Indoco Remedies Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Revenue from Product: 97.3% • Revenue from Services: 2.7%
AI Sector View
AI GENERATEDHealthcare
This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.
PROS
- Latest quarter profit grew 280.0% YoY, showing strong momentum
- Working capital cycle has improved - days down from 42 to 23
- Company has a consistent dividend-paying track record
CONS
- Company is loss-making at the operating / net level
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on equity of -2.8% over last 3 years
- Company has a low return on capital employed of 3.9%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -5.56x)
- Interest coverage is weak at 0.1x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SUNPHARMA | 1842.00 | 36.54 | 441957.50 | 0.87 | 2901.23 | 26.53 | 15299.88 | 10.98 | 19.11 | 28.81 |
| DIVISLAB | 9326.00 | 84.64 | 247576.00 | 0.32 | 902.00 | 65.50 | 3080.00 | 27.80 | 21.51 | 40.75 |
| TORNTPHARM | 4975.00 | 86.76 | 189233.01 | 0.76 | 566.00 | 3.28 | 4921.00 | 57.32 | 19.27 | 33.81 |
| ZYDUSLIFE | 1119.50 | 24.74 | 111670.55 | 0.09 | 990.20 | -34.90 | 8017.00 | 23.97 | 21.39 | 24.54 |
| CIPLA | 1365.00 | 32.72 | 110272.68 | 0.95 | 785.55 | -39.18 | 7119.28 | 4.13 | 16.00 | 16.73 |
| LAURUSLABS | 1970.35 | 97.37 | 106460.42 | 0.10 | 362.07 | 123.94 | 2026.31 | 29.10 | 18.20 | 31.50 |
| DRREDDY | 1161.00 | 30.07 | 96906.38 | 0.69 | 435.60 | -69.10 | 8099.80 | -5.21 | 13.75 | 10.63 |
| AUROPHARMA | 1675.45 | 25.97 | 96401.69 | 0.24 | 1032.03 | 25.22 | 9150.35 | 17.44 | 12.76 | 20.54 |
| LUPIN | 2096.00 | 17.34 | 95842.92 | 0.86 | 1416.98 | 16.01 | 8276.89 | 34.28 | 28.86 | 29.59 |
| MANKIND | 2277.00 | 46.04 | 94050.37 | 0.04 | 574.09 | 29.12 | 4030.59 | 12.89 | 13.24 | 26.30 |
| GLENMARK | 2416.90 | 37.94 | 68210.88 | 0.10 | 482.83 | 927.88 | 4018.48 | 31.35 | 20.35 | 20.03 |
| INDOCO | 263.30 | 431.68 | 2430.35 | 0.08 | 65.44 | 280.03 | 467.50 | 8.95 | 0.79 | 8.77 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 417 | 474 | 459 | 439 | 424 | 431 | 402 | 384 | 429 | 472 | 434 | 456 | 468 | |
| 365 | 410 | 397 | 401 | 384 | 392 | 399 | 391 | 420 | 442 | 414 | 426 | 489 | |
| Operating Profit | 51 | 63 | 62 | 38 | 41 | 38 | 4 | -7 | 9 | 30 | 20 | 30 | -22 |
| OPM % | 12.35% | 13.35% | 13.57% | 8.73% | 9.56% | 8.88% | 0.98% | -1.85% | 2.03% | 6.40% | 4.72% | 6.58% | -4.66% |
| 0 | 4 | -6 | 22 | 1 | 2 | 2 | 2 | 2 | 0 | -5 | 4 | -95 | |
| Interest | 8 | 8 | 10 | 12 | 14 | 18 | 16 | 18 | 26 | 25 | 26 | 46 | 28 |
| Depreciation | 20 | 21 | 24 | 26 | 28 | 29 | 29 | 29 | 30 | 32 | 32 | 32 | 35 |
| Profit before Tax | 34 | 46 | 23 | 33 | 7 | -5 | -31 | -46 | -37 | -14 | -31 | -25 | 78 |
| Tax % | 28.69% | 23.85% | 31.24% | 33.20% | 73.89% | -106.82% | 8.27% | 9.18% | 0.85% | 31.93% | 5.94% | 5.28% | 15.80% |
| Net Profit | 0 | 0 | 0 | 0 | 2 | -10 | -28 | -41 | -36 | -9 | -29 | -24 | 65 |
| 2.62 | 3.82 | 1.69 | 2.39 | 0.20 | -1.09 | -3.08 | -4.48 | -3.94 | -1.00 | -3.20 | -2.57 | 7.09 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,075 | 1,042 | 968 | 1,107 | 1,242 | 1,541 | 1,669 | 1,817 | 1,665 | 1,845 | 1,830 | |
| 920 | 910 | 892 | 986 | 1,023 | 1,215 | 1,383 | 1,581 | 1,566 | 1,708 | 1,771 | |
| Operating Profit | 154 | 132 | 77 | 121 | 218 | 326 | 286 | 236 | 99 | 137 | 59 |
| OPM % | 14.37% | 12.63% | 7.91% | 10.92% | 17.59% | 21.17% | 17.14% | 13.01% | 5.96% | 7.43% | 3.22% |
| 6 | 8 | 7 | 5 | 9 | 3 | 3 | 30 | 6 | 5 | -96 | |
| Interest | 6 | 24 | 21 | 26 | 22 | 14 | 25 | 39 | 66 | 122 | 124 |
| Depreciation | 63 | 68 | 72 | 71 | 73 | 79 | 71 | 92 | 114 | 126 | 131 |
| Profit before Tax | 91 | 48 | -9 | 29 | 132 | 237 | 193 | 136 | -74 | -106 | 8 |
| Tax % | 15.26% | 14.95% | 68.82% | 15.59% | 29.51% | 34.57% | 26.22% | 28.57% | -4.81% | 7.34% | 60.66% |
| Net Profit | 77 | 41 | -3 | 24 | 93 | 155 | 142 | 97 | -78 | -99 | 3 |
| EPS | 8.36 | 4.47 | -0.32 | 2.62 | 10.10 | 16.80 | 15.42 | 10.68 | -7.99 | -10.31 | — |
| Dividend Payout % | 19.13% | 22.39% | -95.21% | 11.46% | 14.86% | 13.39% | 14.58% | 14.04% | -2.50% | -1.94% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 6%
- 5 Years:
- 8%
- 3 Years:
- 3%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- -2%
- 5 Years:
- -11%
- 3 Years:
- -8%
- 1 Year:
- -15%
RETURN ON EQUITY
- 10 Years:
- 6%
- 5 Years:
- 5%
- 3 Years:
- -3%
- Last Year:
- -10%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | -4 | -7 |
| 633 | 657 | 642 | 661 | 751 | 886 | 1,009 | 1,088 | 998 | 914 | |
| 291 | 292 | 304 | 275 | 274 | 263 | 337 | 637 | 916 | 943 | |
| Trade Payables | 164 | 150 | 171 | 166 | 113 | 133 | 123 | 154 | 208 | 309 |
| 82 | 102 | 88 | 120 | 178 | 279 | 227 | 280 | 293 | 426 | |
| Total Liabilities | 1,189 | 1,218 | 1,223 | 1,240 | 1,334 | 1,579 | 1,714 | 2,178 | 2,430 | 2,603 |
| 440 | 489 | 468 | 590 | 570 | 555 | 678 | 954 | 997 | 1,193 | |
| Capital Work in Progress | 40 | 76 | 141 | 7 | 25 | 53 | 55 | 103 | 276 | 28 |
| 0 | 0 | 0 | 0 | 0 | 0 | 2 | 9 | 1 | 1 | |
| 187 | 193 | 183 | 208 | 238 | 311 | 326 | 353 | 419 | 405 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 406 | 352 | 489 | |
| Cash & Bank | 63 | 12 | 36 | 38 | 14 | 20 | 13 | 24 | 17 | 33 |
| 459 | 448 | 394 | 396 | 487 | 641 | 639 | 328 | 367 | 452 | |
| Total Assets | 1,189 | 1,218 | 1,223 | 1,240 | 1,334 | 1,579 | 1,714 | 2,178 | 2,430 | 2,603 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 112 | 133 | 136 | 127 | 102 | 215 | 240 | 144 | 94 | 195 | |
| Cash from Investing | -171 | -135 | -104 | -56 | -67 | -121 | -208 | -433 | -339 | -102 |
| Cash from Financing | 132 | -39 | -16 | -64 | -30 | -44 | 23 | 280 | 241 | -77 |
| 50 | -51 | 12 | 3 | -14 | 8 | -7 | 3 | -3 | 14 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 UK MHRA inspection at Company''s manufacturing facility at Plant I (solid oral dosage form) located at Goa.
2026-09-05 - Indoco Remedies Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015- USFDA Inspection at Company's manufacturing facility at Plant II (Sterile) located at Goa'.
2026-08-27 - Indoco Remedies Limited has informed the Exchange about execution of Deed of Conveyance for Sale of Company's plot of land.
2026-08-22 - Indoco Remedies Limited has informed the Exchange about Newspaper Advertisement regarding Notice convening the 79th AGM and E-voting Information
2026-08-21 - Indoco Remedies Limited has informed the Exchange regarding 'Business Responsibility & Sustainability report for the financial year 2025-2026'.
2026-08-21 - Indoco Remedies Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 17, 2026
2026-08-21 - Indoco Remedies Limited has informed the Exchange that Record date for the purpose of Dividend is 10-Sep-2026.
2026-08-20 - Indoco Remedies Limited has informed the Exchange about Publication of Newspaper Advertisement - 79th Annual General Meeting to be held on 17th September,2026 through VC/OAVM
2026-08-04 - Indoco Remedies Limited has informed the Exchange about Transcript
News
Recent coverage and analyst commentary for INDOCO
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