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Motilal Oswal Report
Ipca Laboratories Ltd. reported in-line revenue and better-than-expected Ebitda/PAT (10%/12% beat) in Q3 FY26, aided by product mix, favorable currency and a lower tax rate.
Ipca remains on a robust growth path in domestic formulation segment, as the company not only delivered healthy double-digit YoY growth but also outperformed the industry.
The generics exports segment has witnessed steady sales for the past three quarters, with higher volume off-take and currency benefits.
API business remains volatile, subject to customer requirements. In addition to external supply, Ipca is working on backward integration with Unichem to improve operational efficiency.
Unichem reported a modest ~2% YoY revenue decline in Q3 FY26, primarily due to a temporary US market share loss in select molecules; the US contributes ~two-thirds of its total revenue.
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