Prabhudas Lilladher's research report on Ipca Laboratories
Ipca Labs (IPCA) Q1 EBITDA of Rs3.9bn was in line with our estimate. Management guidance of 9% revenue growth (excluding Unichem) was below our estimate while increase margin guidance by 50-110bps. Our FY25E and FY26E EPS broadly stands unchanged. 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.
Outlook
At CMP, the stock is trading at 32.2x PE and 16.2x EV/EBTIDA on FY26E. We maintain our ‘Reduce’ with revised TP of Rs1,250/share, valuing at 30x FY26E P/E.
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