Indoco Remedies Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Revenue from Product: 97.1% • Revenue from Services: 2.9%
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 393.4% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 4.99x)
- Working capital cycle has improved - days down from 59 to 47
- 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 3.2% over last 3 years
- Company has a low return on capital employed of 6.7%
- Interest coverage is weak at 0.9x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SUNPHARMA | 1899.00 | 37.67 | 455633.71 | 0.84 | 2901.23 | 26.53 | 15299.88 | 10.98 | 19.11 | 28.81 |
| DIVISLAB | 9100.00 | 82.59 | 241576.41 | 0.33 | 902.00 | 65.50 | 3080.00 | 27.80 | 21.51 | 40.75 |
| TORNTPHARM | 4850.00 | 84.58 | 184478.41 | 0.78 | 566.00 | 3.28 | 4921.00 | 57.32 | 19.27 | 33.81 |
| CIPLA | 1385.00 | 33.19 | 111888.39 | 0.94 | 785.55 | -39.18 | 7119.28 | 4.13 | 16.00 | 16.73 |
| ZYDUSLIFE | 1121.00 | 24.78 | 111820.18 | 0.09 | 990.20 | -34.90 | 8017.00 | 23.97 | 21.39 | 24.54 |
| LAURUSLABS | 1840.00 | 90.93 | 99417.45 | 0.11 | 3620.70 | 2139.42 | 20263.10 | 1191.00 | 18.20 | 31.50 |
| LUPIN | 2111.00 | 17.46 | 96528.82 | 0.85 | 1416.98 | 16.01 | 8276.89 | 34.28 | 28.86 | 29.59 |
| DRREDDY | 1154.00 | 29.89 | 96322.06 | 0.69 | 435.60 | -69.10 | 8099.80 | -5.21 | 13.75 | 10.63 |
| MANKIND | 2328.55 | 47.09 | 96179.61 | 0.04 | 574.09 | 29.12 | 4030.59 | 12.89 | 13.24 | 26.30 |
| AUROPHARMA | 1653.30 | 25.62 | 95127.23 | 0.24 | 1032.03 | 25.22 | 9150.35 | 17.44 | 12.76 | 20.54 |
| GLENMARK | 2427.00 | 38.10 | 68495.93 | 0.10 | 482.83 | 927.88 | 4018.48 | 31.35 | 20.35 | 20.03 |
| INDOCO | 262.05 | 429.63 | 2418.82 | 0.08 | 65.44 | 280.03 | 467.50 | 8.95 | 0.79 | 8.77 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 413 | 465 | 448 | 435 | 394 | 395 | 365 | 341 | 384 | 429 | 390 | 429 | 409 | |
| 360 | 401 | 384 | 388 | 350 | 344 | 353 | 344 | 378 | 389 | 375 | 386 | 418 | |
| Operating Profit | 53 | 64 | 65 | 47 | 44 | 51 | 12 | -3 | 6 | 41 | 15 | 43 | -9 |
| OPM % | 12.88% | 13.81% | 14.41% | 10.80% | 11.25% | 12.90% | 3.31% | -0.80% | 1.60% | 9.45% | 3.84% | 10.01% | -2.10% |
| 0 | 1 | -5 | 24 | 4 | 4 | 5 | 6 | 6 | 6 | 1 | 14 | -93 | |
| Interest | 8 | 8 | 10 | 11 | 12 | 15 | 14 | 16 | 24 | 22 | 20 | 23 | 23 |
| Depreciation | 20 | 21 | 23 | 24 | 24 | 25 | 25 | 25 | 25 | 28 | 27 | 27 | 28 |
| Profit before Tax | 36 | 44 | 27 | 46 | 20 | 17 | -13 | -31 | -28 | 10 | -20 | 28 | 93 |
| Tax % | 27.28% | 24.73% | 25.94% | 19.23% | 23.37% | 26.41% | 23.43% | 15.08% | 1.20% | -54.20% | 2.20% | 0.98% | 11.69% |
| Net Profit | 26 | 33 | 20 | 38 | 15 | 13 | -10 | -26 | -28 | 15 | -20 | 27 | 82 |
| 2.81 | 3.60 | 2.17 | 4.08 | 1.62 | 1.39 | -1.11 | -2.85 | -3.04 | 1.63 | -2.17 | 2.96 | 8.92 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,072 | 1,038 | 968 | 1,106 | 1,240 | 1,540 | 1,667 | 1,791 | 1,518 | 1,686 | 1,657 | |
| 917 | 907 | 891 | 985 | 1,023 | 1,214 | 1,382 | 1,541 | 1,390 | 1,534 | 1,567 | |
| Operating Profit | 155 | 131 | 77 | 121 | 218 | 326 | 285 | 250 | 128 | 153 | 90 |
| OPM % | 14.43% | 12.66% | 7.93% | 10.94% | 17.55% | 21.17% | 17.09% | 13.97% | 8.43% | 9.05% | 5.43% |
| 6 | 8 | 7 | 5 | 9 | 7 | 3 | 29 | 19 | 31 | -72 | |
| Interest | 6 | 24 | 21 | 26 | 22 | 17 | 25 | 38 | 57 | 88 | 88 |
| Depreciation | 63 | 68 | 72 | 71 | 73 | 79 | 71 | 88 | 98 | 107 | 110 |
| Profit before Tax | 91 | 48 | -9 | 29 | 131 | 236 | 192 | 153 | -7 | -11 | 110 |
| Tax % | 15.20% | 14.93% | 69.26% | 15.54% | 29.66% | 34.59% | 26.22% | 23.88% | -18.42% | 50.80% | 4.93% |
| Net Profit | 77 | 41 | -3 | 24 | 92 | 155 | 141 | 117 | -9 | -6 | 105 |
| EPS | 8.40 | 4.47 | -0.31 | 2.63 | 10.03 | 16.77 | 15.32 | 12.65 | -0.95 | -0.61 | — |
| Dividend Payout % | 19.04% | 22.37% | -97.31% | 11.40% | 14.96% | 13.42% | 14.67% | 11.85% | -21.12% | -32.77% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 5%
- 5 Years:
- 6%
- 3 Years:
- 0%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- -2%
- 5 Years:
- -11%
- 3 Years:
- -6%
- 1 Year:
- -4%
RETURN ON EQUITY
- 10 Years:
- 8%
- 5 Years:
- 9%
- 3 Years:
- 3%
- Last Year:
- -1%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 633 | 657 | 643 | 662 | 750 | 886 | 1,008 | 1,105 | 1,079 | 1,074 | |
| 291 | 292 | 304 | 275 | 274 | 263 | 337 | 479 | 691 | 670 | |
| Trade Payables | 164 | 149 | 171 | 166 | 115 | 135 | 126 | 119 | 147 | 261 |
| 82 | 101 | 87 | 119 | 178 | 279 | 226 | 273 | 265 | 351 | |
| Total Liabilities | 1,189 | 1,218 | 1,223 | 1,240 | 1,336 | 1,581 | 1,716 | 1,993 | 2,201 | 2,374 |
| 440 | 489 | 468 | 590 | 570 | 555 | 661 | 732 | 754 | 851 | |
| Capital Work in Progress | 40 | 76 | 141 | 7 | 25 | 53 | 54 | 93 | 181 | 23 |
| 3 | 3 | 2 | 2 | 2 | 2 | 20 | 59 | 52 | 160 | |
| 185 | 193 | 183 | 208 | 238 | 311 | 326 | 310 | 363 | 322 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 408 | 374 | 541 | |
| Cash & Bank | 62 | 12 | 36 | 38 | 14 | 19 | 12 | 17 | 12 | 20 |
| 459 | 446 | 392 | 395 | 486 | 641 | 642 | 374 | 465 | 457 | |
| Total Assets | 1,189 | 1,218 | 1,223 | 1,240 | 1,336 | 1,581 | 1,716 | 1,993 | 2,201 | 2,374 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| 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 | 165 | 106 | 229 | |
| Cash from Investing | -171 | -135 | -104 | -56 | -67 | -121 | -209 | -302 | -276 | -87 |
| Cash from Financing | 132 | -39 | -16 | -64 | -30 | -44 | 23 | 122 | 169 | -133 |
| 50 | -51 | 12 | 3 | -14 | 8 | -7 | -3 | -0 | 6 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 8.41 | 4.47 | -0.31 | 2.63 | 10.03 | 16.77 | 15.34 | 12.65 | -0.95 | -0.61 |
| Book Value (₹) | 70.74 | 73.31 | 71.74 | 73.81 | 83.44 | 98.13 | 111.38 | 121.83 | 118.99 | 118.39 |
| Dividend per Share (₹) | 1.60 | 1.00 | 0.30 | 0.30 | 1.50 | 2.25 | 2.25 | 1.50 | 0.20 | 0.20 |
| Cash EPS (₹) | 15.27 | 11.82 | 7.46 | 10.32 | 17.96 | 25.34 | 23.00 | 22.20 | 9.70 | 10.97 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 14.69% | 13.41% | 8.62% | 11.37% | 18.28% | 21.60% | 17.25% | 13.97% | 8.43% | 9.05% |
| Net Margin % | 7.08% | 3.96% | -0.29% | 2.19% | 7.45% | 10.04% | 8.48% | 6.51% | -0.58% | -0.33% |
| ROE % | 12.61% | 6.21% | -0.43% | 3.62% | 12.75% | 18.47% | 14.64% | 10.85% | -0.79% | -0.51% |
| ROCE % | 11.84% | 7.62% | 1.24% | 5.79% | 15.59% | 23.31% | 17.42% | 12.89% | 2.84% | 4.23% |
| 7.26% | 3.42% | -0.23% | 1.97% | 7.17% | 10.60% | 8.58% | 6.29% | -0.42% | -0.25% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 67 | 74 | 76 | 67 | 65 | 63 | 71 | 77 | 94 | 99 |
| Inventory Days | 58 | 66 | 71 | 65 | 66 | 65 | 70 | 65 | 81 | 74 |
| Payable Days | 142 | 162 | 182 | 186 | 145 | 100 | 92 | 82 | 110 | 149 |
| -17 | -21 | -36 | -55 | -14 | 28 | 49 | 60 | 65 | 24 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.43x | 0.42x | 0.45x | 0.38x | 0.34x | 0.27x | 0.31x | 0.44x | 0.67x | 0.65x |
| Interest Coverage (x) | 15.83x | 3.06x | 0.56x | 2.09x | 6.91x | 14.55x | 8.58x | 5.05x | 0.87x | 0.87x |
| 1.46x | 1.29x | 1.20x | 1.22x | 1.52x | 1.67x | 1.80x | 1.57x | 1.35x | 1.24x | |
| GROWTH | ||||||||||
| Revenue Growth % | 6.70% | -3.16% | -6.79% | 14.29% | 12.14% | 24.14% | 8.25% | 7.45% | -15.22% | 11.06% |
| Operating Profit Growth % | -6.57% | -13.14% | -40.27% | 50.78% | 80.24% | 46.73% | -13.57% | -6.95% | -45.22% | 27.49% |
| Net Profit Growth % | -5.87% | -46.81% | -106.90% | 953.48% | 281.03% | 67.25% | -8.52% | -17.49% | -107.49% | 35.51% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -17.52% | -107.48% | 35.55% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 25.96x | 0.00x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.70x | 1.96x | 1.39x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.46% | 0.09% | 0.12% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 13.12x | 19.64x | 11.82x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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
2026-07-29 - Indoco Remedies Limited has informed the Exchange about Copy of Newspaper Publication
News
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