Ipca Laboratories Limited conducted an earnings call on June 1, 2026, to discuss its Q4 FY26 results and business update. The company reported a consolidated revenue of ₹9,646 crores for FY26, an 8% increase from FY25's ₹8,940 crores. For Q4 FY26, consolidated revenue stood at ₹2,388 crores, up 6% from ₹2,274 crores in Q4 FY25. Standalone EBITDA margins for Q4 FY26 improved to 25.27% from 21.19% in Q4 FY25, a rise of 4.08%. For the full year FY26, standalone EBITDA margins increased to 25.18% from 22.66% in FY25. Consolidated EBITDA margins for Q4 FY26 were 20.52%, up from 18.24% in Q4 FY25. For the full year FY26, consolidated EBITDA margins improved to 20.72% from 19.94% in FY25. The domestic formulation business grew by 12% in Q4 FY26, reaching ₹853 crores from ₹764 crores in Q4 FY25. For the full year FY26, this segment grew by 10% to ₹3,817 crores from ₹3,455 crores in FY25. The export formulation business saw a 9% growth for FY26, amounting to ₹2,083 crores from ₹1,919 crores. The promotional business grew by 14% for both the quarter and the full year. Generic business, excluding tenders, grew by 17% for FY26 to ₹1,149 crores from ₹982 crores in FY25. However, the Institutional business declined to ₹270 crores in FY26 from ₹355 crores in FY25, with Q4 FY26 revenue at ₹74 crores compared to ₹111 crores in Q4 FY25. The API business grew by 10% for the year, reaching ₹1,396 crores from ₹1,266 crores. Looking ahead, the company anticipates a consolidated revenue growth of 12% to 13% for FY27. Management noted that while material costs have increased, particularly for solvents and packaging materials, they expect to offset this through price increases in decontrolled products and a favorable product mix. The company aims for an EBITDA margin improvement of 1% to 1.25% for FY27, with potential for better performance if petroleum prices decrease. Unichem's U.S. business is projected to grow by 10% in FY27, with margins expected to improve to 12-13%.
