On consolidated basis
Quarter ended September 2025 compared with Quarter ended September 2024.
Net sales (including other operating income) of Ipca Laboratories has increased 8.56% to Rs 2556.5 crore. Sales of India segment has gone up 5.65% to Rs 1,162.52 crore (accounting for 45.47% of total sales). Sales of Outside India segment has gone up 11.11% to Rs 1,393.98 crore (accounting for 54.53% of total sales). Operating profit margin has jumped from 18.75% to 21.32%, leading to 23.43% rise in operating profit to Rs 544.92 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 25.18% to 23.06%. Purchase of finished goods cost fell from 6.58% to 5.13%. Employee cost decreased from 21.80% to 21.77%. Other expenses rose from 27.57% to 28.00%. Other income rose 6.09% to Rs 27.86 crore. PBIDT rose 22.46% to Rs 572.78 crore. Provision for interest fell 13.08% to Rs 19.61 crore. Loan funds rose to Rs 1,278.92 crore as of 30 September 2025 from Rs 1,202.18 crore as of 30 September 2024. Inventories declined from Rs 2,518.21 crore as of 30 September 2024 to Rs 2,515.87 crore as of 30 September 2025. Sundry debtors were higher at Rs 2,077.06 crore as of 30 September 2025 compared to Rs 1,813.59 crore as of 30 September 2024. Cash and bank balance declined from Rs 297.04 crore as of 30 September 2024 to Rs 263.80 crore as of 30 September 2025. Investments rose to Rs 1,203.00 crore as of 30 September 2025 from Rs 943.71 crore as of 30 September 2024 . PBDT rose 24.26% to Rs 553.17 crore. Provision for depreciation rose 2.97% to Rs 103.33 crore. Fixed assets increased to Rs 5,065.00 crore as of 30 September 2025 from Rs 4,776.64 crore as of 30 September 2024. Intangible assets declined from Rs 231.17 crore to Rs 82.81 crore. Profit before tax grew 30.45% to Rs 449.84 crore. Provision for tax was expense of Rs 108.08 crore, compared to Rs 99.39 crore. Effective tax rate was 27.81% compared to 28.80%. Net profit attributable to owners of the company increased 23.13% to Rs 282.57 crore. Equity capital stood at Rs 25.37 crore as of 30 September 2025 to Rs 25.37 crore as of 30 September 2024. Per share face Value remained same at Rs 1.00. Promoters’ stake was 44.72% as of 30 September 2025 ,compared to 46.30% as of 30 September 2024 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Ipca Laboratories has increased 9.39% to Rs 4865.35 crore. Sales of India segment has gone up 6.59% to Rs 2,245.69 crore (accounting for 46.16% of total sales). Sales of Outside India segment has gone up 11.92% to Rs 2,619.66 crore (accounting for 53.84% of total sales). Operating profit margin has jumped from 18.76% to 19.76%, leading to 15.24% rise in operating profit to Rs 961.34 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 25.48% to 24.56%. Purchase of finished goods cost fell from 6.12% to 5.25%. Employee cost decreased from 22.41% to 22.37%. Other expenses rose from 27.26% to 27.93%. Other income rose 29.12% to Rs 60.52 crore. PBIDT rose 15.98% to Rs 1021.86 crore. Provision for interest fell 18.21% to Rs 38.12 crore. Loan funds rose to Rs 1,278.92 crore as of 30 September 2025 from Rs 1,202.18 crore as of 30 September 2024. Inventories declined from Rs 2,518.21 crore as of 30 September 2024 to Rs 2,515.87 crore as of 30 September 2025. Sundry debtors were higher at Rs 2,077.06 crore as of 30 September 2025 compared to Rs 1,813.59 crore as of 30 September 2024. Cash and bank balance declined from Rs 297.04 crore as of 30 September 2024 to Rs 263.80 crore as of 30 September 2025. Investments rose to Rs 1,203.00 crore as of 30 September 2025 from Rs 943.71 crore as of 30 September 2024 . PBDT rose 17.89% to Rs 983.74 crore. Provision for depreciation rose 2.08% to Rs 203.39 crore. Fixed assets increased to Rs 5,065.00 crore as of 30 September 2025 from Rs 4,776.64 crore as of 30 September 2024. Intangible assets declined from Rs 231.17 crore to Rs 82.81 crore. Profit before tax grew 22.85% to Rs 780.35 crore. Provision for tax was expense of Rs 204.17 crore, compared to Rs 190.8 crore. Effective tax rate was 28.45% compared to 30.01%.Net profit attributable to owners of the company increased 22.30% to Rs 515.78 crore. Equity capital stood at Rs 25.37 crore as of 30 September 2025 to Rs 25.37 crore as of 30 September 2024. Per share face Value remained same at Rs 1.00. Promoters’ stake was 44.72% as of 30 September 2025 ,compared to 46.30% as of 30 September 2024 .
Full year results analysis.
Net sales (including other operating income) of Ipca Laboratories has increased 16.02% to Rs 8939.59 crore. Sales of India segment has gone up 11.84% to Rs 4,042.02 crore (accounting for 45.21% of total sales). Sales of Outside India segment has gone up 19.72% to Rs 4,897.57 crore (accounting for 54.79% of total sales). Operating profit margin has jumped from 17.15% to 19.31%, leading to 30.65% rise in operating profit to Rs 1,726.14 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 28.28% to 25.34%. Purchase of finished goods cost fell from 6.25% to 6.10%. Employee cost increased from 21.80% to 22.08%. Other expenses rose from 26.80% to 27.28%. Other income fell 25.62% to Rs 92.8 crore. PBIDT rose 25.80% to Rs 1818.94 crore. Provision for interest fell 38.58% to Rs 84.93 crore. Loan funds declined from Rs 1,438.36 crore as of 31 March 2024 to Rs 1,362.74 crore as of 31 March 2025. Inventories rose to Rs 2,560.42 crore as of 31 March 2025 from Rs 2,471.31 crore as of 31 March 2024. Sundry debtors were higher at Rs 1,873.82 crore as of 31 March 2025 compared to Rs 1,686.51 crore as of 31 March 2024. Cash and bank balance rose to Rs 344.23 crore as of 31 March 2025 from Rs 296.84 crore as of 31 March 2024. Investments rose to Rs 979.71 crore as of 31 March 2025 from Rs 862.01 crore as of 31 March 2024 . PBDT rose 32.60% to Rs 1734.01 crore. Provision for depreciation rose 11.36% to Rs 397.82 crore. Fixed assets declined from Rs 4,805.84 crore as of 31 March 2024 to Rs 4,798.00 crore as of 31 March 2025. Intangible assets stood at Rs 90.58 crore. Profit before tax grew 40.59% to Rs 1,336.19 crore. Share of profit/loss was 63.59% higher at Rs -2.29 crore. Extraordinary items were decreased to Rs -205.05 crore. Provision for tax was expense of Rs 343.61 crore, compared to Rs 313.46 crore. Effective tax rate was 30.44% compared to 37.48%. Net profit attributable to owners of the company increased 34.77% to Rs 737.68 crore. Equity capital stood at Rs 25.37 crore as of 31 March 2025 to Rs 25.37 crore as of 31 March 2024. Per share face Value remained same at Rs 1.00. Promoters’ stake was 44.72% as of 31 March 2025 ,compared to 46.30% as of 31 March 2024 . Cash flow from operating activities increased to Rs 1,321.32 crore for year ended March 2025 from Rs 944.65 crore for year ended March 2024. Cash flow used in acquiring fixed assets during the year ended March 2025 stood at Rs 775.52 crore, compared to Rs 410.60 crore during the year ended March 2024. Other Highlights
In Q2 FY26, India formulations revenue grew 8% YoY, while exports grew 7%
YoY.
In H1 FY26, India formulations revenue grew 9% YoY, while exports grew
12% YoY.
In Q2 FY26, API revenue grew 28% on a YoY basis. In H1 FY26, API revenue
grew 21% on a YoY basis.
| Ipca Laboratories : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202509 | 202409 | Var.(%) | 202509 | 202409 | Var.(%) | 202503 | 202403 | Var.(%) |
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| Net Sales (including other operating income) | 2,556.50 | 2,354.90 | 8.56 | 4,865.35 | 4,447.53 | 9.39 | 8,939.59 | 7,705.04 | 16.02 | | OPM (%) | 21.32 | 18.75 | 257 bps | 19.76 | 18.76 | 100 bps | 19.31 | 17.15 | 216 bps | | OP | 544.92 | 441.48 | 23.43 | 961.34 | 834.20 | 15.24 | 1,726.14 | 1,321.16 | 30.65 | | Other Inc. | 27.86 | 26.26 | 6.09 | 60.52 | 46.87 | 29.12 | 92.80 | 124.77 | -25.62 | | PBIDT | 572.78 | 467.74 | 22.46 | 1,021.86 | 881.07 | 15.98 | 1,818.94 | 1,445.93 | 25.80 | | Interest | 19.61 | 22.56 | -13.08 | 38.12 | 46.61 | -18.21 | 84.93 | 138.27 | -38.58 | | PBDT | 553.17 | 445.18 | 24.26 | 983.74 | 834.46 | 17.89 | 1,734.01 | 1,307.66 | 32.60 | | Depreciation | 103.33 | 100.35 | 2.97 | 203.39 | 199.24 | 2.08 | 397.82 | 357.24 | 11.36 | | PBT | 449.84 | 344.83 | 30.45 | 780.35 | 635.22 | 22.85 | 1336.19 | 950.42 | 40.59 | | Share of Profit/(Loss) from Associates | -2.97 | 0.31 | PL | -4.5 | 0.47 | PL | -2.29 | -6.29 | 63.59 | | PBT before EO | 446.87 | 345.14 | 29.47 | 775.85 | 635.69 | 22.05 | 1333.9 | 944.13 | 41.28 | | EO Income | -58.26 | 0 | - | -58.26 | 0 | - | -205.05 | -107.75 | -90.30 | | PBT after EO | 388.61 | 345.14 | 12.59 | 717.59 | 635.69 | 12.88 | 1128.85 | 836.38 | 34.97 | | Taxation | 108.08 | 99.39 | 8.74 | 204.17 | 190.8 | 7.01 | 343.61 | 313.46 | 9.62 | | PAT | 280.53 | 245.75 | 14.15 | 513.42 | 444.89 | 15.40 | 785.24 | 522.92 | 50.16 | | Minority Interest (MI) | -2.04 | 16.27 | LP | -2.36 | 23.17 | LP | 47.56 | -24.43 | PL | | Net profit | 282.57 | 229.48 | 23.13 | 515.78 | 421.72 | 22.30 | 737.68 | 547.35 | 34.77 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 282.57 | 229.48 | 23.13 | 515.78 | 421.72 | 22.30 | 737.68 | 547.35 | 34.77 | | EPS (Rs)* | 12.81 | 9.05 | 41.65 | 21.98 | 16.62 | 32.26 | 34.36 | 24.36 | 41.04 | | | * EPS is on current equity of Rs 25.37 crore, Face value of Rs 1, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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| Ipca Laboratories : Consolidated Segment Results | td>-| | Quarter ended | Year to Date | Year ended |
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| % of (Total) | 202509 | 202409 | Var.(%) | % of (Total) | 202509 | 202409 | Var.(%) | % of (Total) | 202503 | 202403 | Var.(%) |
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| Sales | | India | 45.47 | 1,162.52 | 1,100.32 | 5.65 | 46.16 | 2,245.69 | 2,106.79 | 6.59 | 45.21 | 4,042.02 | 3,614.27 | 11.84 | | Outside India | 54.53 | 1,393.98 | 1,254.58 | 11.11 | 53.84 | 2,619.66 | 2,340.74 | 11.92 | 54.79 | 4,897.57 | 4,090.77 | 19.72 | | Total Reported Sales | 100.00 | 2,556.50 | 2,354.90 | 8.56 | 100.00 | 4,865.35 | 4,447.53 | 9.39 | 100.00 | 8,939.59 | 7,705.04 | 16.02 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 2,556.50 | 2,354.90 | 8.56 | 100.00 | 4,865.35 | 4,447.53 | 9.39 | 100.00 | 8,939.59 | 7,705.04 | 16.02 | | PBIT | | India | 0.00 | 0.00 | 0.00 | - | | Outside India | 0.00 | 0.00 | 0.00 | - | | Total PBIT | 100.00 | 0.00 | 0.00 | - | 100.00 | 0.00 | 0.00 | - | 100.00 | 0.00 | 0.00 | - | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | PBIT Margin(%) | | India | | 0.00 | 0.00 | 0.00 | | Outside India | | 0.00 | 0.00 | 0.00 | | PBT | 100.00 | 0.00 | 0.00 | - | 100.00 | 0.00 | 0.00 | - | 100.00 | 0.00 | 0.00 | - |
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