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Revenue
₹2,556 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IPCA Laboratories reported a strong Q2 FY26 with consolidated EBITDA margin expanding 258 bps YoY to 21.68%, driven by favorable product mix and cost controls. Domestic formulation grew 8% despite GST disruption in September, while API surged 28% to ₹408 crore on European and Latin American demand. Export formulations declined 9% due to a one-off inventory issue, but management expects 8-9% H2 growth. UNIM's margins improved to ~11% after restructuring, with synergy benefits expected over 1.5-2 years. R&D spend rose to 3.91% of turnover, with biosimilar trials likely lifting it to 4.5-4.75% next year. Key risk: US generic price erosion and UNIM's market share loss in two major products could weigh on export recovery.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects generic formulation exports to grow 8-9% in H2 FY26, driven by order book and customer interactions.
- API business is expected to grow 14-15% for the full financial year, despite some lumpiness in bulk orders.
- Consolidated EBITDA margin is expected to be better by ~1% in H2 compared to earlier guidance of ~20%.
- R&D spend, currently ~4% of turnover, may increase to 4.5-4.75% next year due to biosimilar clinical trials.
Risks flagged
- UNIM lost market share in two major US products due to increased competition and lower prices, impacting volumes and margins.
- September GST rate changes caused a temporary disruption in domestic sales, with recovery seen in October.
- Cross-selling benefits from UNIM dossier filings will take 12-18 months for approvals, with margin improvement expected only in 1.5-2 years.
- A large European API order boosted Q2 but may not recur in Q3, leading to lower sequential API growth.
Key quotes
- Our standalone EBITDA margins has improved to around 25.46% for Q2 FY26 as against 22.89% in Q2 FY25, an improvement almost around 2.57%.
- We are not a company which will be doing too much of filing based on somebody else API. By and large it's what is there in our pipeline.
- We are very confident our growth will be higher than the market growth, there is no doubt on that.
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