Company Valuation: Ipca Laboratories Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 270,385 205,589 313,934 381,038 406,231 499,417 - -
Change - -23.96% 52.7% 21.38% 6.61% 22.94% - -
Enterprise Value (EV) 1 275,070 201,870 325,349 391,231 408,673 488,767 479,460 467,273
Change - -26.61% 61.17% 20.25% 4.46% 19.6% -1.9% -2.54%
P/E 30.6x 43.6x 57.4x 51.6x 35.6x 32.9x 28.2x 24.6x
PBR 4.92x 2.58x 4.96x 5.48x 5.04x 5.24x 4.51x 3.85x
PEG - -0.9x 3.6x 1.5x 0.7x 1x 1.7x 1.7x
Capitalization / Revenue 4.64x 3.29x 4.07x 4.26x 4.21x 4.54x 4.07x 3.67x
EV / Revenue 4.72x 3.23x 4.22x 4.38x 4.24x 4.45x 3.91x 3.44x
EV / EBITDA 21x 21.8x 24.6x 22.7x 20.7x 19.4x 16.4x 14.1x
EV / EBIT 25.6x 30.3x 33.8x 29.5x 26.2x 23.8x 20.3x 17.2x
EV / FCF 72.9x 64.8x 60.9x 71.7x 83.5x 62.4x 39.7x 29.8x
FCF Yield 1.37% 1.54% 1.64% 1.4% 1.2% 1.6% 2.52% 3.36%
Dividend per Share 2 8 4 4 2 6 5.769 6.185 7.114
Rate of return 0.75% 0.49% 0.32% 0.13% 0.37% 0.29% 0.31% 0.36%
EPS 2 34.85 18.58 21.57 29.08 44.98 59.87 69.92 80.13
Distribution rate 23% 21.5% 18.5% 6.88% 13.3% 9.64% 8.84% 8.88%
Net sales 1 58,298 62,443 77,050 89,396 96,463 109,955 122,660 136,008
EBITDA 1 13,073 9,268 13,212 17,261 19,786 25,244 29,171 33,139
EBIT 1 10,748 6,652 9,639 13,283 15,604 20,577 23,583 27,169
Net income 1 8,841 4,713 5,474 7,377 11,411 15,145 17,797 20,425
Net Debt 1 4,685 -3,720 11,415 10,193 2,442 -10,650 -19,956 -32,144
Reference price 2 1,065.75 810.35 1,237.40 1,501.90 1,601.20 1,968.50 1,968.50 1,968.50
Nbr of stocks (in thousands) 253,704 253,704 253,704 253,704 253,704 253,704 - -
Announcement Date 24/5/22 29/5/23 29/5/24 29/5/25 29/5/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
32.88x4.45x19.36x0.29% 5.23B
31.77x11.54x23.41x0.62% 994B
29.54x - - 2.02% 640B
32.92x7.63x15.78x2.67% 454B
18.71x4.57x11.31x2.91% 337B
19.41x5.08x12.59x3.21% 261B
20.34x4.19x11.96x2.11% 246B
23.87x6.3x11.23x2.67% 204B
12.3x4.48x9.37x4.08% 190B
-43.47x6.35x24.81x2.29% 178B
Average 17.83x 6.07x 15.54x 2.29% 351B
Weighted average by Cap. 23.21x 7.71x 17.10x 2.05%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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