IPCA Laboratories financials: balance sheet, profit and loss, cash flow

NSE: IPCALABBSE: 524494Pharmaceuticals & BiotechnologyMid Cap

IPCA Laboratories Limited · Face value ₹1 · Listed May 1994 on BSE, Feb 1995 on NSE

₹1,930.50₹50.30 (2.54%)BSE ₹1,928.45

Share price at the NSE close on 28 Oct 2026. Previous close ₹1,980.80.

28 Oct: open ₹1,980.00, high ₹1,988.50, low ₹1,920.10

52-week range of traded prices to 28 Oct 2026

₹1,268.00Low, 31 Oct 2025₹2,038.00High, 18 Sep 2026

Next results date: the board meets on 5 Nov 2026 to consider: financial results. The notice · Results calendar

Market cap: ₹48,978 Cr229th largest listed
P/E: 37.39
P/B: 6.07
Dividend yield: 0.31%
ROE: 17.4%
ROCE: 17.6%
Debt to equity: 0.07
Volume, NSE: 1,75,48945.2% delivered

IPCA Laboratories' financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the twelve months to Jun 2026 after them.

10 years at a glance

₹ crore, years to March.IPCA Laboratories annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹9,646 Cr, year to Mar 2026; lowest ₹3,211 Cr, year to Mar 2017

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.4% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue9,646
Materials and goods−2,823
Employee costs−2,160
Other expenses−2,685
Operating profit1,979
Depreciation−418
Other income+174
One-off items−86
Finance costs−76
Profit before tax1,573
Tax−381
Joint ventures−7.6
Net profit1,184

What the company owns

Plant, investments and other assets₹6,427 Cr
Inventory₹2,731 Cr
Receivables₹2,014 Cr
Current investments₹633 Cr
Cash and bank₹565 Cr

What pays for it: net worth and liabilities

Net worth₹9,524 Cr
Other liabilities₹1,202 Cr
Owed to suppliers₹940 Cr
Borrowings₹704 Cr

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.IPCA Laboratories quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023Filed 29 May	Mar 2024	Mar 2025Filed 29 May	Mar 2026Filed 29 May	Jun 2026Twelve monthsFiled 13 Aug
Revenue from operations	3,211	3,284	3,773	4,649	5,420	5,830	6,244	7,705	8,940	9,646	10,126
	2,766	2,833	3,081	3,742	3,876	4,521	5,318	6,384	7,213	7,668	7,894
Materials and goods bought	1,110	1,125	1,240	1,644	1,728	2,015	2,307	2,576	2,779	2,823	2,929
Employee costs	696	–	787	921	1,014	1,177	1,288	1,708	1,984	2,160	2,219
Other expenses	960	–	1,054	1,177	1,134	1,328	1,723	2,100	2,451	2,685	2,747
Operating profit before depreciation	445	450	692	907	1,544	1,309	927	1,321	1,726	1,979	2,232
Operating margin	13.9%	13.7%	18.3%	19.5%	28.5%	22.5%	14.8%	17.1%	19.3%	20.5%	22.0%
Materials, % of revenue	34.6%	–	32.9%	35.4%	31.9%	34.6%	36.9%	33.4%	31.1%	29.3%	28.9%
Employee costs, % of revenue	21.7%	–	20.9%	19.8%	18.7%	20.2%	20.6%	22.2%	22.2%	22.4%	21.9%
Other expenses, % of revenue	29.9%	–	27.9%	25.3%	20.9%	22.8%	27.6%	27.3%	27.4%	27.8%	27.1%
Depreciation and amortisation	173	178	182	211	209	232	262	357	398	418	429
Operating profit after depreciation	272	273	509	696	1,335	1,077	665	964	1,328	1,560	1,803
Other income	23	42	58	67	63	67	126	125	93	174	167
Finance costs	24	24	19	17	9	8	46	138	85	76	69
Profit before one-off items and tax	270	291	548	747	1,389	1,136	745	950	1,336	1,659	1,901
One-off items	0	0	0	0	0	0	0	−108	−205	−86	−86
Profit before tax	270	291	548	747	1,389	1,136	745	843	1,131	1,573	1,814
	68	51	104	135	240	224	253	313	344	381	434
Current tax	–	–	116	141	249	207	230	310	372	418	455
Deferred tax	–	–	−12	−6	−9	17	23	3	−28	−37	−21
Share of profit of joint ventures and associates	−8	–	−2	−8	−8	−21	−13	−6	−2	−8	−5
	195	239	442	604	1,141	890	479	523	785	1,184	1,375
Belonging to the company's shareholders	195	239	445	606	1,140	884	471	547	738	1,141	1,310
Belonging to outside owners of subsidiaries	–	–	−3	−3	1	6	8	−24	48	43	65
Other comprehensive income	–	–	−4	4	0	3	7	−9	−25	43	18
Total comprehensive income	–	–	438	607	1,141	893	486	513	761	1,227	1,393
Net margin	6.1%	7.3%	11.7%	13.0%	21.1%	15.3%	7.7%	6.8%	8.8%	12.3%	13.6%
Net margin without joint ventures and associates	6.3%	–	11.8%	13.2%	21.2%	15.6%	7.9%	6.9%	8.8%	12.4%	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023Filed 29 May	Mar 2024	Mar 2025Filed 29 May	Mar 2026Filed 29 May
	3,138	3,641	4,716	5,569	5,915	7,727	8,388	9,524
	3,122	3,627	4,702	5,492	5,842	6,332	6,948	8,064
Share capital	25	25	25	25	25	25	25	25
Reserves	3,097	3,602	4,676	5,467	5,817	6,307	6,923	8,038
Belonging to outside owners of subsidiaries	16	14	15	77	73	1,395	1,440	1,460
	351	414	186	791	1,458	1,388	1,302	704
Repayable after a year	141	103	37	395	652	580	543	109
Repayable within a year	210	311	149	396	806	807	758	595
	1,098	1,326	1,133	1,466	1,806	2,356	2,384	2,307
Trade payables	524	610	666	558	525	776	846	940
Other financial liabilities	198	145	140	306	275	363	375	467
Other liabilities	77	159	63	86	69	122	87	87
Provisions	70	94	103	102	108	245	269	158
Tax owed	18	7	12	18	23	43	48	59
	315	292	219	604	905	1,019	986	539
Other financial liabilities	0	13	8	12	17	40	51	87
Other liabilities	2	2	2	2	0	1	1	0
Provisions	25	32	39	43	47	87	96	98
Deferred tax	148	142	134	153	189	310	295	245
Liabilities going with businesses held for sale	–	–	–	–	–	–	2	–
	4,551	5,260	6,068	7,639	8,626	11,101	11,761	12,370
Held for sale or for a demerger	–	–	–	10	–	3	302	3
	2,173	2,404	2,631	3,182	3,437	5,562	5,492	5,993
Plant in use, after depreciation	1,746	1,922	1,963	2,209	2,572	4,340	4,069	4,441
Plant being built	36	71	184	294	122	324	616	762
Intangible assets	147	122	63	155	141	123	107	103
Goodwill	47	62	47	54	38	91	91	83
Intangible assets being developed	30	14	51	13	18	19	6	12
Investments	0	38	34	155	173	147	25	27
Stakes in joint ventures and associates	30	34	77	115	130	157	191	184
Loans given	117	99	139	71	116	89	32	14
Other financial assets	3	11	24	70	71	86	100	95
Deferred tax	2	2	2	2	4	4	17	21
Other assets	14	28	47	45	52	184	238	253
	2,378	2,856	3,437	4,447	5,189	5,536	5,967	6,374
Inventories	1,073	1,323	1,595	1,858	1,743	2,471	2,560	2,731
Trade receivables	682	895	812	911	989	1,687	1,874	2,014
Cash and cash equivalents	281	58	166	275	1,258	209	167	437
Other bank balances	1	122	199	365	595	88	177	127
Current investments	90	238	394	719	323	558	763	633
Loans given	3	3	2	10	3	9	43	50
Other financial assets	105	81	128	132	98	77	39	18
Other assets	143	134	141	176	179	436	344	363
Net debt	−22	−5	−573	−569	−719	532	194	−494

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021	Mar 2022	Mar 2023Filed 29 May	Mar 2024	Mar 2025Filed 29 May	Mar 2026Filed 29 May
	1,090	856	806	945	1,321	1,142
	1,336	1,058	1,029	1,241	1,683	1,556
	−236	−273	49	34	−176	−294
Receivables	97	−80	−68	−76	−218	−49
Inventories	−272	−249	115	−95	−92	−171
Payables	56	−110	−32	21	73	67
Other working capital	−117	166	35	183	60	−141
Tax paid	−246	−202	−224	−296	−361	−414
Capital spending	362	479	494	411	776	652
Free cash flow	729	377	311	533	546	490
	−521	−855	−725	−1,292	−870	−247
Plant and property sold	3	3	36	9	5	−4
Companies bought	0	−30	−11	−1,543	0	0
Interest received	22	33	54	81	24	31
	−306	427	507	−553	−283	−754
Borrowings raised	3	607	686	−180	218	−78
Borrowings repaid	−229	−67	−28	−177	−312	−525
Interest paid	−7	−5	−40	−132	−70	−76
Lease payments	−6	−6	−8	−11	−18	−22
Dividends paid	102	101	101	51	101	52
Shares bought back	0	0	0	0	0	0
Shares issued	36	0	0	0	0	0
Net change in cash	264	428	588	−900	169	142

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.IPCA Laboratories dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023Filed 29 May	Mar 2024	Mar 2025Filed 29 May	Mar 2026Filed 29 May
	₹7.71	₹9.49	₹17.51	₹23.89	₹45.06	₹34.85	₹18.58	₹21.57	₹29.08	₹44.98
As stated that year	₹15.42	₹18.97	₹35.01	₹47.77	₹90.11	₹34.85	₹18.58	₹21.57	₹29.08	₹44.98
	₹7.71	₹9.49	₹17.51	₹23.87	₹45.06	₹34.85	₹18.58	₹21.57	₹29.08	₹44.98
As stated that year	₹15.42	₹18.97	₹35.01	₹47.73	₹90.11	₹34.85	₹18.58	₹21.57	₹29.08	₹44.98
	₹0.50	₹0.50	₹1.50	₹2.50	₹4.00	₹4.00	₹4.00	₹4.00	₹4.00	₹6.00
As declared that year	₹1.00	₹1.00	₹3.00	₹5.00	₹8.00	₹8.00	₹4.00	₹4.00	₹4.00	₹6.00
	–	–	₹123.56	₹143.55	₹185.32	₹216.48	₹230.27	₹249.59	₹273.88	₹317.85
On that year's share count	–	–	₹247.12	₹287.10	₹370.65	₹216.48	₹230.27	₹249.59	₹273.88	₹317.85
Dividend payout	6.5%	5.3%	8.5%	10.4%	8.9%	11.5%	21.5%	18.5%	13.8%	13.3%
Shareholder yield	–	–	–	–	0.3%	0.4%	0.5%	0.2%	0.3%	0.1%
Market cap at the year end (₹ crore)	7,873	8,274	12,406	17,591	24,149	27,039	20,559	31,393	38,104	40,623

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.IPCA Laboratories PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023Filed 29 May	Mar 2024	Mar 2025Filed 29 May	Mar 2026Filed 29 May
Revenue growth	11.3%	2.3%	14.9%	23.2%	16.6%	7.6%	7.1%	23.4%	16.0%	7.9%
Operating profit growth	–	1.3%	53.6%	31.0%	70.3%	−15.2%	−29.2%	42.6%	30.7%	14.6%
Net profit growth	108.6%	23.1%	84.7%	36.5%	89.1%	−22.0%	−46.2%	9.2%	50.2%	50.8%
Earnings per share growth	–	23.0%	84.6%	36.4%	88.6%	−22.7%	−46.7%	16.1%	34.8%	54.7%
	–	–	14.2%	18.0%	27.4%	17.3%	8.3%	9.0%	11.1%	15.2%
	–	–	–	3.7 pts	9.4 pts	−10.0 pts	−9.0 pts	0.7 pts	2.1 pts	4.1 pts
From the net margin	–	–	–	1.5 pts	11.0 pts	−7.6 pts	−8.7 pts	−0.5 pts	1.5 pts	4.8 pts
From asset turnover	–	–	–	2.3 pts	0.3 pts	−2.2 pts	−0.8 pts	0.1 pts	0.0 pts	0.4 pts
From borrowing	–	–	–	0.0 pts	−1.9 pts	−0.2 pts	0.5 pts	1.0 pts	0.7 pts	−1.1 pts
Return on capital employed	–	–	14.6%	17.2%	27.2%	16.9%	9.0%	10.6%	13.7%	15.3%
Cash conversion	–	–	–	–	95.5%	96.2%	168.2%	180.6%	168.3%	96.5%
Interest cover	11.3	11.4	27.0	42.2	147.7	140.0	14.6	7.0	15.6	20.5
Debt to equity	–	–	0.11	0.11	0.04	0.14	0.25	0.18	0.16	0.07
Receivable days	–	–	66	70	55	57	58	80	77	76
Inventory days	–	–	316	294	337	337	276	350	336	353
Payable days	–	–	154	135	141	101	83	110	111	122
Cash conversion cycle, days	–	–	227	229	251	293	251	320	302	308
Working capital days	–	–	108	112	114	126	118	148	132	131
Asset turnover	–	–	0.83	0.95	0.96	0.85	0.77	0.78	0.78	0.80
Assets per rupee of net worth	–	–	1.46	1.45	1.36	1.34	1.44	1.62	1.72	1.61
Sales per rupee of plant	–	–	2.16	2.42	2.76	2.64	2.43	1.78	2.20	2.17
Capital spending to depreciation	–	–	–	–	1.73	2.06	1.89	1.15	1.95	1.56
Plant being built, % of plant in use	–	–	2.1%	3.7%	9.4%	13.3%	4.7%	7.5%	15.1%	17.2%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 9.5%
Cash from operations against operating profit: 57.7%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	12.8%	12.2%	15.6%
Profit growth, yearly rate	28.5%	0.0%	34.3%
Return on equity, average	–	12.2%	11.8%
Return on capital employed, average	–	13.1%	13.2%
Operating margin, average	18.8%	18.9%	19.0%
Net margin, average	11.0%	10.2%	9.3%
Asset turnover, average	–	0.80	0.79
Cash conversion cycle, days, average	–	295	310
Interest cover, average	43.7	39.6	14.4
Debt to equity, average	–	0.16	0.14

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	5,070	3,408	1,142
Cash from investing	−3,988	−2,408	−247
Cash from financing	−655	−1,589	−754
Capital spending	2,812	1,839	652
Dividends paid	408	205	52
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings repaid	1,109	1,014	525

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	4	4	7	8	8
Altman Z-scorePublished threshold 1.81	–	–	7.80	9.19	13.90	10.56	6.99	7.71	9.07	11.09
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.29	−2.43	−2.77	−1.98	−2.40	−2.39
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	10.09	12.97	4.90	8.82	2.92	2.39
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.10	1.38	1.72	1.37
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	8.15	−25.91	4.64	1.48	47.13	−4.92	−0.41
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−9.25	15.41	−0.08	−20.64	30.08	−4.27	5.07
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.71	0.99	0.66	−0.49	3.06	−1.46	−0.02
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.18	0.74	0.61	0.20	0.15	4.84	0.96
Effective tax ratePublished threshold 17.16 per cent	24.98	17.59	19.01	18.12	17.29	19.75	33.99	37.20	30.38	24.24
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	1.96	3.99	2.04	−1.56	−2.09

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
6 Jul 2026	India Ratings and Research Private Limited	Bank loan facilities	IND AA+; IND A1+Review, Re-affirm	Stable	2,248.11
6 Jul 2026	India Ratings and Research Private Limited	Commercial paper	IND A1+Review, Re-affirm		50

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.