IPCA LAB Results Analysis

Operating Revenue for Q2FY26 is Rs. 2,557 Crs., 8.6% growth YoY, Total Income is Rs. 2,584 Crs., 8.5% growth YoY, EBITDA is Rs. 545 Crs., 23.4% growth YoY, EBITDA Margin is 21.3% improved by 256 Basis points YoY, PBT Rs. 392 Crs., 13.6% growth YoY, PAT Rs. 284 Crs.15.5% growth YoY. On QoQ basis Op. Revenue is up by 10.7%, Total Income is up by 10.4%, EBITDA is also up by 30.86%, EBITDA Margins also improved by 328 basis points, PBT is up by 18.5% and PAT is also up by 20.9%. Management expects FY26 margin to be better than last year. API Segment: Strong Q2; FY26 Growth 14–15% Guided. Unichem: operational cleanup largely done (European site closure, cost takeout), Q2 EBITDA margin ~11%, dossier/regulatory work underway to diversify beyond US; cash position comfortable post Jogeshwari land monetization.