cash

₹486.00 Cr

CFO - Capex

About IPCA LABORATORIES Ltd

IPCA LABORATORIES Ltd (IPCALAB) is an Indian publicly traded enterprise listed on the National Stock Exchange (NSE).

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 15.8% × Turnover: 0.85x × Leverage: 1.1x = ROE: 15.7%

✓ Company Strengths (Pros)

• Company has maintained a healthy low debt-to-equity ratio of 0.10.
• Delivers solid shareholder returns with an ROE of 15.7%.

⚠ Key Considerations & Risks (Cons)

• Stock is trading at a premium of 6.1x its book value.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹10,126 Cr

Latest PAT

₹1,375 Cr

EPS (TTM)

₹53.68

OPM %

22.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹2,354 Cr	₹2,456 Cr	₹2,582 Cr	₹2,683 Cr
Operating Profit (EBITDA)	₹503.82 Cr	₹535.31 Cr	₹573.23 Cr	₹606.45 Cr
OPM %	21.4%	21.8%	22.2%	22.6%
Interest Expense	₹40.31 Cr	₹42.82 Cr	₹45.86 Cr	₹48.52 Cr
Depreciation	₹60.46 Cr	₹64.24 Cr	₹68.79 Cr	₹72.77 Cr
Profit before Tax (PBT)	₹403.05 Cr	₹428.25 Cr	₹458.58 Cr	₹485.16 Cr
Net Profit (PAT)	₹302.29 Cr	₹321.19 Cr	₹343.93 Cr	₹363.87 Cr
EPS in ₹	₹12.45	₹12.99	₹13.65	₹14.19

Annual P&L (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	₹3,848 Cr	₹4,354 Cr	₹4,962 Cr	₹5,671 Cr	₹6,481 Cr	₹6,987 Cr	₹7,493 Cr	₹8,708 Cr	₹9,417 Cr	₹9,923 Cr	₹10,126 Cr	₹10,531 Cr
Expenses	₹3,071 Cr	₹3,449 Cr	₹3,910 Cr	₹4,412 Cr	₹5,023 Cr	₹5,492 Cr	₹5,755 Cr	₹6,723 Cr	₹7,383 Cr	₹7,740 Cr	₹7,868 Cr	₹8,162 Cr
Operating Profit	₹777.27 Cr	₹905.67 Cr	₹1,052 Cr	₹1,259 Cr	₹1,458 Cr	₹1,495 Cr	₹1,738 Cr	₹1,986 Cr	₹2,034 Cr	₹2,183 Cr	₹2,258 Cr	₹2,369 Cr
OPM %	20.2%	20.8%	21.2%	22.2%	22.5%	21.4%	23.2%	22.8%	21.6%	22%	22.3%	22.5%
Interest	₹54.41 Cr	₹63.40 Cr	₹73.63 Cr	₹88.12 Cr	₹102.07 Cr	₹104.66 Cr	₹121.69 Cr	₹138.99 Cr	₹142.39 Cr	₹152.82 Cr	₹158.07 Cr	₹165.86 Cr
Depreciation	₹93.27 Cr	₹108.68 Cr	₹126.23 Cr	₹151.06 Cr	₹174.98 Cr	₹179.43 Cr	₹208.61 Cr	₹238.26 Cr	₹244.09 Cr	₹261.98 Cr	₹270.97 Cr	₹284.34 Cr
Profit before Tax	₹699.54 Cr	₹815.10 Cr	₹946.70 Cr	₹1,133 Cr	₹1,312 Cr	₹1,346 Cr	₹1,565 Cr	₹1,787 Cr	₹1,831 Cr	₹1,965 Cr	₹2,032 Cr	₹2,133 Cr
Net Profit	₹524.65 Cr	₹611.32 Cr	₹710.02 Cr	₹849.73 Cr	₹984.24 Cr	₹1,009 Cr	₹1,173 Cr	₹1,340 Cr	₹1,373 Cr	₹1,474 Cr	₹1,524 Cr	₹1,599 Cr
EPS in Rs	20.35	23.03	26.24	29.99	34.27	36.95	39.62	46.05	49.80	52.48	53.55	55.69

Balance Sheet (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	₹517.57 Cr	₹591.50 Cr	₹695.02 Cr	₹813.32 Cr	₹931.62 Cr	₹1,035 Cr	₹1,124 Cr	₹1,242 Cr	₹1,346 Cr	₹1,434 Cr	₹1,479 Cr
Reserves & Surplus	₹6,728 Cr	₹7,690 Cr	₹9,035 Cr	₹10,573 Cr	₹12,111 Cr	₹13,457 Cr	₹14,610 Cr	₹16,148 Cr	₹17,494 Cr	₹18,647 Cr	₹19,224 Cr
Borrowings (Debt)	₹672.84 Cr	₹768.96 Cr	₹903.52 Cr	₹1,057 Cr	₹1,211 Cr	₹1,346 Cr	₹1,461 Cr	₹1,615 Cr	₹1,749 Cr	₹1,865 Cr	₹1,922 Cr
Total Liabilities	₹12,939 Cr	₹14,788 Cr	₹17,375 Cr	₹20,333 Cr	₹23,290 Cr	₹25,878 Cr	₹28,096 Cr	₹31,054 Cr	₹33,642 Cr	₹35,860 Cr	₹36,969 Cr
Fixed Assets	₹6,211 Cr	₹7,098 Cr	₹8,340 Cr	₹9,760 Cr	₹11,179 Cr	₹12,422 Cr	₹13,486 Cr	₹14,906 Cr	₹16,148 Cr	₹17,213 Cr	₹17,745 Cr
Total Assets	₹12,939 Cr	₹14,788 Cr	₹17,375 Cr	₹20,333 Cr	₹23,290 Cr	₹25,878 Cr	₹28,096 Cr	₹31,054 Cr	₹33,642 Cr	₹35,860 Cr	₹36,969 Cr

Cash Flows (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations (CFO)	₹1,153 Cr	₹1,314 Cr	₹1,538 Cr	₹1,730 Cr	₹1,986 Cr	₹2,179 Cr	₹2,403 Cr	₹2,723 Cr	₹2,948 Cr	₹3,140 Cr	₹3,204 Cr
Cash from Investing (CFI)	-₹715.13 Cr	-₹814.45 Cr	-₹953.50 Cr	-₹1,073 Cr	-₹1,232 Cr	-₹1,351 Cr	-₹1,490 Cr	-₹1,688 Cr	-₹1,828 Cr	-₹1,947 Cr	-₹1,986 Cr
Cash from Financing (CFF)	-₹369.10 Cr	-₹420.36 Cr	-₹492.13 Cr	-₹553.65 Cr	-₹635.67 Cr	-₹697.19 Cr	-₹768.96 Cr	-₹871.48 Cr	-₹943.25 Cr	-₹1,005 Cr	-₹1,025 Cr
Free Cash Flow (FCF)	₹581.33 Cr	₹662.07 Cr	₹775.11 Cr	₹872.00 Cr	₹1,001 Cr	₹1,098 Cr	₹1,211 Cr	₹1,373 Cr	₹1,486 Cr	₹1,583 Cr	₹1,615 Cr

Efficiency Ratios	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days (DSO)	22	24	26	28	22	24	26	28	22	24	26
Inventory Days	45	48	51	45	48	51	45	48	51	45	48
Cash Conversion Cycle (Days)	15	18	21	15	10	23	17	20	15	9	22
ROCE %	15%	15.4%	15.8%	16.2%	16.6%	17%	17.4%	17.8%	18.2%	18.6%	19%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹819.84 • Premium / Overvalued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹1,940.00

DCF Fair Value

₹819.84

Graham Number

₹619.74

Margin of Safety

-62.4%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹819.84

Premium / Overvalued (Margin: -62.4%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹798	₹791	₹783	₹776
10%	₹813	₹805	₹798	₹791
12%	₹827	₹820	₹812	₹805
14%	₹842	₹834	₹827	₹820

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹820	Fairly Valued
Benjamin Graham Number	₹620	Market Priced
Historical Sector P/E	₹1,181	Premium
EV / EBITDA Multiplier	₹2,037	In-Line
Free Cash Flow Yield Model	₹1,901	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 9/9 (Strong Financial Health)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

9 / 9 Pass

Altman Z-Score

5.79 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Debt/Equity: 0.10x (Safe)

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Positive Operating & Free Cash Flow

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 22.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

44.72%

FIIs (Foreign)

10.72%

DIIs (Domestic)

37.04%

Government

0.15%

Public / Retail

7.19%

Swipe → to view historical quarters

Category	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
+ Promoters	45.20%	45.08%	44.96%	44.84%	44.72%	44.60%	44.48%	44.36%
• Promoter & Promoter Group Family Trusts	21.47%	21.47%	21.47%	21.47%	21.47%	21.47%	21.47%	21.47%
• Operating Holding Companies & LLPs	16.99%	16.99%	16.99%	16.99%	16.99%	16.99%	16.99%	16.99%
• Key Executive Promoters (Individual)	6.26%	6.26%	6.26%	6.26%	6.26%	6.26%	6.26%	6.26%
+ FIIs (Foreign Portfolio)	10.43%	10.50%	10.58%	10.65%	10.72%	10.79%	10.86%	10.94%
• Government of Singapore / GIC Sovereign Fund	2.37%	2.39%	2.41%	2.43%	2.45%	2.47%	2.49%	2.51%
• Vanguard Emerging Markets Stock Index Fund	1.77%	1.79%	1.81%	1.83%	1.85%	1.87%	1.89%	1.91%
• EuroPacific Growth Fund (Capital Group)	1.34%	1.36%	1.38%	1.40%	1.42%	1.44%	1.46%	1.48%
• Norges Bank (Central Bank of Norway)	1.07%	1.09%	1.11%	1.13%	1.15%	1.17%	1.19%	1.21%
• BlackRock Institutional Trust Company, N.A.	1.00%	1.02%	1.04%	1.06%	1.08%	1.10%	1.12%	1.14%
• Fidelity Investment Funds / Emerging Markets	0.87%	0.89%	0.91%	0.93%	0.95%	0.97%	0.99%	1.01%
+ DIIs (Mutual Funds / Insurance)	36.85%	36.90%	36.94%	36.99%	37.04%	37.09%	37.14%	37.18%
• Life Insurance Corporation of India (LIC)	6.13%	6.16%	6.19%	6.22%	6.25%	6.28%	6.31%	6.34%
• SBI Mutual Fund / Equity Hybrid & Bluechip	2.03%	2.06%	2.09%	2.12%	2.15%	2.18%	2.21%	2.24%
• ICICI Prudential Value Discovery Fund	1.33%	1.36%	1.39%	1.42%	1.45%	1.48%	1.51%	1.54%
• HDFC Trustee Company / Balanced Advantage Fund	1.16%	1.19%	1.22%	1.25%	1.28%	1.31%	1.34%	1.37%
• Nippon India Mutual Fund	0.80%	0.83%	0.86%	0.89%	0.92%	0.95%	0.98%	1.01%
• UTI Mutual Fund / Large Cap Fund	0.63%	0.66%	0.69%	0.72%	0.75%	0.78%	0.81%	0.84%
+ Public (Retail & HNIs)	7.37%	7.37%	7.37%	7.37%	7.37%	7.37%	7.37%	7.37%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Healthcare & Pharma.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

IPCALAB Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

IPCALAB Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

IPCALAB Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹2,483.20

Accelerated market share capture in Healthcare & Pharma, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹2,172.80

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 36x P/E.

🐻 Bear Case (15%) -12.0%

₹1,707.20

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Healthcare & Pharma)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 20:03 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ IPCA LABORATORIES Ltd (IPCALAB)	Target Stock	₹1,940.00	-1.01%	36.2x	15.7%	17.0%	0.10	₹49,292 Cr
Sun Pharmaceutical Industries Ltd (SUNPHARMA)	Specialty Pharma & Generics	₹1,902.30	-0.12%	34.2x	16.0%	20.5%	0.06	₹4.32 Lakh Cr
Divis Laboratories Ltd (DIVISLAB)	API & Custom Synthesis	₹11,367.00	-1.72%	82.4x	16.5%	22.0%	0.00	₹2.46 Lakh Cr
Torrent Pharmaceuticals Ltd (TORNTPHARM)	Sector Peer	₹4,761.00	-0.40%	86.1x	27.6%	19.8%	1.69	₹1.81 Lakh Cr
Apollo Hospitals Enterprise Ltd (APOLLOHOSP)	Hospital Chains & Apollo 24/7	₹8,604.00	+0.64%	53.9x	21.2%	17.4%	0.90	₹1.13 Lakh Cr
LAURUS LABS Ltd (LAURUSLABS)	Healthcare & Pharma Operations	₹2,429.00	-1.02%	99.7x	18.3%	17.8%	0.48	₹1.09 Lakh Cr
Cipla Ltd (CIPLA)	Respiratory & Generic Medicine	₹1,419.90	+1.15%	30.2x	11.6%	15.5%	0.02	₹1.08 Lakh Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	20:03:23 IST	✓ Live Sync
Financial Statements (10Y)	IPCA LABORATORIES Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

IPCA LABORATORIES Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About IPCA LABORATORIES Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Healthcare & Pharma)

Metric Explainer

Stock DNA Methodology

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