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Indoco Remedies Ltd.

•
indoco.comBSE: 532612NSE: INDOCO
Market Cap₹ 2,430 Cr.
Current Price
High / Low₹ 325 / 162
Stock P/E431.7
Book Value₹ 108
Price to Book1.63
Dividend Yield0.08 %
ROCE0.8 %
ROE-10.1 %
Face Value₹ 2

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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 GENERATED

Healthcare

Buy

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.

Confidence
50%
View full sector analysis →

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

HealthcareHealthcarePharmaceuticals & Drugs
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.SUNPHARMA1842.0036.54441957.500.872901.2326.5315299.8810.9819.1128.81
2.DIVISLAB9326.0084.64247576.000.32902.0065.503080.0027.8021.5140.75
3.TORNTPHARM4975.0086.76189233.010.76566.003.284921.0057.3219.2733.81
4.ZYDUSLIFE1119.5024.74111670.550.09990.20-34.908017.0023.9721.3924.54
5.CIPLA1365.0032.72110272.680.95785.55-39.187119.284.1316.0016.73
6.LAURUSLABS1970.3597.37106460.420.10362.07123.942026.3129.1018.2031.50
7.DRREDDY1161.0030.0796906.380.69435.60-69.108099.80-5.2113.7510.63
8.AUROPHARMA1675.4525.9796401.690.241032.0325.229150.3517.4412.7620.54
9.LUPIN2096.0017.3495842.920.861416.9816.018276.8934.2828.8629.59
10.MANKIND2277.0046.0494050.370.04574.0929.124030.5912.8913.2426.30
11.GLENMARK2416.9037.9468210.880.10482.83927.884018.4831.3520.3520.03
12.INDOCO263.30431.682430.350.0865.44280.03467.508.950.798.77
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
417474459439424431402384429472434456468
365410397401384392399391420442414426489
Operating Profit5163623841384-79302030-22
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%
04-622122220-54-95
Interest881012141816182625264628
Depreciation20212426282929293032323235
Profit before Tax344623337-5-31-46-37-14-31-2578
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 Profit00002-10-28-41-36-9-29-2465
2.623.821.692.390.20-1.09-3.08-4.48-3.94-1.00-3.20-2.577.09

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1,0751,0429681,1071,2421,5411,6691,8171,6651,8451,830
9209108929861,0231,2151,3831,5811,5661,7081,771
Operating Profit154132771212183262862369913759
OPM %14.37%12.63%7.91%10.92%17.59%21.17%17.14%13.01%5.96%7.43%3.22%
68759333065-96
Interest62421262214253966122124
Depreciation6368727173797192114126131
Profit before Tax9148-929132237193136-74-1068
Tax %15.26%14.95%68.82%15.59%29.51%34.57%26.22%28.57%-4.81%7.34%60.66%
Net Profit7741-3249315514297-78-993
EPS8.364.47-0.322.6210.1016.8015.4210.68-7.99-10.31—
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

Corporate actions

2026

Sep 10

₹ 0.10

Rs.0.2000 per share(10%)Final Dividend

2025

Sep 4

₹ 0.10

Rs.0.2000 per share(10%)Final Dividend

2024

Sep 19

₹ 0.75

Rs.1.5000 per share(75%)Final Dividend

2023

Sep 18

₹ 1.12

Rs.2.2500 per share(112.5%)Final Dividend

2022

Sep 14

₹ 0.37

Rs.0.7500 per share(37.5%)Special Dividend

2022

Sep 14

₹ 0.75

2021

Sep 17

₹ 0.75

Rs.1.5000 per share(75%)Final Dividend

2018

Aug 31

₹ 0.50

Rs.1.0000 per share(50%)Final Dividend

2017

Jul 31

₹ 0.80

Rs.1.6000 per share(80%)Final Dividend

2016

Jul 20

₹ 0.10

Rs.0.2000 per share(10%)Final Dividend

2016

Mar 17

₹ 0.70

Interim Dividend

2026

Aug 24

₹ 0.10

Rs.0.2000 per share(10%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital18181818181818181818
Minority Interest00000001-4-7
6336576426617518861,0091,088998914
291292304275274263337637916943
Trade Payables164150171166113133123154208309
8210288120178279227280293426
Total Liabilities1,1891,2181,2231,2401,3341,5791,7142,1782,4302,603
4404894685905705556789549971,193
Capital Work in Progress4076141725535510327628
0000002911
187193183208238311326353419405
0000000406352489
Cash & Bank63123638142013241733
459448394396487641639328367452
Total Assets1,1891,2181,2231,2401,3341,5791,7142,1782,4302,603

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
11213313612710221524014494195
Cash from Investing-171-135-104-56-67-121-208-433-339-102
Cash from Financing132-39-16-64-30-4423280241-77
50-51123-148-73-314

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
58.7558.7558.8058.9058.9058.9058.9058.8658.86
1.481.701.251.241.221.251.100.941.27
18.6718.2518.9118.7518.9618.1618.1518.1517.68
Government0.000.000.000.000.000.000.000.000.00
21.1021.3021.0621.1120.9221.6921.8622.0422.18

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10
Updates

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
Updates

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
Agreements

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
Copy of Newspaper Publication

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
Updates

2026-08-21 - Indoco Remedies Limited has informed the Exchange regarding 'Business Responsibility & Sustainability report for the financial year 2025-2026'.

2026-08-21
Shareholders meeting

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
Record Date

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
Copy of Newspaper Publication

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
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-04 - Indoco Remedies Limited has informed the Exchange about Transcript

News

Recent coverage and analyst commentary for INDOCO

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