IPCA Laboratories Limited Results Analysis-Q1FY27

Financial performance and key Operating Metrics (Consolidated) : Operating Revenue for Q1FY27 is Rs. 2,788 Crs., 20.76% growth YoY, Total Income is Rs. 2,813 Crs., 20.15% growth YoY, Gross Profit is Rs. 1,991 Crs., 23.09% growth YoY, EBITDA is Rs. 670 Crs., 49.08% growth YoY, EBITDA Margin is 24% improved by 483 basis points YoY, PBT Rs. 572 Crs., 73.09% growth YoY, PAT Rs. 423 Crs. 80.36% growth YoY. On QoQ basis Operating Revenue is up by 16.73%, Total Income is also up by 13.34%, Gross Profit is up by 17.32%, EBITDA is up by 15.91%, PBT is up by 41.45% and PAT is also up by 36.65%. Q1 as strong execution despite logistics/supply volatility. Almost all businesses has delivered good growth for the company for the first quarter. Domestic formulations revenue: +13% YoY to ~INR 1,082 cr (vs INR 961 cr). Overall exports: +34% YoY to ~INR 603 cr (vs ~INR 450 cr). API Business: Solid Growth; Capacity Constraints Driving Capex FY27 revenue growth: Previously 12–13%, now upgraded to ~14–16%. Rationale: “upside… from the overall generic business, India business performing very well… API business has given good growth.” FY27 consolidated EBITDA margin: Raised from ~22% to ~23%: “because of better performance.” Headwinds: container shortages, shipment delays, sharp freight inflation, raw-material price volatility, and FX-linked opex inflation in overseas operations.