Ipca Labs: Pullback Enters the 4 Sept Entry Zone, Kotak Fund

Ipca Laboratories Limited shares have pulled back from the 4 September close of Rs 1,942.99 to Rs 1,920.20 today, with a session low of Rs 1,889.20 inside the Rs 1,880 to 1,910 accumulation zone identified in the 4 September results post. What changed since 4 September: Decline of 3.59% over the month on pharma sector rotation, no company-specific news Session low Rs 1,889.20 is the first clean test of the Rs 1,880 to 1,910 support since the post Kotak Midcap Fund added 1.23 crore shares in August 2026, new to the register 52-week high Rs 1,975.64; the record high on exchange Rs 2,001.50 remains unretested Q1 FY27 recap: revenue Rs 2,788 crore, up 21%; EBITDA margin 22.88% vs 18.39%; PAT Rs 401.9 crore, up 72%; guidance raised to 14 to 16% revenue growth; medium-term margin target 25 to 26%; brokerage targets Rs 2,000 to 2,118. Ipca Labs [][***** shares trade at Rs 1,920.20 (16 Sep 2026, 03:30 PM IST), up 47.3 percent over one year and 3.6 percent over the past month. P/E 37.2; PEG 0.68; sector P/E 44.64. My view: the 4 September post said the easy money was made and identified Rs 1,880 to 1,910 as the entry. Both the zone and the thesis are unchanged. The session low of Rs 1,889.20 is inside the zone. At 37.2x, PEG 0.68, below the sector's 44.64x and with the guidance raise in the price, this is the entry the post described. Accumulate in the Rs 1,889 to 1,920 zone; invalidation on a close below Rs 1,880; Rs 1,975 to 2,001 the band to clear. Disclosure: Vijay Kumar Gupta, SEBI Registered Research Analyst, INH000020226, Vijay Gupta Advisory. SEBI registration and NISM certification do not guarantee performance or assure returns. Securities markets are subject to market risks. No holdings in the subject company.