*Ipca Laboratories Ltd.* | *CMP* Rs. 1486 | *M Cap* Rs. 37691 Cr | *52 W H/L* 1758/1061 (Nirmal Bang Retail Research) *Result is marginally above expectations* Revenue from Operations came at Rs. 2246.7 Cr (0.1% QoQ, 10.5% YoY) vs expectation of Rs. 2214.6 Cr, QoQ Rs. 2245.4 Cr, YoY Rs. 2033 Cr EBIDTA came at Rs. 428.9 Cr (-7.4% QoQ, 33.2% YoY) vs expectation of Rs. 403.8 Cr, QoQ Rs. 463.1 Cr, YoY Rs. 321.9 Cr EBITDA Margin came at 19.1% vs expectation of 18.2%, QoQ 20.6%, YoY 15.8% Adj. PAT came at Rs. 272.9 Cr vs expectation of Rs. 195.9 Cr, QoQ Rs. 248.1 Cr, YoY Rs. 196.3 Cr Quarter EPS is Rs. 10.8 Stock is trading at P/E of 32.4x FY26E EPS