Prabhudas Lilladher's research report on Ipca Laboratories
Ipca Labs (IPCA) reported EBITDA of Rs4.6bn (up 35% YoY), 7% beat to our estimates. Our FY26E and FY27E EPS broadly remains unchanged. The broadbased revenue growth in 9M provides comfort while export API and generic should recover in coming quarters. Domestic formulation business, which now contributes 40% of revenues and ~60% of EBITDA, continued to outperform and grow at healthy levels. Turnaround in Unichem remains on track with margins improving from 6% at time of acquisition to 16% in Q3.
Outlook
At CMP, the stock is trading at 16x EV/EBITDA and 27x PE on FY27E adjusted for Unichem stake. We maintain our ACCUMULATE with TP of Rs1,700/share.
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