{"id":241995,"date":"2026-09-10T16:41:24","date_gmt":"2026-09-10T11:11:24","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=241995"},"modified":"2026-09-10T16:41:24","modified_gmt":"2026-09-10T11:11:24","slug":"formulations-stock-rises-111-percent-in-3-years","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/formulations-stock-rises-111-percent-in-3-years\/","title":{"rendered":"This Formulations Stock Rises 111% in 3 Years: What Doubled Investor Money?"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Ipca Laboratories CMP approx Rs 1,970.90 (10 Sep 2026). 3-year return 111.14%, rank 39 of 101. 52W range Rs 1,251.60 to Rs 2,001.50. Market cap Rs 49,820 Cr. PE 36.23.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">Ipca Laboratories, a branded medicines and API maker, is the formulations stock that returned approximately 111% in three years. The rally came from a profit recovery after FY23, the Unichem acquisition and steady outperformance in the Indian market. Q1 FY27 profit rose 72% and guidance was upgraded, but the share now trades near its 52-week high.<\/p>\n<\/div>\n<p>This formulations stock has more than doubled investor money in three years, turning Rs 1 lakh into roughly Rs 2.11 lakh. One Mumbai-based drugmaker delivered a 3-year return of 111.14%, ranking 39th in a screen of 101 large-cap and mid-cap NSE shares, as of 10 September 2026.<\/p>\n<p>The company is <a href='https:\/\/univest.in\/stocks\/ipcalab\/ipca-laboratories-ltd-share-price-today'>Ipca Laboratories Ltd<\/a> (NSE: IPCALAB), a maker of branded medicines, generics and active pharmaceutical ingredients (APIs) with a strong presence in pain management, cardiology and anti-malarials. The Ipca Laboratories share price closed near Rs 1,970.90 on 10 September 2026, up about 0.4% from the previous close of Rs 1,963.60, giving it a market cap of approximately Rs 49,820 crore. Three years ago, the formulations stock traded at around Rs 933.<\/p>\n<p style=\"margin-top:24px;\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/formulations-stock-rises-111-percent-in-3-years\/#How_Much_Has_This_Formulations_Stock_Returned_Across_Time_Frames\" title=\"How Much Has This Formulations Stock Returned Across Time Frames?\">How Much Has This Formulations Stock Returned Across Time Frames?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/formulations-stock-rises-111-percent-in-3-years\/#Why_Did_This_Formulations_Stock_Rise_111_in_3_Years\" title=\"Why Did This Formulations Stock Rise 111% in 3 Years?\">Why Did This Formulations Stock Rise 111% in 3 Years?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/formulations-stock-rises-111-percent-in-3-years\/#1_Early_Driver_The_Unichem_Acquisition_in_2023\" title=\"1. Early Driver: The Unichem Acquisition in 2023\">1. Early Driver: The Unichem Acquisition in 2023<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/formulations-stock-rises-111-percent-in-3-years\/#2_Profit_Recovery_From_FY23_to_FY26\" title=\"2. Profit Recovery From FY23 to FY26\">2. Profit Recovery From FY23 to FY26<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/formulations-stock-rises-111-percent-in-3-years\/#3_Domestic_Formulations_Beating_the_Market\" title=\"3. Domestic Formulations Beating the Market\">3. Domestic Formulations Beating the Market<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/formulations-stock-rises-111-percent-in-3-years\/#4_Recent_Driver_A_Strong_Q1_FY27_and_Upgraded_Guidance\" title=\"4. Recent Driver: A Strong Q1 FY27 and Upgraded Guidance\">4. Recent Driver: A Strong Q1 FY27 and Upgraded Guidance<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/formulations-stock-rises-111-percent-in-3-years\/#Is_Growth_Accelerating_at_This_Formulations_Stock\" title=\"Is Growth Accelerating at This Formulations Stock?\">Is Growth Accelerating at This Formulations Stock?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/formulations-stock-rises-111-percent-in-3-years\/#Who_Owns_This_Formulations_Stock\" title=\"Who Owns This Formulations Stock?\">Who Owns This Formulations Stock?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/formulations-stock-rises-111-percent-in-3-years\/#Ipca_Laboratories_Share_Price_Valuation_Check\" title=\"Ipca Laboratories Share Price: Valuation Check\">Ipca Laboratories Share Price: Valuation Check<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/formulations-stock-rises-111-percent-in-3-years\/#Key_Risks_Before_Buying_This_Formulations_Stock\" title=\"Key Risks Before Buying This Formulations Stock\">Key Risks Before Buying This Formulations Stock<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/formulations-stock-rises-111-percent-in-3-years\/#Ipca_Laboratories_Share_Analyst_View\" title=\"Ipca Laboratories Share: Analyst View\">Ipca Laboratories Share: Analyst View<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/formulations-stock-rises-111-percent-in-3-years\/#Ipca_Laboratories_Share_Price_Target\" title=\"Ipca Laboratories Share Price Target\">Ipca Laboratories Share Price Target<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/formulations-stock-rises-111-percent-in-3-years\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/formulations-stock-rises-111-percent-in-3-years\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/formulations-stock-rises-111-percent-in-3-years\/#Which_formulations_stock_rose_111_in_3_years\" title=\"Which formulations stock rose 111% in 3 years?\">Which formulations stock rose 111% in 3 years?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/formulations-stock-rises-111-percent-in-3-years\/#Why_did_the_Ipca_Laboratories_share_price_rise\" title=\"Why did the Ipca Laboratories share price rise?\">Why did the Ipca Laboratories share price rise?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/formulations-stock-rises-111-percent-in-3-years\/#What_were_Ipca_Laboratories_Q1_FY27_results\" title=\"What were Ipca Laboratories Q1 FY27 results?\">What were Ipca Laboratories Q1 FY27 results?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/formulations-stock-rises-111-percent-in-3-years\/#Did_Ipca_Laboratories_split_its_shares_or_issue_a_bonus_in_the_last_3_years\" title=\"Did Ipca Laboratories split its shares or issue a bonus in the last 3 years?\">Did Ipca Laboratories split its shares or issue a bonus in the last 3 years?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/formulations-stock-rises-111-percent-in-3-years\/#What_is_the_52-week_high_and_low_of_Ipca_Laboratories\" title=\"What is the 52-week high and low of Ipca Laboratories?\">What is the 52-week high and low of Ipca Laboratories?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/univest.in\/blogs-2\/formulations-stock-rises-111-percent-in-3-years\/#What_is_the_Ipca_Laboratories_share_price_target\" title=\"What is the Ipca Laboratories share price target?\">What is the Ipca Laboratories share price target?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/univest.in\/blogs-2\/formulations-stock-rises-111-percent-in-3-years\/#Is_this_formulations_stock_overvalued\" title=\"Is this formulations stock overvalued?\">Is this formulations stock overvalued?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/univest.in\/blogs-2\/formulations-stock-rises-111-percent-in-3-years\/#What_are_the_main_risks_for_Ipca_Laboratories\" title=\"What are the main risks for Ipca Laboratories?\">What are the main risks for Ipca Laboratories?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"How_Much_Has_This_Formulations_Stock_Returned_Across_Time_Frames\"><\/span><strong>How Much Has This Formulations Stock Returned Across Time Frames?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This formulations stock has returned approximately 111% over three years, with a strong 47.65% gain in the last one year and 12.34% in just the past month. The table below shows how the Ipca Laboratories share has performed across different periods and where it ranks among 101 screened NSE stocks.<\/p>\n<table>\n<thead>\n<tr>\n<th>Period<\/th>\n<th>Return (%)<\/th>\n<th>Rank (out of 101)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1 Month<\/td>\n<td>12.34%<\/td>\n<td>13<\/td>\n<\/tr>\n<tr>\n<td>6 Months<\/td>\n<td>23.31%<\/td>\n<td>59<\/td>\n<\/tr>\n<tr>\n<td>1 Year<\/td>\n<td>47.65%<\/td>\n<td>35<\/td>\n<\/tr>\n<tr>\n<td>3 Years<\/td>\n<td>111.14%<\/td>\n<td>39<\/td>\n<\/tr>\n<tr>\n<td>5 Years<\/td>\n<td>63.39%<\/td>\n<td>71<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Returns are simple price changes and are not annualised. The 5-year figure is lower than the 3-year number because the formulations stock went through a weak patch in FY23, when net profit fell to Rs 492 crore from Rs 911 crore a year earlier. Most of the gains have come after that earnings low.<\/p>\n<p>The 3-year return is genuine price appreciation. The last corporate action that changed the share count was a stock split in January 2022, when the face value was cut from Rs 2 to Re 1. That falls outside the 3-year window, and no bonus issue has happened since 2005.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Did_This_Formulations_Stock_Rise_111_in_3_Years\"><\/span><strong>Why Did This Formulations Stock Rise 111% in 3 Years?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This formulations stock rose 111% because profits recovered sharply from the FY23 low, the Unichem acquisition opened a larger US and European business, and the domestic branded business kept beating the Indian pharma market. A strong start to FY27 then pushed the formulations stock to fresh highs in 2026.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Early_Driver_The_Unichem_Acquisition_in_2023\"><\/span><strong>1. Early Driver: The Unichem Acquisition in 2023<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In April 2023, Ipca agreed to buy a 33.38% stake in Unichem Laboratories from its promoters for approximately Rs 1,034 crore. It then picked up another 19.29% through an open offer completed in September 2023, taking control of a company with a large US generics portfolio.<\/p>\n<p>The market initially disliked the deal and the formulations stock fell about 9% on the announcement day. Over time, though, Unichem turned into a growth engine. In Q1 FY27, Unichem&#8217;s US business grew 27% and its Brazil business rose 52%, which helped the formulations stock gain a wider international base.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Profit_Recovery_From_FY23_to_FY26\"><\/span><strong>2. Profit Recovery From FY23 to FY26<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Net profit climbed from Rs 492 crore in FY23 to Rs 1,191 crore in FY26, an increase of about 2.4 times. Diluted EPS jumped from Rs 18.58 to Rs 44.98 over the same period, while revenue rose about 54% to Rs 9,821 crore.<\/p>\n<p>The operating margin improved from 16.90% in FY23 to 21.46% in FY26. That margin repair is the single biggest reason this formulations stock was re-rated, because the market rewards steady earnings more than one-off revenue jumps.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Domestic_Formulations_Beating_the_Market\"><\/span><strong>3. Domestic Formulations Beating the Market<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The India branded business contributes around 40% of revenue and about 55% of EBITDA, according to analyst estimates published in early 2026. In Q1 FY27, domestic formulations revenue rose 13% to approximately Rs 1,082 crore.<\/p>\n<p>The chronic segment grew 17.2% against a market growth of 15.2%, with cardiology up 17%, urology up 25% and dermatology up 17%. Consistent outperformance in the home market gives this formulations stock a stable cash engine that funds its export and biosimilar plans.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Recent_Driver_A_Strong_Q1_FY27_and_Upgraded_Guidance\"><\/span><strong>4. Recent Driver: A Strong Q1 FY27 and Upgraded Guidance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The latest trigger came in August 2026. Ipca reported Q1 FY27 revenue from operations of approximately Rs 2,788 crore, up 21% year on year, and net profit of about Rs 402 crore, up 72%. EBITDA margin expanded to 22.88% from 18.39% a year earlier.<\/p>\n<p>Management raised FY27 revenue growth guidance to 14% to 16% from 12% to 13% and lifted the EBITDA margin target to around 23%. The formulations stock jumped about 11% intraday to Rs 1,917 on 17 August 2026, and it has since touched a new 52-week high of Rs 2,001.50.<\/p>\n<p style=\"margin-top:24px;\"><strong>Check the Univest Screener for Live Fundamentals of High-Return Stocks<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Is_Growth_Accelerating_at_This_Formulations_Stock\"><\/span><strong>Is Growth Accelerating at This Formulations Stock?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Yes, growth is accelerating. The table below shows the last five quarters as per the company&#8217;s consolidated data, where revenue includes other income. Net profit rose sequentially in three of the last four quarters, and the latest quarter is the best in this period.<\/p>\n<table>\n<thead>\n<tr>\n<th>Quarter<\/th>\n<th>Revenue (Rs Cr)<\/th>\n<th>EBITDA (Rs Cr)<\/th>\n<th>Net Profit (Rs Cr)<\/th>\n<th>Net Margin<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Jun 2025<\/td>\n<td>2,341.51<\/td>\n<td>449.08<\/td>\n<td>234.42<\/td>\n<td>10.10%<\/td>\n<\/tr>\n<tr>\n<td>Sep 2025<\/td>\n<td>2,584.36<\/td>\n<td>572.78<\/td>\n<td>283.50<\/td>\n<td>12.70%<\/td>\n<\/tr>\n<tr>\n<td>Dec 2025<\/td>\n<td>2,412.69<\/td>\n<td>553.54<\/td>\n<td>364.05<\/td>\n<td>13.08%<\/td>\n<\/tr>\n<tr>\n<td>Mar 2026<\/td>\n<td>2,482.22<\/td>\n<td>577.61<\/td>\n<td>309.40<\/td>\n<td>13.96%<\/td>\n<\/tr>\n<tr>\n<td>Jun 2026<\/td>\n<td>2,813.36<\/td>\n<td>694.77<\/td>\n<td>422.81<\/td>\n<td>14.41%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Net margin has widened every quarter, from 10.10% to 14.41%. Exports rose 34% in Q1 FY27, API sales grew about 30% and European generics surged around 70%, showing that growth for this formulations stock is no longer limited to India.<\/p>\n<p>The balance sheet is also clean. Long-term debt stands at approximately Rs 193 crore with zero working capital debt, and debt to equity is around 0.10. Finance costs fell about 36% in Q1 FY27, which leaves more of each rupee of operating profit for shareholders of the formulations stock.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Who_Owns_This_Formulations_Stock\"><\/span><strong>Who Owns This Formulations Stock?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Domestic institutions are the second-largest owners after the promoters. DII holding rose from 36.20% in June 2025 to 37.37% in June 2026, while public holding eased from 8.41% to 7.18%. Promoter holding has stayed steady at 44.72%.<\/p>\n<table>\n<thead>\n<tr>\n<th>Shareholder<\/th>\n<th>Jun 2025<\/th>\n<th>Sep 2025<\/th>\n<th>Dec 2025<\/th>\n<th>Mar 2026<\/th>\n<th>Jun 2026<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Promoters<\/td>\n<td>44.72%<\/td>\n<td>44.72%<\/td>\n<td>44.72%<\/td>\n<td>44.72%<\/td>\n<td>44.72%<\/td>\n<\/tr>\n<tr>\n<td>FIIs<\/td>\n<td>10.67%<\/td>\n<td>10.43%<\/td>\n<td>10.63%<\/td>\n<td>10.63%<\/td>\n<td>10.73%<\/td>\n<\/tr>\n<tr>\n<td>DIIs<\/td>\n<td>36.20%<\/td>\n<td>36.77%<\/td>\n<td>37.32%<\/td>\n<td>37.45%<\/td>\n<td>37.37%<\/td>\n<\/tr>\n<tr>\n<td>Public<\/td>\n<td>8.41%<\/td>\n<td>8.07%<\/td>\n<td>7.33%<\/td>\n<td>7.20%<\/td>\n<td>7.18%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Several large mid-cap mutual fund schemes hold meaningful stakes, which explains the low free float in retail hands. A stable promoter base and steady institutional buying has supported the formulations stock through market dips.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Ipca_Laboratories_Share_Price_Valuation_Check\"><\/span><strong>Ipca Laboratories Share Price: Valuation Check<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Ipca Laboratories share price trades at a PE of approximately 36.23, slightly below the industry PE of about 38.26. The price to book ratio is 6.18 and return on equity is 14.15%, while trailing EPS stands at Rs 54.20.<\/p>\n<p>At around Rs 1,970.90, the formulations stock sits about 1.5% below its 52-week high of Rs 2,001.50 and roughly 57% above its 52-week low of Rs 1,251.60. The dividend yield is low at approximately 0.31%, so returns from this formulations stock depend mainly on earnings growth rather than payouts.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Risks_Before_Buying_This_Formulations_Stock\"><\/span><strong>Key Risks Before Buying This Formulations Stock<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The biggest near-term risk is that much of the good news is already reflected in the price. The formulations stock is up about 48% in one year and trades close to a record high, so any miss on the upgraded FY27 guidance could trigger a sharp pullback.<\/p>\n<p><strong>Cost pressure:<\/strong> Management flagged rising raw material prices and a steep jump in freight costs to South America and the US. Part of the recent margin gain for the formulations stock also came from a weaker rupee, which may not repeat.<\/p>\n<p><strong>Anti-malarial decline:<\/strong> The anti-malarial segment, a legacy strength of this formulations stock, fell about 24% in Q1 FY27. Institutional sales also got a one-time boost of around Rs 40 crore from a delayed shipment, so the 107% jump there will not recur.<\/p>\n<p><strong>US execution:<\/strong> US growth is guided at 15% to 17% with a limited number of launches. Any regulatory observation at a plant supplying the US could slow this formulations stock&#8217;s export story.<\/p>\n<p><strong>Capex and biosimilar bets:<\/strong> The company plans Rs 700 crore to Rs 800 crore of capex for capacity, new API facilities and biosimilars. Revenue from biosimilars is expected only in FY29 to FY30, so returns on this spending will take time for the formulations stock.<\/p>\n<p style=\"margin-top:24px;\"><strong>Download the <a href=\"https:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track the Ipca Laboratories share price live<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Ipca_Laboratories_Share_Analyst_View\"><\/span><strong>Ipca Laboratories Share: Analyst View<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The analyst view on the Ipca Laboratories share turned more positive after the Q1 FY27 beat and the guidance upgrade. Brokerages covering the formulations stock highlighted the margin expansion, the Unichem synergies and a management goal of 25% to 26% consolidated EBITDA margin by FY29.<\/p>\n<p>Analysts now track three things for this formulations stock: whether domestic formulations can keep growing ahead of the market, how fast Unichem margins improve from around 13%, and how quickly new US and European launches add to revenue.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Ipca_Laboratories_Share_Price_Target\"><\/span><strong>Ipca Laboratories Share Price Target<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>After the Q1 FY27 results, one domestic brokerage set an Ipca Laboratories share price target of Rs 2,118, valuing the company at 28 times FY28 estimated earnings. Another domestic brokerage set a target of Rs 2,060 based on 30 times forward earnings.<\/p>\n<table>\n<thead>\n<tr>\n<th>Parameter<\/th>\n<th>Figure<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Ipca Laboratories Share Price (10 Sep 2026)<\/td>\n<td>Approximately Rs 1,970.90<\/td>\n<\/tr>\n<tr>\n<td>Domestic Brokerage Target 1<\/td>\n<td>Rs 2,118<\/td>\n<\/tr>\n<tr>\n<td>Domestic Brokerage Target 2<\/td>\n<td>Rs 2,060<\/td>\n<\/tr>\n<tr>\n<td>Implied Upside to Higher Target<\/td>\n<td>Approximately 7.5%<\/td>\n<\/tr>\n<tr>\n<td>52-Week High<\/td>\n<td>Rs 2,001.50<\/td>\n<\/tr>\n<tr>\n<td>52-Week Low<\/td>\n<td>Rs 1,251.60<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>With the Ipca Laboratories share price already close to these levels, the implied upside is modest at roughly 4.5% to 7.5%. An Ipca Laboratories share price target is an estimate based on earnings assumptions, not a promise, and targets are often revised as quarterly numbers come in.<\/p>\n<p>Earlier targets tell a similar story. In March 2026, brokerages had set levels between Rs 1,700 and Rs 1,720, which the formulations stock crossed within months. That shows how quickly earnings upgrades have outpaced expectations, but it also means the bar is higher now.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This formulations stock earned its 111% return over three years through a real earnings recovery, not a one-time event. Net profit rose about 2.4 times from FY23 to FY26, margins widened steadily, and Q1 FY27 delivered 72% profit growth with upgraded guidance.<\/p>\n<p>The Ipca Laboratories share price now trades near its 52-week high at a PE close to the industry average. Existing holders can track domestic formulations growth, US launches and cost trends each quarter, while new investors may prefer staggered buying rather than chasing this formulations stock after a strong run.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information and may or may not be accurate. Please verify all data independently before making any investment decision. Past returns do not guarantee future returns. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_formulations_stock_rose_111_in_3_years\"><\/span><strong>Which formulations stock rose 111% in 3 years?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Ipca Laboratories (NSE: IPCALAB) is the formulations stock that gained approximately 111.14% over three years as of 10 September 2026. It ranked 39th on the 3-year return table among 101 large-cap and mid-cap NSE stocks screened.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_did_the_Ipca_Laboratories_share_price_rise\"><\/span><strong>Why did the Ipca Laboratories share price rise?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The Ipca Laboratories share price rose on a strong profit recovery, the Unichem acquisition and steady outperformance in domestic formulations. Net profit grew from Rs 492 crore in FY23 to Rs 1,191 crore in FY26, and Q1 FY27 profit jumped 72%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_were_Ipca_Laboratories_Q1_FY27_results\"><\/span><strong>What were Ipca Laboratories Q1 FY27 results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Ipca Laboratories reported Q1 FY27 revenue from operations of about Rs 2,788 crore, up 21% year on year, and net profit of approximately Rs 402 crore, up 72%. EBITDA margin expanded to 22.88% from 18.39%, a result that lifted the formulations stock.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Did_Ipca_Laboratories_split_its_shares_or_issue_a_bonus_in_the_last_3_years\"><\/span><strong>Did Ipca Laboratories split its shares or issue a bonus in the last 3 years?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. The last stock split, from Rs 2 to Re 1 face value, happened in January 2022, which is outside the 3-year window. The last bonus issue was in 2005, so the 111% gain is genuine price appreciation.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_52-week_high_and_low_of_Ipca_Laboratories\"><\/span><strong>What is the 52-week high and low of Ipca Laboratories?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Ipca Laboratories has a 52-week high of Rs 2,001.50 and a 52-week low of Rs 1,251.60 on NSE. The formulations stock traded near Rs 1,970.90 on 10 September 2026.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_Ipca_Laboratories_share_price_target\"><\/span><strong>What is the Ipca Laboratories share price target?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> After Q1 FY27, domestic brokerages set targets of Rs 2,118 and Rs 2,060. That implies roughly 4.5% to 7.5% upside from about Rs 1,970.90, but targets are estimates and can change.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_formulations_stock_overvalued\"><\/span><strong>Is this formulations stock overvalued?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The formulations stock trades at a PE of about 36.23, slightly below the industry PE of around 38.26. Valuation looks reasonable against peers, but the share is near a record high, so short-term upside may be limited.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_main_risks_for_Ipca_Laboratories\"><\/span><strong>What are the main risks for Ipca Laboratories?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Key risks include rising raw material and freight costs, a 24% fall in anti-malarial sales, reliance on rupee weakness for margins and heavy capex for biosimilars. Any US regulatory issue could also hurt export growth.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Which formulations stock rose 111% in 3 years?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Ipca Laboratories (NSE: IPCALAB) is the formulations stock that gained approximately 111.14% over three years as of 10 September 2026. It ranked 39th on the 3-year return table among 101 large-cap and mid-cap NSE stocks screened.\"}},{\"@type\":\"Question\",\"name\":\"Why did the Ipca Laboratories share price rise?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The Ipca Laboratories share price rose on a strong profit recovery, the Unichem acquisition and steady outperformance in domestic formulations. Net profit grew from Rs 492 crore in FY23 to Rs 1,191 crore in FY26, and Q1 FY27 profit jumped 72%.\"}},{\"@type\":\"Question\",\"name\":\"What were Ipca Laboratories Q1 FY27 results?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Ipca Laboratories reported Q1 FY27 revenue from operations of about Rs 2,788 crore, up 21% year on year, and net profit of approximately Rs 402 crore, up 72%. EBITDA margin expanded to 22.88% from 18.39%, a result that lifted the formulations stock.\"}},{\"@type\":\"Question\",\"name\":\"Did Ipca Laboratories split its shares or issue a bonus in the last 3 years?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. The last stock split, from Rs 2 to Re 1 face value, happened in January 2022, which is outside the 3-year window. The last bonus issue was in 2005, so the 111% gain is genuine price appreciation.\"}},{\"@type\":\"Question\",\"name\":\"What is the 52-week high and low of Ipca Laboratories?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Ipca Laboratories has a 52-week high of Rs 2,001.50 and a 52-week low of Rs 1,251.60 on NSE. The formulations stock traded near Rs 1,970.90 on 10 September 2026.\"}},{\"@type\":\"Question\",\"name\":\"What is the Ipca Laboratories share price target?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"After Q1 FY27, domestic brokerages set targets of Rs 2,118 and Rs 2,060. That implies roughly 4.5% to 7.5% upside from about Rs 1,970.90, but targets are estimates and can change.\"}},{\"@type\":\"Question\",\"name\":\"Is this formulations stock overvalued?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The formulations stock trades at a PE of about 36.23, slightly below the industry PE of around 38.26. Valuation looks reasonable against peers, but the share is near a record high, so short-term upside may be limited.\"}},{\"@type\":\"Question\",\"name\":\"What are the main risks for Ipca Laboratories?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Key risks include rising raw material and freight costs, a 24% fall in anti-malarial sales, reliance on rupee weakness for margins and heavy capex for biosimilars. Any US regulatory issue could also hurt export growth.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>One Mumbai-based drugmaker has more than doubled investor money in three years. Here is what powered the 111% rally and the risks investors should weigh.<\/p>\n","protected":false},"author":29,"featured_media":241994,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[],"class_list":["post-241995","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["241994"],"rank_math_title":["Formulations Stock Up 111% in 3 Years: What Drove the Rally"],"rank_math_description":["This formulations stock rose approximately 111% in 3 years on a profit recovery, the Unichem deal and strong Q1 FY27 results. See the data, analyst view and key risks."],"rank_math_focus_keyword":["formulations stock"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/09\/formulations-stock-rises-111-percent-in-3-years.png","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/241995","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=241995"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/241995\/revisions"}],"predecessor-version":[{"id":241996,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/241995\/revisions\/241996"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/241994"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=241995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=241995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=241995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}