Ipca Laboratories delivered a better-than-expected performance in Q3 FY25. It has consistently outperformed the industry in the domestic formulation market.NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .Motilal Oswal Report.We raise our earnings estimates by 4%/3%/2% for FY25/FY26/FY27 factoring in: the increased share of higher-margin products,better operating leverage for the US business of both Ipca Laboratories Ltd. and Unichem, anda revival in the South African business. .We value Ipca Labs at 36 times 12 months forward earnings to arrive at our target price of Rs 1,940 on a 12 months forward earnings basis.Ipca remains on track to: revive the US business from its own site as well as integrate/scale Unichem operations, increase offerings/enhance reach/gain market share in the DF segment, drive improvement in operating leverage. We model a 28% earnings CAGR over FY25-27. Reiterate Buy..Click on the attachment to read the full report:.HCLTech Can Rally 29% Says Motilal Oswal, Reiterates 'Buy' On The Stock — Here's Why.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.