Ipca Laboratories Q2 FY27 Results: Consolidated Net Profit ₹389 Crore on Total Income of ₹2,935 Crore
- Earnings
- Pharmaceuticals
Reviewed byRachit TripathiBlacklitt Research
Ipca Laboratories (NSE: IPCALAB) said in a filing on 5 Nov 2026 that consolidated total income for the quarter ended 30 Sept 2026 was ₹2,934.97 crore and net profit was ₹389.32 crore. Standalone total income was ₹2,274.53 crore and standalone net profit was ₹387.29 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹2,934.97 crore, up 13.6% YoY and 4.3% QoQ
- Net profit and EPS: ₹389.32 crore, up 38.8% YoY; basic EPS ₹14.79 after exceptional items
- Exceptional item: ₹24.26 crore, shown as 'Provision for Claims' for the quarter ended 30 Sept 2026
- Segment revenue: India ₹1,356.77 crore; outside India ₹1,553.17 crore
Standalone
The company on its own, without its subsidiaries
- Total income: ₹2,274.53 crore, up 16.5% YoY and 6.5% QoQ
- Net profit and EPS: ₹387.29 crore, up 27.1% YoY; basic EPS ₹15.27
- Export income: ₹951.39 crore, up 17% YoY, per the press release
- Finance costs: ₹4.68 crore against ₹11.46 crore a year earlier
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 2,934.97 | 2,584.36 | +13.6% | 2,813.36 | +4.3% | |
| Revenue from operations | 2,909.94 | 2,556.50 | +13.8% | 2,788.10 | +4.4% |
| Other income | 25.03 | 27.86 | -10.2% | 25.26 | -0.9% |
| 389.32 | 280.53 | +38.8% | 424.27 | -8.2% | |
| Profit before tax | 547.17 | 391.58 | +39.7% | 572.08 | -4.4% |
| Finance costs | 12.57 | 19.61 | -35.9% | 11.88 | +5.8% |
| Depreciation | 114.51 | 103.33 | +10.8% | 110.81 | +3.3% |
| Tax expense | 155.63 | 108.08 | +44.0% | n/a | n/a |
| Net profit margin | 13.26% | 10.85% | +2.41 pp | 15.08% | -1.82 pp |
| EPS, basic (₹) | 14.79 | 11.14 | +32.8% | 15.84 | -6.6% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Over the year, net profit grew faster than total income: up 38.8% against 13.6%. Against the June quarter the pattern reversed. Net profit fell 8.2%, from ₹424.27 crore to ₹389.32 crore, while total income rose 4.3%.
The consolidated results carry an exceptional item of ₹24.26 crore for the quarter and half year ended 30 Sep 2026, shown as 'Provision for Claims' in Note 4(d). Profit before tax of ₹547.17 crore is stated after that item.
The consolidated EBITDA margin, before forex gain or loss, other income and exceptional items, was 22.97% against 21.68% a year earlier, up 1.29 percentage points. Note 7 splits the quarter's consolidated revenue into ₹1,356.77 crore from India and ₹1,553.17 crore from outside India.
Tax expense of ₹155.63 crore was 28.4% of profit before tax of ₹547.17 crore. Basic EPS was ₹14.79 after exceptional items and ₹15.29 before them, according to the press release; a year earlier it was ₹11.14 after exceptional items.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 2,274.53 | 1,952.24 | +16.5% | 2,136.66 | +6.5% | |
| Revenue from operations | 2,255.61 | 1,930.32 | +16.9% | 2,119.24 | +6.4% |
| Other income | 18.92 | 21.92 | -13.7% | 17.42 | +8.6% |
| 387.29 | 304.74 | +27.1% | 373.29 | +3.8% | |
| Profit before tax | 533.71 | 408.31 | +30.7% | 515.41 | +3.6% |
| Finance costs | 4.68 | 11.46 | -59.2% | 5.04 | -7.1% |
| Depreciation | 77.59 | 66.86 | +16.0% | 74.61 | +4.0% |
| Tax expense | 146.42 | 103.57 | +41.4% | n/a | n/a |
| Net profit margin | 17.03% | 15.61% | +1.42 pp | 17.47% | -0.44 pp |
| EPS, basic (₹) | 15.27 | 12.01 | +27.1% | 14.71 | +3.8% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 27.1% year on year, slower than profit before tax, which rose 30.7%. Against the June quarter, net profit rose 3.8%, from ₹373.29 crore to ₹387.29 crore, while total income rose 6.5%.
Revenue from operations rose 16.9% year on year while other income fell 13.7%. The press release's revenue break-up shows domestic formulations at ₹1,157.20 crore against ₹1,018.90 crore, and export income at ₹951.39 crore against ₹813.65 crore.
The standalone EBITDA margin, before forex gain or loss, other income and exceptional items, was 26.61% against 25.46% a year earlier, up 1.15 percentage points.
Note 4 of the standalone results gives an 'Impact of new Labour Codes' exceptional item of ₹30.42 crore for the year ended 31 Mar 2026. The note says the impact of the new legislation is an event of non-recurring nature.
Inference
Consolidated borrowings were ₹558.90 crore current and ₹67.35 crore non-current at 30 Sep 2026, against ₹594.82 crore and ₹109.12 crore at 31 Mar 2026. Standalone borrowings were ₹116.68 crore current and ₹35.00 crore non-current, against ₹165.16 crore and ₹70.00 crore.
The half-year cash flow statements show dividend payments of ₹152.22 crore standalone and ₹153.89 crore consolidated, the consolidated line including dividend tax. The board on 26 Jun 2026 resolved to amalgamate Krebs Biochemicals & Industries Ltd. with the company, subject to consents and approvals, with an appointed date of 1 Apr 2026; the unaudited results give no effect to that amalgamation.
The statutory auditors' limited review reports on both sets of results are unmodified and dated 5 Nov 2026. The filing does not give the amount that will ultimately be paid on the claim covered by the ₹24.26 crore provision.
Filed with BSE on . Reference: Original filing (PDF)
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