Prabhudas Lilladher's research report on Ipca Laboratories
Ipca Labs (IPCA) Q4 EBITDA of Rs3.1bn was 5% below our estimate. Management guidance of 11% revenue growth (excluding Unichem) was below our estimate. Our FY25E and FY26E EPS stands changed by 8-9%. Domestic formulation business continues to outperform and grow at healthy levels. However, recovery in API segment along with resumption of US sales is likely to be gradual. At CMP, the stock is trading at 30x PE and 16x EV/EBTIDA on FY26E.
Outlook
We downgrade our rating from ‘Hold’ to ‘Reduce’ with revised TP of Rs1,150/share, valuing at 15x FY26E EV/EBITDA.
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