# IPCA Laboratories (IPCALAB) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/ipcalab

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹1,938.2
- Change: -0.58%
- As of: 2026-11-06
- 1D return: -0.58%
- 5D return: +0.54%
- 1M return: -0.01%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

IPCALAB (₹1,938.20) exhibits a structural conflict between its medium-term weekly uptrend and short-term daily weakness. The weekly Supertrend remains bullish with strong momentum (ADX 36.47), while the monthly trend is developing but bearish on the Supertrend. On the daily chart, the price is below the Supertrend and 50-period SMA, indicating short-term selling pressure, despite remaining above key long-term averages like the 200-day SMA. A high-severity volume anomaly (-1.1% return, volume ratio 2.39) and a Bearish Engulfing pattern on November 5 suggest immediate downside risk. Price is positioned near the upper end of its 252-day range (+87.0%), leaving limited upside buffer before resistance at ₹1,945.00 and ₹1,950.93. Support lies at ₹1,902.06 (-1.86%). With annualized volatility at +31.8% and a current drawdown of -3.6%, the stock requires a decisive break above ₹1,950.93 to confirm renewed bullish control, or a close below ₹1,902.06 to signal further correction.

- Trend Conflict: Weekly trend is bullish (Supertrend up, ADX 36.47), but daily trend is bearish (Supertrend down, ADX 14.16 weak).
- Price Position: Trading at ₹1,938.20, near 252-day range high (+87.0%) and below nearest resistance at ₹1,945.00 (+0.35%).
- Momentum & Risk: High-severity volume anomaly on Nov 5; annualized volatility +31.8%; current drawdown -3.6%.
- Key Levels: Immediate support at ₹1,902.06 (-1.86%); resistance cluster at ₹1,945.00–₹1,950.93.

- Bearish Engulfing Reversal
- Outside Bar
- Harami

### News Context

IPCA Laboratories reported strong Q2 consolidated financial results on November 5, 2026, driven by robust export growth and margin expansion. The company posted a 32.5% year-on-year increase in net profit to ₹375 crore, supported by 13.8% revenue growth and an EBITDA margin improvement to 23%. While domestic and export formulation sales contributed positively, the subsidiary Unichem Laboratories recognized a ₹24.26 crore provision for a UK legal claim related to perindopril. Following these earnings, Prabhudas Lilladher issued a 'Buy' recommendation with a target price of ₹2,200 on November 6, 2026.

- Q2 Consolidated Net Profit: Increased 32.5% YoY to ₹375 crore, with revenue growing 13.8% and EBITDA margins expanding to 23%.
- Legal Provision: Subsidiary Unichem Laboratories booked a ₹24.26 crore provision for a UK legal claim concerning perindopril.
- Analyst View: Prabhudas Lilladher assigned a 'Buy' rating with a ₹2,200 target price on November 6, 2026.

- [Buy Ipca Laboratories; target of Rs 2200: Prabhudas Lilladher](https://www.moneycontrol.com/news/business/stocks/buy-ipca-laboratories-target-of-rs-2200-prabhudas-lilladher-14072807.html)
- [IPCA Labs Q2 Results: Profit jumps 33% on export growth, improved margins](https://www.cnbctv18.com/market/earnings/ipca-labs-q2-results-profit-jumps-33-pc-on-export-growth-improved-margins-20027995.htm)
- [Q2 Results 05th Nov Oct Highlights: M&M, NBCC, IPCA Lab, Bharat Forge, LG Electronics, Uno Minda & Amagi Media Q2 profit up, Samvardhana Motherson profit down q-o-q, Bharti Airtel, LIC, Titan, ONGC, Britannia, Prestige Estates, Fortis Healthcare, Abbott to announce Q2 results](https://www.thehindubusinessline.com/markets/q2-results-today-highlights-bharti-airtel-lic-titan-mm-ongc-samvardhana-britannia-lg-bharat-forge-prestige-fortis-abbott-india-bse-biocon-apollo-lesnkart-nykaacompany-results-05-november-2026/article71668559.ece)

### What Changed

Ipca Laboratories reported its Unaudited Financial Results for the second quarter and half year ended September 30, 2026, which were approved by the Board of Directors on November 5, 2026, and published in newspapers on November 6, 2026. For the quarter ended September 30, 2026, consolidated total income from operations rose to ₹2,909.94 Crores, up from ₹2,788.10 Crores in the previous quarter (June 2026), with a net profit after tax of ₹375.13 Crores. Standalone figures showed total income of ₹2,255.61 Crores and a profit after tax of ₹387.29 Crores. The company held an analysts/institutional investor conference call on November 5, 2026, to discuss these earnings. Market commentary from Prabhudas Lilladher issued on November 6, 2026, included a 'Buy' recommendation with a target price of Rs 2,200.

- Consolidated Q2FY27 total income increased to ₹2,909.94 Crores from ₹2,788.10 Crores in Q1FY27, with net profit after tax at ₹375.13 Crores.
- Standalone Q2FY27 results recorded total income of ₹2,255.61 Crores and profit after tax of ₹387.29 Crores.
- Board approval was granted on November 5, 2026, with newspaper publication and investor conference call occurring on November 5–6, 2026.
- Prabhudas Lilladher issued a 'Buy' recommendation with a target price of Rs 2,200 on November 6, 2026.

- [Buy Ipca Laboratories; target of Rs 2200: Prabhudas Lilladher](https://www.moneycontrol.com/news/business/stocks/buy-ipca-laboratories-target-of-rs-2200-prabhudas-lilladher-14072807.html)
- [Q2 Results 05th Nov Oct Highlights: M&M, NBCC, IPCA Lab, Bharat Forge, LG Electronics, Uno Minda & Amagi Media Q2 profit up, Samvardhana Motherson profit down q-o-q, Bharti Airtel, LIC, Titan, ONGC, Britannia, Prestige Estates, Fortis Healthcare, Abbott to announce Q2 results](https://www.thehindubusinessline.com/markets/q2-results-today-highlights-bharti-airtel-lic-titan-mm-ongc-samvardhana-britannia-lg-bharat-forge-prestige-fortis-abbott-india-bse-biocon-apollo-lesnkart-nykaacompany-results-05-november-2026/article71668559.ece)
- [IPCA Laboratories Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/IPCALAB_06112026133010_IpcaNewspaperPublication.pdf)
- [IPCA Laboratories Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IPCALAB_05112026174318_IpcaConcallAudiolink05112026.pdf)
- [IPCA LABORATORIES LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1224_WebXMLFile_20261105_174620408.xml)

### Official Filings

IPCA Laboratories Limited’s Board of Directors approved the Unaudited Financial Results for the quarter and half-year ended September 30, 2026, on November 5, 2026. For Q2FY27 (quarter ended September 30, 2026), consolidated total income from operations rose to ₹2,909.94 Crores, up from ₹2,788.10 Crores in the preceding quarter (June 2026). Consolidated net profit after tax was reported at ₹375.13 Crores. On a standalone basis, total income was ₹2,255.61 Crores with a profit after tax of ₹387.29 Crores. Statutory auditors N V C & Associates LLP issued unmodified limited review reports on these results. A key disclosure notes that the amalgamation of M/s. Krebs Biochemicals & Industries Ltd. with IPCA, resolved on June 26, 2026, with an appointed date of April 1, 2026, has not yet been reflected in these financials pending necessary consents or approvals. The company held a conference call on November 5, 2026, to discuss these earnings.

- Q2FY27 Consolidated Income: ₹2,909.94 Crores (up from ₹2,788.10 Crores in Q1FY27)
- Q2FY27 Consolidated Net Profit After Tax: ₹375.13 Crores
- Standalone Q2FY27 Income: ₹2,255.61 Crores; Standalone PAT: ₹387.29 Crores
- Krebs Amalgamation Status: Not yet reflected in current financials; pending consents/approvals despite appointed date of April 1, 2026

- [IPCA Laboratories Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/IPCALAB_06112026133010_IpcaNewspaperPublication.pdf)
- [IPCA Laboratories Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/IPCALAB_05112026134131_IpcaResultsandPressRelease.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753511_05112026033530_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753509_05112026033515_WEB.xml)
- [IPCA Laboratories Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IPCALAB_05112026174318_IpcaConcallAudiolink05112026.pdf)
- [IPCA LABORATORIES LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1224_WebXMLFile_20261105_174620408.xml)
- [Ipca Laboratories Limited has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1224_WebXMLFile_20261028_113934760.xml)
- [IPCA Laboratories Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IPCALAB_28102026114427_IpcaConcallIntimation05112026.pdf)
- [Board Meeting Intimation |Meeting Date: 05-Nov-2026](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1224_WebXMLFile_20261022_114238335.xml)
- [Ipca Laboratories Limited has informed the Exchange about Board Meeting to be held on 05-Nov-2026 to inter-alia consider and approve the Unaudited Financial results of the Company for the Half Yearly ended September 2026 . |SUBJECT: Board Meeting Intimation](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1224_WebXMLFile_20261022_114238335.xml)

### Fundamentals

Ipca Laboratories demonstrates a robust long-term growth trajectory, with compounded sales and profit growth of 16% and 37% respectively over the past three years. For the trailing twelve months (TTM), sales reached ₹10,126 crore with an 11% growth rate, while net profit surged 54% to ₹1,375 crore. However, recent quarterly momentum shows signs of deceleration. In Q2 FY2026-27, revenue increased sequentially to ₹2,910 crore, but both Profit Before Tax (₹547 crore) and Net Profit (₹389 crore) declined compared to Q1’s ₹572 crore and ₹424 crore respectively. Expenses rose to ₹2,364 crore in Q2, indicating margin pressure.

Financial health remains strong, supported by significant deleveraging; borrowings fell from ₹1,438 crore in Mar 2024 to ₹809 crore in Mar 2026. Cash flow quality is generally high, though CFO/EBITDA conversion dropped to 78% in Mar 2026 from 97% in Mar 2025. The company continues to invest in capacity expansion, with Capital Work in Progress (CWIP) rising to ₹773 crore as of Mar 2026. Shareholding patterns show stable promoter holding at 44.72%, with increasing DII participation.

- Profitability Deceleration: TTM net profit grew 54%, but sequential decline in Q2 FY2026-27 net profit (₹389 crore vs ₹424 crore in Q1) signals near-term margin compression due to higher expenses (₹2,364 crore).
- Strong Balance Sheet & Deleveraging: Borrowings reduced significantly to ₹809 crore (Mar 2026), while equity attributable to owners grew to ₹8,678 crore as of Sep 2026, strengthening financial resilience.
- Capacity Expansion: CWIP increased to ₹773 crore (Mar 2026) and Property, Plant & Equipment rose to ₹4,545 crore (Sep 2026), indicating ongoing investment in future production capabilities.
- Earnings Quality Checkpoint: Monitor if the drop in CFO/EBITDA conversion (to 78% in Mar 2026) persists alongside operating profit trends in upcoming quarters.

### Bull Case

Ipca Laboratories demonstrated robust operational momentum in Q2 FY2027, with consolidated net profit rising 32.5% year-on-year to ₹375 crore. This growth was underpinned by a 13.8% increase in revenue and an expansion of EBITDA margins to 23%, driven by strong domestic and export formulation sales. While the technical trend remains bearish on daily and monthly timeframes—with the stock trading at ₹1,938.20 against a recent high of ₹1,995.00—the weekly technical structure shows a bullish super-trend direction and positive slope indicators (EMA-20 slope of 40.98). Additionally, the stock has delivered a significant +48.5% return over the past year and +38.6% year-to-date as of November 6, 2026. The constructive case rests on the divergence between near-term price weakness and strong underlying earnings growth, alongside medium-term technical strength visible on the weekly chart.

- Q2 FY2027 consolidated net profit grew 32.5% YoY to ₹375 crore, supported by 13.8% revenue growth and EBITDA margin expansion to 23%.
- Weekly technical indicators show a bullish super-trend direction and positive EMA-20 slope (40.98), contrasting with bearish daily/monthly trends.
- Stock achieved a +48.5% one-year return and +38.6% YTD return as of November 6, 2026, indicating strong medium-term performance despite current consolidation.
- Analyst coverage includes a 'Buy' recommendation with a target price of ₹2,200 from Prabhudas Lilladher, published on November 6, 2026.

- [Buy Ipca Laboratories; target of Rs 2200: Prabhudas Lilladher](https://www.moneycontrol.com/news/business/stocks/buy-ipca-laboratories-target-of-rs-2200-prabhudas-lilladher-14072807.html)
- [IPCA Labs Q2 Results: Profit jumps 33% on export growth, improved margins](https://www.cnbctv18.com/market/earnings/ipca-labs-q2-results-profit-jumps-33-pc-on-export-growth-improved-margins-20027995.htm)
- [Q2 Results 05th Nov Oct Highlights: M&M, NBCC, IPCA Lab, Bharat Forge, LG Electronics, Uno Minda & Amagi Media Q2 profit up, Samvardhana Motherson profit down q-o-q, Bharti Airtel, LIC, Titan, ONGC, Britannia, Prestige Estates, Fortis Healthcare, Abbott to announce Q2 results](https://www.thehindubusinessline.com/markets/q2-results-today-highlights-bharti-airtel-lic-titan-mm-ongc-samvardhana-britannia-lg-bharat-forge-prestige-fortis-abbott-india-bse-biocon-apollo-lesnkart-nykaacompany-results-05-november-2026/article71668559.ece)
- [IPCA Laboratories Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/IPCALAB_06112026133010_IpcaNewspaperPublication.pdf)
- [IPCA Laboratories Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/IPCALAB_05112026134131_IpcaResultsandPressRelease.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753511_05112026033530_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753509_05112026033515_WEB.xml)
- [IPCA Laboratories Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IPCALAB_05112026174318_IpcaConcallAudiolink05112026.pdf)
- [IPCA LABORATORIES LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1224_WebXMLFile_20261105_174620408.xml)
- [Ipca Laboratories Limited has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1224_WebXMLFile_20261028_113934760.xml)

### Bear Case

While Ipca Laboratories reported strong Q2 consolidated net profit growth of 32.5% to ₹375 crore, the evidence highlights specific operational and technical constraints that warrant caution. Operationally, the subsidiary Unichem Laboratories recognized a ₹24.26 crore provision for a UK legal claim related to perindopril, indicating ongoing regulatory or litigation liabilities in key export markets. Technically, the stock faces near-term headwinds; as of November 6, 2026, the daily Supertrend is bearish with the price at ₹1,938.20 trading below immediate resistance levels at ₹1,945.00 and ₹1,950.93. Furthermore, the monthly trend also signals a bearish Supertrend direction, suggesting underlying weakness despite the weekly bullish signal. The stock has experienced a current drawdown of -3.6% from its recent high, with annualized volatility standing at +31.8%, reflecting significant price instability.

- Legal Provision: Subsidiary Unichem Laboratories booked a ₹24.26 crore provision for a UK perindopril legal claim, highlighting persistent litigation risk in international markets.
- Technical Bearishness: Daily and monthly Supertrend indicators are bearish as of Nov 6, 2026, with the stock trading at ₹1,938.20 below immediate resistance at ₹1,945.00.
- Volatility & Drawdown: The stock exhibits high annualized volatility (+31.8%) and a current drawdown of -3.6%, indicating short-term price instability.

- [Buy Ipca Laboratories; target of Rs 2200: Prabhudas Lilladher](https://www.moneycontrol.com/news/business/stocks/buy-ipca-laboratories-target-of-rs-2200-prabhudas-lilladher-14072807.html)
- [IPCA Labs Q2 Results: Profit jumps 33% on export growth, improved margins](https://www.cnbctv18.com/market/earnings/ipca-labs-q2-results-profit-jumps-33-pc-on-export-growth-improved-margins-20027995.htm)
- [Q2 Results 05th Nov Oct Highlights: M&M, NBCC, IPCA Lab, Bharat Forge, LG Electronics, Uno Minda & Amagi Media Q2 profit up, Samvardhana Motherson profit down q-o-q, Bharti Airtel, LIC, Titan, ONGC, Britannia, Prestige Estates, Fortis Healthcare, Abbott to announce Q2 results](https://www.thehindubusinessline.com/markets/q2-results-today-highlights-bharti-airtel-lic-titan-mm-ongc-samvardhana-britannia-lg-bharat-forge-prestige-fortis-abbott-india-bse-biocon-apollo-lesnkart-nykaacompany-results-05-november-2026/article71668559.ece)
- [IPCA Laboratories Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/IPCALAB_06112026133010_IpcaNewspaperPublication.pdf)
- [IPCA Laboratories Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/IPCALAB_05112026134131_IpcaResultsandPressRelease.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753511_05112026033530_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753509_05112026033515_WEB.xml)
- [IPCA Laboratories Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IPCALAB_05112026174318_IpcaConcallAudiolink05112026.pdf)
- [IPCA LABORATORIES LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1224_WebXMLFile_20261105_174620408.xml)
- [Ipca Laboratories Limited has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1224_WebXMLFile_20261028_113934760.xml)

### FAQs

**What were Ipca Laboratories' key financial results for Q2 FY27, and how did profitability change?**

For the quarter ended September 30, 2026, Ipca reported consolidated net profit of ₹375.13 crore, a 32.5% year-on-year increase. Total income from operations rose to ₹2,909.94 crore (up from ₹2,788.10 crore in June 2026), while EBITDA margins expanded to 23%. Standalone profit after tax was ₹387.29 crore on income of ₹2,255.61 crore.

**Are there any specific risks or provisions noted in the recent financial filings?**

Yes. The subsidiary Unichem Laboratories recognized a provision of ₹24.26 crore for a UK legal claim related to perindopril. Additionally, the amalgamation with Krebs Biochemicals & Industries Ltd., resolved on June 26, 2026, has not yet been reflected in these financials pending necessary consents and approvals.

**How is the stock performing technically as of November 6, 2026?**

The stock closed at ₹1,938.20, down 0.6% from the previous close. While the weekly trend remains bullish, the daily Supertrend is bearish. Key resistance levels are near ₹1,945 and ₹1,995, with support at ₹1,902. Year-to-date returns stand at +38.6%, though the stock is currently in a -3.6% drawdown.

- [Buy Ipca Laboratories; target of Rs 2200: Prabhudas Lilladher](https://www.moneycontrol.com/news/business/stocks/buy-ipca-laboratories-target-of-rs-2200-prabhudas-lilladher-14072807.html)
- [IPCA Labs Q2 Results: Profit jumps 33% on export growth, improved margins](https://www.cnbctv18.com/market/earnings/ipca-labs-q2-results-profit-jumps-33-pc-on-export-growth-improved-margins-20027995.htm)
- [Q2 Results 05th Nov Oct Highlights: M&M, NBCC, IPCA Lab, Bharat Forge, LG Electronics, Uno Minda & Amagi Media Q2 profit up, Samvardhana Motherson profit down q-o-q, Bharti Airtel, LIC, Titan, ONGC, Britannia, Prestige Estates, Fortis Healthcare, Abbott to announce Q2 results](https://www.thehindubusinessline.com/markets/q2-results-today-highlights-bharti-airtel-lic-titan-mm-ongc-samvardhana-britannia-lg-bharat-forge-prestige-fortis-abbott-india-bse-biocon-apollo-lesnkart-nykaacompany-results-05-november-2026/article71668559.ece)
- [IPCA Laboratories Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/IPCALAB_06112026133010_IpcaNewspaperPublication.pdf)
- [IPCA Laboratories Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/IPCALAB_05112026134131_IpcaResultsandPressRelease.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753511_05112026033530_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753509_05112026033515_WEB.xml)
- [IPCA Laboratories Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IPCALAB_05112026174318_IpcaConcallAudiolink05112026.pdf)
- [IPCA LABORATORIES LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1224_WebXMLFile_20261105_174620408.xml)
- [Ipca Laboratories Limited has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1224_WebXMLFile_20261028_113934760.xml)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Moderate Uptrend
- Pivot point: ₹1,950.93
- Risk regime: Price Risk Requires Attention

### Support levels
- 1902.0625
- 1499.3027832031248
- 1470

### Resistance levels
- 1945
- 1995.4125
- 2038

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -0.58% |
| return_10 | -0.77% |
| return_1m | -0.38% |
| return_1y | +48.54% |
| return_20 | -0.01% |
| return_3m | +11.76% |
| return_5 | +0.54% |
| return_6m | +23.89% |
| return_since_start | +14.49% |
| return_ytd | +38.62% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -27.26% |
| annualized_volatility | +31.81% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# IPCA Laboratories Limited Q2 FY2026-27: Revenue rises 14% YoY

Revenue from operations increased 13.8% year on year to ₹2,910 crore and 4.4% sequentially. Profit before exceptional items and tax was broadly flat QoQ at ₹571 crore as expenses rose faster than revenue; reported profit for the period declined 8.2% sequentially to ₹389 crore.

## Revenue growth outpaced the year-ago quarter, while expenses rose faster sequentially

Revenue from operations increased ₹122 crore from Q1 FY2026-27 and was up from ₹2,557 crore in Q2 FY2025-26. Total expenses rose 5.5% QoQ to ₹2,364 crore, faster than the 4.4% revenue increase. Other expenses increased 11.9% to ₹805 crore, and finance costs rose to ₹12.6 crore from ₹11.9 crore.

Profit before exceptional items and tax was ₹571 crore, marginally below ₹572 crore in Q1 FY2026-27 and 27.0% above Q2 FY2025-26. The sequential comparison shows that higher revenue did not translate into growth in this pre-exceptional profit measure.

## Exceptional charge and higher tax contributed to lower reported profit QoQ

IPCA recorded an exceptional charge of ₹24.3 crore before tax, compared with no exceptional item in Q1 FY2026-27. Profit before tax fell 4.4% QoQ to ₹547 crore. Tax expense increased 4.3% to ₹155.6 crore, including current tax of ₹147.4 crore, up 10.9% sequentially.

Profit for the period was ₹389 crore, down from ₹424 crore in Q1 FY2026-27 but up 38.8% from ₹281 crore in Q2 FY2025-26. Earnings per share were ₹14.79, compared with ₹15.84 in Q1; trailing-12-month EPS was ₹55.28.

## Operating cash flow exceeded reported profit

Cash flow from operating activities was ₹573 crore, above profit for the period of ₹389 crore. Free cash flow was ₹232 crore, while investing and financing activities recorded outflows of ₹341 crore and ₹252 crore, respectively.

## Borrowings declined as inventories and receivables increased

At 30 September 2026, current borrowings were ₹559 crore and noncurrent borrowings ₹67 crore, down from ₹595 crore and ₹109 crore, respectively, at 31 March 2026. They were also below the corresponding balances at 30 September 2025: ₹805 crore current and ₹400 crore noncurrent.

Inventories increased to ₹2,938 crore from ₹2,731 crore at 31 March 2026 and ₹2,516 crore at 30 September 2025. Trade receivables rose to ₹2,395 crore from ₹2,014 crore at 31 March 2026, while trade payables increased to ₹1,074 crore from ₹940 crore. Total current assets were ₹6,924 crore at 30 September 2026.

## Key Takeaway

Revenue grew strongly year on year, but sequential expense growth outpaced sales and left pre-exceptional profit broadly flat. The exceptional charge and higher tax accompanied a QoQ decline in reported profit, while operating cash flow exceeded earnings. Borrowings were lower than at both comparison dates, alongside higher inventories and receivables—working-capital movements to monitor as sales grow.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +44.72%
- FII holding: +11.52%
- DII holding: +36.60%
- Mutual fund holding: +31.07%
- Retail holding: +5.72%
- Promoter pledged: +0.00%

### Major reported shareholders

- Kaygee Investments Private Limited — +25.49% (Bodies Corporate)
- HDFC MUTUAL FUND — +9.51%
- Kaygee Laboratories Private Limited — +6.61% (Bodies Corporate)
- KOTAK MAHINDRA MUTUAL FUND — +6.34%
- Chandurkar Investments Private Limited — +5.50% (Bodies Corporate)
- DSP MUTUAL FUND — +4.12%
- SBI LIFE INSURANCE CO. LTD — +3.53%
- NIPPON INDIA MUTUAL FUND — +2.72%
- Premchand Godha — +2.29%
- AXIS MUTUAL FUND — +2.04%

## Official filings

- 2026-11-06 — Generic Announcement: IPCA Laboratories Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IPCALAB_06112026133010_IpcaNewspaperPublication.pdf)
- 2026-11-06 — Generic Announcement: IPCA Laboratories Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1224_WebXMLFile_20261106_173316867.xml)
- 2026-11-06 — Generic Announcement: IPCA Laboratories Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IPCALAB_06112026173722_IpcaConcallTranscript05112026.pdf)
- 2026-11-05 — Generic Announcement: IPCA Laboratories Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IPCALAB_05112026134131_IpcaResultsandPressRelease.pdf)
- 2026-11-05 — Financial Results Filing: IPCA Laboratories Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753511_05112026033530_WEB.xml)
- 2026-11-05 — Financial Results Filing: IPCA Laboratories Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753509_05112026033515_WEB.xml)
- 2026-11-05 — Generic Announcement: IPCA Laboratories Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IPCALAB_05112026174318_IpcaConcallAudiolink05112026.pdf)
- 2026-11-05 — Generic Announcement: IPCA Laboratories Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1224_WebXMLFile_20261105_174620408.xml)
- 2026-10-28 — Generic Announcement: IPCA Laboratories Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1224_WebXMLFile_20261028_113934760.xml)
- 2026-10-28 — Generic Announcement: IPCA Laboratories Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IPCALAB_28102026114427_IpcaConcallIntimation05112026.pdf)
- 2026-10-22 — Board Meeting Notice: IPCA Laboratories Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1224_WebXMLFile_20261022_114238335.xml)
- 2026-10-22 — Generic Announcement: IPCA Laboratories Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1224_WebXMLFile_20261022_114238335.xml)
- 2026-10-22 — Board Meeting Notice: IPCA Laboratories Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IPCALAB_22102026115036_IpcaBoardMeetingIntimation.pdf)
- 2026-10-13 — Shareholding Disclosure: IPCA Laboratories Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1736726_13102026011741_WEB.xml)
- 2026-10-12 — Generic Announcement: IPCA Laboratories Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IPCALAB_12102026152637_Certificate_74_5_signed.pdf)
- 2026-09-22 — Generic Announcement: IPCA Laboratories Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_1224_WebXMLFile_20260922_115048946.xml)
- 2026-09-22 — Generic Announcement: IPCA Laboratories Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IPCALAB_22092026115717_IpcaClosureofTradingWindow.pdf)
- 2026-08-17 — Generic Announcement: IPCA Laboratories Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IPCALAB_17082026120645_IpcaConcallTranscript14082026.pdf)
- 2026-08-17 — Generic Announcement: IPCA Laboratories Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1224_WebXMLFile_20260817_120440734.xml)
- 2026-08-14 — Generic Announcement: IPCA Laboratories Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IPCALAB_14082026110940_IpcaVotingResultsandScrutinizerReport.pdf)
- 2026-08-14 — Generic Announcement: IPCA Laboratories Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IPCALAB_14082026172456_IpcaConferenceCallAudiolink.pdf)
- 2026-08-14 — Generic Announcement: IPCA Laboratories Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1224_WebXMLFile_20260814_172148243.xml)
- 2026-08-14 — Generic Announcement: IPCA Laboratories Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IPCALAB_14082026155437_IpcaNewspaperPublication.pdf)
- 2026-08-13 — Generic Announcement: IPCA Laboratories Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IPCALAB_13082026133427_IpcaResultsQ1FY27.pdf)
- 2026-08-13 — Generic Announcement: IPCA Laboratories Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IPCALAB_13082026173329_IpcaProceedingsofAGM.pdf)

## News and market events

- 2026-11-06 — MONEYCONTROL: **Buy Ipca Laboratories; target of Rs 2200: Prabhudas Lilladher** — Prabhudas Lilladher has issued a 'Buy' recommendation for Ipca Laboratories, setting a target price of Rs 2,200. This financial advice was published on Moneycontrol on November 6, 2026. — [Source](https://www.moneycontrol.com/news/business/stocks/buy-ipca-laboratories-target-of-rs-2200-prabhudas-lilladher-14072807.html)
- 2026-11-05 — CNBC-TV18: **IPCA Labs Q2 Results: Profit jumps 33% on export growth, improved margins** — IPCA Laboratories reported a 32.5% year-on-year increase in Q2 consolidated net profit to ₹375 crore, driven by 13.8% revenue growth and an expansion of EBITDA margins to 23%. The results were supported by strong domestic and export formulation sales, although the subsidiary Unichem Laboratories recognized a ₹24.26 crore provision for a UK legal claim related to perindopril. — [Source](https://www.cnbctv18.com/market/earnings/ipca-labs-q2-results-profit-jumps-33-pc-on-export-growth-improved-margins-20027995.htm)
- 2026-11-05 — The Hindu: **Q2 Results 05th Nov Oct Highlights: M&M, NBCC, IPCA Lab, Bharat Forge, LG Electronics, Uno Minda & Amagi Media Q2 profit up, Samvardhana Motherson profit down q-o-q, Bharti Airtel, LIC, Titan, ONGC, Britannia, Prestige Estates, Fortis Healthcare, Abbott to announce Q2 results** — On November 5, 2026, Mahindra & Mahindra and IPCA Laboratories reported year-on-year profit growth in their standalone Q2 results, while Samvardhana Motherson saw a quarter-on-quarter decline. Bharat Forge also posted gains, with market reactions varying as stocks like BSE and Lenskart rose, whereas Nykaa and Cummins India slumped following their respective updates. — [Source](https://www.thehindubusinessline.com/markets/q2-results-today-highlights-bharti-airtel-lic-titan-mm-ongc-samvardhana-britannia-lg-bharat-forge-prestige-fortis-abbott-india-bse-biocon-apollo-lesnkart-nykaacompany-results-05-november-2026/article71668559.ece)
- 2026-09-18 — Mint: **Stock market today: Trade guide for Sensex, Nifty 50, crude oil and gold | Eight stocks to buy** — The Indian stock market is expected to open quietly on September 18, following mixed global cues. The Sensex ended slightly down, while the Nifty 50 was modestly up. Analysts suggest monitoring key resistance and support levels as geopolitical concerns persist. — [Source](https://www.livemint.com/market/stock-market-news/stock-market-today-trade-guide-for-sensex-nifty-50-crude-oil-and-gold-eight-stocks-to-buy-11789693227632.html)
- 2026-09-09 — Economic Times: **Why DSP Mutual Fund's Chirag Dagli is betting on CDMO, hospitals and smallcap healthcare stocks** — At the same time, the fund is evaluating hospital expansion, hybrid diagnostics businesses and valuations to identify healthcare companies capable of sustaining growth. — [Source](https://economictimes.indiatimes.com/markets/expert-view/why-dsp-mutual-funds-chirag-dagli-is-betting-on-cdmo-hospitals-and-smallcap-healthcare-stocks/articleshow/133951047.cms)
- 2026-09-08 — Economic Times: **Tata Capital Healthcare Fund to exit Linux Laboratories as ChrysCapital buys 20-25% stake** — Private equity firm ChrysCapital is set to acquire a significant stake in Linux Laboratories. This deal will see existing investor Tata Capital Healthcare Fund exit its entire holding. Linux Laboratories focuses on central nervous system therapies and has a strong brand portfolio. The company anticipates robust revenue and Ebitda growth in the coming years. This acquisition highlights continued private equity interest in India's pharmaceutical sector. — [Source](https://economictimes.indiatimes.com/news/company/corporate-trends/tata-capital-healthcare-fund-to-exit-linux-laboratories-as-chryscapital-buys-20-25-stake/articleshow/133939441.cms)
- 2026-09-02 — Mint: **Stock market today: Gift Nifty signals a negative start amid rising yields; 8 stocks to buy on Wednesday, 2 September** — As rising global bond yields and escalating US-Iran tensions loom, the Indian stock market braces for a negative open. Analysts suggest a cautious approach with stock-specific strategies, identifying potential buy opportunities amid the chaos.  — [Source](https://www.livemint.com/market/stock-market-news/stock-market-today-gift-nifty-signals-a-negative-start-amid-rising-yields-8-stocks-to-buy-on-wednesday-2-september-11788312282518.html)
- 2026-08-18 — Mint: **Raja Venkatraman recommends three stocks for 18 August | Stock Market News** — Market expert Raja Venkatraman shares his top stock picks for 18 August. Here’s his technical outlook and trade strategy. — [Source](https://www.livemint.com/market/stock-market-news/raja-venkatraman-three-stocks-18-august-11786982882569.html)
- 2026-08-17 — CNBC-TV18: **Sensex Today | Stock Market LIVE Updates: Nifty falls to 24,250; Infosys, HCLtech top losers** — Stock Market Live Updates: We are in the second half of the day's trade, and the markets are looking to mark a recovery from the day's low. The markets are under pressure, as indices trade lower at the beginning of a new week. The Nifty is down nearly 80 points, falling below the 24,300 mark. Infosys, Tata Motors PV and HCLtech are top losers. — [Source](https://www.cnbctv18.com/market/stock-market-live-updates-sensex-nifty-50-today-reliance-hdfc-bank-cochin-nmdc-voltas-gmr-jupiter-share-price-liveblog-19970547.htm)
- 2026-08-17 — MONEYCONTROL: **Buy Ipca Laboratories; target of Rs 1950: Emkay Global Financial** — Emkay Global Financial, Ipca Laboratories, buy, Recommendations — [Source](https://www.moneycontrol.com/news/business/stocks/buy-ipca-laboratories-target-of-rs-1950-emkay-global-financial-14007250.html)
- 2026-08-17 — BUSINESSTODAY: **Ipca Laboratories shares jump 12% to hit record high on strong Q1 show; check revised target prices** — Ipca Laboratories, Ipca Laboratories shares, Ipca Laboratories Q1 FY27 results, Ipca Laboratories share price, Ipca Laboratories target price, Ipca Laboratories stock, pharma stocks, pharmaceutical stocks, JM Financial, Nuvama Institutional Equities, Motilal Oswal Financial Services, Ipca Laboratories Buy rating, Ipca Laboratories revised target price, Ipca Q1 results, Ipca Laboratories earnings, Unichem Laboratories, pharma sector, stock ma — [Source](https://www.businesstoday.in/markets/stocks/story/ipca-laboratories-shares-jump-12-to-hit-record-high-on-strong-q1-show-check-revised-target-prices-549498-2026-08-17)
- 2026-08-13 — The Hindu: **Q1 Results Today Live: TMPV Q1 PAT falls, Max Health PAT flat, Solar Ind, IPCA Lab, TVS Srichakra, V2 Retail, Honasa Consumer, Minda Corp PAT up, LG Electronics, Amber Enterprises, Brigade, JSW Cement to announce Q1 results** — Q1 Results Today, 13th August 2026 Live Updates: Follow Q1FY27 live updates from businessline — [Source](https://www.thehindubusinessline.com/markets/q1-results-today-live-updates-solar-ind-tmpv-lg-electronics-max-healthcare-gic-godrej-ind-jubilant-foodworks-amber-enterprises-brigade-jsw-cement-honasa-consumer-tmcv-hal-results-13-august-2026/article71335955.ece)
- 2026-08-13 — The Hindu: **Sensex today | Stock Market Live: Sensex down nearly 200 points at 77,770, Nifty slides 92 points in late trade** — Sensex, Nifty, Share Prices Live: At 3 pm, Sensex traded 195.93 pts or 0.25% lower at 77,770.42, and NIfty 50 declined 92.70 pts or 0.38% to 24,343.25.  Indian equities remained subdued despite stronger Asian markets, with firm crude prices and geopolitical risks keeping investors cautious. — [Source](https://www.thehindubusinessline.com/markets/sensex-nifty50-today-stock-market-live-updates-13th-august-2026/article71337670.ece)
- 2026-08-13 — CNBC-TV18: **Sensex Today | Stock Market LIVE Updates: Nifty below 24,400; TVS Srichakra jumps 8% after results** — Sensex Today | Stock Market LIVE Updates: We are in the second half of this Sensex weekly expiry session, and the markets are under pressure again, as the Nifty index falls close to 50 points, falling below 24,350. The Nifty bank index is taking a heavier blow, down over 300 points. Grasim, Ultratech and Hindalco are the top laggards. — [Source](https://www.cnbctv18.com/market/stock-market-live-updates-sensex-expiry-today-nifty-50-msci-gcpl-lg-tata-motors-lenskart-laurus-adani-ashok-leyland-share-price-liveblog-19968111.htm)
- 2026-08-06 — Mint: **Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today — 6 August 2026** — Breakout stocks to buy or sell: Sumeet Bagadia recommends five breakout stocks to buy today — BLS International Services, Usha Martin, 360 One Wam, Netweb Technologies India, and IPCA Laboratories. — [Source](https://www.livemint.com/market/stock-market-news/breakout-stocks-to-buy-or-sell-sumeet-bagadia-recommends-five-shares-to-buy-today-6-august-2026-11785976757322.html)
- 2026-07-18 — Times of India: **Meet Premchand Godha: The CA who managed Amitabh Bachchan's finances and built a struggling pharma company into a Rs 28,000 crore giant** — Trending News: Premchand Godha's success story is one of India's most remarkable business journeys. Long before he became a billionaire businessman, Godha worked as . — [Source](https://timesofindia.indiatimes.com/etimes/trending/meet-premchand-godha-the-ca-who-managed-amitabh-bachchans-finances-and-built-a-struggling-pharma-company-into-a-rs-28000-crore-giant/articleshow/132482610.cms)
- 2026-07-15 — The Hindu: **Sensex today | Stock Market Live: Stock to buy today: Caplin Point Laboratories** — Sensex, Nifty, Share Prices LIVE: The short-term outlook is bullish for Caplin Point Laboratories. The stock has been consolidating within its broader uptrend for more than two weeks between ₹2,500 and ₹2,700. We expect the stock to make a bullish breakout above ₹2,700 and resume the broader uptrend. — [Source](https://www.thehindubusinessline.com/markets/sensex-nifty50-today-stock-market-live-updates-15-july-2026/article71220956.ece)

## Business profile

**Strategic vision:** Manufactures and supplies active pharmaceutical ingredients and formulations.

### Business segments
- **Pharmaceutical Manufacturing:** The company develops and produces a wide range of formulations and APIs, catering to various therapeutic areas such as pain management, rheumatology, antimalarials, and hair care.

### Competitive strengths
- Integrated manufacturing of APIs and formulations
- Broad portfolio of products across multiple therapeutic areas
- Extensive international distribution network

## Related stocks

- [Abbott India Limited (Healthcare)](https://faxioms.com/stocks/abbotindia) — -0.85%
- [Ajanta Pharma Limited (Healthcare)](https://faxioms.com/stocks/ajantpharm) — +0.55%
- [Alkem Laboratories Limited (Healthcare)](https://faxioms.com/stocks/alkem) — +2.06%
- [Aurobindo Pharma Limited (Healthcare)](https://faxioms.com/stocks/auropharma) — +0.84%
- [Biocon Limited (Healthcare)](https://faxioms.com/stocks/biocon) — +0.86%

## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/ipcalab
Markdown representation: https://faxioms.com/stocks/ipcalab?render=md