What was IPCA Laboratories's revenue in Q3 FY26?

IPCA Laboratories reported revenue of ₹2,392 Cr in Q3 FY26, a +6.5% change year-over-year.

Did IPCA Laboratories management deliver on previous promises?

Scorecard data is being built as historical quarters are processed.

IPCA Laboratories Q3 FY26 Research Workspace: Revenue ₹2,392 Cr (+6.5%)

Q: What guidance did IPCA Laboratories management give?

Revenue growth of 10-12% across segments: Management expects 10-12% growth in domestic, branded exports, and generic businesses; API slightly lower.

Revenue ₹2,392 Cr +6.5%

EBITDA —

PAT ₹364 Cr

EBITDA Margin 22% +228bps

Duration 42 min

Read Time 1 min read

✓ Verified against BSE filing

2-Minute Summary

✦ AI-Generated from Full Transcript

IPCA Laboratories delivered a solid Q3 FY26 with consolidated revenue of ₹2,245 crore (+6.5% YoY) and consolidated EBITDA margin expanding 228 bps YoY to 22.15%. Standalone EBITDA margin improved to 26.09% (+184 bps YoY). Growth was driven by strong domestic formulation performance (+12% YoY, outpacing IPM), robust export branded formulations (+17% YoY, led by West Africa +69%), 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.

Risks4 trackedTranscriptfull text

Research workspace

Focused Modules

!Risks 4 risks

Risk Intelligence

Unichem US market share loss persists

View Risks →

≡Transcript Full text

Call Transcript

Full transcript text is available on this route.

Read Transcript →

Quarter Snapshot

Domestic Formulation Growth 12%

+12% YoY

Outpaced IPM growth of 8.9% in Q3 FY26.

US Business Revenue (Q3) ₹395 cr

+17% YoY

Consolidated US business (IPA + Unichem) grew 17% YoY in Q3.

West Africa Branded Growth 69%

+69% YoY

West Africa branded business grew 69% in Q3, driving export formulation growth.

Unichem EBITDA Margin 8%

-? bps YoY

Unichem margins under pressure due to US market share loss; expected to recover in 2-3 quarters.

Fast read

Guidance and risk preview

Top guidance Revenue growth of 10-12% across segments

Management expects 10-12% growth in domestic, branded exports, and generic businesses; API slightly lower.

Top risk Unichem US market share loss persists

Unichem lost market share in key US products; decline may continue for 1-2 more quarters, pressuring margins.