Ipca Laboratories Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,422.29Overvalued by 25.92%vs CMP ₹1,920.00

P/E (35.5) × ROE (15.7%) × BV (₹318.00) × DY (0.31%)

₹691.22Overvalued by 64.00%vs CMP ₹1,920.00

MoS: -177.8% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹1,430.44	22%	Over (-25.5%)
Graham Number	Earnings	₹506.54	16%	Over (-73.6%)
Earnings Power	Earnings	₹151.80	11%	Over (-92.1%)
DCF	Cash Flow	₹385.41	13%	Over (-79.9%)
Net Asset Value	Assets	₹317.75	7%	Over (-83.5%)
EV/EBITDA	Enterprise	₹807.12	9%	Over (-58%)
Earnings Yield	Earnings	₹358.60	7%	Over (-81.3%)
ROCE Capital	Returns	₹829.78	9%	Over (-56.8%)
Revenue Multiple	Revenue	₹525.92	5%	Over (-72.6%)
Consensus (9 models)		₹691.22	100%	Overvalued

Key Drivers: Wide model spread (₹152–₹1,430) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 0.6%

*Investments are subject to market risks

Analysis summary

Data coverage: Price-data record updated 25 August 2026, 7:03 am +05:30. Annual results through Mar 2025; quarterly results through Dec 2025; cash flow through Mar 2026. Each section can have a different reporting period. The share price is not live.

Valuation in context

Operating performance

Revenue for Mar 2025 was ₹8,897.00 Cr, versus ₹7,662.00 Cr in Mar 2024 (16.1% year on year). Net profit for Mar 2025 was ₹785.00 Cr, versus ₹523.00 Cr in Mar 2024 (50.1% year on year). These are the latest annual periods stored on this page; check the quarterly table separately for more recent developments.

Cash generation

For the same Mar 2025 period, operating cash flow was ₹1,321.00 Cr against net profit of ₹785.00 Cr. Cash flow covered 1.68 times reported profit. Cash generation supports the reported profit for this period; check whether this continues over several years.

Balance-sheet check

Reported borrowings were ₹809.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How to use the valuation and peer comparisons

The Intrinsic Value panel combines the available model estimates using the displayed weights. Earnings, cash-flow, dividend and asset-based methods can give very different answers. The displayed 12% cost of equity and 4% terminal growth assumptions apply where relevant; historical EPS growth is not a promise of future growth. Use the individual values and their spread to judge sensitivity.

The peer group follows the stored industry classification and may include different business models. Compare reporting periods, leverage and recurring earnings before interpreting a valuation gap. For banks and other financial businesses, capital adequacy and asset quality can be more informative than industrial-company cash-flow ratios.

Sources: Company data source. Check the company filings linked by the source for the reporting basis and exceptional items.

Automatically generated interpretation of the stored financial data, not a separately researched analyst opinion. Missing data is not evidence of poor performance. New filings become available here after the existing data refresh process captures them.

Investment Snapshot

Ipca Laboratories Ltd scores 79/100 (Strong)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health89/100 · Strong

ROCE 17.0% GoodROE 15.7% GoodD/E 0.18 Low debtInterest Coverage 21.4x StrongProfitable 5/5 available years Reported history

Smart Money75/100 · Strong

FII holding up 0.30% (6mo) Slight increaseDII holding up 0.59% MF buyingPromoter holding at 44.7% Stable

Earnings Quality75/100 · Strong

CFO/NP ratio: 1.72x Cash-backed earningsOPM stable around 18% Steady

Quarterly Momentum80/100 · Strong

Revenue (4Q): +9% YoY GrowingProfit (4Q): +30% YoY Strong

Industry Rank65/100 · Strong

P/E 35.5 vs industry 55.5 Lower P/EROCE 17.0% vs industry 26.2% Average3Y sales CAGR: 15% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores use stored reporting periods and are screening indicators, not investment recommendations. Missing health ratios are excluded. Broad industry groups and financial-sector accounting can limit comparability.

Share Price and Basic Stock Data

Last Updated: August 25, 2026, 7:03 am

Market Cap	48,721 Cr.
Current Price	1,920
Intrinsic Value	₹691.22
High / Low	1,945/1,252
Stock P/E	35.5
Book Value	318
Dividend Yield	0.31 %
ROCE	17.0 %
ROE	15.7 %
Face Value	1.00
PEG Ratio	61.95

Understand these figures: how to read the P/E ratio, ROE versus earnings per share, and calculate intrinsic value.

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Ipca Laboratories Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Ipca Laboratories Ltd	48,721 Cr.	1,920	1,945/1,252	35.5	318	0.31 %	17.0 %	15.7 %	1.00
Glaxosmithkline Pharmaceuticals Ltd	49,665 Cr.	2,932	3,055/2,088	47.2	134	1.94 %	61.4 %	45.6 %	10.0
Gland Pharma Ltd	46,217 Cr.	2,802	3,040/1,574	32.7	656	0.71 %	17.4 %	12.8 %	1.00
Ajanta Pharma Ltd	44,153 Cr.	3,533	3,797/2,330	38.9	362	0.91 %	34.5 %	27.1 %	2.00
Abbott India Ltd	54,294 Cr.	25,550	31,400/25,135	33.6	2,247	2.05 %	44.8 %	34.4 %	10.0
Industry Average	22,605.02 Cr	1,259.48		55.53	211.24	0.38%	26.17%	16.63%	6.06

All Competitor Stocks of Ipca Laboratories Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	1,546	1,512	1,585	2,034	2,053	2,033	2,093	2,355	2,245	2,247	2,309	2,556	2,392
Expenses	1,330	1,331	1,278	1,673	1,722	1,711	1,700	1,913	1,782	1,818	1,892	2,012	1,859
Operating Profit	216	181	308	361	331	322	393	441	463	429	416	545	533
OPM %	14%	12%	19%	18%	16%	16%	19%	19%	21%	19%	18%	21%	22%
Other Income	31	36	45	-1	91	-118	21	26	20	-179	33	-30	38
Interest	11	18	31	44	33	29	24	23	17	22	19	20	18
Depreciation	67	70	69	90	100	98	99	100	98	100	100	103	108
Profit before tax	169	129	252	225	289	77	290	345	368	128	331	392	446
Tax %	32%	37%	34%	39%	23%	96%	31%	29%	25%	49%	29%	28%	18%
Net Profit	110	78	164	136	221	1	199	246	276	64	233	281	364
EPS in Rs	4.25	3.02	6.42	5.72	7.09	2.35	7.58	9.05	9.78	2.67	9.19	11.14	12.86

Last Updated: March 4, 2026, 8:46 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 2:46 pm

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	3,282	3,144	2,867	3,156	3,258	3,746	4,619	5,395	5,797	6,204	7,662	8,897	9,505
Expenses	2,539	2,604	2,573	2,705	2,803	3,051	3,715	3,843	4,472	5,272	6,338	7,166	7,581
Operating Profit	743	541	294	451	455	695	904	1,552	1,325	932	1,324	1,731	1,924
OPM %	23%	17%	10%	14%	14%	19%	20%	29%	23%	15%	17%	19%	20%
Other Income	21	32	21	11	41	56	65	59	54	123	17	-114	-139
Interest	30	32	35	27	28	22	20	12	11	48	141	88	77
Depreciation	103	180	163	173	178	182	210	209	232	262	357	398	411
Profit before tax	631	361	117	262	291	546	739	1,389	1,136	745	843	1,131	1,296
Tax %	24%	28%	18%	26%	18%	19%	18%	17%	20%	34%	37%	30%
Net Profit	479	254	93	195	239	442	604	1,141	890	479	523	785	941
EPS in Rs	18.96	10.07	3.69	7.71	9.49	17.60	23.99	44.94	34.85	18.58	21.57	29.08	35.86
Dividend Payout %	13%	5%	0%	6%	5%	9%	10%	9%	11%	22%	19%	14%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	-46.97%	-63.39%	109.68%	22.56%	84.94%	36.65%	88.91%	-22.00%	-46.18%	9.19%	50.10%
Change in YoY Net Profit Growth (%)	0.00%	-16.41%	173.06%	-87.11%	62.37%	-48.29%	52.26%	-110.91%	-24.18%	55.37%	40.91%

Ipca Laboratories Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	11%
5 Years:	14%
3 Years:	15%
TTM:	11%

Compounded Profit Growth
10 Years:	13%
5 Years:	7%
3 Years:	-1%
TTM:	44%

Stock Price CAGR
10 Years:	14%
5 Years:	6%
3 Years:	15%
1 Year:	-7%

Return on Equity
10 Years:	13%
5 Years:	14%
3 Years:	10%
Last Year:	13%

Last Updated: September 5, 2025, 7:50 am

Balance Sheet

Last Updated: September 10, 2026, 1:30 am

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	25	25	25	25	25	25	25	25	25	25	25	25
Reserves	2,183	2,234	2,430	2,663	3,097	3,602	4,676	5,467	5,817	6,307	6,923	8,038
Borrowings	935	867	716	628	465	501	265	807	1,481	1,438	1,363	809
Other Liabilities	669	765	788	799	961	1,130	1,099	1,338	1,300	3,326	3,432	3,477
Total Liabilities	3,812	3,892	3,960	4,116	4,549	5,258	6,066	7,637	8,623	11,097	11,744	12,350
Fixed Assets	1,800	2,014	1,983	1,953	1,940	2,059	2,072	2,418	2,751	4,554	4,267	4,627
CWIP	267	129	95	73	66	133	235	306	140	343	622	773
Investments	16	26	136	87	120	310	505	989	626	862	980	844
Other Assets	1,729	1,723	1,746	2,003	2,422	2,756	3,254	3,924	5,105	5,339	5,875	6,106
Total Assets	3,812	3,892	3,960	4,116	4,549	5,258	6,066	7,637	8,623	11,097	11,744	12,350

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	468	709	282	341	501	570	1,090	856	806	945	1,321	1,142
Cash from Investing Activity +	-689	-218	-149	-135	-165	-509	-521	-851	-725	-1,215	-870	-247
Cash from Financing Activity +	251	-462	-159	-130	-183	-137	-306	427	507	-553	-283	-754
Net Cash Flow	29	29	-26	75	153	-76	264	432	588	-823	169	142
Free Cash Flow	-207	463	147	206	322	277	731	380	347	543	551	486
CFO/OP	100%	251%	74%	88%	88%	80%	86%	80%	110%	94%	97%	78%

Free Cash Flow

Free cash flow reported in the stored cash-flow statement (₹ Cr)
Period	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Free Cash Flow	-207.00	463.00	147.00	206.00	322.00	277.00	731.00	380.00	347.00	543.00	551.00	486.00

This table and the chart use the Free Cash Flow row from the same stored cash-flow statement. Free cash flow generally measures operating cash flow after capital expenditure; check the source definition and reporting basis. It is not operating profit minus borrowings.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	50	41	57	58	67	66	71	55	57	58	80	77
Inventory Days	272	293	289	290	286	316	294	337	337	276	350	336
Days Payable	110	97	145	130	137	154	135	140	101	83	110	111
Cash Conversion Cycle	213	237	200	218	216	228	229	251	293	251	321	302
Working Capital Days	82	68	61	74	80	88	88	103	102	71	111	101
ROCE %	28%	14%	5%	9%	10%	16%	19%	31%	20%	11%	13%	15%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	46.29%	46.29%	46.30%	46.30%	46.30%	44.72%	44.72%	44.72%	44.72%	44.72%	44.72%	44.72%
FIIs	9.86%	10.27%	10.51%	10.85%	10.83%	11.06%	10.75%	10.67%	10.42%	10.62%	10.63%	10.72%
DIIs	34.72%	34.19%	34.05%	33.46%	33.90%	35.36%	35.73%	35.88%	36.45%	36.99%	37.13%	37.04%
Government	0.32%	0.32%	0.32%	0.32%	0.32%	0.32%	0.32%	0.32%	0.32%	0.32%	0.32%	0.32%
Public	8.80%	8.93%	8.82%	9.07%	8.64%	8.53%	8.45%	8.41%	8.09%	7.33%	7.21%	7.19%
No. of Shareholders	95,930	82,809	81,165	84,753	82,975	90,189	88,306	85,582	82,870	77,673	82,184	82,060

Shareholding Pattern Chart

No. of Shareholders

Ipca Laboratories Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
HDFC Mid Cap Fund	17,994,512	2.87	2646.63	17,920,369	2026-02-23 07:11:40	0.41%
Kotak Midcap Fund	12,005,038	2.99	1765.7	N/A	N/A	N/A
DSP Mid Cap Fund	4,290,936	3.31	631.11	4,637,728	2026-02-23 08:52:00	-7.48%
Nippon India Growth Mid Cap Fund	3,100,000	1.09	455.95	N/A	N/A	N/A
Axis Midcap Fund	2,635,419	1.25	387.62	1,810,234	2026-02-23 08:52:00	45.58%
Kotak Large & Midcap Fund	2,510,000	1.23	369.17	N/A	N/A	N/A
HDFC Balanced Advantage Fund	2,497,123	0.34	367.28	N/A	N/A	N/A
DSP Small Cap Fund	2,101,047	1.92	309.02	2,320,000	2026-02-23 08:52:00	-9.44%
DSP Large & Mid Cap Fund	1,949,082	1.64	286.67	1,950,196	2026-02-23 08:52:00	-0.06%
DSP ELSS Tax Saver Fund	1,856,293	1.59	273.02	1,857,399	2026-02-23 08:52:00	-0.06%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	1.00	1.00	1.00	1.00	2.00
Basic EPS (Rs.)	35.14	25.82	18.58	34.85	45.01
Diluted EPS (Rs.)	29.08	21.57	18.58	34.85	45.01
Cash EPS (Rs.)	46.72	34.94	29.70	45.07	107.06
Book Value[Excl.RevalReserv]/Share (Rs.)	273.88	304.57	233.16	219.51	371.79
Book Value[Incl.RevalReserv]/Share (Rs.)	273.88	304.57	233.16	219.51	371.79
Revenue From Operations / Share (Rs.)	352.37	303.71	246.13	229.79	427.28
PBDIT / Share (Rs.)	71.70	56.99	41.48	54.23	126.70
PBIT / Share (Rs.)	56.02	42.91	31.17	45.07	110.21
PBT / Share (Rs.)	44.59	33.22	29.38	44.77	109.50
Net Profit / Share (Rs.)	31.04	20.86	19.39	35.91	90.57
NP After MI And SOA / Share (Rs.)	29.08	21.57	18.58	34.85	89.87
PBDIT Margin (%)	20.34	18.76	16.85	23.59	29.65
PBIT Margin (%)	15.89	14.12	12.66	19.61	25.79
PBT Margin (%)	12.65	10.93	11.93	19.48	25.62
Net Profit Margin (%)	8.80	6.86	7.87	15.62	21.19
NP After MI And SOA Margin (%)	8.25	7.10	7.54	15.16	21.03
Return on Networth / Equity (%)	10.61	8.64	8.06	16.09	24.24
Return on Capital Employeed (%)	15.15	12.44	11.59	18.52	28.48
Return On Assets (%)	6.27	4.93	5.46	11.57	18.78
Long Term Debt / Equity (X)	0.07	0.09	0.11	0.07	0.00
Total Debt / Equity (X)	0.18	0.21	0.24	0.14	0.05
Asset Turnover Ratio (%)	0.78	0.78	0.76	0.79	0.91
Current Ratio (X)	2.63	2.35	2.87	3.04	2.96
Quick Ratio (X)	1.55	1.30	1.91	1.77	1.59
Inventory Turnover Ratio (X)	3.55	1.05	0.94	0.95	1.10
Dividend Payout Ratio (NP) (%)	13.75	9.27	21.53	11.47	8.90
Dividend Payout Ratio (CP) (%)	8.93	5.60	13.84	9.08	7.52
Earning Retention Ratio (%)	86.25	90.73	78.47	88.53	91.10
Cash Earning Retention Ratio (%)	91.07	94.40	86.16	90.92	92.48
Interest Coverage Ratio (X)	21.42	10.46	23.11	178.91	177.79
Interest Coverage Ratio (Post Tax) (X)	12.69	5.61	11.80	119.46	128.08
Enterprise Value (Cr.)	40485.27	33899.87	20234.90	27148.88	24038.82
EV / Net Operating Revenue (X)	4.53	4.40	3.24	4.66	4.44
EV / EBITDA (X)	22.26	23.45	19.23	19.73	14.96
MarketCap / Net Operating Revenue (X)	4.26	4.08	3.29	4.62	4.45
Retention Ratios (%)	86.24	90.72	78.46	88.52	91.09
Price / BV (X)	5.48	4.96	3.52	4.90	5.13
Price / Net Operating Revenue (X)	4.26	4.08	3.29	4.62	4.45
EarningsYield	0.01	0.01	0.02	0.03	0.04

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Frequently asked questions

What is the intrinsic value of Ipca Laboratories Ltd and is it undervalued?

Ipca Laboratories Ltd: the stored intrinsic value estimate is ₹691.22, compared with a stored share price of ₹1,920.00. The model value is 64.0% below that quote. The model classifies this as overvalued; it is an estimate dependent on the inputs and assumptions, not a price target or a buy/sell recommendation. The estimate uses the available valuation models and weights shown in the Intrinsic Value panel, including earnings, cash-flow and asset-based approaches where data permits. It is not a P/E-only calculation.

What share price and 52-week range are shown for Ipca Laboratories Ltd?

The stored share price is ₹1,920.00. Price-data record updated: 25 August 2026, 7:03 am +05:30. This is not a live quote. The stored 52-week high / low is 1,945/1,252; this is a rolling range, not a financial-year range.

How have Ipca Laboratories Ltd's revenue and profit changed?

Does Ipca Laboratories Ltd's profit convert into cash?

What should I check in Ipca Laboratories Ltd's balance sheet?

Reported borrowings were ₹809.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How should I compare Ipca Laboratories Ltd's P/E with other stocks?

The stored P/E is 35.50. Compare companies with similar business models, growth, leverage and accounting periods. The industry group on this page is broad, and its average can be affected by outliers. A lower P/E alone does not establish undervaluation.

What could change Ipca Laboratories Ltd's intrinsic value estimate?

Changes in sustainable earnings, cash generation, capital needs, debt and share count can change the estimate. The displayed model uses a 12% cost of equity and 4% terminal growth assumption where applicable. Higher discount rates or weaker growth generally reduce discounted values. Compare the individual model values and weights, and verify fresh filings before relying on the result.