IPCA Laboratories

IPCA Laboratories delivered a solid Q3 FY26 with consolidated revenue of ₹2,245 croreCurrent reported value: ₹2,245 crore. No comparable prior figure is available in the source record. (+6.5Current reported value: 6.5. No comparable prior figure is available in the source record.% YoY) and consolidated EBITDA margin expanding 228 bps YoY to 22.15%Current reported value: 228 bps YoY to 22.15%. No comparable prior figure is available in the source record.. Standalone EBITDA margin improved to 26.09%Current reported value: 26.09%. No comparable prior figure is available in the source record. (+184 bps YoY). Growth was driven by strong domestic formulation performance (+12%Current 12%. Reported change: +12% YoY. YoY, outpacing IPM), robust export branded formulations (+17% YoY, led by West Africa +69%Current 69%. Reported change: +69% YoY.), and US business growth (+17% YoY). API business remained flat. Management guided for 10-12% revenue growth across segments and 150 bps annual EBITDA margin expansion, supported by product mix improvement and operating leverage. Key risks include continued market share loss at Unichem (US business) for 1-2 more quarters and pricing pressure in the UK generic market, though recent recovery is noted.